For the second week in a row, gold managed to catch its breath and record good weekly gains with the losses chasing the US dollar against the global basket of currencies.
The yellow metal futures ended the week’s trading up 0.6%, at the level of $ 1810.6 an ounce, achieving gains for the third consecutive week by 1.5%. The spot price of gold also increased by 0.4% at the level of $ 1810.5 an ounce.
The precious metal’s gains come with the US dollar heading for losses against a basket of global currencies, as the green US dollar fell against the euro by 0.2%, recording $1.1872. The US dollar also fell against the British pound by 0.7% at the level of $1.3878. The dollar rose against the Japanese yen by more than 0.4% at the level of 110.200 yen.
The Federal Reserve had recently stressed the need for the United States to be prepared in the event of significant inflation or other economic risks. The minutes revealed division over the view of inflation risks, given the relatively high unemployment rates, with estimates that the US central bank could cut asset purchases earlier than expected. And he indicated that the opinion of the majority of officials is that the risks of inflation tend to the upward direction.
The US Federal Reserve Chairman, Jerome Powell, stressed that a decision will not be taken to raise interest rates too quickly because of fears of an increase in the rate of inflation. “We will not preemptively raise interest rates because we fear potential inflation,” he said during a hearing before Congress. “We will look for evidence of actual inflation or other economic imbalances.”
According to a recent report by the World Gold Council, about a third of the global production of the precious metal during the past year, equivalent to about 29.5%, came from three countries, namely China, with a share of 10.6%, equivalent to about 368.3 tons, and then Russia, with a share of 9.5%, equivalent to about 331.1 tons, Then Australia, with a share of about 9.4%, equivalent to about 327.8 tons.
In fourth place, the United States of America came with a production volume of about 190.2 tons. Canada ranked fifth with a production volume of about 170.6 tons, followed by Ghana in sixth place, with a production volume of about 138.7 tons.
In seventh place, Brazil came with a production volume of about 107 tons, and in eighth and ninth place globally came Mexico and Uzbekistan with a production of 101.6 tons each. And in the tenth and last place, Indonesia came in with a production volume of about 100 tons during the year 2020.
Study presented by the UFG revealed that the population mistrusts the cryptocurrency.
52.1% of Salvadorans do not agree on the use of Bitcoin and another 30% do not trust the cryptocurrency,
According to data from a survey revealed yesterday by the Francisco Gavidia University, two months after the Bitcoin Law enters into force.
The survey: “Salvadorans think about the Bitcoin Law: Do they accept and receive?” It was carried out by the Disruptiva magazine and the Institute of Science, Technology and Innovation (ICTI), both units of said university.
Oscar Picardo, director of the ICTI, explained that the data reflected in the question: “Do you trust the criteria of President Bukele in this decision to adopt Bitcoin?” are key to understanding that not only do people distrust and reject Bitcoin, but that Bukele has lost popularity.
Can read: This is ECLAC’s warning about Bitcoin in El Salvador
“The study itself reveals that 3 out of 10 people have lost confidence in the president who until this date had a very wide popularity,” said Picardo.
The data collection was carried out from July 1 to 4 of this year with 1,233 effective ballots nationwide and has a 95% confidence level; was made with a view to the entry into force of the Bitcoin Law on September 9.
The study revealed very important data, since two months before the regulations come into effect, 68.4% said they did not know the Bitcoin Law; 21.9% know a little about it and only 9.6% said they know it.
Furthermore, 53.5% of Salvadorans consider that Bukele’s decision to establish Bitcoin as legal tender was a mistake; 24% answered that it was not very correct; 12% believe that it was correct and only 6.5% considered that it was very successful.
Salvadorans are not only unaware of the Law, but of the cryptocurrency itself and its value.
To the question: How much do you know about Bitcoin ?, 48.2% said something, 46% said nothing and 4.6% said a lot.
The survey: “Salvadorans think about the Bitcoin Law: Do they accept and receive?” It was carried out by the Disruptiva magazine and the Institute of Science, Technology and Innovation (ICTI), both units of said university. Photo EDH / Archive
Another question was: “In this week, how much is a Bitcoin worth in its dollar equivalent?” and 71.3% indicated not knowing; 18.2% answered that close to $ 30,000 (which is the real value that the cryptocurrency had in that week); 4.7% said its value is equal to a dollar and 3% said that it was close to $ 100.
