TANGIBLE INVESTMENTS - Los Angeles - by James O'Dell - Gold and Silver held onto gains on Friday with Gold on pace for a second straight weekly advance, trading at $1,275.70 an ounce and if the 10-day moving average can cross the 20-day, there remains the potential for still more gains next week, says Charles Nedoss of LaSalle Futures Group.
“If we keep grinding higher going into next week, we’re going to see the 10-day moving average cross over the 20,” said Nedoss. “A lot of times, that will trigger buy signals.” Silver added another 0.71 percent to $19.69 an ounce amid the escalating violence in Iraq.
Crude oil prices hit eight month highs on Friday over concerns of a civil war brewing in Iraq, OPEC’s second largest oil producer. “We are seeing some flight to safety because of the Iraq issue,” said George Gero, of RBC Capital Markets, in a telephone interview.
Meanwhile, it was reported on Friday that a small, producing Canadian Gold mine is being offered for sale for $2 million in bitcoins, the virtual currency, by an unidentified seller on BitPremier, a self-described bitcoin marketplace for "luxury items and opportunities." The mine, which includes $1 million worth of equipment, is located in historic Dawson City, in Yukon, Canada, and reportedly has the potential to produce up to 4,000 ounces of gold a year, worth nearly $6.0 million at current prices.
"A well-respected, fully compliant and profitable company, any new buyer could recoup their initial investment in as little as two mining seasons," reads the sales brochure. It does not say, however, whether forms of payment other than Bitcoins would be accepted.
A recent highly publicized bankruptcy filing by Mt. Gox, one of the longest bitcoin exchanges in existence, has put a spotlight on the technology and seen the value of one bitcoin slide to about $610 from above $1,000 in late 2013. IMHO anyone with the opportunity to buy physical Gold with virtual currency should do it, all things being equal.
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