Category Archives: Gold

Federal Court Orders Oregon Owner of Precious Metals Firm to Pay $1.3 Million to Victims of Fraudulent Precious Metals Scheme

The Commodity Futures Trading Commission today announced that the U.S. District Court for the Western District of Washington entered a consent order against Aaron Michael Scott of Portland, Oregon for fraud and misappropriation in connection with a precious metals scheme run by Scott and his now defunct company, BMC Worldwide, Inc. (d/b/a Blue Moon Coins).  The order requires Scott to pay $1,381,461.86 in restitution to defrauded customers. Additionally, the order prohibits Scott from further violations of the Commodity Exchange Act and CFTC Regulations and permanently bans him from registering with the CFTC and trading in any commodity interests.

Case Background

The order resolves a CFTC action against Scott for engaging in fraud and misappropriation in connection with a gold-and-silver scheme from at least October 2013 through April 2014. The case was filed on October 3, 2018. [See CFTC Press Release No. 7822-18]

The order finds that Scott and BMC fraudulently represented that BMC was a highly successful precious metals firm. As detailed in the order, Scott and BMC persuaded customers to purchase gold and silver from BMC by claiming that, among other things, they maintained an inventory of precious metals in stock and would fulfill a customer’s order from that inventory or would purchase precious metals from a supplier upon receipt of payment.

The order also states that Scott and BMC did not maintain an inventory of precious metals sufficient to fulfill customer orders and, in many cases, made no effort to secure the precious metals needed to fulfill customer orders. Instead, they misappropriated the vast majority of customer funds and used them to pay BMC’s operating expenses, invest in other businesses, pay unrelated debts, and refund disgruntled customers or fulfill other customer orders in the nature of a Ponzi scheme.

Parallel Criminal Action

In a separate, parallel criminal action, Scott pleaded guilty to wire fraud on November 1, 2018. [United States v. Scott, No. CR18-5500-RBL (W.D. WA.)]  The court sentenced Scott to four years in prison and three years of supervised release on April 5, 2019. The CFTC appreciates the assistance of the U.S. Attorney’s Office for the Western District of Washington.

The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure wrongdoers are held accountable.

The Division of Enforcement staff members responsible for this case are Stephen Turley, Jenny Chapin, Brett Shanks, Jeff Le Riche, Christopher Reed, and Charles Marvine, as well as former staff members James Humphrey, Peter Riggs, and Jo Mettenburg. 

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CFTC’s Precious Metals Customer Fraud Advisory

The CFTC has issued several customer protection Fraud Advisories that provide the warning signs of fraud, including the Precious Metals Fraud Advisory, which alerts customers to precious metals fraud and lists simple ways to spot precious metals scams.

Also, before investing or trading with a firm, check the firm’s registration status and disciplinary history, if registered, with the National Futures Association. A company’s registration status can be found at: www.nfa.futures.org/basicnet.

Customers and other individuals can report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382), file a tip or complaint online, or contact the CFTC Whistleblower Office at whistleblower.gov. Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected paid from the CFTC Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the Act.

The World Gold Council welcomes Torex Gold as a new Member

The World Gold Council, the market development organisation for the gold industry, announces Torex Gold Resources Inc. (‘Torex Gold’) has joined its Board of Members. 

Torex Gold is an intermediate gold producer based in Canada, engaged in the exploration, development and operation of its 100% owned Morelos Gold Property in the Guerrero Gold Belt in Mexico. The Company’s principal assets are the El Limón Guajes mining complex and the Media Luna deposit, an early stage development project. Torex Gold is currently the second-largest gold producer in Mexico. 

Randy Smallwood, Chair of the World Gold Council, commented: “I am delighted to welcome Torex Gold to the World Gold Council. They play an important role in the production and exploration of gold in Mexico and have exciting and ambitious growth plans. I look forward to working with them.”

“The World Gold Council has taken the lead in reinventing our industry by demanding that member companies adhere to the highest standards of ethics and corporate responsibility,” said Jody Kuzenko, President and CEO of Torex Gold. “We look forward to collaborating with the Council and its Membership to demonstrate the important role gold companies play in making a positive and lasting difference in our host communities and society as a whole.”

Blockchain, Stablecoins and Gold

Blockchain Technology in the last years aims, among others, to create a new and safe payments system for global transactions that will be fast, secure, cheap, transparent, and decentralized. For that, it’s going to use cryptocurrencies.

The value of most cryptocurrencies, like Litecoin and Bitcoin, fluctuates daily, and while the digital currencies aim to facilitate safer transactions, their values depends increasingly on speculation.

