8.14.18 - Facebook Crash is Everybody's Problem

Gold last traded at $1,200 an ounce. Silver at $15.05 an ounce.

NEWS SUMMARY: Precious metal prices rebounded Tuesday on bargain-hunting despite a stronger dollar. U.S. stocks rose as a rebound in the Turkish lira from an all-time low lifted investor sentiment.

 

 

 

Bitcoin Drops in Cryptocurrency Sell-Off

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bitcoin 2007769 640Bitcoin dips below $6,000 amid cryptocurrency sell-off -CNBC
"Bitcoin fell below $6,000 Monday for the first time since June as the majority of cryptocurrencies declined in value. The world's largest digital currency by market value tumbled as low as $5,900 and was down around 4 percent, according to CoinDesk index data, which tracks prices from several exchanges. The top 100 cryptocurrencies by market capitalization were all lower as of 9:00 a.m. ET, according to data from CoinMarketCap.com, and the total market capitalization of all cryptocurrencies fell by $21 billion in the last 24 hours....According to Charles Hayter, chief executive of digital comparison site CryptoCompare, the downward move in cryptocurrencies was on the back of the postponement of a bitcoin exchange-traded fund (ETF) proposed by VanEck and Solid X. If approved, that ETF would be the first to track cryptocurrency assets."

Is bitcoin the future of money? Find out today in our 2018 Real Money Perspectives newsletter The Future of Money.

Hackers To Steal Millions from ATMs -FBI

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credit card 1591492 640Hackers 'to steal MILLIONS from cash machines within days': FBI warns of imminent mass attack on world’s ATMs -Daily Mail
"America's intelligence chiefs have warned banks of a major hacking threat to cash machines worldwide in the next few days. The FBI sent out a confidential alert on Friday to warn that cyber criminals are planning a global 'cash-out scheme' using malware to take over ATMs and steal millions of dollars. Banks were warned that they could fall victim to an 'unlimited operation' in which millions of dollars could be withdrawn from cash machines. 

Facebook Crash is Everybody's Problem

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Facebook CrashFacebook's crash is everybody's problem -Denning/Bonner And Partners
"A little over two weeks ago, Silicon Valley giant Facebook reported what one analyst described as 'nightmare guidance.' The social media giant reported that its user growth in the U.S. and Canada had flatlined… and that it was losing users in Europe....That's when Facebook shares took a historic dive...nearly 19%, from $217 to $176, in less than 24 hours. That move wiped more than $120 billion off the company’s market value – more than the entire market value of General Electric....The FAANGs, along with Microsoft, account for almost all of the gains in the S&P 500 for the year...crashing tech stocks can wipe you out even if you don't own them directly....We’re in the later stages of the third consecutive bubble in financial asset prices.

World's Top Mutual Fund Abandons Gold

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640px Gold Ingots on white backgroundGold Abandoned By World's Top Mutual Fund; Frank Holmes Says Rebound Still Possible -Kitco
"In late July, Vanguard, one of the world's largest mutual fund managers, decided to drop 'Precious Metals,' from its name, changing its $2.3 billion Vanguard Precious Metals and Mining Fund to the 'Vanguard Global Capital Cycles Fund.' Frank Holmes, CEO of U.S. Global Investors, said that Vanguard's move, along with reducing its holdings of mining stocks from 80% of its 'Global Capital Cycles' fund to 25%, is part of a larger trend that makes it more difficult for investors to passively invest in gold. As gold heads below $1,200 an ounce, some analysts have called a bottom. Holmes said that a rebound for the bullion is still in the cards as the U.S. dollar remains the primary driver. 'The money is consistently in price reversals. We are now down 2-3 standard deviations, and many companies [have] great fundamentals. Bullion down, silver down, I think we're due, mathematically, for a great rally,' he said."

Google is Tracking You, Like it or Not!

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mac 459196 640Google tracks your movements, like it or not -Associated Press
"Google wants to know where you go so badly that it records your movements even when you explicitly tell it not to. An Associated Press investigation found that many Google services on Android devices and iPhones store your location data even if you've used a privacy setting that says it will prevent Google from doing so....Google's support page on the subject states: 'You can turn off Location History at any time. With Location History off, the places you go are no longer stored.' That isn't true. Even with Location History paused, some Google apps automatically store time-stamped location data without asking....The privacy issue affects some two billion users of devices that run Google's Android operating software and hundreds of millions of worldwide iPhone users who rely on Google for maps or search. Storing location data in violation of a user's preferences is wrong, said Jonathan Mayer, a Princeton computer scientist and former chief technologist for the FTC’s enforcement bureau....To stop Google from saving these location markers, the company says, users can turn off another setting, one that does not specifically reference location information. Called 'Web and App Activity' and enabled by default, that setting stores a variety of information from Google apps and websites to your Google account."


Why is Google obsessed with tracking everyone? "Google's theory of knowledge ('big data') assumes that the search for knowledge by human brains can be replaced if all of the data in the world can be compiled in one place and algorithms to analyze them can be developed." Read more in our book review of Life After Google.

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