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The World Gold Council’s (WGC) head of global sales and regional CEO, Joe Cavatoni, explained on Friday that he believes the gold industry will integrate with blockchain technology in order to “help the industry standardize reporting.” Cavatoni spoke about the London Bullion Market Association’s (LBMA) and WGC’s Gold Bar Integrity Programme (GBI) which aims to methodize “an international system of gold bar integrity, chain of custody and provenance.”
Gold Bar Integrity Initiative Will Help Investors Feel ‘Comfortable Knowing Where the Gold Is Coming From’
Joe Cavatoni, the World Gold Council‘s (WGC) head of global sales and regional CEO, discussed gold markets in a recent interview published Friday. Cavatoni talked about how gold is used in various products, which helps fuel demand for the precious yellow metal.
He highlighted that one of gold’s industrial use cases includes cancer treatment and gold is an ingredient in products like iPhones and iPads. Gold nanoparticles are also leveraged in photothermal therapy that is often used to kill cancer cells.

Cavatoni also conversed about the WGC’s Gold Bar Integrity Programme (GBI), a distributed ledger concept backed by the WGC and the LBMA. GBI was officially announced in March 2022, and it intends to leverage blockchain technology crafted by the distributed ledger firms Axedras and Peer Ledger.
Cavatoni thinks that the GBI tech will help monitor gold transactions, gold quality, chain of custody, and sourcing. Cavatoni expects to have a “type of blockchain database construction in place to help the industry standardize reporting, [in order to] trace and track the integrity of gold bars, and take it all the way back to sourcing so that you can feel good and comfortable knowing where the gold is coming from.”
While the GBI project is an LBMA and WGC effort, Cavatoni remarked that a “group of organizations” are planning to utilize the GBI program and tools. When the blockchain program was first announced, LBMA’s CEO Ruth Crowell explained that the international trade in wholesale, “physical gold depends on confidence.”
Crowell insisted that the Gold Bar Integrity initiative was a watershed moment for the precious metals sector. “This is a major advance in furthering transparency for the common good of the gold industry,” Crowell said at the time. Cavatoni remarked during his interview on Friday that the “[gold] industry needs to be trusted by people that want to be a part of it.”
“If trust is an impediment for greater adoption in gold, because some people feel that being off-grid is a better way than being on-grid, we’d rather embrace trust and transparency and grow the industry in a legitimate way and make it better,” Cavatoni said. “None of what we’re doing is going to prevent anyone from simply taking [a] physical delivery of gold,” the WGC head of global sales and regional CEO added.

Axedras’ Bullion Integrity Ledger and Peer Ledger’s MIMOSI Connect
In March, LBMA and WGC said the initial phase will see both Axedras and Peer Ledger demonstrate their technologies. The Axedras website shows the company has a proprietary blockchain called the Bullion Integrity Ledger (BIL).
The BIL network is a “member-based platform for peer-to-peer interaction,” and claims to be decentralized and secure. “[BIL] enables its members to share information following this unified data standard and to record the outcomes of business transactions in an immutable and auditable manner,” the Axedras web portal notes.
Peer Ledger’s website says that it uses “blockchain technology to solve environmental, social and governance problems in global supply chains.” The company offers MIMOSI Connect which “gives companies a trusted, immutable record of transactions, documents, and metrics across their entire supply chain to support responsible supply chain management and due diligence.”
Besides Cavatoni’s recent commentary this past week about a group of organizations using GBI, LBMA and WGC have already listed a number of participating GBI companies. Firms mentioned include CME Group, Barrick Gold Corporation, Brinks, Centerra Gold Inc., Argor Heraeus SA, Asahi, Aura Minerals Inc., Perth Mint, Pro Aurum, Rand Refinery, Royal Canadian Mint, and Standard Chartered.
What do you think about the LBMA and WGC Gold Bar Integrity Programme? Let us know what you think about this subject in the comments section below. 



























The World Gold Council&#x2019;s (WGC) head of global sales and regional CEO, Joe Cavatoni, explained on Friday that he believes the gold industry will integrate with blockchain technology in order to &#x201C;help the industry standardize reporting.&#x201D; Cavatoni spoke about the London Bullion ...

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World Gold Council Exec Believes Blockchain Technology Will Bolster Trust in the Gold Industry

