Daily Digest

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Daily Digest 2/25 - Theft at Mt. Gox Shakes Bitcoin World, PM Sentiment Rising

Tuesday, February 25, 2014, 11:09 AM

Economy

Apparent Theft at Mt. Gox Shakes Bitcoin World (jdargis)

Barry Silbert, SecondMarket’s chief executive, said that he had already talked with several banks and financial companies about joining the new exchange, along with financial regulators, and that he hoped to have it in operation this summer.

But plans for any new venture will be tested by the collapse of Mt. Gox, which could shake the faith of early Bitcoin adopters. Ryan Galt, a blogger who writes frequently about Bitcoin and was one of the first to circulate the news about Mt. Gox, wrote on Monday: “I do believe that this is one of the existential threats to Bitcoin that many have feared and have personally sold all of my Bitcoin holdings.”

Bitcoin's Mt. Gox disappears, insolvency feared (HughK)

The price of virtual currency bitcoin slumped 20 percent on Tuesday morning as one of its leading major exchanges, Mt Gox, went offline amid fears that it is on the verge of bankruptcy.

The Conspiracy Theory Is True: Agents Infiltrate Websites Intending To "Manipulate, Deceive, And Destroy Reputations" (sand_puppy)

Critically, the “targets” for this deceit and reputation-destruction extend far beyond the customary roster of normal spycraft: hostile nations and their leaders, military agencies, and intelligence services. In fact, the discussion of many of these techniques occurs in the context of using them in lieu of “traditional law enforcement” against people suspected (but not charged or convicted) of ordinary crimes or, more broadly still, “hacktivism”, meaning those who use online protest activity for political ends.

Gold and Silver Sentiment Improving Significantly (Taki T.)

Another positive sign is that sentiment has climbed above 50% and the metal has not pulled back significantly. During bear markets, sentiment tends to stay below 50% during rallies.

At 70%, sentiment is elevated but not especially troubling yet. Above-average and rising sentiment is good, as long as it doesn’t get excessive, which would occur on a move closer to 80%. Even in a bull market, that would suggest that at least some nearer-term caution would be warranted.

Watch oil prices, they may be about to pop (HughK)

Oil prices are poised to shoot through the top of recent ranges amid growing global demand and that could boost U.S. crude by some 36 percent from current levels, one analyst told CNBC.

Polio-Like Illnesses Called 'A Rare Phenomenon' (jdargis)

"You can imagine. We had two boys that are very healthy and Sofia was healthy until that point," said her mother, Jessica Tomei. "We did not realize what we were in store for. We did not realize her arm would be permanently paralyzed."

Van Haren, who diagnosed Sofia, said polio vaccines do not protect children from the disease, but he stressed that it is still important for children to receive that vaccine.

Is it Time to Let BP back in the U.S. Oil Game? (James B.)

It can't bid on new acreage, however, because of a 2012 ban imposed by the U.S. federal government after the company pleaded guilty to criminal charges stemming from the disaster. The U.S. Environmental Protection Agency said BP lacked "integrity," prompting the British oil giant to sue. The Justice Department, however, said BP has yet to show it was a "responsible" potential contractor, and ruled to keep the company out of new bids. BP America CEO John Minge said, however, "we're getting closer" to having that ban reversed.

Global Warming ‘Hiatus’ Caused By Volcanoes’ ‘Cooling Effect,’ Study Says Eruptions Slow Global Temperature Rise (jdargis)

The cooling impact of volcanic eruptions, including the 2011 Nabro eruption in Eritrea, the 2008 Kasatochi eruption in Alaska and the 2010 Merapi eruption in Indonesia, could explain why Earth’s warming climate has paused. According to Reuters, large volcanic eruptions can dim global sunshine for years. But scientists are increasingly learning that even small eruptions can have a dimming effect.

Gold & Silver

Click to read the PM Daily Market Commentary: 2/24/14

Provided daily by the Peak Prosperity Gold & Silver Group

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