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Bitcoin is paving the way for gold's return as global currency, fund manager says
This Gold Fund Is Joining the Bitcoin Frenzy
By Ranjeetha Pakiam
Wednesday, November 22, 2017
The Old Mutual Gold & Silver Fund, which manages $220 million of mostly precious metal equities, is jumping on the bitcoin wagon.
The fund started buying in April with a mandate to allocate as much as 5 percent to cryptocurrencies, according to its manager, Ned Naylor-Leyland. The idea is to take profits from bitcoin as it advances and reinvest them in gold and silver assets, he said in an interview on Nov. 16.
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Gold Standard Ventures Infill Drilling Could Increase
Size and Grade of Pinion Oxide Gold Deposit in Carlin Trend
Tuesday, November 21, 2017
VANCOUVER, British Columbia -- Gold Standard Ventures Corp. (TSX: GSV; NYSE:GSV) today announced results from 11 of 19 completed reverse-circulation and core holes at the Pinion oxide gold deposit on its ully owned and controlled Railroad Project in Nevada's Carlin Trend.
These drill holes are a portion of Gold Standard’s 2017 US$15.5 million program, which includes up to 48,800 meters of reverse-circulation and core drilling in 117 holes.
The Pinion drilling was designed to 1) upgrade and potentially add to resources by reducing drill spacing in critical portions of the deposit and 2) expand drill coverage near the margins of the current pit design for possible resource additions.
All 11 drill holes intersected oxidized and altered multi-lithic dissolution collapse breccia, the principal Pinion host rock, and seven of the holes returned significant, higher-grade intercepts greater than 1 gram of gold per tonne. Results include 56.4 meters of 1.68 gram per tonne in PIN17-02, 42.7 meters of 1.23 gram per tonne in PIN17-10, 15.2 meters of 1.66 gram per tonne in PIN17-04, and 32 meters of 0.89 grams per tonne in PIN17-05. In most instances the new results either confirm or outperform the expectations in the current resource estimate block model. ...
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"Bitcoin was explicitly designed to be digital gold," said Naylor-Leyland. "So if you're going to have a small proportion of a fund in bitcoin, it should be in a gold fund, because that's exactly the point. It's about bringing the ownership of disciplined money into the modern world. Bitcoin is paving the way for the reintroduction of gold as global money."
Bitcoin is up more than eight times this year to top $8,000 as entrepreneurs in the field say its value lies in proof of concept for a new kind of payment system not reliant on third parties like governments, big banks, or credit-card companies. By contrast, gold has held in a tight range since February, with a short break upward in September as U.S. and North Korea tensions spiraled. ...
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[And fortunately for all other currency issuers, including bitcoin itself, nobody in authority or financial journalism, including Bloomberg News, ever asks WHY "gold has held in a tight range since February" -- or, really, has BEEN held.]
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