Digital gold seems to be springing up and finding some legs all across the planet. We first reported on digital gold with James Turk almost two years ago when Mr. Turk first introduced GoldMoney. As of today there are two new players on the scene with slightly different offerings than what GoldMoney has to offer.
The firs, micro-gold through the We Chat app that is available in China. This allows a person to send and receive gold “tokens” digitally and then has the option to spend the gold as money or redeem the gold in physical form. We recently sat down with Jeff Brown, China Rising, to discuss this new phenomenon racing through China. During this years New Year celebration more than 300,000 new gold accounts were opened to accommodate the gold offerings made through the We Chat app. A person can transfer as little as 1/1,000th gram of gold or as much as 1 kilo of gold, in digital form, using their phone.
Today I sat down with Ken Schortgen, The Daily Economist, to learn about another offering that has just come to the fore in Europe. The particulars are not known as of this writing, but rest assured, as soon as I have a minute to conduct more research we will be reporting our findings. What we do know is it seems to operate similarly to the We Chat app, where a person can send and receive digital gold “tokens”. Beyond that, we are not sure if the gold is redeemable in physical form.
Also, on the horizon is a new futures market operating in Dubai.This new market apparently will be tied directly to the Shanghai Gold Exchange and is said to be the gold market for the coming change in Sharia law regarding gold investments. If the Muslim world is opening it’s own gold market, someone is expecting a healthy flow of physical gold.
Mr. Schortgen, as an historian, provides us with a glimpse of history that sheds light on what is happening today, not only in the U.S. but around the world. He also shed some light on what has happened since President Trump launched 59 tomahawk missiles into Syria on April 6. The whole of what is happening is moving around like a pinball and it seems, for the moment, cooler heads are prevailing. What is happening behind the scenes could be a whole other story. What we do know is that China is not taking any sass from North Korea and China has made it abundantly clear she is going to lead the way in this situation.
Russia, on the other hand, is not putting up with any more nonsense coming out of Washington DC and the Trump administration. While the “Russian red line” has been debunked it seems from the information coming out of the meeting between Lavrov and Tillerson, that Russia is in no mood to deal with any more empty promises like the ones they have been fed over the past two years. Russia is ready to tango and made has all but said they will defend Syria from this moment forward.
Our world is moving at break-neck speed and it seems that what used to take a month to develop now takes a matter of minutes. The number of economic data points, geopolitical data points and monetary data points seem to all be pointing to fatal outcomes.
Ken does a great job to help us navigate some of these murky waters and explain some of what is happening in plain, easy to understand English. Highly recommend giving this one a good listen.