Bitcoin is a virtual or online currency created through a "mining" process where a computer's resources are used to perform millions of calculations. Once mined, bitcoins can be stored in an online wallet, traded in an online exchange, or used to buy goods and services.
World Trade Organization (WTO) members met in Geneva on Friday trying to finalize a deal to cut tariffs on $1 trillion of information technology products from video games to medical equipment. The United States said a deal had been struck, but WTO Director General Roberto Azevedo postponed a press conference at which he and the talks' chairman, European Union Ambassador Angelos Pangratis, had been due to announce the agreement.
In a sector where the playing field is not always level, the chairman and CEO of rare earth supplier American Elements, makes a case for more cooperation. Silver insists that junior miners finally have an opportunity to develop the US resource and manufacturing sectors.
A strong showing on the earnings front is likely to dampen QE3 expectations, sapping demand for gold from investors looking of an inflation hedge. However, the continued evolution of the US deficit reduction debate may help the metal find support.
Gold has risen to new record highs in pounds and euros as concerns about contagion in the eurozone and stagflation in the UK deepen. The euro has fallen sharply in international markets and is down 1.5% against gold so far this morning.
The real education here is the outing of the industries that are attracting the premium bids. Those include agriculture, energy, commodities, biotechnology, and technology, especially in cloud computing and mobile applications.
Disclosure requirements for mining and energy companies included in the newly enacted U.S. financial reform law should become a global standard for corporate transparency, the Obama administration said.