February 2017

Cryptocurrency: Is Bitcoin the Future of Money?

Just a few short years ago no one had heard of them and now it seems like everybody on the Earth knows about Bitcoin. Bitcoin (a peer-to-peer electronic cash system) was first introduced in October 2008… In 2012, at InflationData, we published an article entitled “Civil Liberties Rest Upon Sound Money” about the new currency. Since then the use of bitcoins has grown astonishingly quickly. Being the prescient financial wizards that they are, in 2014 Robert Prechter and our friends at Elliott Wave International began offering their expert financial advisory and educational materials for sale via Bitcoins… Today there are some 14.6 million bitcoin units in circulation… One major problem with most currencies is that there is nothing to stop governments from printing an infinite amount of them. This erodes the value of the existing currency and can cause them to become worthless through hyperinflation like the currencies of the German Weimar Republic and Zimbabwe… Bitcoin is unique in that only 21 million bitcoins will ever be created.

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Gold Prices Inching Higher

Several factors determine the U.S. price of gold. Inflation, market uncertainty (i.e. worry), the value of the Dollar compared to other currencies (a falling dollar increases the gold price), supply and demand. Market supply can come from three sources: mining, scrap (people selling jewelry to raise cash), and Central banks selling reserves. Demand can come from industrial and commercial sources and investment demand (i.e. people hedging against uncertainty or expecting a rise in gold prices). Recently, overall market and political uncertainty in the world is rising while the Dollar is falling.

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The Oil War Just Getting Started

Let the battle begin. OPEC is trying to cut production and drive prices up while U.S. Shale Oil producers are seeing the increase in oil prices as an opportunity to get back in the game. More oil rigs are coming on line in the U.S. accompanied by increased drilling activity. BP’s 2017 Energy outlook is saying there is plenty of oil until at least 2050 but this includes an estimate that oil demand will slow in the coming years.

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