The first wave of crypto assets has failed to provide a reliable and attractive medium of exchangeand/or store of value. Crypto coins suffer from high volatility, limits to scalability, complicated user interfaces and issues in accounting, governance and regulation. Crypto assets have served more as a speculative asset class for traders-speculators and those engaged in illegal activities rather than as a means to facilitate global transactions and payments. Today, new stablecoins have many of the features of more traditional cryptocurrencies but aim to stabilise the price of the crypto coin by linking its value to that of an underlying asset or a commodity.

Stablecoins are increasingly gaining traction as their values are pegged to other assets such as the USD, gold, oil or silver. Stablecoins aim to mimic the same functionality of fiat currencies. A stablecoin is a crypto currency that is pegged to and/or backed by an underlying asset.

Stablecoins enjoy the benefits of a cryptocurrency (security, transparency, privacy, etc.) without the extreme volatility that comes with most of them.

In the last months there has been a “stablecoin invasion.” Numerous stablecoins have been released or are in development all over the world.

Most of the stablecoins are pegged at a 1:1 ratio with fiat currencies, such as the USD or the Euro, which can be traded on forex. Other stablecoins can be backed to other kinds of assets, such as commodities like gold, or even by other cryptocurrencies like bitcoin.

Commodity-backed stablecoins are backed by other kinds of assets, among others gold, silver or other precious metals. Gold is the most common commodity to be collateralized.  Investors and users of precious metals-backed stablecoins essentially hold a tangible asset that has real tangible value. Precious metals have the potential to appreciate in value over time, which gives increased incentive for investors to hold and use these stablecoins.

Blockchain technology now has established itself as a secure accounting method, and with BTC becoming well known to global investors, a new era of gold-backed cryptocurrency is emerging, even countries are looking to issue their own gold-based cryptocurrency.

A coin is issued that represents a certain quantity of gold (e.g. 1 gram of gold equals 1 coin)so that at a minimum the price of the stablecoin will always equal the current gold price. The gold is stored in a safe location by a trusted custodian, and can be traded on exchanges with other cryptocurrencies.

An example of stablecoins backed by precious metals are KAU (Gold Currency) and KAG (Silver Currency) which are the primary currencies of Kinesis. On Kinesis Gold Stablecoins you can find a presentation of Kinesis, a list of articles and other materials about this project, which is evolving into a whole monetary system.

When evaluating gold-backed stablecoins look atthe legal framework concerning ownership and storage of the gold: it is important to make sure that you own the physical gold.

There are also stablecoins backed by other cryptocurrencies. This allows the stablecoins to be much more decentralized than their fiat-backed counterparts, since everything is conducted on the blockchain.

Finally, there are also non-collateralized stablecoins that are not backed by anything, which might seem contradictory given what stablecoins are. These types of coins use an algorithm to control the stablecoin supply.

Gold Technical Analysis 10-15 July 2017

Gold Technical Analysis 10 July 2017

Gold is under pressure for one more day and the bearish trend that started on June 6th is intact and now the precious metal is targeting the psychological 1200 level.

Gold Technical Analysis 07 July 2017

Gold is the worst performer of the day down 1.20% to 1210 and two hours ago was at 1207.24 the daily low. Sellers act aggressively when the precious metal broke below the 200d MA, turning the long term momentum to bearish. Next target the 1200 area

Gold Technical Analysis 03 July 2017

Gold is making a rebound today and currently trading at 1252, yesterdays pattern suggest that sellers will take control at this level, it looks tough for the precious metal to break above the 50d MA

 

 

ATTENTION
The information is not an offer, no promotion, no consultation and no advice to buy or sell stocks, indices or currencies.  Trading stocks, indices or currencies is not only a chance, there is always a risk to lose money. Please only trade currencies if you are able to compensate possible losses. Please note that high profits always also contains a high risk. Please also trade with money that you dont need for daily costs.  Interferences with availability over the internet, availability of email deliverability or other software problems are further possible risks when trading with currencies.
Disclaimer: Trading foreign exchange (“Forex”), Commodity futures, options, CFDs and SpreadBetting on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange (“Forex”), Commodity futures, options, CFDs or SpreadBetting you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange, Commodity futures, options, CFDs and SpreadBetting trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.
This technical analysis is intended to provide general information and does NOT constitute the provision of INVESTMENT ADVICE. Investors and traders should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

Gold Market Report

Gold Market Report

1-25-2017

Gold broke below the medium term ascending channel pattern at 1210 and below the 100h MA. It hit the daily high at 1209 and after hitting the daily low at 1193 managed to rebound just to give us a nice entry point for short position.

xauusd125

 

1-24-2017

Gold price hits strong resistance today at 1220, another two-month high, but i expect it to bounce lower again to approach 1209.00 level, while the price remains within the bullish channel that carries the trading since the end of the last year. 1220/oz might be the top of the bear market correction as bears sell in to this level. The bear trend is likely to resume the next couple of days, and a price below 1109 helps to confirm a negative outlook & a top in place, targeting 1200 and then the strong support at 1195.

