WEBSERVICES
LOGIN

An exclusive service for CoinNet and SportsNet dealers!

Coinnet Services

Are the Gold Bulls Overexuberant?

Published: Tuesday, 09 April 2024 03:58 | Print | Email
Gold's recent performance has defied expectations, reaching new all-time highs by surpassing the $2,365 mark, showcasing a robust bullish trend not seen since the surge in 2011. This rally, driven by anticipation of Federal Reserve rate cuts and gold's appeal as a hedge against inflation, continues despite mixed economic signals. Whether reacting to prospects of a strong economy or the anticipation of easing inflation, investors are increasingly turning to gold, indicating a widespread belief in its value retention and potential for growth amidst varying rate cut expectations for 2024.

Read more ...

Hyperinflation to Hope: Zimbabwe Launches New Gold-Backed ZiG Currency

Published: Tuesday, 09 April 2024 09:59 | Print | Email
Zimbabwe is launching a new currency, the ZiG (Zimbabwe Gold), in an effort to stabilize its economy, backed by $185 million in gold and other reserves. This initiative represents the country's sixth attempt to establish a reliable currency, following the dramatic depreciation of its previous currency, which lost 80% of its value since the beginning of this year alone. After experimenting with gold coins and digital currency versions, the Zimbabwean central bank views the ZiG as an opportunity to create a "solid and stable" national currency, aiming to rectify the longstanding issues of currency devaluation and economic instability.

Read more ...

$10 Million Gold Smuggling Scheme Unveiled by Hong Kong Customs

Published: Tuesday, 09 April 2024 09:55 | Print | Email
Hong Kong authorities made their largest gold smuggling bust, confiscating $10.7 million worth of gold cleverly disguised as machine parts destined for Japan. The 146 kilograms of gold were ingeniously molded into shapes resembling screws and cylinders, painted to look like parts of air compressors in an airplane's cargo. The discovery was made during a routine examination on March 27, leading to the arrest of a 31-year-old man connected to the smuggling operation. While the suspect has been released on bail, the case highlights the lengths smugglers will go to in circumventing customs laws, which could result in up to seven years of imprisonment and a $2 million fine for those convicted.

Read more ...