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Tag: Gold

  • Glint Democratizing Gold With New Gold-Backed Debit Card

    Glint Democratizing Gold With New Gold-Backed Debit Card

    “The Glint debit card launches today,” says Glint CEO Jason Cozens. “I hope everyone downloads the app. What we believe is gold is the ultimate form of money. Central banks hold it. It has been being used as money for thousands of years. It just couldn’t be used in electronic payment until now. We’ve just solved the biggest problem with gold. You can now use gold as money. We’ve created your own personal gold standard.” 

    Jason Cozens, CEO of Glint Pay Inc., discusses the US launch today of their gold-backed Glint debit card in an interview on CNBC:

    Glint Democratizing Gold With New Gold-Backed Debit Card

    To load the gold-backed debit card you just download the app from the store, you register and we go through your registration, we approve the account, and then you load it with an ACH bank transfer or debit card payment. Then you can buy gold for as little as one cents worth or millions of dollars worth. We’re democratizing gold. We are kind of making monies new standard. The gold is in the vault in Switzerland. At the point of transaction, when you swipe it, whether I’m in Mumbai, Tokyo, New York, or California, we just debit a little bit of gold to create the invoice.

    We sell just enough gold to cover the transaction. We sell it for dollars and those dollars go through to the merchant by MasterCard who is our partner. The dollar as have many currencies around the world is depreciated. It has depreciated 80 percent in my lifetime. If you go back to 1971, a hamburger cost 55 cents and today it cost $3.55. That’s what inflation has done to the US dollar. Whereas gold, one gram of gold in 1971 would have bought you two burgers and today it buys you 12. Money depreciates in ways that are outside of our control but gold doesn’t.

    You Can Now Use Gold As Money

    Money should be something that is both something you save and spend. We’re bringing a more superior form of money to everybody in the United States. Every time the customer buys or sells their gold we make 0.5 percent. So it’s the cheapest way you can buy physical gold. We’re a transactional-based business and the merchants pay us a little bit as well. 

    We’re really excited about launching today. I hope everyone downloads the app. What we believe is gold is the ultimate form of money. Central banks hold it. It has been being used as money for thousands of years. It just couldn’t be used in electronic payment. We’ve just solved the biggest problem with gold. You can now use gold as money. We’ve created your own personal gold standard. The Glint debit card launches today. 

    Glint Democratizing Gold With New Gold-Backed Debit Card, says Glint CEO Jason Cozens

    Glint App Explained In New Commercial:

    Protecting your slice of the American dream isn’t always easy. Sometimes it takes a little more than just elbow grease and saving pennies. It takes innovation and that’s where the new app from Glint can change everything. How? By using gold. For the first time since the frontier days, American’s can now easily save and spend with gold with no hidden fees, minimums, or expensive financial advisors. Simply download the app, link your new card, and start enjoying the timeless stability and freedom of gold. 

    Unlike currencies that lose value to inflation and investments that can evaporate in a recession, gold has consistently increased in value. It’s a safe harbor from troubled economic times. In fact, gold tends to appreciate with the kind of recession many experts are predicting in the next two years. You’ve worked hard to create a  good life for your family and you don’t want Wall Street or the Federal Reserve making decisions for you. That’s why Glint is the right choice for security and independence.

  • Giant Gold Nugget Found And Now To Be Sold: Should Finder Have Kept It?

    A man found a giant gold nugget in the mountainous region of Butte County, North California.

    The lucky individual who happened across the six pound treasure has gone to great lengths to conceal both his identity and the location of the find.

    While this movie is typical of treasure seekers who luck out, it seems no one has ever stopped to ask WHY it’s typical.

    Why rush to get rid of something extremely valuable…especially gold.

    Sometimes in the hunt for things that will make us rich, or at least richer than we were at the start of the day, we get lucky.

    In the case of the anonymous man who found the “Butte Nugget”, it’s obvious he’ll be collecting a tidy sum of money.

    The nugget will reportedly be sold for a minimum of $350,000.

    Suppose the man manages to collect as much cash for his find.

    …Then what?

