Palantir invests $51 million in physical gold

American software company Palantir Technologies bought $51 million worth of physical gold this month. The company, founded in 2003 with a market value of $50 billion, bought the gold in the form of 100 troy ounce bars. It stores these gold bars in a professional storage facility in the northeast of the United States. The gold is in physical form, as the company says it is able to take possession of the precious metal in short notice. The software company did not comment on the decision to buy gold.

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How Does Crypto Mining Work?

Mining virtual currencies such as Bitcoin and Ethereum has become very lucrative due to the price increases in recent years. As a result, gigantic mining farms are springing up worldwide, especially in places where electricity is cheap. These computing centers use huge amounts of computing power to mine cryptocurrencies. To illustrate,  the global network of Bitcoin miners now uses as much power as the whole of the Netherlands. But how exactly does crypto mining work?

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Dutch pension fund invests millions in gold

The pension fund of chemical company DSM has bought several hundred million euros worth of gold in recent months. According to PensioenPro, the fund now holds 5% of its assets in physical gold, which is stored with a financial institution in Switzerland. According to the pension fund, the precious metal provides more diversification. It can also contribute to higher returns, because it lowers the risk of the total investment portfolio.

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Sander Boon: ‘Central bankers have to lie to the people’

Central bankers basically have to lie to the people about their role and their actions and why they do it. They are trying to keep a system alive that is not functioning anymore. It is one big moral hazard, according to political scientist Sander Boon. In a new GoldRepublic podcast, he explains how central banks lost control over international monetary system based on the eurodollar market.

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Switzerland exported tons of gold to the US in July

Also in July, Switzerland has exported tons of gold to the United States. Swiss customs figures show that in total 102.6 tons of gold went abroad of which more than 63 tons was shipped to the United States. This year the US market continues to dominate gold shipments from Switzerland, a role which in recent years had been reserved for countries like India and China.

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GLD continues sourcing gold at Bank of England

Investors are buying gold on an unprecedented scale this year, as a record amount of gold went to ETF’s in the first half of the year. Worldwide, these funds added a total of 734 tons of gold to their stocks in order to meet demand. Demand was so high that the Bank of England had to come to the rescue once again. Also in the second quarter, the largest gold ETF in the world appealed to the central bank in order to obtain sufficient precious metal.

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Gold keeps flowing from Switzerland to the US

Switzerland keeps exporting large quantities of gold to the United States, according to Swiss customs data. In May and June large quantities of gold were shipped to the other side of the Atlantic, where the demand for the precious metal is still very high. Switzerland exported 126 tons of gold to the US in May. A month later it was 68 tonnes. As a result, the United States are by far the most important export destination for the precious metal in recent months.

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Bank of England lending gold to GLD again?

A run on gold caused tightness in the physical gold market in the first quarter of this year. Due to the coronavirus, many planes are on the ground, which makes it more difficult to get physical precious metal to the right place in time. In recent months, these logistical problems have led to longer delivery times and disrupted the pricing of gold in New York.

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What’s going on with the gold price?

Last week we saw a remarkable movement in the gold market. On Tuesday the price of gold on the New York stock exchange was $70 per troy ounce higher than in London, the biggest price difference in 40 years. These prices often diverge, but under normal circumstances traders are entering the market to eliminate this difference. This did not happen last week, resulting in two different gold prices and tightness in the New York gold market. How did this happen?

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