Central Bank Gold Buying Peaks, J.P. Morgan Developing Cryptocurren...

Gold...

As countries continue to show less interest in the U.S. Dollar, there is a large rally for gold. 2018 saw the most gold purchased by banks since 1967! 2018 was ranked the second highest year for gold by the World Gold Council (WGC)! CNBC stated in an article that:

Central bank net purchases reached 651.5 metric tons in 2018, 74 percent higher than in the previous year when 375 tons were bought. The WGC has estimated that central banks now hold nearly 34,000 tons of gold.

Taking the current spot price of $1,321.15 per troy ounce, gold purchases by central banks in 2018 amounted to a $27.7 billion spending splurge on the precious metal.

"Heightened geopolitical and economic uncertainty throughout the year increasingly drove central banks to diversify their reserves and re-focus their attention on the principal objective of investing in safe and liquid assets," said the report released on Thursday.

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Between the several countries that are seemingly making steps to break ties with the U.S. and dropping their dollar for gold during trade, it only seems smart for many other places to stock up on gold. The people in power are aware that the time for the dollar is running out fast while the time for gold is getting closer and closer! The Russian central bank sold almost all of its U.S. Treasury stock so they could buy 274.3 tons of gold! Turkey increased its gold reserve by 51.5 tons, and other big buyers last year were Kazakhstan, India, Iraq, Poland, and Hungary. So, the question is...

On a similar topic, it was reported this morning that J.P. Morgan will be starting their own cryptocurrency?! The same J.P. Morgan Chase that the CEO; Jamie Dimon, called Bitcoin a fraud in September of 2017, and in 2018 said he was not interested in the subject at all as it is a huge risk factor to their business. They are now the first bank to have their own cryptocurrency, but Fortune.com says not to expect this to become an investment vehicle.

And now J.P. Morgan (JPM, -0.30%) has become the first bank to offer its own cryptocurrency, CNBC reported. But don’t expect it to become an investment vehicle—at least for now. The cryptocurrency, called “JPM Coin,” is intended for the bank’s wholesale payments business that moves $6 trillion around the world daily.

There are two reasons J.P. Morgan is on that road. One is strategic. If cryptocurrencies are risk factors, it’s better to be inside than out, potentially watching someone walk away with your business.

The second is competitive. Wholesale cross-border payments involve the movement of large sums between banks as part of the complex dance of international transactions. Those movements have traditionally used wire transfers that can take a day to complete.

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This is a huge step for a bank to get involved with cryptocurrency in any way, because if global banks start to deal in crypto, that is some good news for many people. Between the gold rising and now this new step taken by J.P. Morgan, now would be a great time to look into GODcoin! Not only are we going to be backed by real gold and silver, but we're working to be a stablecoin. With these things slowly coming into play, investing in us is starting to sound better and better! As 2019 moves forward there is bound to be more conflict on the world stage and more countries selling their US debt and stocking up on gold, so what are you waiting for? It's time to invest in GODcoin!

This article was authored by Hive account@cifer44

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