    The man may reinvest that money in hunting for more gold. During such time, he may discover that his find was a fluke, and he lived out the fable of the “Goose That Laid The Golden Egg”.

    Rather than spend part or any of the money, there’s a chance he could decide to invest it.

    …Which brings us back to the question of WHY he sold the gold in the first place.

    A number of Americans have gone to great lengths to require gold. Even though gold prices fluctuate in recent months, there is a general understanding that the precious metal will always be valuable.

    American printed currency cannot be spoken of in the same way.

    Do you think it’s wiser to hold on to valuable materials or try to get cash? Share why below!

  • Gold Prices: Hong Kong To The Rescue?

    Much of the recent fluctuation in gold prices was blamed on the improving American economy.

    The changing economic landscape in the United States is considered key for determining the long-term market value of the precious metal

    As such, gold suffered a drop in value as the US dollar strengthened; there is also the expectation that interest rates are due to rise in the near future.

    Despite the heavy focus on the American economy, the precious metals market was recently affected by the perceived political instability in Hong Kong.

    Thousands of pro-democracy supporters engaged in violent clashes with police on Sunday. They have occupied much of the financial center of Hong Kong, the sheer numbers bringing traffic to a halt in certain locations.

    These individuals are fighting what they feel is communist encroachment and will not budge until they are assured their message is heard.

    While the protesters may not be moving, the same cannot be said for stock prices. Hong Kong’s market saw two percent of its value shaved off as a result of wariness surrounding ongoing protests.

    This uncertainty recently crept into the global market. American stock futures were lower during pre-market trading on Monday. European shares were also negatively affected.

    As for gold, it received a slight reprieve as the price (for now) rose to $1,217.50 per ounce, up a total of $2.10. Meanwhile silver dropped by three cents to $17.55.

    Beyond Hong Kong protests possibly offering a boost, it’s also hoped that the “Golden Week” holidays in China will also lend a hand to gold prices.

    The problem is that it has been noted that the demand for gold in China is down overall. Even with the positive effect the situation in Hong Kong has had on the value of gold, it’s expected to continue a slow downward slide in value.

    Stateside, the growing economy and strengthening dollar aren’t the only economic factors driving gold prices down. There is much speculation surrounding the upcoming jobs report data to be released later in the week.

    The view of gold, even with its short term gains, continues to be somewhat bearish.

  • Silver Prices Lead To Surprising Show Of Optimism

    Silver prices fell to the lowest they’d ever been on Monday. While this may at first seem a discouraging sign, the word is that what will follow is a massive opportunity to buy.

    As of right now silver is trading at around $17.70 per ounce. For comparison’s sake, gold is currently valued at roughly $1,220 per ounce.

    Such an astronomical gap can likely be blamed on the “buy gold” craze that took hold during the worst of the recent recession.

    When the dust settled, everyone who was anyone coveted gold as protection from a weakened dollar and significant loss of wealth.

    That outlook seems to have changed drastically over the past year.

    The price of silver and gold have both been negatively affected by a strong dollar and the supposed inevitability of rising interest rates.

    On the other hand, the slightly negative economic outlook in Europe and Asia may also be driving the value of both silver and gold downward.

    Precious metals are presently seen in a bearish light, but could this change?

    As the value of silver continues to plummet, patient observers feel that there’s nowhere for the long neglected metal to go but up.

    However, not just yet.

    Investors are encouraged to wait until silver falls to $15 per ounce before they elect to buy. That would represent a 12 percent loss from where the metal closed on Monday.

    The reason could be that this represents a supposed baseline for the metal; it’s not expected to drop much lower than this for the foreseeable future.

    Onlookers do not expect either gold or silver to drop much lower than their current prices. Therefore investors are encouraged to wait out the falling price of silver. Once it hits the magical $15 range, some may start buying like there’s no tomorrow.

    As volatile silver continues to fluctuate in value, it will be interesting to see how many investors take that advice to heart.

  • Gold Prices Could Plummet As Dollar Strengthens

    Next week promises to be a very stressful time for those keeping tabs on world currencies, especially for Western observers.

    The sterling pound is already fluctuating ahead of Scotland’s referendum, which could decide if the country will leave the United Kingdom.

