Daily Digest

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Daily Digest 12/22 - Bitcoin Exceeds Expectations, The Case For Gold

Thursday, December 22, 2016, 10:12 AM

Economy

Jamie Dimon on Trump, Taxes, and a U.S. Renaissance (jdargis)

I run one of the biggest banks in the world. And I have a good relationship with unions. I try to have a good relationship with everybody, and that’s my job to make sure we do it. I’m a little bit of an eternal optimist. People always say to me, “If you go do this and it fails, what are you going to do?” I don’t care. I’m going to give it my best shot. That’s what I’m going to do. If it doesn’t work, it doesn’t work. And I’ll try again.

Bitcoin exceeds expectation – valued at over $800 dollars before end of the year (Adam)

The main reason put forth by experts as to explain the unpredicted upsurge of Bitcoin is increased demand for the cryptocurrency in the Chinese market. In recent times, the Asian economic powerhouse has experienced increased outflow of capital. The capital outflow has been attributed to the weakening of the Chinese yuan. It is expected that more people are buying Bitcoins in a bid to protect their assets from the Yuan’s depreciation. This has led to increased demand for the cryptocurrency and in turn increased its value.

Illinois loses more residents in 2016 than any other state (Adam)

The plunge is mainly a result of the large number of residents leaving the state in the past year — about 114,144 in all — which couldn't be offset by new residents and births, according to census data measuring population from July 2015 to July 2016. The number of residents leaving the state is the largest in recent history, as data from 1990 show just 50,440 residents left Illinois and migrated to other states.

How a 2011 Hack You’ve Never Heard of Changed the Internet’s Infrastructure (jdargis)

Cybersecurity breaches don’t usually spell the end of companies, much less spur national governments to seize control of private firms. But the DigiNotar compromise was unusual in many ways. Usually, the cybersecurity incidents we read about involve a company failing to protect the information entrusted to it by users. DigiNotar was different: Its whole reason for existence was to tell internet users who and what they could trust—and in 2011, it failed spectacularly in that mission. In the process, it revealed the cracks in the largely hidden infrastructure that enables our computers to make decisions about which websites to load or which software updates to run. Those decisions may seem mundane, but they are critical to the safety and security of the internet.

FCC Republicans vow to gut net neutrality rules “as soon as possible” (jdargis)

The net neutrality order gave ISPs with 100,000 or fewer subscribers a temporary exemption from enhanced transparency requirements that force operators to provide more information about the plans they offer and their network performance. ISPs can comply with the rules by adopting "nutrition labels" that give consumers details about prices (including hidden fees tacked onto the base price), data caps, overage charges, speed, latency, packet loss, and so on.

Cash Confiscation and the Case for Gold (Tiffany D.)

According to India’s Economic Times, “the central bank has now asked all banks to keep track of the movement of new notes from [banks’] currency chests” and to “put in place a reporting system” to track those notes as they move through the local economy. And lest any funny money business go on, banks were also told to preserve their security camera footage for future use by Indian authorities.

In a Retreat, Uber Ends Its Self-Driving Car Experiment in San Francisco (jdargis)

In a statement on Dec. 13 about the testing of autonomous vehicles, the Department of Motor Vehicles said: “We have a permitting process in place to ensure public safety as this technology is being tested. Twenty manufacturers have already obtained permits to test hundreds of cars on California roads. Uber shall do the same.”

A New World Order Is Emerging In Natural Gas (Josh O.)

In fact, BP said it believes the complete acreage acquired under this deal could hold up to 50 trillion cubic feet. And those big numbers have the major eying the region as the world’s newest center for natural gas development.

BP’s chief executive officer Bob Dudley summed up these ambitions succinctly. Saying the company is looking to “create a new LNG hub in Africa.” One which he noted will be supported by low production costs and “advantaged access” to global gas markets.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/21/16

Provided daily by the Peak Prosperity Gold & Silver Group

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