Central banks bought a record amount of gold

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Date: November 1, 2022

Record central bank buying lifts global gold demand, WGC says.
Central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, helping to lift global demand for the metal, the World Gold Council (WGC) said on Tuesday.
Sources: reuters.com

Federal Reserve Endorses Ethereum-Backed Alternative To Libor

Jerome Powell, the current Chair of the US Federal Reserve, recently stated that an Ethereum-backed blockchain project operating as a reference rate called AMERIBOR could serve as a potential replacement to LIBOR.
Goldman Sachs-backed crypto finance startup Circle has published the latest third-party audit of its USD-pegged stablecoin, USD Coin (USDC). USD Coin is on the Ethereum blockchain. The execution of issuing and redeeming USDC tokens is ensured with ERC-20 smart contract.
Source: forbes.com
A district court in China has reportedly ruled that Ethereum's cryptocurrency is legal property with economic value.
While cryptocurrency is not legal tender in China, people can hold and transfer them like property.
Source: bitcoin.com

Amazing new US Dollar Concept design

A new US dollar concept may finally replace the currency with a modern design that tackles issues with counterfeiting and bill destruction. Designed by Andrey Avgust, this concept features a bold design that modernizes every bill in circulation. The US dollar concept replaces the traditional material with multiple layers of transparent polymer and updates the images to play off the translucent material.
Not only does the US dollar concept revamp the design of the currency, but it also adds extra layers of security. A unique PGP encrypted QR code will be included on every bill making counterfeiting nearly impossible. The polymer construction is also much harder to mimic effectively, as well as being incredibly hard to tear or break.
Source:demilked.com

Digital Gold Currency Fueled by Constitutional Roots

Utah state Rep. Ken Ivory is spearheading a groundbreaking effort to allow vendors to receive payments in gold and silver through a digital platform backed by physical metals. Speaking on the John Solomon Reports podcast, Ivory expressed optimism about overriding Gov. Spencer Cox’s veto of the bill, noting that the state House has already approved a veto override session. This legislative momentum underscores Utah’s commitment to exploring innovative financial systems rooted in constitutional principles.
Ivory emphasized Article I, Section 10 of the U.S. Constitution, which declares, “No State shall... make any Thing but gold and silver Coin a Tender in Payment of Debts.” He argued that this clause supports the bill’s importance, calling gold and silver “constitutional money.” The proposed system would be voluntary, using digital delivery to modernize the use of precious metals without violating federal law or the Constitution’s ban on fiat currency.
In a parallel move, Texas lawmakers have introduced bills to create a gold-backed digital currency, signaling a broader trend among states to align financial innovation with constitutional intent. Ivory highlighted the urgency of Utah’s initiative, positioning it as a potential model for blending historical monetary standards with 21st-century technology. As both states advance, they may pave the way for a new era of trusted, metal-backed digital payments.

Gold Rush to Dump U.S Debt

As the world continues down the road of extreme uncertainty, investors and foreign central banks continue to turn to the oldest form of money as a measure of providing some stability, gold.
So far, in 2020, central banks have added a net of 181 tons of gold to their reserves. Gold continues to retain its position of being the most reliable store of value and means of exchange in times of extreme uncertainty. This should explain why several central banks plan on continuing to increase their gold reserves in 2020.
Example:www.goldtelegraph.com

Central banks voice support for gold reserves

At the London Bullion Market Association's annual conference in Miami, representatives from three central banks voiced support for increasing gold reserves.
Central banks are eager to diversify their holdings, citing financial and strategic reasons.
With rising inflation, geopolitical tensions, and economic uncertainty, gold is seen as a hedge against risk.
By boosting gold reserves, central banks aim to strengthen their balance sheets and reduce reliance on foreign currencies like the US dollar, signaling a collective shift toward prioritizing gold as a key asset.