    Eyes are also on the American dollar. The US currency is expected to strengthen as interest rates go up.

    But while a stronger dollar is great news for the United States, its success is causing problems for gold investors.

    The news that the dollar is gaining steam brings with it the expectation that the value of gold will drop.

    Commerzbank Corporates & Markets reportedly said this in a statement to clients:

    The price of gold [is] under pressure. […] Should the Fed actually signal an imminent rate cut next week by changing its communiqué and consequently give additional tailwind to the US dollar, this should put further pressure on the gold price.

    With gold trending down, one has to wonder whether or not the “buy gold” craze of the recession years is finally over.

    For the longest time there was a strong belief that the American economy could not recover and the dollar was doomed.

    It was almost taken for fact that the best thing Americans could do to protect themselves was invest in as much gold as possible.

    The panic appears to have subsided.

    Though as things move in a more positive direction for the American economy, it would be premature to assume that things will go terribly for the gold market.

    It’s true that a strong dollar and higher interests means that gold is no longer a precious metal investors are seeking out for security.

    However it’s doubtful that even a significant drop in the value of gold will see major long term consequences.

    “We remain optimistic about the price of gold in the medium term,” wrote Commerzbank Corporates & Markets. “Reviving Asian physical demand and stronger investment demand should provide further impetus.”

  • Treasure Hunting Family Strikes Gold in Florida

    The Schmitt family, who made national news over Labor Day weekend in 2013 after salvaging 60 feet of gold chain off the coast of Fort Pierce, Florida, has struck gold again. On Memorial Day of this year, Eric Schmitt recovered a 300-year-old solid gold religious artifact at the same underwater site.

    The square-shaped piece functioned as the back portion of a handcrafted gold-filigree pyx, a small case used to house the Eucharist, which serves as a representation of Jesus’ body during the Communion aspect of a Catholic mass.

    Lisa Schmitt, part owner of a company called Booty Salvage and the mother of Eric, commented, “It was our follow-up to our big find. It’s been there 300 years, and it’s still intact. It’s just amazing that it’s not broken.”

    Here is the moment the treasure was uncovered:

    Brent Brisben, co-founder of 1715 Fleet – Queens Jewels LLC, the company that owns the rights to dive on the wreckage site, revealed that experts said that the pyx dates back to the late 1600s or the early 1700s. The hunting grounds comprise the combined wreckage of a fleet of Spanish ships struck by a hurricane off the coast of Florida in July, 1715. More than 1,000 sailors were killed in the storm that claimed eleven of the dozen ships that were headed to Spain.

    “This pyx would have belonged to a very high-ranking church official and, given its incredible craftsmanship and beauty, may have been destined for the pope,” Brisben said. “This really has become probably the most unique artifact that has ever come off the 1715 fleet. It hasn’t been appraised yet, but I’m calling it priceless,” Brisben added.

    The state of Florida has dibs on all of the Schmitt’s finds, and up to twenty percent of the loot might end up in museums. The rest is split fifty-fifty between 1715 Fleet – Queens Jewels LLC and Booty Salvage.

    Here is a clip concerning Booty Salvage:

    Interestingly, the piece that Eric Schmitt recovered fits perfectly into an incomplete “picture frame” that was discovered in 1989. Both pieces, it turns out, formed the complete pyx. The “picture frame” part of the pyx had been sitting on display in the Mel Fisher Maritime Museum in Key West for over twenty years. The frame is now privately owned, which makes it unlikely that the state of Florida will confiscate the new find.

    Image via YouTube

  • Drought Gold Rush Brings Prospectors to California

    “A mine is a hole in the ground with a liar standing next to it, down which you throw money.” – attributed to Mark Twain

    The San Bernadino Sun reports that one of the worst droughts in California history, one that is forecast to bring dangerous wildfires this summer, has had another surprising effect in the Sierra Nevada mountains near Colfax, Califormia. People are showing up in droves to pan for gold in the foothills areas.

    Apparently, low water levels are exposing ground areas that have not been accessible since the gold rush days of the 1800’s. Hobbyist prospectors are buying equipment and heading out toward areas like the Bear River with hopes of striking it rich.

