Bitcoin Rally Stalls - is it ready for pullback?

So I first covered Bitcoins here bitcoins-strong-rally-has-my-attention.html and it seems like Bitcoin has had a good rally, but is ready for a pullback?

I first covered Bitcoins when it was trading at $35 USD on March 2nd 2013. It seem from there it has rallied to highs of $49.099 on March 6th 2013 . Since those highs it has sold off twice, bouncing off $35. Now remember that Bitcoin is worth about  $400 Million dollars. So now that its trading at these prices with this much capital behind it, bigger players will come in to invest in Bitcoins and control the price. Barring a firesale I believe that Bitcoins will pull back to $35 to make a triple bottom. It would be better to start to pick up an initial lot now at $46 with the bulk of the buying into the high $30s. I believe bitcoin will break out of $50.

Chart from Mtgox.com

Also check out this chart Below. It should the bids and offers on Bitcoins as they are traded on the mtgox exchange. There are alot of offers and the bids only start to get in size around $45.50 Now if I could only start mining for bitcoins.

 

March 16 2013 0320 AM EST

 For further reading check out these articles:

Max Keiser: Is Bitcoin Money? 

http://www.huffingtonpost.com/max-keiser/is-bitcoin-money_b_2849031.html

This one is about Mt.Gox moving the exchange to the US from Japan.

http://venturebeat.com/2013/02/27/bitcoin-record-high-mt-gox-coinlab/

And here is an article about a firm from Malta starting the first Bitcoin Hedge Fund. 2013 Should be interesting for Bitcoin.

http://www.finalternatives.com/node/23100

More Time, More Money 100 Ways To Gain More Time and Make More Money

So tonight I was thinking about I could write about next. I am constantly thinking about different ways to generate income and wealth, in order to achieve financial independence. 

Then it hit me, why don't I provide my readers with ideas on how they can make more time and more money. What I have here is an e-book called "More Time, More Money 100 Ways to gain more time and make more money". I will be providing this e book free of charge. I had the opportunity to read this e-book a while back and it help me a lot. Its like a giant brainstorming book, full of different ideas. I hope that you take something useful from this book and that it helps you on your path to becoming wealthy and financially independent.

The e-book is available using the download link below.

Get instant access to 100 powerful ways to gain more time and make more money so you can do the things you love doing and acquire as much wealth as your can bank can handle...spend more time with the kids, play golf or simply sit on the beach...you'll have the freedom!

According to Robert Collier, “Success they say is the sum of small efforts, repeated day in and day out"

DOWNLOAD LINK:

E-Book - More Time, More Money 100 Ways To Gain More Time and Make More Money.pdf

Dishwasher vs. Hand Washing Dishes - How to save money and time at home.

I had a thought today as I was hand washing dishes at my mothers house. I was home alone and was starting to do the dishes that I had dirtied through out the day. Then an old argument that my mom and I always have popped into my head, the need for a dishwasher in her home.

You see, my mother is really old school. She grew up without a dishwasher and believes that dishwashers take up too much electricity and hot water. She thinks that hand-washing dishes is better on the wallet. Now, I have argued for years that she is simply incorrect, and although I might have been wrong myself a few years ago, it now seems that with today's energy efficient dishwashers, using a dishwasher is actually easier on the wallet and allows you more free time in your day.

Just take a look at the image below, taken from Energy Star:

So you see, having a dishwasher allows you to to the following things:

Scam Alert! Fake silver bars being sold on Craigslist.

So tonight I was doing my usual forum visits to see what was happening in the world of silver and precious metals. I came upon kitco.com forums and noticed a very interesting thread about counterfeit silver being sold through Craigslist.


It appears that a fellow silver-bug has written about an ordeal that he just experienced. He answered an ad on Craigslist, where some one was selling 150 ounces of silver bars from reputable manufactures such as Pan American Silver, Stagecoach and Sunshine State Mint. I personally don't buy "generic" silver but the appeal of generic silver is that they sell for  lower premiums when compared to buying Government issued bullion.

These are the bars in question:

How they were sold to the victim, vacuum sealed and with "Made In Korea" printed on the bag.

 

You can read the entire story here: 

http://xxjobiiixx.blogspot.ca/2013/02/oh-no-ive-just-been-scammed-into-buying.html

It is an excellent read and it goes in detail from the beginning of the purchase to the very end when police became involved. I highly recommend you read it.

I would suggest to those who are interested in buying silver from third parties via sites such as Craigslist and Kijiji to do the following things:

Bitcoins - Strong rally has my attention.