[PRESS RELEASE – Please Read Disclaimer]
NUGEN leverages the concept of metaverse and NFTs through its own immersive platform, NUGEN Metaverse.
NUGEN, a promising web 3.0 initiative, has proudly revealed that they are the gold sponsors of Blockchain Futurist Conference (BFC), Canada’s largest blockchain and cryptocurrency event. It is a two day conference that kicks-off on 9 August 2022. The conference connects blockchain admirers all across the globe, and the entity firmly believes that it is a privileged moment for NUGEN to stand as one of BFC’s gold sponsors. The platform brings in diverse avenues of the metaverse and utilizes this event as a medium to unite with like-minded web 3.0 enthusiasts worldwide.
NUGEN is an all-in-one platform that yearns to capitalize on the market advantages of DeFi, crypto, NFT, and metaverse through making people adopt cryptocurrency to run their daily routine. The platform provides complete financial freedom by bestowing a plethora of services, including NUGEN Coin, Cryptocurrency Exchange, NFT Marketplace, Metaverse, ATMs, Banks, etc. Truly a one-stop shop for web3 admirers!
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We are elated to unveil the limitless potential of metaverse to our next-gen users. We add genuine value to the industry by bestowing outstanding community services and splendid product experiences, says Fazil M Jabar, Co-founder & CEO Nugen Universe
NUGEN Metaverse is a collection of parcels of LAND, which is a finite, traversable, 3D virtual space within its ecosystem. LANDs are tokenized into NFTs and are identified by cartesian coordinates (X,Y). There are 9,980 plots available in their virtual world, where each LAND is categorized into Basic, Medium, Large, and Epic based on its size. Basic LAND is a 16×16 meters plot that is suitable to create a game, while Epic LAND is a 128×128 meters plot that is suitable to create even a racetrack. Users can prefer their own plot size depending on the application they wish to build.
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About NUGEN
NUGEN is an all-in-one platform that yearns to capitalize on the market advantages of DeFi, crypto, NFT, and metaverse through making people adopt cryptocurrency to run their daily routine. The platform provides complete financial freedom by bestowing a plethora of services, including NUGEN Coin, Cryptocurrency Exchange, NFT Marketplace, Metaverse, ATMs, Banks, etc. Truly a one-stop shop for web3 admirers.


[PRESS RELEASE &#8211; Please Read Disclaimer] NUGEN leverages the concept of metaverse and NFTs through its own immersive platform, NUGEN Metaverse. NUGEN, a promising web 3.0 initiative, has proudly revealed that they are the gold sponsors of Blockchain Futurist Conference (BFC), Canada’s large...

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NUGEN Coin – The Official Gold Sponsor of Blockchain Futurist Conference 2022, Canada

Several reports detail that U.S. Federal Reserve officials are resolute on tightening monetary policy and increasing the federal funds rate until inflation in America is alleviated. Chicago Fed president Charles Evans explained on Tuesday that the central bank would likely keep up the larger than usual rate hikes until inflation is remedied.
The Fed Is ‘Nowhere Near’ Done When It Comes to Tighter Policy, Central Bank Has Not Seen a ‘Turn in Inflation’
The Federal Reserve is in a predicament as inflation in America is the highest its been since the 1980s. On Tuesday, a report quoting three members of the U.S. central bank indicates that the Fed’s policymakers are still convinced more rate hikes are needed to tame the country’s rising inflation.
San Francisco Fed president Mary Daly explained during a Linkedin interview “we are still resolute and completely united” in getting inflation down. Daly stressed the Fed was “nowhere near” done as far as implementing monetary policy measures and in terms of fighting inflation, she said the central bank still has “a long way to go.”

“My modal outlook, or the outlook I think is most likely, is really that we raise interest rates and then we hold them there for a while at whatever level we think is appropriate,” Daly remarked. Cleveland Fed president Loretta Mester’s opinion was similar, as she told the Washington Post (WP): “we have more work to do because we have not seen that turn in inflation.”

Chicago Fed president Charles Evans shared his opinion this Tuesday as well. Evans explained to reporters that the Fed would likely continue large interest rate increases until inflation is down. While he spoke about larger than usual rate hikes in the 75 bps range, Evans also clarified that a 50 basis point rate hike could still happen.

“If you really thought things weren’t improving… 50 bps is a reasonable assessment, but 75 bps could also be okay. I doubt that more would be called for,” Evans said. Amid the hawkish statements from the Fed members on Tuesday afternoon (EST), cryptocurrencies, stocks, and gold markets dropped in value. The U.S. dollar, on the other hand, has strengthened against the Japanese yen and other major fiat currencies after a brief downturn.

Volatility Strikes Equities, Gold, Cryptocurrencies
By the closing bell on Tuesday, all of the major stock indexes were down, including the Dow Jones Industrial Average, Nasdaq, NYSE, and the S&P 500. Cryptocurrency markets also shed some gains and the market capitalization is hovering just above $1.13 trillion. Bitcoin (BTC) slipped under the $23K per unit zone and ethereum (ETH) dropped under $1,600 per coin on Tuesday.
During the course of the day on Tuesday, both leading crypto assets managed to climb back above those regions. The following day on August 3, the entire crypto economy is up just over 2%. Equities and the crypto economy have started showing a bit more volatility as tensions rise between China and Taiwan. Gold is also down this month as one ounce of fine gold exchanged hands for $1,810 per unit on July 1, and today gold is trading for $1,765 per unit.

Analysts say gold’s recent slide is due to a strong U.S. dollar as the DXY index charts show the greenback remains robust after it dropped last week. “Gold pared gains after Wall Street became optimistic that tensions between the two world’s largest economies would get out-of-hand,” OANDA’s senior market analyst Edward Moya told Kitco News. “A strong dollar is also weighing on gold, as the greenback’s pullback over the past couple weeks appears to be over.”
What do you think about the statements from various Fed members and the market reaction following the hawkish commentary and tensions between China and Taiwan? Let us know what you think about this subject in the comments section below.



