    “With the drought going on, we’re able to dig in more locations that wouldn’t be accessible at later times,” said Tim Amavisca.

    Amivasca has been able to prospect in areas that are normally under water. “If you see a good-sized flake, that’s when you get excited,” said Amavisca.

    The lowered water levels have even revealed an old mining town called Mormon Island that had long been submerged.

    Some avid amateur prospectors are quick to point out, however, that these gold rush participants don’t have much hope of actually getting rich off what they may find around Bear River.

    “It’s called placer gold, and it is fun to find,” remarked one reader who goes by the username Bubba. “Most everyone will find some if they go to the places known for finding it. You won’t get rich and will spend more on GAS and the day trip than any gold you find.”

    However, as another reader points out, even that is not such a bad deal.

    “Only 1% of those who venture into the Gold Prospecting Hobby will ever find enough gold to actually turn a profit from the expenses involved in this pastime,” says Just Moi. “But you could add several years to your life by being outdoors, being more physically challenged and by being away from your computer desk. Eureka!”

    Image via Wikimedia Commons

  • USA Takes First Ever Gold in Ice Dancing

    The USA gains another gold medal, and our first in ice dancing. Graceful pair Meryl Davis and Charlie White wowed the crowd with a cheerful “My Fair Lady” performance in the short program on Sunday, then another spectacular performance to “Scheherazade” in Monday’s free skate portion of the competition.

    The pair went on to nail the long program with a season best of 116.63 points and an overall score of 195.52, according to the New York Times.

    They beat out 2010 champions and chief rivals Tessa Virtue and Scott Moir of Canada. They danced to pieces by Russian composers Alexander Glazunov and Alexander Scriabin.

    Bringing home the bronze for ice dancing Elena Ilinykh and Nikita Katsalapov of Russia, who performed “Swan Lake” and earned a total of 183.48.

    Meryl Davis and Charlie White have been skating together for seventeen years, beginning when she was 9 and he was 8. An awkward situation for any co-ed pair of that age, they overcame the weirdness with a clever trick thought up by their coach. Marina Zoueva, who trained both top finishing teams, stuck a smiley face sticker to White’s forehead in order to give the girl somewhere else to look besides her partners eyes.

    Davis and White, as well as Virtue and Moir, trained at the Arctic Edge ice arena in Canton, Michigan, which is just outside of Detroit. They have all four come so far from their early beginnings.

    “Having been together 17 years plays a huge part in how comfortable we are on the ice and in big moments,” Davis said after the short program was complete. “We’ve been through so much together. When we took the ice, we felt calm.”

    Their calm demeanor and familiarity went a long way to help them relax and focus on winning the gold in Sochi and to defeat many truly excellent performers.

    Image via You Tube

  • Gold iPhone Proves Profitable for Apple

    Apple has really run into a golden opportunity when it comes to their latest selection of colors for the iPhone 5S, with their gold colored option being, by far, the most popular choice for consumers. Perhaps Apple has cracked the code; perhaps consumers have all along been pining for nothing more than the irresistible glimmer of gold when it comes to their technology selections. Whatever the reason, the golden apple has hit a spike in popularity; iPhone 5S leads have improved drastically, and the golden colored iPhones are proving to be the hardest to obtain, according to Forbes.

    Among the amusing stories coming about as the result of the gold iPhone’s almost instantaneous popularity are the tales of the device selling out instantly in China and Hong Kong, and many European areas having “literally zero units” of the coveted golden smartphone. The phones are so scarce that the only place to really get ahold of one is the online market, on second-hand websites such as eBay, as Apple stores have been selling out quickly and have had to turn away customers looking to purchase one of the golden apples.

    Of course, there is always the option of customizing a non-golden iPhone to achieve that perfectly gleaming ideal. Many third party dealers offer everything from paint jobs to actual gold plating to customers willing to shell out the cash to have their techy goodies glitzed and glammed to the nines. This is, arguably, a good alternative to shelling out hundreds for a new phone featuring the golden gleam. Or, it would be, if Walmart wasn’t planning to pull some of its discounting witchcraft and offer a Black Friday deal on the coveted golden smartphone; their ad promises a $75 gift card to customers who purchase the $189 smartphone with a contract. That deal sounds pretty golden to this writer.

