Interesting article on CNBC: "Russia is considering selling its oil and gas for bitcoin as sanctions intensify from the West" Russia might accept bitcoin as payment for its oil and gas exports as Western countries stiffen sanctions. In a videotaped news conference on Thursday, the chair of Russia’s Duma committee on energy said in translated remarks that when it comes to “friendly” countries such as China or Turkey, Russia is willing to be more flexible with payment options. Chair Pavel Zavalny said that the national fiat currency of the buyer — as well as bitcoin — were being considered as alternative ways to pay for Russia’s energy exports. SOURCE (for full article): https://www.cnbc.com/2022/03/24/rus...ayment-for-oil-and-gas-as-sanctions-rise.html Bz the waz, Bitcoin has now surpassed 44 k
Hmm if Russia starts accepting BTCas payment, I will be selling out. Not worth the risk of side swipe.
??????? Legitimate question (not a rhetorical question or statement). But why does the Perth Mint online store have "unavailable" against every bullion item? [I've deliberately placed this post in this thread as I believe it's pertinent to the thread subject matter]. Have the Perth Mint always restricted bullion trading hours?
On PM website Bullion sales are available during the hours listed below. Online and phone orders ONLINE ORDERS 8.30am-5pm (AWST) Available Monday to Friday excluding public holidays Plenty of collectables coins/bullion which PM dont have to hedge available.
Indeed, almost everything is "UNAVAILABLE" on their site. Could it be that they are repairing/rebuilding the site and it's a technical "glitch"? Or someone ordered them to put all sales on hold - in expectation of a strong bull market (following the current global economic reorganization due to the sanctions against Russia). Otherwise said: someone (Perth Mint itself or the Australian government) is expecting gold prices to rise much higher and they put all their sales on hold. Better hold on to gold or sell later if they know hyperinflation is coming?
Turkey's yearly inflation hits 20-year high with over 50% in 2022. This is what expects the EU soon, I believe. The EU is already scoring above 10% inflation rate. Certain products and services are 75% more expensive... but since they have a cheaper currency, some people are saying that perhaps now is a better time to travel to Turkey (with a strong foreign currency, like the USD). CNBC on Turkey's colossal inflation rate: https://www.cnbc.com/2022/03/03/tur...sed,Turkish Statistical Institute on Thursday.
At what point do we enter hyperinflation ? I’ve had a 60% increase in steel in the last 2 year. That’s not including an 11% rise coming mid April. Feels pretty hyper to me. Timmy
I hear you, fuel has increased 100% in two years. This can not be a matter of supply and demand. Since when did IOR or Shell not enough have fuel for you to fill your trucks and machines up? Never. There is always plenty of fuel available, it just keeps costing more and more. A friend of mine just paid nearly 120 grand to fill his fuel tank. There are several major projects within my industry now which are boarder line uneconomical now due to fuel costs alone. This has a flow on effect to everyone in the local area and ultimately it also effects the state. Joe blow filling his car up is the least of our worries, personal transportation is the thing we can all find ways around. Fuel for transport and industry is more important. Ultimately everything we own/eat needs fuel to grow/mine/manufacture and transport. This alone is going to drive the price of EVERYTHING up.
Definition: "Hyperinflation is a term to describe rapid, excessive, and out-of-control general price increases in an economy. While inflation is a measure of the pace of rising prices for goods and services, hyperinflation is rapidly rising inflation, typically measuring more than 50% per month." https://www.investopedia.com/terms/h/hyperinflation.asp We won't get hyperinflation in Australia.
Hyperinflation or not I think I feel the same as Ipv6Ready and Timmy, it's becoming an issue. Try handing a quote to a customer where 40% of your costs (at least) are diesel then within two weeks the fuel price has risen to pretty much the point you'll be doing the job for free. When you are working with commodities there is only so much to go around. Diesel went from A$1.30 is about two years ago to A$2.29 last time I bought it, and it went up again after. That is a big increase. Road trains burn it up at about 1:1 L/Km, machines use it up at 200 - 8,000L every 24 hours depending on what they are and what they are doing. Luckily cattle and metal prices are high at the moment, softening some of the blow but either way this flows onto the consumer who's wages haven't increased like that lately.
You think its bad now, just give it a few years or a decade haha. Brandon isnt anywhere close to done printing yet and as the saying goes, the chickens are coming home to roost. Also they are leaning more towards the "fight inflation with inflation" thesis of the mmters so expect more of the same as usual and no end in sight. Hopefully everyone has been preparing for the bleak future but im sure most havent. They might live to regret that or not but the point of impact is coming regardless. Remember that none of this is planned or that would be a conspiracy. Its just one big honest accident and theres no way anyone could have seen this coming. Oops!
Ukraine war is turning for the worse. Senile Biden is acting like dumbass Trump and calling for regime change. Putin would react well to that lol