Several reports detail that U.S. Federal Reserve officials are resolute on tightening monetary policy and increasing the federal funds rate until inflation in America is alleviated. Chicago Fed president Charles Evans explained on Tuesday that the central bank would likely keep up the larger than...

The Fed Is ‘Resolute’ on Hiking Interest Rates, Tightening Monetary Policy to Tame Inflation — Gold and Stocks Sink

Bitcoin and ethereum were both trading higher on Wednesday, as global financial markets reacted to the tensions caused by U.S. House Speaker Pelosi’s visit to Taiwan. The price of gold dropped by nearly $40 late on Tuesday, after securing a one-month high, while the S&P 500 also faced a turbulent session.
Bitcoin
Bitcoin (BTC) was trading higher on Wednesday, as prices of the token rebounded following five days of consecutive declines.
Following a low of $22,710.08 during Tuesday’s session, the world’s largest cryptocurrency rallied to a high of $23,446.87 earlier today.
This surge comes as bulls were able to prevent a breakout from a support point of $22,600 yesterday, which would have likely triggered a move towards $20,000.

However, as global markets react to yet more geopolitical tensions, volatility seems to be set to push bitcoin back towards its recent resistance level.
This point is at the $24,200 region, and could be the next target for BTC bulls, should today’s momentum extend throughout the remainder of the week.
Price strength has also rebounded, with the 14-day relative strength index (RSI) hovering above its floor of 53, currently tracking at 56.

Ethereum
In addition to bitcoin, ethereum (ETH) was also back in the green, following the return of bullish momentum to crypto markets.
ETH/USD moved to an intraday high of $1,672.63 during today’s trading session, which is over $1,000 higher than yesterday’s low of $1,570.09.
Similar to BTC, today’s rebound comes as bulls swiftly recaptured a support level of $1,620 on hump day, following a false breakout on Tuesday.

Since then, pressure has intensified, and like on bitcoin, the 14-day RSI has moved below a support point of its own.
As of writing, the relative strength index is now tracking at 61.61, after its own floor of 58 was tested by bears during yesterday’s selloff.
Should both of these floors hold, it is likely we could see ETH move towards $1,800 in upcoming sessions this week.
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Will ethereum continue to rally, following today’s rebound in prices ? Leave your thoughts in the comments below.



























Bitcoin and ethereum were both trading higher on Wednesday, as global financial markets reacted to the tensions caused by U.S. House Speaker Pelosi&#x2019;s visit to Taiwan. The price of gold dropped by nearly $40 late on Tuesday, after securing a one-month high, while the S&#038;P 500 also faced...

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound as Global Markets React to Pelosi’s Visit to Taiwan

Her Majesty’s High Court of Justice in England has determined that the Venezuelan gold stored in the vaults of the Bank of England must be managed by officials of the Central bank of Venezuela designated by opposition leader Juan Guaido. The management of this gold stash, which is comprised of 31 tonnes of this precious metal, is in dispute since 2019 when Guaido asked the Bank of England to freeze these assets in order to avoid a possible sale.
London High Court Rules in Favor of Opposition Leader Juan Guaido
The saga of the Venezuelan Gold stored in the vaults of the Bank of England seems to be nearing its end. The High Court of London has determined that the management of the 31 tonnes of gold corresponds to Juan Guaido, the opposition leader that proposed an alternate government in the country back in 2019.
According to the sentence, due to the recognition that the government of England has of Guaido as interim president of Venezuela, the rulings of the Supreme Tribunal of the country, which disregarded Guaido’s right on managing this gold, were ignored. The judge stated:

I have … concluded that the Guaido Board succeeds: that the Venezuelan supreme court judgements are not capable of being recognized.

Guaido’s team considered this a victory, and considered this decision a “step towards protecting Venezuela’s sovereign gold reserves for the benefit of the Venezuelan people.” However, the government of President Maduro prepared to appeal this decision, considering it an “unfortunate ruling.” Even with this decision, Guaido will not be able to move this gold until the matter is fully resolved.

Not Your Vaults, Not Your Gold
The process involving the seizure of the gold due to Guaido’s petition and the whole judicial battle between the two parallel governments of the country has originated worries about the trust that third parties can have when possessing assets held in foreign countries. The final ruling will also determine how the British government might rule in similar cases involving government conflicts in the future.
The government of Maduro is seeking to repossess these assets since 2020 when the Central Bank of Venezuela wanted to sell these assets to aid the population to deal with the covid-19 pandemic, a request that was denied at the time. The institution stated:

The BCV remains concerned that the cumulative effect of the judgments of the English Court appears to accord a simple statement by the UK Government recognizing as a head of state a person with no effective control or power over any part of that state.

What do you think about the 31-tonne Venezuelan gold saga? Tell us in the comments section below.



























Her Majesty&#x2019;s High Court of Justice in England has determined that the Venezuelan gold stored in the vaults of the Bank of England must be managed by officials of the Central bank of Venezuela designated by opposition leader Juan Guaido. The management of this gold stash, which is comprise...

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