    [Image courtesy of the official Apple store listing for the gold-colored iPhone.]

  • There Are Only Five Of These Gold HTC Ones In The World

    Smartphones used to be a status symbol, but now everybody owns one thanks to subsidies and ever decreasing prices. Apple brought back some of the allure with a gold iPhone 5S last month, but it was only gold in color. Now HTC is one upping the guys at Cupertino with a phone made out of real gold.

    HTC announced today that it has made five gold HTC Ones in conjunction with Goldgenie for the MOBO Awards 18th anniversary. The 18ct gold-plated phones are valued at $4,416 each, but they’re not available for sale. One will be given out to the winner in the Best Newcomer category at this year’s MOBO Awards, and at least one will be given out to the public as a prize.

    “The best artists have always been given gold discs to celebrate their success, but today most people listen to music on their phone. We wanted to celebrate that fact,” said Phil Blair, HTC President, Europe, Middle East and Africa. “The award winning HTC One is the gold standard in mobile design and innovation, so it was an obvious choice to make it even more special. We’re sure the winning MOBO artist will love their unique phone and we will even be giving a lucky member of the general public the chance to get their hands on one soon too.”

    The MOBO Awards are exclusive to UK artists, but that doesn’t mean you can’t vote. If you want to choose who wins the Best Newcomer award and a gold HTC One, you can hit up the voting site here.

    Oh, and if you don’t want to take your chances on a contest, you can pick up an unofficial gold-plated HTC One from Goldgenie today for $2,528.88.

    [Image: HTC]
    [h/t: Android Central]

  • Gold Recovery? What Does This Mean For Business?

    Gold has had a resurgence recently. This comes as good news for investors and people that follow the market closely. As of today, gold is on track for its biggest weekly gain in five weeks. Several analysts are saying that the precious metal that we once used to pay for everything may have good times ahead. The Federal Reserve also surprised the market by announcing that it would continue bond purchases, which is currently at $85 billion per month.

    CNBC mentions that John Meyer, a mining analyst at SP Angel has said these stocks are down on their luck but have rallied in recent weeks off a very low base.He told CNBC that they are hoping for better performance from gold going forward as well as a resurgence of funds going into the sector. Gold also surged 4.3 percent after the Federal Reserve announced that they would postpone the reduction of their large bond-buying program. The metal has gained nearly 3 percent this week overall and hit an all-time high at the end of the 2011. At this time, it was going for just over $1,900 per ounce, but has since stalled.

    Despite this success, The Fed announcement is unlikely to boost the price of the yellow metal high enough to give the miners a sufficient spread between production costs and the price at which they can sell gold on the open market, according to The Street. Is the metal back on track to help business yet? We may just have to wait and see.

    Since stalling out from its all-time in 2011, Gold selling accelerated in april of this year. This was due in large part to the fact that people were fearing that central banks were becoming less likely to contribute to stimulus measures. As a result, this has weakened currencies, additionally boosting gold as an inflation hedge. This week’s rally is a good opportunity to sell, while teh metal will average about $1,125 in the next year, as stated by Societe Generale SA in a statement to Bloomberg. However, Credit Suisse Group AG expects an average of $1,180.

    As with the history of the market, it is hard to know whether to invest with these types of things or not and at what time. The world of business can often be difficult to figure out, but if gold continues to rise, this will be very good for business and investors.

    http://www.youtube.com/watch?v=2aoyg97pcHg

    Image via Youtube

  • Family Finds Gold off Florida Coast

    While hunting for treasure might sound like a job more suited for Captain Jack Sparrow, a family in Florida found quite the haul while looking for gold off the coast of Fort Pierce over the weekend. According to the Sun Sentinel, The Schmitt family found gold coins and gold chains that have an estimated value of more than $300,000.

    The Schmitt family found the treasure near the Brisben wreckage site approximately 150 yards off the coast. The wreckage site is where the 1715 Treasure Fleet perished in a hurricane that took the lives of 1,000 sailors and left behind an estimated $600 million in gold and other valuables. According to Brent Brisben, co-founder of the company that holds the rights to the wreckage site, treasure is found on a “daily basis.” Gold isn’t the only treasure found, either. “We find shipwreck artifacts, musket balls, pottery,” Brisben said.