A very sensitive issue for the population is their salary or income, so they were asked: Would you be willing to receive your salary or income in Bitcoin? and 64.8% answered that they are not willing; 16.5% are willing; and 18.7% do not know or did not respond.
When consulting the public, which currency do you value for the financial stability of your family economy? 95% said that the dollar, only 1% answered that Bitcoin; 3.2% responded that another currency, and 0.8% said they did not know or did not respond.
In addition, 83.4% indicated that they do not know any family member or friend who has made transactions in cryptocurrencies or Bitcoin; only 16.1% said yes and 0.5% said they did not know or did not respond.
Traders reject Bitcoin
The study also inquired about the opinion of merchants, since the Bitcoin Law obliges this sector to accept cryptocurrencies.
Did you know that once the new Bitcoin law takes effect, on September 9, businesses will be obliged to accept these cryptocurrencies? They were consulted and 61% said they knew, 38% did not know and 9 % answered not knowing or did not answer.
Of the respondents, 280 people were merchants and they were asked if they would be willing to accept payments in Bitcoin, but 67.14% said they would not receive it; 24.29% that would receive it; 3.93 said that they are indifferent and 4.64% that they do not know or did not respond.
“It is important to see at this point how the rejection of Bitcoin is marked,” commented the ICTI director.
Read also: El Salvador’s economy recovers from 2020 thanks to remittances and exports
On June 24 during a national chain, Bukele spoke about the difference between accepting and receiving Bitcoin. To find out if the population is clear about the message, they were asked if they understood the difference. 20% answered that they did not understand; 33.9% assured that they did understand, but 44.7% did not see the chain and 0.6% did not know or did not respond.
In that same chain, Bukele explained how to use the wallet or electronic wallet on his mobile phone and they asked citizens what is their assessment? 24.7% said it is easy to use; the 28.4 stated that it is very complicated; 44.4% assured that they did not see the national network and 2.5% said they did not know or did not respond.
Another important fact that the survey revealed is that merchants consider that the economic situation will worsen with the implementation of the Bitcoin Law, since 43.6% said that the situation could get worse; the 25.6% that will improve the economy; 17% that everything will remain the same and 13.1% said they do not know.
Those favored with the Bitcoin Law
40% of the population assured that the Bitcoin Law favors large entrepreneurs; 14.8% indicated that foreign businessmen; 13.1% to the country in general; 11.2% said that to government finances; 8.5% said they do not know and 6.5% said that Bukele’s family.
32.7% considered that Bukele’s motivation to adopt Bitcoin as legal tender was due to personal and / or business interests; 24.7% mentioned that to improve the family economy and generate more jobs; while 18.5% said that to facilitate transactions such as purchases and remittances; 10% to evade economic sanctions and 13.6% said they do not know.
Finally, when consulting the population, how do you feel about this decision to implement Bitcoin as legal tender? 48% said with uncertainty; 29% with fear; 19.8% optimistic and 2.6% do not know.
On June 24, President Bukele announced the Chivo application that will be used to make transactions with dollars and Bitcoins. Photo: Twitter / Press Secretary of the Presidency
For Picardo, these results are only a reflection of a decision that was made without technical debate.
“The mandatory factor is what put the result of this bet in check; Maybe if the law had given a one-year period for adaptation, for progressive implementation, and after that year the law had been reformed, it would have been different, so I think it was a false step and there is a marked rejection, ”explained Picardo.
The analyst added that we must not forget that there is a digital divide and that it complicates the population to become familiar with this type of digital products.
“There is the digital divide, not everyone has internet, not everyone has equipment, not everyone has a bank account, there are many gaps associated with the problem,” he said.
At this point, the survey revealed that 23.5% have no way to connect; 24% stated that they did not have access to the internet 24 hours a day, seven days a week.
The Guatemalan company Coincaex will be the first to convert dollars to bitcoins and vice versa. The company plans to start operations at the end of June in El Salvador.
