Are there limits to how much faster, higher or stronger an athlete can get? In this episode of The Conversation Weekly podcast, we talk to researchers in biomechanics, sports technology and psychology, to find out. And we hear about what happened at the troubled 1920 Antwerp Olympics, held in the wake of the first world war and the Spanish flu pandemic.
There’s something incredible about watching an athlete break a world record. They peak at exactly the right moment to go faster or further than anyone else ever has in their sport. But how long will records keep tumbling for? How will we know when we’ve reached the peak of what the human body can do?
We asked Anthony Blazevich, professor of biomechanics at Edith Cowan University in Perth, Australia. While he admits there are physical limits to how fast a cyclist or a sprinter can go, he says we’re not there yet: “I think we’re decades away from the very greatest athletes that we will ever see on Earth.” He explains why, as well as how a person’s genes influence their athletic performance.
Technological innovation is likely to play a role in breaking records too, particularly when it comes to running. The advent of super shoes, pioneered by Nike, has seen world records broken across long-distance running events since 2017. Jonathan Taylor, a former professional runner and now a lecturer in sport and exercise at Teesside University in the UK, says: “On the roads, half-marathon and marathon world records have all been broken since 2017.” Taylor explains the science behind the super shoes and the regulations surrounding them, and what other tech could help improve running times even further.
But someone could have the perfect sprinter’s body, the perfect training schedule, and the latest super shoe, but if their head isn’t in the right place on the big day, none of that other stuff matters.
Nicole Forrester, a former Canadian Olympic high jumper, and now an assistant professor in the school of media at Ryerson University in Toronto, explains her research into why psychology – and confidence in particular – is key for an athlete to go from being good, to being great. “At the elite level, it’s impossible for an athlete to be a gold medallist in whatever discipline, without having without confidence,” she tells us.
A little note, we are not focusing on drugs in this episode, but you can read more analysis about the role of doping in sports here.
In our second story (33 minutes), we revisit the 1920 Antwerp Olympics held just after a fourth wave of the deadly Spanish flu pandemic. The first world war caused the cancellation of the 1916 games, scheduled to take place in Berlin. But soon after the armistice, the aristocratic members of the International Olympic Committee, including its founder, the French baron Pierre de Coubertin, were determined to push ahead with the 1920 games.
They chose Belgium, a country hit hard by the war, as host. Keith Rathbone, a senior lecturer in modern European history and sports history at Macquarie University in Sydney, Australia, tells us what happened – and the parallels he sees with the Tokyo Olympics.
And Thabo Leshilo, politics editor at The Conversation in Johannesburg, recommends some analysis on the recent unrest in South Africa following the imprisonment of former president, Jacob Zuma (43m45).
This episode of The Conversation Weekly was produced by Mend Mariwany and Gemma Ware, with sound design by Eloise Stevens. Our theme music is by Neeta Sarl. You can find us on Twitter @TC_Audio, on Instagram at theconversationdotcom. or via email on email@example.com. You can also sign up to The Conversation’s free daily email here.gold pandemic africa european uk
SpaceX owns BTC, daily Dogecoin volume soared to nearly $1B in Q2, Grayscale eyeing DeFi and ETF: Hodler’s Digest, July 18–24
Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in…
Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.
Top Stories This Week
I do own Bitcoin; Tesla owns Bitcoin; SpaceX owns Bitcoin, he said.
Musk was speaking at The Word a virtual event dedicated to Bitcoin alongside Twitter CEO Jack Dorsey and Ark Invest CEO Cathie Wood, and the erratic tech billionaire suggested Tesla was on the verge of accepting the cryptocurrency again following promising signs that the percentage of renewable energy used for mining was increasing.
Teslas $1.5 billion foray into Bitcoin earlier this year sparked a major BTC price rally. However, Teslas suspension of Bitcoin as a payment method over environmental concerns in May appeared to tank the price of Bitcoin, with BTC crashing around 40% over the past two months.
Now that there is a diminishing Chinese coal-powered hash rate after the mining ban, it appears that Musk is warming up to digital gold again. Musk has stated that, after he does a bit more due diligence on mining sustainability and can confirm it’s backed by 50% renewables or more, Tesla may re-enter the market.
One wonders what said due diligence this entails, and why he didnt do it before the $1.5 billion Tesla BTC buy.
Musk also revealed, for the first time, that he holds Ethereum (ETH), and unsurprisingly reaffirmed his support for the meme-inspired Dogecoin.
