Bitcoin Explained

"We all have a crypto-friend who sounds like this guy. Gold back in 698BC was no different..."

The Fed Pushing For CBDC, "Can't Wrap Their Head Around Not Having It"

 From the Uneducated Economist, an interesting view on the Fed's thinking about a CBDC plus a great take on assets, investments, banking, money and the economy generally.

 

UK banks failing to learn lessons from Libor scandal - FCA

From Finextra –

“The UK's banks have failed to learn the lessons from a wave of scandals over rigging of financial benchmarks says the Financial Conduct Authority in a damning report on the industry's response to evidence of widescale market abuses.

The watchdog says that the application of the lessons learned from the Libor, Forex and Gold scandals - in which traders were found to have rigged the rate to boost their bonuses and the standing of their bank - had been uneven across the industry and often lacked the urgency required given the severity of past failings.”

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UK to extend Libor manipulation laws to cover gold, oil, silver

From Reuters –

“Britain will widen the scope of laws which make the manipulation of market benchmarks a criminal offense to include seven more rates covering the currency, gold, oil and silver markets by April 1, the government said on Monday.

The move is the latest by the Conservative-led government to clamp down on malpractice in the City of London whose reputation has been tarnished by an interest rate-rigging scandal and claims that traders colluded to manipulate currency rates.”

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Century-old London gold price benchmark starts makeover

From Reuters

“The operator of the London gold price benchmark said on Thursday it formally started the process to find a new administrator for the century-old mechanism that will halt the telephone call that four institutions enter twice a day in favour of an electronic solution.

The London Gold Market Fixing Ltd (LGMFL), along with the London Bullion Market Association (LBMA), said in a statement that the choice will be announced in October, and implementation will be complete by the end of 2014.

The price-setting process, also known as the fix, has been used by producers, consumers and investors to trade gold and value their shares since 1919.

A similar process to find a new price benchmark administrator recently took place in the silver market. That yielded an electronic auction mechanism that replaced a daily conference call with three banks on Aug. 15.

As it happened for silver, the LBMA is again launching a consultation among market participants, including central banks, miners and refiners, to assess how they would like the new price mechanism to be derived.”

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Gold market breaches 'covered up'

From BBC

“Dubai's biggest gold refiner committed serious breaches of the rules designed to stop gold mined in conflict zones from entering the global supply chain, a whistleblower has revealed.

Amjad Rihan led an Ernst & Young team that audited Kaloti and found it was failing to carry out the proper checks.”

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Behind the scenes of a gold dealer

Sinking gold prices do not worry gold dealers like Ken Edwards. He says quantitative easing and market uncertainty will drive gold prices higher in the long term. 

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Gold Prices May Be Poised for `Parabolic' Rise

Mark O'Byrne, executive director of brokerage GoldCore Ltd., discusses the outlook for gold. He talks from Dublin with Mark Barton on Bloomberg Television's "Countdown." (Source: Bloomberg)