José Luis Guillén, founder of the Guatemalan company Coincaex, which will operate at the end of the month as the first bitcoin marketer in El Salvador, said this Wednesday, in the morning interview on Channel 12, that the company charges between 2% and 4% of commission, depending on the volume of the customer’s transaction.
This means that if a client changes $ 100 to Bitcoin they would be charging between $ 2 and $ 4 for the conversion. Another example would be that if the person receives a salary of $ 600 in Bitcoin, he would have to pay at least $ 12 to convert it to dollars.
According to Guillén, at this moment they are preparing a strategy to educate Salvadorans regarding the use of Bitcoin.
WHAT’S MORE:Guatemalan Bitcoins trading company will set up shop in El Salvador at the end of the month
The cryptocurrency expert businessman added that the government’s decision to implement Bitcoin as legal tender is correct because it is not leaving the dollar but is including a new form of payment. However, he acknowledged that its adoption will take time.
“We also believe that the adoption curve is going to be slow, it is not going to be like the adoption curve of the exchange of the colon to the dollar and that will allow the population to adopt Bitcoin options and the important thing is that over time they appreciates, ”he added.
Regarding the volatility of the currency, he mentioned that it is important to observe the behavior of its value in a period of six months back.
WHAT’S MORE: Bitcoin falls below $ 30,000 for the first time in five months
“In the short term it can represent a challenge for the merchant, but in the long term as its production is limited and the demand is growing more and more, it has all the conditions to continue to rise, people are very focused on the annual minimum which shows a clear upward trend ”, he highlighted.
In the case of salary payments, according to Guillén, the company he directs guarantees an immediate payment in dollars to the people on account deposit and in this way the disadvantage of volatility is removed.
On the platform they will provide a series of services. The client can create an account with their information to access the platform where they will have an electronic wallet where they will receive their bitcoin and make the payment processing as well as the decision to leave a part of their money in cryptocurrency.
The main benefit is that you can access a global market and finance industrial development projects at a lower cost, he said.
(VIDEO) The Salvadoran youtuber shared his experience when converting dollars to Bitcoins and vice versa, where he had to pay up to 10.5% commission plus a very high extra fixed charge to make use of the cryptocurrency.
The popular Salvadoran youtuber, Tío Frank, went to the beaches of El Zonte and El Tunco, in La Libertad, to see first-hand how transactions with Bitcoins work, the cryptocurrency that El Salvador recently adopted as legal tender .
In the images shared by the same youtuber, it is possible to observe how he and a companion arrive at one of the ATMs that have been installed in El Zonte, and which works to withdraw or deposit money directly into the virtual wallet.
You can read: What does it imply that there are 3 legal currencies in El Salvador?
The first steps that Uncle Frank takes in his experience are to install the Bitcoin Beach Wallet application and register through a personal account, from there, a user of the place tells him how he can do to introduce money, something that is equivalent to to buy fractions of Bitcoin.
To do the test, the youtuber scans a QR code, then the account status appears on the screen, that is, how much money you have in your virtual wallet both in dollars and BTC (short for Bitcoin).
At this moment, the young man introduces a $ 20 bill that, once registered by the cashier, shows him on the screen how much it is equivalent in BTC, at the same time that he indicates that there is a fixed charge of $ 5 for converting that physical money into cryptocurrencies.
The ATM shows the fixed charge for each transaction when converting physical money to Bitcoins. Illustrative and non-commercial image / https://www.youtube.com/watch?v=AMpxrgLLb9E
Likewise, while the youtuber waits for the cashier to issue the receipt that proves his purchase, Uncle Frank clarifies that, despite the high value of Bitcoin in the market, it is possible to buy it in fractions, as in his case he acquired 0.0003399 BTC with $ 20.00
Also read: Approving the use of Bitcoin has been a “stupidity” of the Bukele government, says US economist.
However, and to the surprise of the young man, when obtaining his receipt, the real charge he received for the transaction and the conversion of dollars to BTC can be observed, in which it appears that, in addition to the $ 5.00, 10.5% has been discounted. commission for the procedure.
By making accounts and checking his virtual wallet, Uncle Frank checks that the actual amount he has obtained in BTC is equivalent to $ 13.56, that is, $ 6.44 less than the value he paid for Bitcoins.