I do personally own a bit of Ethereum, and Dogecoin of course, he said.
Speaking of Musks favorite cryptocurrency, trading volume for Dogecoin increased by more than 13 times during the second quarter of 2021, nearly tagging $1 billion daily.
According to data compiled by Coinbase and reported by Business Insider, Dogecoin trading volumes soared 1,250% between April and June, with $995 million worth of DOGE changing hands daily on average during the quarter.
By comparison, Dogecoins average daily volume for the first quarter of 2021 was $74 million.
While those figures are sure to spark hype among the fiery-eyed Dogecoin community, the subject of the top canine coin may be a touchy one for Coinbase.
A Coinbase user has filed a class-action lawsuit seeking $5 million in damages because of an allegedly misleading Dogecoin campaign.
According to court documents, plaintiff David Suski said he was deceived into trading $100 of Dogecoin for entry into a $1.2 million sweepstakes offer on Coinbase. The lawsuit asserts that Coinbase failed to communicate that a person could enter the sweepstakes without purchasing $100 of Dogecoin.
Ethereum co-founder and lead developer Vitalik Buterin has urged the Ethereum community to innovate beyond the confines of decentralized finance, or DeFi.
Buterin was speaking during his keynote at the Ethereum Community Conference in Paris on July 21, and described non-financial utilities as the most interesting part of the vision of general-purpose blockchains.
The 27-year-old outlined several non-financial applications for Ethereum, including decentralized social media, identity verification and attestation, and retroactive public goods funding.
The Ethereum co-founder has had a busy week, and after speaking at the Ethereum conference, he also surfaced in Ashton Kutchers and Mila Kunis living room. He wasnt trespassing of course, and was there as part of the promotion for Kunis NFT project dubbed Stoner Cats.
Buterin launched into a lengthy explanation of Ethereums fundamental components and articulated how the smart contract protocol differs from single-purpose chains such as Bitcoin.
While Buterin is looking beyond the decentralized bounds of finance, digital asset management giant Grayscale is looking to gain exposure in the sector.
On July 19, Michael Sonnenshein, CEO of Grayscale, announced a new investment vehicle aimed at DeFi assets.
In an interview with CNBCs Squawk Box, the CEO chimed in to announce Grayscales plans for a DeFi Fund and index. Detailing the purpose of the new product, the Grayscale CEO said the fund would offer exposure to DeFi assets, such as Uniswap and Aave, for its institutional clients.
During the same week, Sonnenshein stated he thinks that only a couple of maturation points separate the United States from its first Bitcoin exchange-traded fund, or ETF.
After many rejections of BTC ETFs in the past, along with 13 ETF applications under consideration, Sonnenshein is undeterred and said the firm is 100% committed to transforming its Bitcoin product, the Grayscale Bitcoin Trust, into an ETF once conditions are right.
Despite the majority of Japanese citizens reportedly wanting the Olympics canceled over pandemic-related concerns, the event is going ahead.
The U.S. government has already got its eyes on the 2022 Winter Olympics in Beijing, however, and three U.S senators signed a letter urging Olympic officials to forbid American athletes from using the digital yuan during the upcoming event earlier this week.
In a July 19 letter to the U.S. Olympic and Paralympic Committee board chair Susanne Lyons, Republican Senators Marsha Blackburn, Roger Wicker and Cynthia Lummis, also a BTC proponent, requested that officials prevent U.S. athletes from using or accepting the digital yuan.
The senators asserted that the athletes use of the central bank digital currency can be “tracked and traced” by the Peoples Bank of China.
The senators stated that the Chinese government recently rolled out new features for the digital yuan, giving officials the ability to know the exact details of what someone purchased and where.
If Olympic officials approve of the request, China will, unfortunately, have to deploy other methods to track and trace the U.S. athletes that do enter the country.
Winners and Losers
At the end of the week, Bitcoin is at $32,580, Ether at $2,070 and XRP at $0.60. The total market cap is at $1.35 trillion, based on CoinMarketCap data.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Telcoin(TEL) at 26.82%, SushiSwap(SUSHI) at 26.17%, and Axie Infinity (AXS) at 23.12%.
The top three altcoin losers of the week are Mdex (MDX) at -25.55%, THORChain (RUNE) at -18.98%, and Theta (XDC) at -11.26%.
For more info on crypto prices, make sure to read Cointelegraphs market analysis.
Most Memorable Quotations
I might pump, but I dont dump. I definitely do not believe in getting the price high and selling it or anything like that.