    The Schmitts have been diving at the wreckage site for years through their company Booty Salvage. While they have found treasure before, including a Spanish silver plate worth around $30,000, this is by far their biggest find. At just 15 feet underwater, the family found 64 feet of gold chain, five gold coins and a gold ring. The value of the treasure has been placed at a conservative estimate of around $300,000.

    The find proved to be a very emotional moment for the family. When her brother Eric showed her the gold, 20-year-old Hillary Schmitt said that she “cried like a baby” on the boat. “His pocket was hanging (with gold) about down to the ground…It was an intense moment. We were all just screaming and crying.” Rick Schmitt, father of the treasure-hunting family, said that the find “is like the end of a dream.”

    While finding enough gold to pay off your mortgage may certainly feel like a dream, the Schmitts won’t get to keep their entire haul. According to federal and state law, the family will have to turn their find over to the U.S. District Court in South Florida. Florida can keep 20 percent of the find for its museums, and the remaining treasure will be split between the Schmitt family and Brisben’s company, 1715 Fleet – Queens Jewels LLC.

    Image via YouTube

  • Indian Rupee Up In Faltering Economy

    Indian Rupee Up In Faltering Economy

    Thursday witnessed a strengthening in the Indian rupee, up to 66.85 per dollar from a record low of 68.85 per dollar on Wednesday. The rupee lost almost a fifth of its value in 2013. So what’s a rupee to do?

    Indian Prime Minister Manmohan Singh offered to publicly address the situation Friday in a release on his site today. Singh blamed domestic and international factors, including events in Syria, for the country’s financial troubles, which some investors are labeling a crisis.

    After two decades of relative success among emerging markets, India’s economy is entering rocky waters, compounded by a multitude of factors. A significant one being US-driven. A US Federal Reserve bond-buying spree under a policy of quantitative easing rushed cheap stimulus money into emerging markets like India’s in an effort to recover the US economy (we weren’t alone). As the US recovered, Federal Reserve chief Ben Bernanke issued a May warning that quantitative easing would end, scaring investors, reversing money flows, dropping currencies and stock markets and causing increasing borrowing costs.

    Indian technology manufacturers are warning of possible price hikes in the country though they have yet to make decisions while monitoring the rupee’s progress. Manufacturers’ Association for Information Technology forecasts IT hardware price increases of up to 10% if the rupee fails to sufficiently recover. Mobile phones could see price hikes of up to 8%. Impact on US consumers is as yet undetermined.

    One plan to alleviate the situation is to buy gold from citizens. The pilot project by the Reserve Bank of India calls for commercial banks to purchase the gold and send it to precious metal refiners. Gold is the country’s second biggest import, oil being the first, and proponents believe even a small supply of gold will be beneficial. Some have even suggested buying gold from Indian temples to supply the domestic market. Temples in the country may house several thousand tons of the precious metal. In Indian culture, gold is practically part of the family and is to Indians as the single family home is to Americans.

    Other at-risk economies include Brazil, China, Indonesia and Thailand. In a 24 August address, International Monetary Fund Managing Director Christine Lagarde cautioned against pulling out of these emerging economies too quickly. “Global policymakers–all policymakers, within countries and across countries–have a responsibility to take the full range of actions needed to restore stability and growth, and to reduce imbalances.”

  • Shipwreck: Gold Found Off South Carolina Coast?

    Most of us love a good story about a found treasure; lately, those have mostly been about Goodwill patrons finding valuable paintings buried behind discarded motel-room art. But today there’s a story out of South Carolina that might be about actual treasure, and archaeologists believe they might have some gold on their hands.

    The wreckage of a 19th century steamer ship was discovered on Sunday off the coast of Cape Romain, and Dr. E. Lee Spence says it’s what’s left of the SS Ozama. The ship originally carried guns and is thought to have hundreds of thousands of dollars worth of gold on board.