Uncle Frank shows on a receipt that he was charged $ 6.44 in commission for buying $ 20 worth of BTC. Illustrative and non-commercial image / https://www.youtube.com/watch?v=AMpxrgLLb9E
However, both the youtuber and the person who explains how the ATM works mention that the high cost of the transaction could be due to the fact that the ATM is private and that, probably, it is the owner who charges an extra commission for converting dollars to BTC.
Likewise, Uncle Frank’s companion affirms that he prefers to use traditional ATMs, because they are more practical to use and “without much flow”.
In the same video, the youtuber decides to check the cost of transactions at the Athena ATMs, located in El Zonte, where, as you can see, the commission charge is lower, but the procedure is more cumbersome.
It may interest you: This is how Strike would get the dollars from El Salvador through Bitcoin
For example, to be able to convert BTC to dollars, the user must scan a QR code, then they must wait five minutes to receive a code on the phone, then that code must be entered at the ATM, which will give them a ticket; Then, you must enter the phone number, to receive a second code that will be used to continue with the operation and, finally, you must enter another code that appears on the receipt before received and with this withdraw the money requested at the beginning of the operation.
Some of the users who commented on the video posted by Uncle Frank, stated that the commission charges are too high and that they will only generate losses in the population. Others added that if Tío Frank and his friend, who are “bugs”, find it difficult to understand the procedure, it will be more difficult with the majority of the Salvadoran population, especially merchants and entrepreneurs.
After several minutes, the youtuber was able to withdraw $ 10 from an ATM that converts BTC to dollars. Illustrative and non-commercial image / https://www.youtube.com/watch?v=AMpxrgLLb9E
(Agence Ecofin) – The technology sector is already recovering from the Covid-19 pandemic. If the consolidation operations of the sector fell at the onset of the health crisis, they have been on the rise again since the end of 2020 according to the American Gartner.
In 2022, mergers and acquisitions in the technology sector are expected to reach new heights, predicts analysis firm Gartner Inc in a new report released on Monday, May 24. According to the details read by theEcofin Agency, competition for acquisition targets will be more intense, especially for software and communication service providers.
After peaks reached in 2018 (1,070), the number of consolidation transactions fell with the Covid-19 pandemic, reaching 754 in the second quarter of 2020. According to Gartner data for the United States, in Canada and Europe, activity resumed in the second half of 2020 and the trend continued at the start of 2021.
“Market conditions for concluding transactions will continue to improve as volatility from Covid-19 subsides”, commented Max Azaham, senior research director at Gartner.
With the increasingly important place taken by new technologies such as artificial intelligence or the Internet of things, a large part of the new transactions in the sector relate to companies active in these areas. Let us recall in this regard that the American giant Microsoft did not hesitate to break the bank in April 2021 to buy the company from IA Nuance Communications for $ 19.7 billion. The deal was billed as the second largest transaction in the history of the Redmond firm, behind the LinkedIn buyout in 2016 for $ 26.2 billion.
Read also: 04/12/2021 – Microsoft formalizes acquisition of IA company Nuance Communications for $ 19.7 billion
Several US media echoed a report by the Bureau of Labor Statistics that states that last March the largest rise in food prices in almost a decade was reported in the United States.
According to that report, seafood prices have risen 18.7% on average in the 13-week period ending April 24, while baked goods like donuts and rolls cost about 7.5% more than in the same period last year, new data from NielsenIQ shows.
Rising commodity costs are partially behind rising prices, while the Bloomberg Commodity Spot Index, which tracks 23 commodities, is now at its highest in nearly a decade.
About 50 of the 52 categories tracked by the data provider are more expensive than a year ago, and only butter and milk remain essentially unchanged, while everything around them skyrockets.
The report from the Al Rojo Vivo portal indicates that the increase in prices that food manufacturers have been warning for months has reached the shopping carts of Americans.
With demand so high during the pandemic, supermarkets have not had to lower the price of as many items as they normally would, said the chief executive of Albertsons Cos., Which operates 2,277 supermarkets, including chains such as Safeway and Vons.
The higher price of food comes at a time when US gasoline prices are also rising, affecting consumers of everyday products.