So a few months ago, in November if I recall correctly, I was looking to change some Bitcoins into cash. I had acquired some Bitcoins through some "get paid to watch bitcoins" service that I stumbled upon. At the time Bitcoin was sitting at a healthy $10CAD/1Btc exchange rate. I had been aware about Bitcoin what it was capable of for some time. If you want to learn more about Bitcoins then please visit http://bitcoin.org/ or checkout this Wikipedia arcticle - Bitcoins. In the end I decided to go play some Satoshidice with the Bitcoins I had. 

Fast forward to today. I wanted to see what the status of the mining community was in regards to Bitcoins, in regards to difficulty and next generation hardware that was supposed to come out and make it much more cost effective to mine for Bitcoins. What got my attention the most was the huge rally that bitcoin has experienced in the past few weeks. Have a look at the chart below.

This chart represents the last 3 months and as you can see, Bitcoin has experienced a huge rally from around$13/btc to about $35/btc. That is incredible!! The reason why this is incredible because that this is not a flash in a pan rally, but a sustainable move to the upside. Healthy amount of volume with virtually no down days. It also seems that Bitcoin is giving government backed currencies competition. According to this seeking alpha article by Pater Tenebrabum , the ECB (European Central Bank) is worried about competition from Bitcoins. Bitcoin is no longer the thing of nerds and internet criminal organizations. Bitcoin is here to stay and it can only grow in popularity.

More and more online businesses are accepting Bitcoins, and it will only be a matter of time before you will be able to make your next coffee purchase with a Bitcoin debit card. I personally don't plan to invest in Bitcoins in the near future, however I will keep a closer eye on this digital currency and react accordingly. As for now, I am going to go grab some Bitcoins and play Satoshidice.

For further reading please check out this excellent article by Vitalik Buterin from Bitcoin Magazine. It is an excellent read and it goes into a more in-depth analysis in regards to this Bitcoin rally.
 

Xinyuan Real Estate Corporation (XIU)- The next big thing?

So about two days ago I was home and acquired a copy of a movie called Shanghai Calling. This is the basic premise of the movie:

A New York attorney is sent to Shanghai on business, where he finds himself in a legal mess that threatens his career. With the help of a relocation specialist and her contacts, he soon learns to appreciate the wonders of Shanghai.

It was an easy watch and featured Bill Paxton, one of my favorite actors. I would recommend it to people who enjoy watching dramatic comedies and want a fun way to spend 100 minutes in front of the television.

Shortly after watching the movie, I decided to look more into real estate in China and how one person can profit from it. The one name that kept popping up in my research was Xinyuan Real Estate Corporation(XIN). XIN is a Chinese Real Estate company that is currently valued at $399 million dollars. It currently holds over $1 Billion in assets with another $700 million in future business with some of the top Chinese construction companies.

Today (March 1, 2013) XIN experienced a 7.86% increase in stock price as seen in the chart below. The past three trading days it has seen positive gains with over 1 million shares in volume per day! Although I do not intend to cover stocks which have experienced such huge gains already, its best to look towards the potential growth in the future. Asia is booming and XIN can easy increase in stock price 10 tens over. It looks like a good buy and at $5.90 it is at a good price to establish a core position. Add to your position on the dips and enjoy the ride!

Precious Metal House Bankrupt? It Appears So.

When I first started purchasing physical silver, I purchased it from Precious Metal House. I remember going down to the south of  Toronto, down by the lake and dealing with the owners of the company out of a beautiful Condo lobby. I remember my last purchase from them was a tube of American Silver Eagles. It was also when they mentioned that they were moving to the north and setting up shop.

I wished them well and I moved on, finding another silver dealer in Toronto. However, I still visited http://www.preciousmetalhouse.com/ to check out their prices and compare to my local dealer. But now, it seems that the website is down, for so called "maintenance".

I did a little digging and it seems that PMH is actually bankrupt. Its unfortunate but in this day and age of high competition and tight margins, a price swing in the wrong direction can wipe out a business such as PMH. There is plenty of discussion of this on silverstackers and kitco in regards to their bankruptcy. There is also a forum that has been setup dedicated to the closing of PMH and what customers are doing to receive their money back from pending orders.

http://pmhbankruptcy.proboards.com/index.cgi?board=general

This is a copy of the email one individual received a few days ago:

Please be advised that Precious Metal House has filed an assignment of bankruptcy. For further information please contact.
Francisco Remolino
ESTATE MANAGER
PH.  416.515.3921 EXT. 3865
FAX  416.323.5240
3100 Steeles Avenue East, Suite 900
Markham, ON
L3R 8T3
preciousmetal@mnp.ca

I still wish PMH all the best and I hope that they do work out their issues. If you want a reliable bullion dealer in Toronto I recommend Toronto Gold Bullion they have their shop at 5775 Yonge Street North York, Ontario. If you want to deal with an online dealer then I will recommend Silver Gold Bull.

Rest In Peace.