Elon Musk, Tesla CEO
Moving beyond DeFi is not about being against DeFi. I actually think […] the most interesting Ethereum applications are going to combine elements of finance and non-finance.
Vitalik Buterin, Ethereum co-founder
Neither USDC nor Tether is a regulated digital asset, for the simple reason that neither token has a regulator. In fact, neither USDC nor Tether tokens are stablecoins in anything other than name.
Paxos, stablecoin provider
I think that digital art is probably going to last a lot longer than galleries. I mean, you probably wont be going into galleries. Well be sitting in bars showing each other what weve recently bought on our phones, and thats kind of what we do now.
Damien Hirst, world-renowned contemporary artist
Make no mistake: It doesnt matter whether its a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These platforms whether in the decentralized or centralized finance space are implicated by the securities laws and must work within our securities regime.
Gary Gensler, SEC Chair
More than ever, we need to take advantage and harness the potential of these new technologies to ensure that we are better equipped and more united in the future, in order to make our planet a more livable, equitable place for all.”
Irakli Beridze, head of the Centre for Artificial Intelligence and Robotics at the United Nations Interregional Crime and Justice Research Institute
If a Bitcoin ETF is coming through the Gensler administration, my view is it’s not going to happen this year. […] There’s also been quite a bit of sort of a body of language and rhetoric and points that have been made by the staff with previous applications that need to be addressed. And so this isn’t a slam dunk.
Greg King, CEO of Osprey Funds
Recent calls to establish a more appropriate standard for technologically complex digital assets have turned into a firestorm since the Ripple case was filed. Some tech policy experts closely following the case have called for a Ripple Test to replace Howey.
George Nethercutt Jr., former member of U.S. Congress
Prediction of the Week
Ever since the crypto downturn began around May 12, the bears have been on parade as they forecast doom and gloom for the future price of BTC.
This week, Cointelegraph reported that a pseudonymous chartist who goes by the name “Bitcoin Master” shared concerns about Bitcoin’s potential to undergo an 80% average price decline upon breaking bearish on its 50-day simple moving average (SMA). The analyst noted that if the said fractal plays out, BTC/USD exchange rates could crash to as low as $13,000.
The 50-week SMA represents the average price traders have paid for Bitcoin over the past 50 weeks. Over the years, and in 2020, its invalidation as price floor has contributed to pushing the Bitcoin market into severe bearish cycles.
However, previous market cycles havent been impacted by Elon Musks inclination to cause mayhem in crypto through his tweets, so we may see a 50-week Musk tweeting average become the accepted method for BTC price predictions in the future.
FUD of the Week
The United States Securities and Exchange Commission, or SEC, may soon issue new rules for the regulation and registration of security-based swaps, including cryptocurrency.
In a speech to the American Bar Association Derivatives and Futures Law Committee, SEC Chairman Gary Gensler outlined that, from November, new requirements will go into effect, which include internal risk management, supervision and chief compliance officers, trade acknowledgment and confirmation, and recordkeeping and reporting procedures, to name a few.
Make no mistake: It doesnt matter whether its a stock token, a stable value token backed by securities, or any other virtual product that provides synthetic exposure to underlying securities. These platforms whether in the decentralized or centralized finance space are implicated by the securities laws and must work within our securities regime, Gensler said.
Speaking during a July 20 interview with TheStreet, Jim Cramer, the host of CNBCs Mad Money, questioned Tethers lack of transparency and asked why the firm hasnt disclosed the composition of its commercial paper, which accounts for a large percentage of its holdings.
Tethers brief reserve breakdown in May showed that, as of March 31, three-quarters of its reserves were held in cash, cash equivalents, other short-term deposits and commercial paper. Within that category, commercial paper accounted for 65.39%, with cash alone accounting for just 3.87%.
I am concerned about Tether, and Im not gonna stop sounding the alarm until I know what Tether has. Theyve got about $60 billion in commercial paper. Tether, open up the kimono, what commercial paper do you own? Cramer said.
Ralph Hamers, CEO of Swiss bank UBS, said on July 20 that he does not fear missing out on crypto, citing that it’s an untested and volatile asset.
Speaking to Bloomberg, Hamers asserted, Clients are looking at different alternatives, and they hear about crypto, and there is a bit of a fear of missing out as well. They read it in the papers, but they also see the volatility.
Commenting on the banks approach to providing exposure to crypto for its wealth management clients, the UBS CEO emphasized that he holds no FOMO towards crypto, noting, We dont offer it actively.  We feel that crypto itself is still an untested asset category.
