On this Tuesday afternoon we bring to you some of the latest news in precious metals:

1. There’s a new gold trading app growing in popularity with investors.
2. Tesla is shaking up Bitcoin.

Enjoy these articles along with the four others we provide below.

Let’s dig in…

Latest News
New Gold Trading App Getting Lots of Investor Interest

More than 10 companies, including three from the United States and one from Europe, have shown interest in Turkish startup Goldtag, which enables users to make gold transactions and give golden gifts via mobile phones. Dolunay Sabuncuoğlu, a co-developer of the application, said they will not sell shares of more than 20 percent at this stage. Apart from international investors, at least seven domestic firms, including a bank, also offered partnership, he said. “We trust in the Goldtag application’s potential and uniqueness. The interest of investors makes us happy. We have received some tempting offers but we have been focused on further developing the application and increasing number of users. We can evaluate partnership offers in the upcoming period. We want to create a new brand for our country, so we don’t ever think of selling the application as a whole,” he said on Feb. 6.

Latest News
Elon Musk Rocks Bitcoin’s World After Buying $1.5 Billion

In retrospect, it was not only inevitable but clearly obvious... at least to those who read us. Back on January 9, when discussing the recent surge of institutional and corporate purchases of bitcoin and conversion of cash into the cryptocurrency, we said that it was just a matter of time before Elon Musk joined MicorStrategy and bought "several billion" in bitcoin. In an earlier article we said: One such company which we are convinced will announce it is converting billions of its existing cash into bitcoin, is none other than Tesla, whose CEO Elon Musk was urged by MSTR CEO Saylor to make a similar move with Tesla’s money. And since Musk, already the world's richest man thanks to the most aggressive financial engineering on the planet, has never been one to shy away from a challenge, we are absolutely confident that it is only a matter of time before Tesla announces that it has purchased a few billion bitcoin.

Commentary
Smart Gold Buyers Listen to Kashkari

Minneapolis Federal Reserve Bank President Neel Kashkari has been making the rounds. Peter Schiff talked about Kashkari’s recent comments on his podcast. Kashkari ranks as arguably the most dovish Fed president. Peter called him the “uber-dove” saying he basically wants to print as much money as possible. During an online seminar put on by Montana’s Bureau of Business and Economic Research, Kashkari said the Fed needs to do even more to boost the economy and he’s not worried about overdoing it. “Right now I’m not concerned about it – this is like wartime spending,” he said, adding, “We have the capacity to do what we need to do.”

International
Are South African Platinum Miners Feeling Pressured to Expand Amid “Supply Cliff” Rumors?

ROYAL Bafokeng Platinum CEO, Steve Phiri, has dismissed concerns over the ability of South African platinum group metals (PGMs) producers to meet future demand for platinum which could soar if there is widespread implementation of the “hydrogen economy”. Speaking on a panel discussion covering ‘Green metals, PGMs and global decarbonization’ at the Investment in African Mining Indaba, Phiri said: “The hydrogen economy is the future. If you do not believe in the hydrogen economy and you are in PGMs then you are in the wrong industry. “The question is: can we supply the market as we see it growing? I think we can. We have always been reliable as South Africa even during the difficult times of strikes and operational interruptions.

Commentary
Silver is Now a Metal of “The People”

Over the last week or so, we saw GameStop-inspired flash mobs turn their attention to silver, where they attempted to engineer a squeeze. It didn’t really work out. But silver prices did briefly surge, and for a few days, retail silver coin sites were totally sold out. So why did this happen, and why does silver tend to attract phenomenons like this? This was one topic we spoke about on a recent “Odd Lots” podcast with Jeff Currie, the top commodities strategist at Goldman Sachs Group Inc.

Commentary
Why the Silver Rush was Short-Lived

Rising inflation expectations and central bank activities are likely to have a more lasting impact on the silver price this year than retail traders trying to force a short squeeze. Retail traders had been using social media to coordinate buying shares in companies that had been heavily shorted by hedge funds. Their attention moved to silver when posts appeared suggesting the same thing could happen with silver because financial institutions were short silver. However, the size and structure of the silver market does not lend itself to the same sort of short squeeze that happened with GameStop. Physical silver purchases surged and the price jumped but only temporarily. Buying was too widespread to just be by the same Reddit readers so other people jumped in following the publicity. Silver ETF holdings recorded the largest-ever one-day gain of 58.4 moz on Tuesday 2 February and added 120 moz in three days, mostly in the US-based iShares Silver Trust. In addition, physical demand was…

Thanks,
Gold Silver Central