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Daily Dispatches
Sound Money Defense League seeks to end heavy taxes on monetary gold and silver
Submitted by admin on Sat, 2022-02-12 18:27 Section: Daily Dispatches6:28p Saturday, February 12, 2022
Dear Friend of GATA and Gold:
Burdensome U.S. federal and state tax treatment of monetary gold and silver was described yesterday by the Sound Money Defense League's JP Cortez in an interview with Kitco News anchor David Lin.
The league is urging the states to lift their sales taxes on monetary gold and silver.
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Alasdair Macleod: The difference between 'growth' and progress
Submitted by admin on Fri, 2022-02-11 22:54 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, February 10, 2022
Governments and central banks are making the mistake of believing that growth in gross domestic product is a primary measure of economic performance. This confuses growth, measured as a total of transactions without regard to their quality, with progress, where quality of life is the driving factor.
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Robert Lambourne: BIS gold swaps increased by 21% in January
Submitted by admin on Fri, 2022-02-11 22:15 Section: Daily DispatchesBy Robert Lambourne
Friday, February 11, 2022
The recently released January 2022 statement of account of the Bank for International Settlements --
https://www.bis.org/banking/balsheet/statofacc220131.pdf
-- contains information suggesting an increase of about 87 tonnes in the bank's gold swaps, from 414 tonnes in December to 501 tonnes in January, or 21%. This compares to the record 12-month high estimated at 552 tonnes at the end of February 2021
Major bullion bank has exited unallocated gold, London trader Maguire says
Submitted by admin on Fri, 2022-02-11 21:48 Section: Daily Dispatches9:49p ET Friday, February 11, 2022
Dear Friend of GATA and Gold:
London bullion trader Andrew Maguire, interviewed this week by Shane Morand in Kinesis Money's "Live from the Vault" program, says a major LBMA-member bullion bank has just closed all its unallocated gold positions under pressure of the "Basel 3" regulations for gold and silver trading by banks.
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USA Gold: Coins and Bullion Since 1973
Pam and Russ Martens: Fed misleads in making excuses for Powell's trades
Submitted by admin on Fri, 2022-02-11 12:57 Section: Daily Dispatches12:56p ET Friday, February 11, 2022
Dear Friend of GATA and Gold:
Pam and Russ Martens of Wall Street on Parade report today that the Federal Reserve has provided them with a statement making excuses for Fed Chairman Jerome Powell's financial trading that appears to violate the Fed's rules for trading by members of the Fed's Board of Governors.
The statement, the Martenses write, has "many serious flaws."
Pam and Russ Martens: Fed Chair Jerome Powell twice broke his board's own trading rules
Submitted by admin on Thu, 2022-02-10 21:30 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Thursday, February 10, 2022
An anonymous activist group called Occupy the Fed reported in a Substack article on Sunday that Fed Chair Jerome Powell traded on the final day of a Federal Open Market Committee meeting on April 29, 2015, when he was a member of the Federal Reserve's Board of Governors, and on the final day of an FOMC meeting on December 11, 2019, when he was chairman of the Fed.
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Turkey to target 'under the mattress' gold in effort to bolster the lira
Submitted by admin on Wed, 2022-02-09 20:18 Section: Daily DispatchesBy Laurel Pitel
Financial Times, London
Wednesday, February 9, 2022
Turkey will expand its drive to lure savers back to the lira next week with a scheme aimed at bringing billions of dollars worth of "under the mattress" gold into the banking system, the country's finance minister told investors during a visit to London.
Fed insists on concealing correspondence on members' trading and ethics
Submitted by admin on Wed, 2022-02-09 10:41 Section: Daily DispatchesBy Howard Schneider
Rueters
Wednesday, February 9, 2022
The U.S. Federal Reserve, responding to a Freedom of Information Act request by Reuters, said there are about 60 pages of correspondence between its ethics officials and policymakers regarding financial transactions conducted during the pandemic year 2020.
But it "denied in full" to release the documents, citing exemptions under the information act that it said applied in this case.
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Ed Steer: Deja vu all over again
Submitted by admin on Tue, 2022-02-08 23:16 Section: Daily Dispatches11:12p ET Tuesday, February 8, 2022
Dear Friend of GATA and Gold:
GATA board member Ed Steer's weekend commentary in Ed Steer's Gold and Silver Digest letter, headlined "Deja Vu All Over Again," has been posted in the clear at GoldSeek's compansion site, SilverSeek, here:
Craig Hemke at Sprott Money: On rates and gold
Submitted by admin on Tue, 2022-02-08 21:52 Section: Daily Dispatches9:54p ET Tuesday, February 8, 2022
Dear Friend of GATA and Gold:
Gold prices are not necessarily knocked down by rising interest rates, the TF Metals Report's Craig Hemke writes today at Sprott Money. To the contrary, Hemke writes, gold has risen strongly along with Federal Reserve attempts to raise rates.
Hemke's analysis is headlined "On Rates and Gold" and it's posted at Sprott Money here:
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