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Pam and Russ Martens: Don't tell the Fed these 'strong' Wall Street banks have tanked 34-48% this year
By Pam and Russ Martens
Wall Street on Parade
Thursday, September 24, 2020
Federal Reserve Chairman Jerome Powell's oft-repeated mantra this year -- that the behemoth Wall Street banks "are a source of strength" in this economic crisis -- is melting away faster than a snow cone in July, along with the share prices of these banks. So whom should Americans believe: the composite wisdom of the market or the opinion of a federal regulator whose supervision of these banks has been far from stellar?
The market would seem to have spoken clearly on just how "strong" these banks are. Since the first trading day of the year, January 2, to yesterday's closing price, here's the factual reality of just how much common equity capital these banks have bled.
... Dispatch continues below ...
Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System
Company Announcement via Globe Newswire
Thursday, July 2, 2020
VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.
The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:
http://www.asantegold.com/assets/Video/SEMSpitMagSmthCore.mp4
In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...
... For the remainder of the announcement:
https://www.globenewswire.com/news-release/2020/07/02/2056982/0/en/Asant...
Citigroup is down a stunning 48 percent, losing almost half its common equity capital; Bank of America has lost 35 percent; while JPMorgan Chase, the bank that has perpetually bragged about its "fortress balance sheet," is down 34 percent year-to-date. And the U.S. is only seven months into what could become a prolonged economic downturn.
Powell has to tippy-toe around the Wall Street mega banks' condition because, as of June 30, according to the Federal Deposit Insurance Corp., Citigroup is sitting on $1.2 trillion of deposits, of which half are foreign and might take flight; Bank of America is sitting on $1.8 trillion in deposits, of which 94 percent are U.S.-based; and JPMorgan Chase holds $2 trillion in deposits, of which $1.7 trillion or 85 percent are U.S.-based.
As of September 10 the FDIC reports that the United States had 5,059 federally insured institutions including banks and savings associations. The three banks named above are holding 30 percent of all deposits held by all 5,059 federally insured financial institutions in the U.S. while representing just 0.059 percent of the number of federally insured institutions. ...
... For the remainder of the report:
https://wallstreetonparade.com/2020/09/shhh-dont-tell-the-fed-these-wall...
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