    The ship is remarkably intact considering what it’s been through; built in 1881, it was first used to tow dredges in the building of the Panama Canal, but wrecked in the Bahamas just a year later.

    “The vessel made a number trips to Panama and other ports in the Caribbean, sailing into turbulent times,” Spence said. “Her colorful history is packed with events such as a mutiny and extensive gun and money smuggling to Haiti.”

    The ship eventually wrecked in 1894 in Cape Romain after striking the shoals on its way to Charleston, where it’s been ever since. Dr. Spence doesn’t yet know what secrets it may hold, as he has to make sure it’s safe to enter first, but whatever he finds will be his.

    “This ship had a long history of smuggling and of carrying large amounts of money, and I became the owner of it last year whenever I laid claim in federal court to this wreck and other wrecks that I found off Cape Romain, South Carolina. But I had no idea when I laid claim to it what it was, and it was just recently that I discovered its identity,” he said.

  • Earthquakes Turn Water to Gold, Shows New Study

    One of the major goals of alchemy was to create gold from other, less expensive materials. Now it appears that if alchemists of old could have harnessed the power of the Earth, they might have been successful.

    A new study has shown that earthquakes can play a role in turning water into gold. Sort of.

    The study, published in this week’s Nature Geoscience, shows that earthquakes can cause gold deposits to form almost instantaneously. The effect is caused by the vaporization of liquids during an earthquake.

    Researchers used a thermo-mechanical piston model to simulate the effects of earthquakes, where fluid-filled cavities in the earth can often expand. This expansion lowers the pressure within the cavity, causing the fluid to expand rapidly and vaporize. Gold contained within the liquid is then deposited in small amounts. Subsequent earthquakes would also deposit gold, turning a small deposit into a significant one.

    The process also deposits silica, which helps to explain why gold deposits can be found mixed with quartz deposits. It could also explain why many gold deposits can be found near old fault lines.

    Though the idea of pressure differentiation causing mineral deposits is not a new one, the extent to which it is responsible for those deposits is debated in geological circles. This new study demonstrates that extreme conditions within the Earth’s crust could build up sizable gold deposits in well under one million years.

  • Who Has the Largest Gold Stash? [Infographic]

    If you’re planning on doing any prospecting any time soon, you might want to invest in a plane ticket around the world. The land down under has the largest supply of gold reserves waiting to be mined over any country in the world.

    China is relatively low on the list of geological reserves, but they are making the most of what they do have. They double or in some cases triple the gold production of countries with much more in reserve.

    The United States, along with Germany, France and Italy keep the majority of their gold in the form of foreign reserves, while other world powers like China, Japan and Russia keep their gold domestic.

  • XBOX Live Gold Members Get New Premium Services

    XBox Live Gold members will now have the ability to watch more on demand programming with the addition of three new services: xfinity TV, HBO go, and MLB.TV.

    Xfinity is an on-demand television service from Comcast, that brings your favorite TV and movies to the XBox. Kinect users can search using voice commands or controll the screen with a wave of their hand.

    HBO Go brings the HBO catalogue of movies and original programming to the XBox. Users can watch The Game of Thrones or the Sopranos right from there XBox, using their Kinect to voice search or browse through titles.

    MLB.TV provides live and on-demand games to XBox users, who have the ability to watch two games at once with Split Screen. MLB.TV offers Kinect compatibility just like the others.

    @enConnected
    enConnected    Xfinity TV, MLB.tv, and HBO Go now available on Xbox LIVE Gold http://t.co/GffUbQxY #Xbox__Apps 4 minutes ago via enConnected  ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

    @KarlBode
    Karl Bode    HBO Go on XBOX!* *=Must subscribe to cable, HBO, Internet, Xbox Live Gold, Harpers, Highlights Magazine, Walled Garden monthly newsletter.. 24 minutes ago via TweetDeck ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

    @aarongreenberg
    Aaron Greenberg    Big day for #Xbox360 owners tomorrow – Comcast, HBO Go, and MLB all in one day. WOW! http://t.co/L7aO5qBT 11 hours ago via web ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

    @shellypalmer
    Shelly Palmer    Have an Xbox? Starting today you’ll have more options for entertainment apps. http://t.co/PXeJcl75 25 minutes ago via web ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

  • $410,000 Thai Golden Cab Driver!