Hamers, of course, works within the confines of the traditional finance and banking system, which is a well-tested industry that has caused multiple global financial crises.
Best Cointelegraph Features
Plan Bs stock-to-flow model is the closest its ever been to being invalidated as Bitcoin stagnates in the $30,000 range.
Chinese authorities seem to be putting things in order rather than declaring war on crypto, aiming to further weaken the U.S. economy.
The SECs approach to crypto must be modified to more clearly articulate how securities laws should apply to digital assets.cryptocurrency bitcoin ethereum crypto btc xrp link pandemic etf yuan crypto gold
Lower for Longer
The Delta variant of the virus has emerged as an important economic force, just as more countries appeared to adopt the attitude that we should now live with it like we do with the flu, which kills hundreds of thousands every year. While the existing…
The Delta variant of the virus has emerged as an important economic force, just as more countries appeared to adopt the attitude that we should now live with it like we do with the flu, which kills hundreds of thousands every year. While the existing vaccines seem to have lost some of their ability to prevent the illness, they remain a power prophylactic against hospitalization and death. Nevertheless, new social restrictions have been introduced in some high-income countries, even those like Israel, that have been fairly successful in vaccinating a large part of their population.
The virus is once again raising the prospects of slowing the economic recovery that was unevenly unfolding. The preliminary July PMI for Australia, UK, France, and the US disappointed. Expectations for the trajectory of monetary policy are being impacted. Consider that the implied yield of the December 2022 Eurodollar futures fell to 40 bp in the middle of last week from 55 bp on July 1. A similar futures contract in the UK, the December 2022 short-sterling implied yield fell from 58 bp in mid-July to almost 40 bp on "Freedom Day" as the UK dropped all social restrictions and mask requirements. The implied yield of the December 2022 Bank Acceptances in Canada fell 20 basis points from July 14 to nearly 105 bp ahead of the weekend. In Australia, the December 2022 bill futures contract's implied yield fell a little over 60 bp on July 6 to 36 bp last week.
The December 2022 Euribor futures contract has been considerably steadier as it is widely accepted that the European Central Bank will not lift rates until after 2023. The implied yield has been confined to a -42 bp to - 50 bp trading range since the end of April. The yield finished last week at -49 bp, falling about five basis points since the ECB meeting. The ECB's new forward guidance signaled that bond purchases and low rates will prevail until the staff forecasts that the 2% target can be sustained. In June, the staff forecasts projected 2023 CPI at 1.4%.
The signal of lower for longer helped drive European bond yields to new 3-4 month lows. The French 10-year bond yield had been offering a positive yield since the second half of April but recently moved back below zero. One has to pay Greece 50 bp to lend to it for two years, which is a little more than one would pay to Italy for the same maturity. Greece takes about 15 bp a year from those lending to it for five years, while Italy's five-year yield has dipped below zero for the first time since early April. The amount of negative-yielding bonds in the world has increased to almost $16 trillion from below $13 trillion in late June, and that does not include Japan's 10-year bond, where the benchmark yield is less than a basis point.
The ECB's dovishness likely minimizes the impact of the preliminary July CPI figures. In July 2020, the eurozone saw consumer prices fall by 0.4% on the month and again in August. This speaks to a likely acceleration of the year-over-year pace from 1.9% in June. Also, note that since at least 2000, prices gained less in July than in June (and consistently rose more in August than July). The monthly increase in June was 0.3%. The Bloomberg survey shows economists anticipate sharp month-over-month declines in Italian and Spanish prices. French CPI is also expected to have fallen slightly in July. German inflation may have ticked up. These considerations suggest the year-over-year rate may have edged above 2%.
The eurozone will provide its first estimate of Q1 GDP at the same time as the CPI figures on July 30. Recall that in Q4 19, before the pandemic struck, the eurozone economy was stagnant. Last year contracted in H1 before recovering in Q3. However, unlike the US experience, the eurozone economy contracted against in Q4 20 and Q1 21. Despite the spread of the Delta mutation and the floods in parts of Europe, including Germany, the recovery now appears to be on more solid footing, and the EU Recovery Funds are at hand. The regional economy likely expanded around 1.4%-1.5% in Q2 and is poised to accelerate further here in Q3.
