Bitcoin $2400.00 .... silver $17.00

[ximmy]

http://www.blacklistednews.com/Bitco...38/38/Y/M.html

Source: Zero Hedge

Following comments from DoubleLine's Jeff Gundlach tieing the surge in virtual currencies to the demise of China (right before that nation is downgraded), Bitcoin surged overnight, breaking above $2400 for the first time. It is now up over 150% year-to-date.
Bitcoin is up fopr the 26th day in the last 29 sessions, doubling in price in that period...

http://www.zerohedge.com/sites/defau...0524_BTC_0.jpg



Wednesday's gain comes after a bitcoin scaling agreement was reached by the Digital Currency Group, representing 56 companies in 21 countries, at the Consensus 2017 conference in New York, which reduced some of the fears surrounding the so-called 'hard fork' in Bitcoin's code. The agreement states:


Paper Vs. Physical: The Amazing Amount Of Leverage In The Silver Market

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by Tyler Durden
May 17, 2017 11:47 AM


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Authored by Steve St.Angelo via SRSroccoReport.com,
While many precious metals investors realize the massive amount of paper trading leverage taking place in the gold market, they should see what is going on in the silver market. In a previous article, I provided data showing that an amazing $9.8 trillion of notional gold paper trading took place on the world’s exchanges in 2016 versus $42 billion in actual physical gold investment. This was a paper to physical ratio of 233 to 1.
However, the amount of paper trading leverage in the silver market is much higher than that.
But, before I get into the specifics of the paper silver market trading leverage, let’s take a look at the pathetic amount of physical silver investment versus Central Bank asset purchases. According to the data in the recently released 2017 World Silver Survey, total physical silver investment for 2016 came in at a whopping $4.4 billion:


https://dj0s31cxqi9ot.cloudfront.net...016.png?x65756

That’s correct. When we add up all the global silver investment demand last year, it adds up to a measly $4.4 billion. It was nearly ten times less than all physical gold investment in 2016. The analysts who wrote 2017 World Silver Survey, arrived at the $4.4 billion figure by using the following data:

Global Silver Investment 2016 (in million oz – Moz):
Physical Bar Investment = 83.6 Moz
Official Coins & Medals = 123.2 Moz
ETP (ETF) Inventory Build = 47 Moz
Grand Total Silver Investment = 253.8 Moz
By adding up total Physical Bar investment of 83.6 Moz, Official Coins & Medals of 123.2 Moz and ETP (ETF) Inventory Build of 47 Moz and then multiplying it by the average silver spot price of $17.14, it totaled $4.4 billion.

http://www.zerohedge.com/news/2017-0...-silver-market


Fidelity Is Mining Bitcoin, CEO Abigail Johnson Admits

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by Tyler Durden
May 24, 2017 4:15 AM


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In what bitcoin geeks undoubtedly interpreted as a sign of bitcoin’s renewed relevance now that its price is at all-time highs, Fidelity CEO Abigail Johnson told CoinDesk’s Consensus conference that her company is now in the business of mining bitcoin.
Per the FT:

“Ms Johnson noted that Fidelity has also set up a bank of computers built by 21 Inc that can crunch complex algorithms to be rewarded with bitcoin.

“My…computer has mined over 200,000 satoshis,” she said, using the name for the smallest unit of bitcoin.

Her remarks coincide with an astounding rally in virtual currencies like bitcoin. As DoubleLine’s Jeffrey Gundlach noted on Tuesday, bitcoin is up 100% in under two months, implying that the turmoil in Chinese markets was driving more locals into bitcoin.
http://www.zerohedge.com/sites/defau...tcointwo_0.JPG
One coin was trading at $2,275 Tuesday according to Coinbase, the latest in a series of all-time highs as global uncertainty rises...