While we think that Bitcoin has the potential to revolutionize the payments system all over the world, we would emphasize the world “slow” here in the sense that significant changes would not be seen until a few years from now, at the very quickest.
The gold premiums in Mumbai remained flat with no major upticks during the week. The yellow metal continued to trade more or less on par with international prices or at a premium of $1. The premiums held firm when matched with the previous week.
Given the persistence of the support level at $1,180, the market may see the current level in gold as a bargain opportunity to enter low risk buy trades, especially if the dollar pulls back after its big rally.
Is OPEC going to wave the white flag in the war with the U.S. shale producers? OPEC, in a report obtained by Reuter's, says that spite OPEC best efforts to squash U.S. shale production they expect that crude supply from rival non-OPEC producers, led by the U.S., will grow until at least 2017.
As the choice of names “Silk Road” very clearly portrays that China will once again see the trade routes fully opened over the next few years and gold will spearhead the final phase of the Chinese people becoming a global trading power with an underlying currency that can be exchanged anywhere in the world.