Main Street, Town Square, Turdville
At Baird & Co’s gold refinery, boss Nick Hammond is sorting through a tray of scrap jewellery. Bracelets, necklaces, a horse pendant (called a “banger” because it is hollow, and could explode under high heat) and a military medallion dated 1895 are all destined for the furnace. “It’s sad, but we can’t hold them back - they all go in the pot,” Hammond says, pointing out that Baird would have paid around £30,000 to pawn brokers and other dealers for the contents of the tray.
Baird’s high-security factory, on an industrial estate in East London, is home to the UK’s only gold refinery. The family-held business, which celebrates its 50th anniversary this year, is a supplier of gold bars to the Royal Mint and one of the UK’s biggest producers of gold wedding bands. It has just opened a showroom and vault in the Hatton Garden area of London, hoping to lure new customers into the world of gold. “If you want long-term exposure to gold, you have to make the case for physical gold,” says Hammond.
The Russian government will intensify efforts to cut the country’s dependence on US payment systems and the dollar as a settling currency, said Deputy Foreign Minister Sergey Ryabkov on Monday, as quoted by RIA Novosti.
“We will, of course, speed up the work on import substitution, reduce dependence on US payment systems, on the dollar as a settling currency and so on. It is becoming a vitally important,” said Ryabkov.
“The US is using its dominating role in the monetary and financial system to impose pressure on foreign business, including Russian companies,” added the deputy minister.
like we are at a point once again, especially in silver,, that the miners cannot function. They have supressed the price so egregiously that if it declines much from here they will just shut down and refuse to produce or produce just enough to keep the lights on. I hope they crush it to 12 and they just refuse to produce and then we will have a real shortage.
believe this broken market values ANYTHING. It is such a joke. How fucking retarded is the rest of the world for going along with this.
Your charts wont predict how low these miners are going anymore than I do.
You want own PVG but your chart says its going to 6.14. Thats another 30% down from here. Yep mark it in the books.
can never be wrong if you constantly predicting lower prices.
Very disappointing, but understandable why ABX pulled out. But why now, at such a late date in the process? Weren't they just about to launch this any hour now according to Andrew Maguire?
The main issues revolve around "unsecured" and "unallocated" assets. I imagine they were pushing for more assurances and an unallocated safe assets and customer ownership, but failed to complete acceptable negotiations on these two critical issues. They sure took this to the edge (of lauch date).
And now it's gone!!
ABX withdraws from its collaboration with Digital Gold Limited
15 August 2017
Allocated Bullion Exchange (‘ABX’) has issued this statement in response to questions from our Members, their customers, stakeholders, potential BullionCoin investors, and the precious metals industry at large, concerning the release of Digital Gold Limited’s (‘Digital Gold’) BullionCoin digital asset product.
Regrettably, and effective immediately, ABX’s Board has today, Tuesday the 15th of August 2017, resolved to cease any further collaboration with Digital Gold.
This action was not taken lightly, but rather, as a result of recently obtained information, as well as ABX’s inability to reconcile material risks to supporters of the BullionCoin product structure due to the following factors:
1. Against strong advice from ABX, Digital Gold was insisting to structure its metal ownership so that investors in the digital asset would be, in our view, unsecured creditors of Digital Gold. This form of ownership is commonly referred to as an ‘unallocated’ holding, and results in the investor only having a ‘claim’ to the metal, as opposed to having ownership of the asset and being protected in the event of a Digital Gold default. It has long been ABX’s view that this model is inherently flawed and would result in genuine counterparty risk to holders of BullionCoin. A detailed explanation of ‘allocated vs. unallocated’ metal ownership and the substantial risks associated with unallocated metal, can be found here;
2. ABX has been unable to satisfy itself regarding the security and integrity of Digital Gold’s bullion holdings structure and thus ABX is of the view that there are risks similar to other flawed cryptocurrency businesses in recent times where investors have lost significant amounts of money;
3. ABX have received confirmation that a competitor of Digital Gold intends to initiate legal action against Digital Gold upon the launch of BullionCoin due to alleged infringement of intellectual property rights. This, in our view, would have the potential to put at risk all BullionCoin-backed unallocated bullion, to the detriment of BullionCoin holders and investors;
4. Digital Gold is insisting on utilising private vaulting networks that, in ABX’s view, would permit external bullion deposits with limited quality verification, thereby circumventing, and being not subject to ABX’s robust bullion framework for assuring the quality of the bullion in its network;
5. Digital Gold is developing and utilising a non-standard matching engine and order book within its BullionCoin System (‘BCS’) secondary market which, in our view, will result in an atypical trading experience that ABX believes will cause confusion and disputes;
6. Digital Gold has made frequent and substantial scope of project amendment requests and in ABX’s view, has been unable to meet any mutually agreed project development timelines; and
7. ABX’s unwavering commitment to allocated and transparent precious metal ownership.
ABX is disappointed that it has been forced to withdraw from this collaboration. Unfortunately, ABX believes that it simply had no alternative as it found itself in the untenable position whereby the mechanics of the business model originally pitched to ABX were not what Digital Gold ultimately delivered.
ABX intends to continue work to support and / or launch its own precious metal backed digital currency. The experience with Digital Gold has resulted in the Board forming a view that they do not have the expertise or experience or professionalism to launch a product or service which will adequately satisfy the needs of ABX's stakeholders. Based on ABX's experience, and the legal advice taken, ABX is recommending to its stakeholders that they do not work with Digital Gold for the reasons stated above.
On a positive note however, ABX has recently been contacted by several other bullion-backed digital currency providers who have identified ABX as the market leading facility for allocated physical precious metals. Now that ABX has withdrawn from the Digital Gold collaboration, the Board has approved collaborations with several other advanced stage allocated precious metal digital currency providers.
To this end, ABX is pleased to announce that it will be issuing a press release to its stakeholders on these new collaborations and partnerships in the immediate future.
Allocated Bullion Exchange
Are you ready for the fight of your life ... the fight for all Americans .... to make America great again? Meet them head on! Tell the American public that you're going after the corrupt banking cartel. Do it openly and get the support of the people.
Over the last year I reduced my reading and listening of Andy because he became a broken record and he "rants" way too often. The recent interview he did with Sean/SGTreport.com just shows to me how absurd he's become with his stance on $hitcoin and becoming argumentative and belligerent with Sean was very frustrating to listen to.
I guess that bus he was driving when he ran over Lynette Zang came back around and clipped him too.
I still wish him well.