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  • Jim Costa

From Jeff - Silver, Bix, and Venezuela Resets the Bolivar (again).

Bought a 2022 ASE at the local coin shop yesterday out of curiosity about the new "notch". Examined the notch on the rim with a low power microscope but saw nothing unusual. Oh well... PREMIUM WAS 16 BUCKS!


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Godlewski mentioned that Bix has an NDA. Sounds reasonable. I can't believe Bix just happened to run across those Roota comic books on the Boston FED website by chance. I think he was secretly tasked to push the silver story out to the people.


Anyway, Bix says he thinks the Mint is running full tilt at 5 million ASEs per month but is only providing 850,000 per month to the Authorized Dealers for distribution. The rest he thinks are being stockpiled for distribution during and after the reset. By law the Mint is supposed to supply ASEs in any amount needed to meet demand. The Mint cannot make a profit but can charge "seigniorage" or the cost of striking the coins. With premiums so high there is no doubt that demand is not being met.


He says the COMEX silver open interest (shorts, puts, futures, etc) has dropped to record lows and the commercials are now mostly long as supply dries up. His reports are usually easier to understand than Harvey Organ.


On crypto he reminds us that Reggie Middleton holds the patent for tokenization of assets (backed cryptos) and peer to peer crypto transactions. I think XRP is now free from SEC litigation so may be ready to underpin Central Bank Digital Currencies. Central Banks still need to negotiate with Reggie as do other cryptos already existence.


Suggest listening to the first 5 or 10 minutes of Bix's recent videos.

https://www.youtube.com/user/RoadtoRoota/videos


SWIFT sets out blueprint for central bank digital currency network

https://finance.yahoo.com/news/swift-sets-blueprint-central-bank-061920154.html


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Venezuela has reset their Bolivar (again). The old $1 million Bolivar notes worth about 25 cents (USD) are gone. The new largest note is now $100 Bolivars and worth about $25 bucks USD.


"After more than four years of hyperinflation, many Venezuelans think the new bills will be short-lived as well. The central bank does not publish inflation statistics anymore, but the International Monetary Fund estimates that Venezuela’s rate at the end of 2021 will be 5,500%."


“I only had 3 million bolivars in my account, with that you don’t buy a single (piece of bread), said Elena Díaz, a 28-year-old cleaning worker standing outside a supermarket. “When they remove the six zeros, with those 3 bolivars, I won’t be able to buy anything either.“


https://roserambles.org/2022/10/04/venezuela-introduces-new-currency-drops-6-zeros/


https://ussanews.com/2022/10/04/venezuela-introduces-new-currency-drops-6-zeros/

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