Business

Since bitcoin first entered mainstream consciousness in 2013, regulators have been wary of authorizing the creation of bitcoin-linked financial products that would create a patina of legitimacy for a product that was all-too-recently associated with dark-web bazaars like the Silk Road. So far, the only bitcoin-linked financial product is the Nasdaq Stockholm-traded ETN that JP Morgan Securities famously purchased – purportedly for its clients’ accounts - after Jamie Dimon called the digital currency a “fraud” and said he would fire any JPM traders caught trading it.

Gold Has Been On A Tear All Year

Posted with permission and written by Rory Hall, The Daily Coin

So Kobe Steel was not an isolated incident and faking data on manufacturing quality in Japan is quite common, as other lower profile scandals at Nissan Motor and Takata proved. Today another culprit has come to light: Mitsubishi Materials – which may need to re-consider its corporate philosophy “For People, Society and the Earth” and Articles 2 and 3 of its code of conduct “Safety First” and “Compliance”.

Zhou Xiaochuan’s long reign as PBoC Governor is drawing to a close. He signaled his impending retirement last month and will be seventy years old In January 2018. Zhou has headed up China’s central bank from the early days of China’s “growth miracle” in 2002 and successfully – thanks to massive credit creation - steered China’s economy through the 2008 crisis.

Since then, he’s kept China’s horrendous credit bubble on the rails, while warning of the risk of a “Minsky moment” at the recent Party Congress.

The manager of Old Mutual Gold & Silver Fund, a precious metals fund with over $220 mln under control has said Bitcoin is “paving the way” for a global gold comeback.

Speaking to Bloomberg in an interview published today, Ned Naylor-Leyland said that the marriage of Bitcoin and gold was essentially a logical one given the characteristics and remit of both.

“Bitcoin was explicitly designed to be digital gold,” he said.