More States Recognize Gold and Silver as Legal Tender

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The U.S. dollar has lost nearly 39% of its buying power since 2002. The BRICS nations are forming an anti-dollar alliance, and in doing so, have launched a new development bank as an alternative to the Western-dominated IMF.  Russia is striking multi-billion dollar deals, such as the recent 500,000 barrel a day oil deal with Iran, completely bypassing the petrodollar, largely in response to Western economic sanctions.  More states in the U.S. are realizing the risks to the dollar-based monetary system and the nation’s unsustainable debt, and are choosing to “move towards the gold standard”.  Oklahoma now joins Utah in recognizing gold and silver as legal tender, with Arizona, Kansas, Texas, and South Carolina soon to follow suit.

Read more:

Oklahoma Moves Towards the Gold Standard, Forbes

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New, Electronic Replacement for Silver Fix Launches Tomorrow

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The 117 year old London silver fix comes to an end today. In efforts to reach complete transparency, the new, electronic, auction-based system goes into effect tomorrow, Friday August 15th. The gold fix has similarly been under much scrutiny and is also expected to undergo a transition to a new pricing system later this year.

Read today’s market news to learn more about the changes to the silver pricing mechanism and why silver is a must-have asset for any portfolio:

First Daily Silver Price Set After End of London Fixing, Bloomberg

Silver Price Going Electronic in Quest for Transparency, Bloomberg

Top 7 Reasons I’m Buying Silver Now, Casey Research

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Gold Market Update: Gold Prices Higher on U.S. Retail Sales Data and Global Economic Concerns

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Gold is trading higher on news that U.S. retail sales fell flat for July and on continuing global economic concerns. Gold last traded at $1,316.28 an ounce, silver at $20.13 an ounce, and platinum at $1,479 an ounce.

Read today’s market news:

Gold-Oil Ratio Rises to Highest Since March on Economy, Bloomberg

Gold Near Steady; Dog Days Of Summer Grip Market Place, Forbes

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World Stock Markets Collapse as the World Rumbles Violently

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It seems like the world got very loud and complicated in the two weeks since my last report. The tumultuous situation between Russia and Ukraine has notched up quite a few levels in its complexity. The conflict between Israel and Palestine, specifically the Gaza Strip, looks like a game of ugly politics and gross negligence to the varying parties that are trying to get the situation under control. The European Union and the U.S. have both tightened the noose with stricter sanctions against President Putin and his beloved Russia. Yesterday, President Putin fired back and announced a Presidential decree banning and or severely restricting imports of food items and agricultural produce from any nation that contributed towards the tightening of sanctions against Russia. The passive aggressive behavior from Russia in relation to Ukraine has cost billions of dollars in losses to the Russian economy and the Ruble, the Russian currency, but President Putin does not seem all that bothered with all those “minor” disturbances. To add to this ever brewing geopolitical soup, the U.S. President announced last night that he has authorized the use of air power over the skies of Northern Iraq to control and weaken ISIS, the terror group that has been violently marching forward in the last few months within Iraq. How is it that we can continue to afford more money being literally “shelled” out is beyond any basic understanding of the dismal financial situation that is sweeping our country. Continue reading our market analysis

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More Bad News for the Dollar

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Russia Sanctions Accelerate Risk to Dollar Dominance, Bloomberg

Petrodollar Under Threat As Russia And Iran Sign Historic 500,000 Barrel A Day Oil Deal, ZeroHedge

Cold War 2.0 Is a Financial War, James Rickards, Money Morning

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Silver Demand Expected to Rise by 5% Before 2016

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The latest research from The Silver Institute concludes that silver demand is expected to rise by 5% between 2014 and 2016 due to advanced uses for silver in the areas of flexible electronics, light emitting diodes (LEDs), and interposers.

Read the full report here:

The Silver Institute Releases Report on the Outlook for New Electrical & Electronic Uses of Silver, The Silver Institute

 

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Gold Market Update: Gold Jumps Most in Six Weeks

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Gold last traded at $1,306.70 an ounce, silver at $20.09 an ounce, and platinum at $1,465.00 an ounce. Tensions continue to brew between Ukraine and Russia, sending gold prices to the most in six weeks as investors seek precious metals as a haven.

Read more on today’s market news:

Gold Prices Rally on Economic, Geopolitical Worries, The Wall Street Journal

Gold Climbs Most in Six Weeks as Ukraine Spurs Demand, Bloomberg

Gold may be entering a golden age, MarketWatch

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Today’s Gold Market Update

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Gold prices climbed higher Friday on weaker than expected jobs data and following a 317 point plunge the Dow Jones industrial average took on Thursday. Gold is trading at $1,297.12 an ounce, silver is trading at $20.53 an ounce, and platinum is trading at $1,466.00 an ounce.

Gold Price Goes ‘Haven’ Again Friday, Barron’s

Gold Rises Most in Two Weeks On Jobs Date, Rate Outlook, Bloomberg Businessweek

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Today’s Gold Market Update

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London Gold Fixing Set for New Administrator by Year-End, Bloomberg

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Gold Market Update

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Gold is trading at $1,305.50 an ounce Monday as escalating tensions between Russia and the West and continuing violence in the Middle East lift its safe haven appeal. Silver is trading at $20.64 an ounce. Platinum is trading at $1,492.20 an ounce.

Gold Jumps Most in a Week on Conflicts in Ukraine, Gaza, Bloomberg

Gold sticks above $1,300 as global tensions grind on, Reuters & CNBC

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