The highly contagious, though less lethal mutation (if vaccinated), has pushed investors to reconsider the recovery theme that had two drivers last November, the US election and the vaccine announcement. Of course, this does not mean that it is the only development in the market, but it seems to be a relatively new and powerful one. The US dollar rallied as the pandemic first struck, partly as a safe haven as US Treasuries were bought and partly as a function of the unwinding of dollar-funded purchases of risk assets (e.g., emerging markets).
When things began to stabilize at the end of last March 2020, and the NBER now dates the end of the US recession as April 2020, the dollar trended lower and accelerated into the end of the year and began to recover in early January. From the end of March through December last year, the Antipodeans and Scandis led the move against the greenback and appreciated roughly 20%-25% against the US dollar. These currencies are often perceived to be levered to world growth and are often more volatile than the other majors. Over the past three months, they have been the weakest, losing 3.0-6.50%.
The opposite is also true in the sense that the Swiss franc and Japanese yen, other currencies often used for funding, hence the appearance of safe-haven appeal, were the worst performers against the dollar in the last nine months of 2020 (rising about 8.25% and 4.5% respectively). However, over the past three months, they have been among the most resilient in the face of the dollar's surge. The Swiss franc is off less than three-quarters of a percent, while the yen is off by about 2.4%.
A challenge for investors and policymakers is the evolution of the virus that renders some of the high-frequency data rather dated and arguably less impactful outside of the headline risk posed. The Federal Reserve has succeeded in securing for itself much room to maneuver and is not tied to a particular time series, like the monthly jobs report or data point. The FOMC statement is likely to hardly change from the previous one.
Discussions about the pace and composition of the Fed's bond-buying will continue. Still, Fed Chair Powell was speaking for the central bank when he told Congress recently that the bar to adjust the purchases (substantial further progress toward the Fed's targets) has not been met. The Jackson Hole symposium at the end of August has long been seen as the first realistic window of opportunity for the Fed to signal its intention to slow, possibly alter the composition of its bond purchase, and shape it more formally at the September FOMC meeting. Ahead of Jackson Hole, there is one more jobs report, and the early call is for around a 750k increase.
Reporters may try to draw Powell out but are unlikely to have much more success than the US Senators and Representatives. There is ongoing interest in the size of the reverse repo facility, for which the Fed now pays five basis points at an annualized rate, the same as a six-month bill. In addition, Powell pushed back against suggestions by some officials that the central bank's MBS purchases are lifting house prices beyond the access of many American families. Will reporters press him on this or the buying of inflation-protected securities that arguably distort the price discovery process and the break-even metric?
Stable coins' regulatory framework may be questioned. Recall that just before Biden took office, the Comptroller of the Currency allowed federally chartered banks to used distributed ledgers (blockchain) and conduct business with stable coins. There is a push to treat stable coins as securities for regulatory purposes. While the ECB recently announced it was going forward with a research and design phase of its development of a digital euro, the Federal Reserve's report is expected in September. Powell said what many officials seem to believe that the introduction of a digital dollar would likely dry up demand for stable coins and crypto.
The day after the FOMC meeting concludes, the US reports its first estimate of Q2 GDP. The median forecast in Blomberg's survey has crept up in recent days to 8.5% at an annualized pace, up from 6.4% in Q1. The NY Fed's GDPNow model puts growth at 3.2%, while the Atlanta Fed's model is closer to the market at 7.6%, while the St. Loius Fed Nowcast stands at 9%.
Even before this surge in the virus in the US, where about half of the adult population is fully vaccinated, we suggested there was a reasonable chance that Q2 marks the peak in growth. Fiscal policy will increasingly be a drag, pent-up consumer demand will be satiated. Monetary policy is near a peak. Perhaps the recent increase in the rate paid on deposits at the Fed and on the reverse repo facility and the recent sales of corporate bonds bought in 2020 mark the end of the easing cycle. We have also underscored the restrictive impact of doubling the oil price since the end of last October.
While there does not appear to be an iron law, it would not be surprising to see price pressures peak with a bit of a lag. This dovetails with the timeframe suggested by both Powell and Yellen. Some recent industry data suggests that the US used car market (accounting for around a third of the recent monthly increases in CPI) is normalizing in terms of inventory, and prices have softened in the wholesale markets. We note that input prices and prices paid components Markit PMI have fallen in June, and the preliminary report suggests a further decline is taking place this month. Airfare and the price of hotel accommodations, and food out of the house, appear to be a one-off adjustment rather than persistent increases.
