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Do you know where Bitcoin gets its value? In today’s Gold & Silver Central news, we found someone with a good crypto track-record to answer that question: Jeffrey Tucker, an economist and crypto enthusiast who has a knack for explaining economics in a way that is not only understandable, but also fun and informative to read.
So, we hope you enjoy this along with the additional stories from around the globe in today’s metals news.
Let’s dig in…

Commentary
Where Does Bitcoin Get Its Value?
This article is from Jeffrey Tucker, Editorial Director for the American Institute for Economic Research. “Even after eleven years’ experience, and a per Bitcoin price of nearly $20,000, the incredulous are still with us. I understand why. Bitcoin is not like other traditional financial assets. Even describing it as an asset is misleading. It is not the same as a stock, as a payment system, or a money. It has features of all these, but it is not identical to them. What Bitcoin is depends on its use as a means of storing and porting value, which in turn rests of secure titles to ownership of a scarce good. Those without experience in the sector look at all of this and get frustrated that understanding why it is valuable is not so easy to grasp.”
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International
Central Bank of Uzbekistan Encouraging Use of Gold as Currency
Since November 2020, the central bank of Uzbekistan (CBU) issues sealed gold bars with a QR-code for real time verification. With these new bars CBU aims to stimulate gold to be used as a store of value, as well as promote the circulation of gold. More and more governments and central banks around the world are promoting gold as a store of value. Not surprisingly, as gold has proven to preserve its purchasing power over thousands of years, and it’s becoming ever clearer the future of fiat currencies is shaky (yes, central banks are aware of this).
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Latest News
Deutsche Bank Goes Bearish on Gold – Forecasts 12% Price Drop
Deutsche Bank has turned bearish on gold, months after the precious metal touched record highs. In late July, prices for the precious metal soared to all-time highs amid concerns over the economic fallout from the coronavirus pandemic. “We think it’s very difficult for gold to again see new highs,” Michael Hsueh, commodities and foreign exchange strategist at the bank, told CNBC’s “Squawk Box Asia” on Wednesday. “We’ve turned strategically bearish on gold,” he said, adding that down cycles in gold “tend to be multi-year.”
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Commentary
LAWRIE WILLIAMS: Yellow and Grey Metals Rebounding but By How Much?
Lawrie commented at the end of last week that gold and silver had been marked down too far too fast, while the major indicators suggested that precious metals prices should have been rising rather than falling. Indeed gold and silver have made a partial recovery, but remain hugely below their early-August high points. Platinum, which deserved something of a re-rating, has also been performing well, moving back above the $1,000 level for the first time since October 2016, although has come back below that level in early U.S. trading today. Year to date gold is now up around 20%, silver 33% and platinum, after a significant time below its January 2020 level is now in positive territory by close to 5%...

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International
India Gold Market Still a Yo-Yo as Retail Improves but Still Lower Than Normal
Retail demand improved following muted sales in September. The month got off to a slow start due to Adhik Maas – considered to be inauspicious for gold purchases – before picking up mid-month ahead of the Navratri festival. This seasonal demand, as well as a lower average gold price of Rs50,700/10gm (-0.4% lower m-o-m), supported gold sales. However, the average gold price in October was still 32.4% higher y-o-y, impacting retail gold demand compared to October 2019 (~25-30% lower in volume terms).
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Commentary
A Contrarian Take on Silver
From Darren V. Long on the Delta Harbour Assets blog: “I have never been one to stick to the status quo. In fact the very precipice of what we do at Delta Harbour Assets on a daily basis pegs us as the great confederates of optimism and the contrarian approach to everyday rationale and ways to protect your wealth. No more could this be the case than in the example of Silver Bullion Ownership.”
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Gold Silver Central

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