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Daily Dispatches
Morgan gold spoofers convicted of fraud were acquitted of racketeering
Submitted by admin on Thu, 2022-08-11 13:09 Section: Daily DispatchesEx-JPMorgan Traders Cleared of Racketeering, Found Guilty of Fraud
By Jody Godoy and Michelle Price
Reuters
Thursday, August 11, 2022
WASHINGTON -- Three former JPMorgan Chase & Co. employees were acquitted Wednesday of racketeering and conspiracy charges in a landmark futures manipulation trial, although two were found guilty on other charges including fraud, a Department of Justice spokesperson said.
Two of three JPMorgan gold traders convicted of market rigging via 'spoofing'
Submitted by admin on Wed, 2022-08-10 19:11 Section: Daily DispatchesBy Joe Deaux
Bloomberg News
Wednesday, August 10, 2022
The former head of the JPMorgan Chase & Co. precious-metals business and his top gold trader were convicted in Chicago on charges they manipulated markets for years, handing the US government a win in its long crackdown on bogus “spoofing” orders.
Michael Nowak and Gregg Smith were found guilty today by a federal jury after a three-week trial and more than eight days of deliberations.
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Robert Lambourne: BIS has nearly ended its gold swap business
Submitted by admin on Tue, 2022-08-09 15:55 Section: Daily DispatchesBy Robert Lambourne
Tuesday, August 9, 2022
According to its just-published statement of account for July, the Bank for International Settlements has nearly ended its gold swap business, which it has been operating since 2009.
The July statement --
Ed Steer: The big commercial silver shorts stand pat
Submitted by admin on Mon, 2022-08-08 19:16 Section: Daily Dispatches7:15p ET Monday, August 8, 2022
Dear Friend of GATA and Gold:
The weekend edition of Ed Steer's Gold and Silver Digest, published by GATA board member Ed Steer, is headlined "The Big Commercial Silver Shorts Stand Pat" and is posted in the clear at SilverSeek here:
https://silverseek.com/article/big-commercial-silver-shorts-stand-pat
Pam and Russ Martens: Without authority, Fed creates $500 billion bailout fund for Wall Street
Submitted by admin on Mon, 2022-08-08 11:27 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Monday, August 8,8, 2022
The Federal Reserve is doing something it has never been allowed to do in its 109 years of operation. And the Fed is doing it without any pushback from Congress.
Robert Lambourne: Fed isn't tightening even close to the rate it announced
Submitted by admin on Sat, 2022-08-06 14:06 Section: Daily DispatchesBy Robert Lambourne
Saturday, August 6, 2022
So far this month the daily cash reports from the U.S. Treasury are demonstrating reasonably consistent cash outflows and debt buildup. There is a huge amount of noise in daily cash movements, but the gross debt is close to $30.6 trillion versus a statutory debt limit of $31.38 trillion, compared to an amount of $28.43 trillion on October 1, 2021. So there is not too much headroom with the debt and it looks like the time is near when efforts will be made to obfuscate the real position.
Avoid futures, accumulate physical, TF Metals Report's Hemke tells 'Live from the Vault'
Submitted by admin on Fri, 2022-08-05 22:57 Section: Daily Dispatches11p ET Friday, August 5, 2022
Dear Friend of GATA and Gold:
TF Metals Report publisher Craig Hemke is London metals trader Andrew Maguire's guest this week on Kinesis Money's "Live from the Vault" program, urging gold and silver investors to avoid the futures market and stick to steady accumulation of physical metal.
The futures markets are rigged by the bullion banks, Hemke notes, but he adds that he has never seen the metals markets as bullish as they are now, since the banks are longer than they have ever been and the speculators shorter.
Maduro is using Queen Elizabeth's letters in fight over Venezuelan gold
Submitted by admin on Fri, 2022-08-05 15:10 Section: Daily DispatchesSo just have the queen send Maduro another letter, this one urging him to drop dead.
* * *
By Samy Adghirni, Fabiola Zerpa, and Jeremy Hodges
Bloomberg News
Friday, August 5, 2022
Venezuela's government has produced letters apparently signed by Queen Elizabeth II to bolster its claim to more than $1 billion of gold stored in the Bank of England.
The diplomatic correspondence is evidence that the UK recognized Nicolas Maduro as Venezuela's president, said Calixto Ortega, the head of Venezuela's central bank.
When buying gold or silver, consider the dealers who support GATA
Submitted by admin on Thu, 2022-08-04 11:54 Section: Daily Dispatches11:51a ET Thursday, August 4, 2022
Dear Friend of GATA and Gold:
Being the only forms of money without counterparty risk, at least when held directly by their owners, gold and silver are often seen as the foundation of a sound investment portfolio.
Alasdair Macleod: Is bank credit friend or foe?
Submitted by admin on Thu, 2022-08-04 11:48 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, August 4, 2022
Advocates of sound money place much of the blame for inflation on bank credit. Do away with the creation of bank credit, they say, and the destructive cycle of boom and bust will be cured. But is this solution practical, and is it the real inflation problem?
It may be an inconvenient fact, but commodity prices prove to be far more volatile under a fiat currency regime than they ever where under sound money and fluctuations in bank credit.
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