The US will report June personal income and consumption figures ahead of the weekend, but the data will already be embedded in the GDP estimate. On the other hand, the PCE deflator, which the Fed targets rather than the CPI, may draw attention. It is expected to post a sharp 0.7% increase on the month for around a 4.2% year-over-year. It rose by 0.4% in May and a 3.9% year-over-year rate. The core rate, which the Fed does not target but makes references from time to time, is expected to accelerate to 3.7% from 3.4%.
Lastly, the infrastructure debate in the US Senate looks to come to a head in the days ahead. It could, in turn, shape the political climate until next year's midterm elections. The latest wrinkle is that what might serve as the basis of a compromise in the Senate may be rejected by a number of Democrats in the House. The failure to find a bipartisan solution for even the physical infrastructure components will not defeat the Biden administration but force it to rely on the reconciliation mechanism, which is confined to fiscal policy. It would likely hamper the administration on non-budgetary fiscal issues. The debt ceiling looms. The Congressional Budget Office sees the Treasury running out of room to maneuver in October or November. Biden's spearheading of a 15% minimum corporate tax rate might not need their approval, but the approval of 60 Senators may be needed for the other component of the global tax reform, the agreement to link the sales and taxes for the largest companies.
Top Stories This Week: Gold Manipulators Go to Court, Silver’s Industrial Side in Focus
Catch up and get informed with this week’s content highlights from Charlotte McLeod, our editorial director.
The post Top Stories This Week: Gold Manipulators Go to Court, Silver’s Industrial Side in Focus appeared first on Investing News Network.
The gold price held above US$1,800 per ounce this week, finishing the period around that level, which is down from last week’s July high point of around US$1,830.
Marc Lichtenfeld of the Oxford Club is one market watcher who’s struggling to understand why gold isn’t doing better this year. We had the chance to speak this week, and he pointed to money printing, the impact of COVID-19 and inflation as factors that should be pushing gold to record highs.
So far in 2021 those elements have have failed to do the trick, and Marc said he sees a disconnect between the yellow metal’s traditional fundamentals and what’s happening in the market.
“There just seems to be a disconnect between what are the traditional gold fundamentals and what’s happening out in the world … it’s really difficult to try to figure out what is happening with gold and why gold isn’t at record highs” — Marc Lichtenfeld, the Oxford Club
Of course, some would argue that price manipulation is the reason gold isn’t moving, and this week there was more news on that front. Chat logs were released in a spoofing trial for two former precious metals traders from the Bank of America’s (NYSE:BAC) Merrill Lynch unit, and they show one of the traders bragging about how easy it is to manipulate the price of gold. The trial isn’t over yet, but in its opening arguments that trader’s attorney said he stopped spoofing after he found out it was illegal.
Looking over to silver, I heard this week from Collin Plume of Noble Gold Investments, who thinks industrial demand will help push the white metal above the US$40 per ounce mark in the next 12 to 18 months. Silver has struggled to pass US$30 so far this year.
Solar panels are one of silver’s key uses, but it’s also found in other high-tech applications such as electronics and electric vehicles. Collin isn’t aware of any commodities that can replace silver in its end-use markets, and with demand “through the roof,” he expects to see shortages of silver by next year.
With silver in mind, we asked our Twitter followers this week if they think its industrial or precious side is driving the most demand right now. By the time the poll closed, about 70 percent of respondents said they think the precious angle is more important.
We’re going to finish up with the cannabis space, where there was a major announcement last week.
A group of Democratic senators headed by Senate Majority Leader Chuck Schumer introduced a draft of the Cannabis Administration and Opportunity Act, which among other things would remove cannabis from the Controlled Substances Act. The long-awaited bill will need 60 votes to get through the Senate, and opinion is split on whether that will actually happen.
“No one should expect US (cannabis) legalization anytime soon. We should expect reforms; they’re not coming as fast as anyone would like to see, but everybody agrees we’re going to get some form of banking reform in the near future … we’ll see baby steps” — Dan Ahrens, AdvisorShares Investments
Why? In his opinion, these stocks remain undervalued compared to their Canadian counterparts, and are operating well even without federal cannabis approval. Any legalization progress would be a bonus.
Want more YouTube content? Check out our YouTube playlist At Home With INN, which features interviews with experts in the resource space. If there’s someone you’d like to see us interview, please send an email to firstname.lastname@example.org.
And don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
The post Top Stories This Week: Gold Manipulators Go to Court, Silver’s Industrial Side in Focus appeared first on Investing News Network.stocks covid-19 senate commodities gold
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