    A Thai cab driver tracked down a forgetful customer who left over $400,000 worth of gold in his cab this past Tuesday. The 56-year-old cabby, Saksri Ketsrikaew apparently drove around for several days searching for the owner.

    Meanwhile, Eakerat Kanokwattana, the owner of the gold which was in the form of ornaments he intended to trade in a business deal, had already filed a report with authorities. Ketsrikaew heard the report about the gold on a local radio show and called the station. He then was contacted by Kanokwattana who arranged for the gold to be returned.

    In the end, the cab driver was given a reward of golden ornaments worth well over $6000 by the grateful gold vendor. It is a story of true altruism or possibly ignorance of how much the ornaments were worth. I’ll leave it up to you to decide. I don’t know that there’s anything I can add that people on Twitter haven’t already said.

    (image)@azzdomenica
    Domenica Azzolini    Haha..and in today’s “ima jackass” news rt @HuffingtonPost Taxi driver returns $450,000 in gold left in cab http://t.co/fTVPIVf8”(image) 9 minutes ago via Twitter for iPhone ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

    (image)@1ChrisRuck
    Chris Ruck    A Thai taxi driver returns $410K in gold left in cab to the owner http://t.co/eLBg7u3A Seriously! How do you leave $410K in gold in a cab?(image) 1 hour ago via Tweet Button ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

    (image)@lamonbrooks
    La Monica    “@HuffingtonPost: Taxi driver returns $450,000 in gold left in cab http://t.co/qy0bgk6S” YAAAAAAAY!!! 😀 That’s 1drful news! Humanity lives!(image) 2 hours ago via Mobile Web ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

    (image)@jcdudeus
    Ulises Robles    better man than me “@HuffingtonPost: Taxi driver returns $450,000 in gold left in cab http://t.co/WpICvjKO”(image) 2 hours ago via Twitter for iPhone ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

    (image)@wildfire2040
    Troy    he must not be affected by this economy RT: @HuffingtonPost: Taxi driver returns $450,000 in gold left in cab http://t.co/NjWZrPzR(image) 2 hours ago via Echofon ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

    (image)@tthomson11
    T Thomson    RT @HuffingtonPost Some ppl know where its at… Taxi driver returns $450,000 in gold left in cab http://t.co/2evWeQfc #karma(image) 3 hours ago via web ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

    (image)@keptsimple81
    keptsimple    Ron Paul must have been grateful. RT @HuffingtonPost Taxi driver returns $450,000 in gold left in cab http://t.co/2k1f0Adn(image) 3 hours ago via web ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

    (image)@AbbyDraper
    Abby Draper    Who carries gold? RT @HuffingtonPost Taxi driver returns $450,000 in gold left in cab(image) 3 hours ago via web ·  Reply ·  Retweet ·  Favorite · powered by @socialditto

  • FTC Supports Better Protections For People Selling Jewelry Online

    The Federal Trade Commission told the U.S. House Subcommittee on Commerce on Thursday it supports proposed legislation aimed at protecting consumers who sell gold and jewelry to online buyers.

    Jim Kohm, Associate Director of the Enforcement Division of the FTC’s Bureau of Consumer Protection, testified that the FTC supports the proposed Guarantee of a Legitimate Deal Act, which would strengthen the FTC’s ability to protect financially stressed consumers.

    FTC According to the testimony, the FTC has seen an increase in complaints from consumers selling gold jewelry, watches and other precious metals online. People are complaining that some online jewelry buyers provide a price quote only when asked.  In some cases, people mail in their items and receive payment only after buyers have melted their items, leaving dissatisfied consumers with limited options.

    The proposed legislation would make sure that consumers have a chance to consider and reject a specific offer to buy their precious metals before an online purchaser melts or resells the items.

    It also would require businesses that offer to buy consumers’ jewelry or precious metals to insure items they ship back to consumers who decline their offers. In addition, the measure would give the FTC the authority to seek civil penalties, which would serve as a deterrent and make it easier for the agency to take action against buyers who violate the law.