Disclaimer: Trading foreign exchange (“Forex”), Commodity futures, options, CFDs and SpreadBetting on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange (“Forex”), Commodity futures, options, CFDs or SpreadBetting you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange, Commodity futures, options, CFDs and SpreadBetting trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.

 

Gold above 1180/oz

Gold above 1180/oz

Gold XAUUSD is trading again in positive territory today for ninth session in the last eleven. US Dollar retracement was seen benefiting dollar-denominated commodities. The price is trading above the 50h MA and above the 100h MA supporting the bullish scenario. MACD and momentum indicators are bullish. First resistance is near the 1192 area the 61.8% Fibo retracement level of the mid-November – mid-December range and next in 1200 psychological mark.

 

 

Gold Technical Analysis review

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Gold Technical Analysis review

Gold Technical Analysis review

Gold is trading higher today at $1176.56/oz hitting the daily high at 1182 and the low at 1173.67. Gold managed to confirm the 1172.68 level after closing the daily candlestick above it, which reinforce the chances of continuing the bullish bias on short term basis, and the way is open to target 1212.31 level that represents the next main resistance, noting that the 50h MA keeps supporting the price from below.

 

Gold Price Technical Analysis

Gold Price Technical Analysis 10-14-2016

Gold’s main trend is down according to the daily chart. The catalysts behind the weakness are a stronger U.S. Dollar, greater demand for higher risk assets like stocks and increasing expectations for a Fed rate hike in December.

However, the market has traded mostly sideways this week after last week’s steep sell-off. A good support on daily chart stands at 1248$. The market also continues to straddle the post-Brexit bottom at $1259.10.

The consolidation around 1250 soon will be over and the first resistance it has to face stands at 1266$. The metal is trading just at the 50d and 100d MA. A small bet on the upside to get some dollars looks like a good idea. Go long above 1250, targeting 1266, the first resistance.

gold technical analysis

 

ATTENTION
The information is not an offer, no promotion, no consultation and no advice to buy or sell stocks, indices or currencies.  Trading stocks, indices or currencies is not only a chance, there is always a risk to lose money. Please only trade currencies if you are able to compensate possible losses. Please note that high profits always also contains a high risk. Please also trade with money that you dont need for daily costs.  Interferences with availability over the internet, availability of email deliverability or other software problems are further possible risks when trading with currencies




Disclaimer: Trading foreign exchange (“Forex”), Commodity futures, options, CFDs and SpreadBetting on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange (“Forex”), Commodity futures, options, CFDs or SpreadBetting you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange, Commodity futures, options, CFDs and SpreadBetting trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.
This technical analysis is intended to provide general information and does NOT constitute the provision of INVESTMENT ADVICE. Investors and traders should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

 

Technical Analysis Gold 09-09-2016

Technical Analysis Gold

After rising to a three-week high on Tuesday, Gold has been drifting lower and is now trading in negative territory for third consecutive day. Gold broke the 100h EMA and this will rush some sellers to step in. While stochastic continues to provide oversold signals on the four hours’ time frame, which support the chances of bouncing bullishly to resume the main bullish trend, which its targets begin by breaching 1353.00 level.

 

Find out the Factors That Drive Stock Prices

ATTENTION
The information is not an offer, no promotion, no consultation and no advice to buy or sell stocks, indices or currencies.  Trading stocks, indices or currencies is not only a chance, there is always a risk to lose money. Please only trade currencies if you are able to compensate possible losses. Please note that high profits always also contains a high risk. Please also trade with money that you dont need for daily costs.  Interferences with availability over the internet, availability of email deliverability or other software problems are further possible risks when trading with currencies.

 



Disclaimer: Trading foreign exchange (“Forex”), Commodity futures, options, CFDs and SpreadBetting on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange (“Forex”), Commodity futures, options, CFDs or SpreadBetting you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange, Commodity futures, options, CFDs and SpreadBetting trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.
This technical analysis is intended to provide general information and does NOT constitute the provision of INVESTMENT ADVICE. Investors and traders should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
TCResearch guarantees neither the entirety nor accuracy of the analysis. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. TCResearch is not responsible for any loss, either directly or indirectly, which arises as a result of the use of TCResearch analyses. Details of any arising conflicts of interest will always appear in the investment recommendations.