The collapse of the podium occurred in a synagogue near Jerusalem during the celebration of Shavuot. At the time of the incident, there were over 600 people in the synagogue. While it is known about two dead, more than ten were seriously injured
Фото: Ronen Zvulun / Reuters
The number of victims of the collapse of a tribune during a religious holiday in a synagogue near Jerusalem rose to 167 people. The Times of Israel reports.
The publication also clarified that one of the two killed in the incident was a 12-year-old boy. The second victim of the collapse is a 40-year-old man.
In Israel, dozens of people were injured in the collapse of the podium in the synagogue
According to the newspaper, most of the victims received minor injuries, five people are in serious condition, and another ten were moderately injured.
The collapse of a synagogue located in the settlement of Givat Ze’ev north of Jerusalem occurred on the evening of May 16 during the celebration of the Jewish holiday of Shavuot.
The mayor of Sao Paulo, Bruno Covas, died this Sunday, at the age of 41, of a cancer in the digestive system that had afflicted him since 2019, the Syrian-Lebanese hospital in the Brazilian city, where he was treated, reported in a statement.
“Mayor Bruno Covas passed away today at 8:20 am (11:20 am GMT) as a result of transitional cancer of the gastric esophagus, with metastases, and its complications after a long period of treatment,” the hospital bulletin explained.
The news caused a stir in social networks where thousands of people immediately expressed condolences and solidarity with his family, especially with his 15-year-old son Tomás.
“Thanks to Bruno Covas, for having shared so much love and dedication with all of us,” Sao Paulo Governor Joao Doria said in an official note.
On Friday, the medical team treating him announced that his condition was irreversible and that he was receiving pain relievers and sedatives.
Covas had been hospitalized since May 2, after a stomach bleeding was found during previous tests to continue with chemotherapy and immunotherapy treatment.
Faced with his worsening health, the mayor, a member of the Brazilian Social-Democracy Party (PSDB), asked the Municipal Chamber of Councilors for a 30-day license to “fully dedicate himself” to his recovery.
“My body is demanding that I dedicate more time to treatment, which is entering a very rigorous phase,” he said in a statement posted that day on his Twitter account.
Deputy Mayor Ricardo Nunes (MDB, center) assumed the functions, and will have to finish the mandate, which ends in 2024.
Covas was divorced. Trained in law and with an image of a moderate administrator amid the political polarization of Brazil, he was diagnosed in October 2019 with cancer of the digestive system, which later affected his lymph nodes, liver and bones.
Despite his illness, he continued to be in charge of the most populous city in Brazil (12.3 million inhabitants) and faced the crisis caused by the coronavirus pandemic, which has already left almost 29,000 dead in the economic capital of Latin America. .
In August 2020, he was infected with covid-19 and, after recovering, he contested the municipal elections. He won in the second round, with almost 60% of the votes, the leftist Guilherme Boulos.
The Dodgers have been hit hard by injuries so far this season, and now star shortstop Corey Seager joins that list with a broken right hand.
In the fifth inning of Saturday’s game against the Marlins, Seager was hit on the right hand by left-hander Ross Detwiler. Seager immediately winced and was pulled from the game after a quick chat with coach Dave Roberts and the coaching staff.
Gavin Lux moved from second base to shortstop to replace Seager, with Sheldon Neuse entering the game to play at second.
Like most LA hitters, the MVP of the 2020 National League Championship Series and World Series was in a prolonged slump in recent weeks, but has started to come out of it and perform like the Dodgers are. used to seeing.
Seager is hitting .265 with four homers this season, but in his last six games he has hit .375 (9-of-24) with four RBIs.
The Dodgers have already lost Edwin Rios for the remainder of the season with a shoulder injury and AJ Pollock was placed on the 10-day disabled list Saturday with a left hamstring strain. Los Angeles acquired outfield player Yoshi Tsutsugo from the Rays and has reportedly struck a deal with future Hall of Famer Albert Pujols, though the team has yet to confirm the deal.
China marked a milestone today in its space race by successfully landing an explorer vehicle on the Martian surface on its first mission to the red planet, something that had only been achieved before, after several attempts, by the US and the extinct USSR, although it was not able to complete. the feat.
