The Fundening? Quarter Billion Dollar Gold Fund is Buying Bitcoin
A Bloomberg interview has revealed Old Mutual Gold & Silver Fund has set aside roughly 11 million USD from its holdings since spring of this year to purchase the world’s most popular cryptocurrency, bitcoin. It’s another feather in the decentralized currency’s cap, even as debate rages as to whether it will ever supplant gold’s tradition of being a hedge against tough economic times. http://wabbo.org
Bitcoin Paving Way for Reintroduction of Gold as Global Money
Ranjeetha Pakiam reports: “The Old Mutual Gold & Silver Fund, which manages $220 million of mostly precious metal equities, is jumping on the bitcoin wagon.”
Fund manager Ned Naylor-Leyland explained to Ms. Pakiam how they’ve been gobbling up bitcoin since April “with a mandate to allocate as much as 5 percent to cryptocurrencies,” Ms. Pakiam writes.
A response back in 2015 from the fund manager, to an individual who viewed bitcoin as too volatile.
“Bitcoin is paving the way for the reintroduction of gold as global money,” Mr. Naylor-Leyland surmised. Rather than viewing bitcoin as a threat to the precious metal, he instead views it as a way to educate investors. “Bitcoin was explicitly designed to be digital gold. So if you’re going to have a small proportion of a fund in bitcoin, it should be in a gold fund, because that’s exactly the point.”
It’s a curious end-run toward a broader goal, but no one would blame the fund. Bitcoin is up hundreds of percent this year. And since the fund’s reported buying spree in April, the digital currency has risen from just over 1,000 USD to the current floor of above 8,000 USD.
The historic metal has thudded along comparatively during the same interval, up $40 as of this writing.
Bitcoin a Way to Sound Money
“Bitcoin and blockchain resolve” divisibility problems, Ms. Pakiam writes of the fund manager’s thoughts, “[problems of] ownership and speed of transmission.”
“We’re going to revert to sound money,” Mr. Naylor-Leyland is quoted. “If you imagine sound money and blockchain together, there’s quite an exciting potential outcome.”
It’s a novel approach to bitcoin, for sure. Crypto maximalists suggest it’s simply a matter of time before the digital currency overtakes gold’s position. And as well as bitcoin has done in less than a decade, the precious metal has a four millennia headstart.
Something on the order of over 5 billion ounces presently exit, and with an ounce trading above 1,200 USD, that pegs it at a 7 trillion USD market cap, close to 100 fold better than present bitcoin valuations.
Still, the better bet seems to be understanding a larger point: the metal’s limitations were the inspiration behind bitcoin’s creation in terms of scarcity, mining, and utility. They’re not mutually exclusive though: both are preferable to the whims of government fiat, sound money advocates urge.
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We asked celebrity stylist, Erin Walsh, to spill her styling secrets so we can spend our fall wardrobe allowance wisely.
1. Understand your best and favorite features and how to play them up! Some of my favorite features to emphasize with style are women's collar bone, wrists and ankles–they're all very feminine and can be embellished beautifully with the right garment or jewelry.
2. It's important to know your body shape and the styles that look best on you, but then it's all about proportion. Trapeze cuts are flattering for most body types if you balance the proportion so you don't lose your shape. Also, an inch longer or shorter for skirts and pants can make a huge difference in flattering your figure. http://infashions.net
3. When wearing sleeveless styles, we often think about the look of our arms, but forget to think about our underarms! Using a moisturizing deodorant like Dove Advanced Care will give you softer, smoother underarms in just three days...
The Managing Director of the Gambia International Airline (GIA), Lamin Cham, yesterday revealed to the 'Janneh' Commission that about ten Million US Dollars was spent on the maintenance of some of the States Aircraft's, within a period of three years and over D72, 000,000 was spent by the office of the former president on Hajj packages, from the year 2011.
He said he inherited five state aircrafts out of which, two were scrap while three were in service; that among the scrap aircrafts were C5 GNM and C5 GAM but that he could not remember how long they've not been used. He said Boeing 727 was last used during the political impasse when the former First Lady used it to travel to the United States.
According to him one of the Aircraft is under maintenance in Bonn, Germany, and has been there for two and a half years; that the last time they visited Germany, it was almost done and once Gambia Civil Aviation (GCA) recommends that it's airworthy, they will bring it ba...
A Bloomberg interview has revealed Old Mutual Gold & Silver Fund has set aside roughly 11 million USD from its holdings since spring of this year to purchase the world’s most popular cryptocurrency, bitcoin. It’s another feather in the decentralized currency’s cap, even as debate rages as to whether it will ever supplant gold’s tradition of being a hedge against tough economic times. http://wabbo.org
It’s a novel approach to bitcoin, for sure. Crypto maximalists suggest it’s simply a matter of time before the digital currency overtakes gold’s position. And as well as bitcoin has done in less than a decade, the precious metal has a four millennia headstart.
Something on the order of over 5 billion ounces presently exit, and with an ounce trading above 1,200 USD, that pegs it at a 7 trillion USD market cap, close to 100 fold better than present bitcoin valuations.
Still, the better bet seems to be understanding a larger point: the metal’s limitations were the inspiration behind bitcoin’s creation in terms of scarcity, mining, and utility. They’re not mutually exclusive though: both are preferable to the whims of government fiat, sound money advocates urge.
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