The explorer Zhurong – name of a god of fire in Chinese mythology – landed today at 07.18 local hours (23.18 GMT on Friday) on a plain of Utopia Planitia, in the northern hemisphere of the planet, after which he managed to send signals to Earth, according to the China National Space Administration (CNSA).
“The Martian exploration mission has been a complete success,” said CNSA director Zhang Kejian from the Beijing Aerospace Control Center after landing was confirmed.
It took more than an hour to confirm the success, since the Zhurong had to first deploy its solar panels and antennas to send signals, which in turn take about 17 minutes to reach Earth due to the great distance that separates both planets.
AN “EXTREMELY COMPLICATED” AMARTIZAJE
The Tianwen-1 mission (Questions to Heaven, in Mandarin) -formed by an orbiter, a landing module and a rover- reached the orbit of Mars on February 11, after traveling for seven months through space and traveling 475 million kilometers.
The capsule with the module and the rover separated from the orbiter at 0400 local time (20.00 GMT on Friday) and descended towards the red planet for three hours.
Then, it entered the atmosphere of Mars, at a height of 125 kilometers above its surface, and began the riskiest phase of the mission.
They are known by experts as the “seven minutes of terror”, when the speed of the ship must be significantly reduced in order to successfully dock and everything is controlled autonomously by the orbiter and the capsule, due to the time it takes to arrive. their signals to Earth.
The speed of the ship was then reduced from 4.8 kilometers per second to 460 meters per second and a large 200-square-meter parachute was deployed to continue cushioning its fall to 100 meters per second.
Soon after, the parachute and the outer shell of the capsule – which protects it from the high temperatures produced by the collision with the Martian atmosphere – were detached and the module’s retro rocket was activated to further slow down to almost zero.
About 100 meters from the surface, the device hovered for a few moments to identify possible obstacles and measure the unevenness, after which it selected a relatively flat area and slowly descended, landing successfully on it with its four shock-absorbing arms.
NINE MINUTES “OF TERROR”
The seven minutes of terror in this case were nine, in an “extremely complicated operation, which had to be carried out by the spacecraft autonomously,” CNSA spokesman Gee Yan explained.
“Each step had only one chance and the actions were closely related. If there had been a mistake, everything would have failed,” Gen acknowledged.
In fact, the global landing rate is below 50% and most of the failed attempts have occurred during the descent.
“This is an extremely accurate operation involving multiple technologies, including the aerodynamic design of the capsule, parachute and the retrorocket engine to achieve a smooth landing,” said Sun Zezhou, chief designer of the mission.
In fact, the Prop-M of Mars 3, the mission of the former USSR that managed to land the world’s first explorer on the planet in 1971 – and the only Soviet one that succeeded – stopped sending signals just 20 seconds later and failed.
IN SEARCH OF ICE IN UTOPIA PLANITIA
China thus becomes the first country to travel to Mars, enter its orbit and explore it in a first mission, for which it has invested about 8,000 million dollars (6,596 million euros).
The Zhurong, whose name has resonances with the Chinese name for Mars, Huoxin (planet of fire), will spend between seven and eight days detecting the surroundings of the landing site and checking its equipment before getting off the transporter module and moving across the surface of the ship. planet.
With six wheels, equipped with solar panels that give it an appearance reminiscent of a blue butterfly and weighing 240 kilos, it plans to explore the composition of the planet for about 90 Martian days (93 Earth days) and look for signs of ice.
Utopia Planitia, where NASA’s Viking 2 rover landed in 1976, is believed to contain large amounts of sub-surface ice.
Zhurong has advanced equipment, including two panoramic cameras, a ground-penetrating radar, and a magnetic field detector.
It also has a laser that you can use to analyze rocks and study their composition, as well as meteorological instruments to study the climate and weather on Mars.
After detaching from the entry capsule module, the orbiter returned to its parking orbit around the planet, from where it will assist in communications between the rover and Earth.
The orbiter has an estimated life time of one Martian year or 687 Earth days.
China has built Asia’s largest steerable radio telescope with a 70-meter diameter antenna in the northeastern city of Tianjin to receive data from Tianwen-1.