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Daily Dispatches
Basel 3 rules will wreck gold price suppression, LBMA warns Bank of England
Submitted by admin on Sat, 2021-05-08 12:19 Section: Daily Dispatches12:29p ET Saturday, May 8, 2021
Dear Friend of GATA and Gold:
Pending "Basel III" regulations emanating from the Bank for International Settlements could destroy the clearing and settlement system for “unallocated” -- that is, “paper” or imaginary -- gold and silver, the London Bullion Market Association and the World Gold Council warned the Bank of England this week.
The bigger question behind 'regulatory capture' at the CFTC
Submitted by admin on Fri, 2021-05-07 12:57 Section: Daily Dispatches1:05p ET Friday, May 7, 2021
Dear Friend of GATA and Gold:
Chris Marcus of Arcadia Economics notes on YouTube this week that the U.S. Commodity Futures Trading Commission has named a Goldman Sachs commodity trading official, Alicia Crighton, as co-chair of a committee advising the commission about the commodity markets:
Alasdair Macleod: Rising bond yields threaten financial markets
Submitted by admin on Thu, 2021-05-06 13:17 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, St. Hellier, Jersey, Channel Islands
Thursday, May 6, 2021
There is a growing recognition in financial circles that price inflation will increase significantly in the near future, and official estimates that it will be a temporary phenomenon limited to an average of 2% are overly optimistic. There is, therefore, increasing speculation about the need for interest rates to rise.
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Little notice for Indian central bank's recent steady accumulation of gold
Submitted by admin on Thu, 2021-05-06 12:07 Section: Daily DispatchesShould India Pile Its Reserves with Gold?
By Lokeshwarri SK
The Hindu, Chennai, India
Thursday, May 6, 2021
The Reserve Bank of India's transactions in gold have always attracted much attention. The pledging of gold with the Bank of England in 1991 to meet the balance of payment crisis is still considered a nadir for the Indian economy. There was also much patriotic cheer when 200 tonnes of gold were purchased from the International Monetary Fund in 2009.
Barrick CEO blasts 'hysterical' fund managers chasing quick cash
Submitted by admin on Wed, 2021-05-05 12:03 Section: Daily DispatchesBy James Attwood
Bloomberg News
Wednesday, May 5, 2021
Investors are undermining the gold industry’s ability to grow by demanding a bigger share of profits from high bullion prices, according to the CEO of the world's second-largest producer.
"Fund managers just bash the table and want money -- they're not interested in this industry reinforcing its foundations," Barrick Gold Corp. Chief Executive Officer Mark Bristow said in an interview today. "Then they turn around and get hysterical when a host country demands returns."
Dollar share of global FX reserves drops to 25-year low, IMF says
Submitted by admin on Wed, 2021-05-05 10:25 Section: Daily DispatchesFrom the International Monetary Fund, Washington
Wednesday, May 5, 2021
The share of U.S. dollar reserves held by central banks fell to 59 percent -- its lowest level in 25 years -- during the fourth quarter of 2020, according to the IMF's Currency Composition of Official Foreign Exchange Reserves survey.
Richard Nachbar, coin dealer and longtime friend to GATA, dies at 66
Submitted by admin on Wed, 2021-05-05 01:17 Section: Daily Dispatches1:16a ET Wednesday, May 5, 2021
Dear Friend of GATA and Gold:
GATA's longtime friend and supporter, the veteran numismatist and coin dealer Richard Nachbar of Williamsville, New York, who was known throughout the gold and silver world by virtue of his expertise and attendance at coin shows and mining conferences, died a week ago at age 66 after a short illness.
Richard was extremely generous, helpful, and kind to GATA -- as well as to scores of others -- and will be fondly remembered.
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New York Sun: Groupthink makes the Fed look like the old Soviet central bank
Submitted by admin on Wed, 2021-05-05 01:00 Section: Daily DispatchesFrom the New York Sun
Tuesday, May 4, 2021
Economist Judy Shelton has a crackerjack column in tomorrow's Wall Street Journal on the lack of intellectual and policy diversity at the Federal Reserve.
She points out that during the entire term of Chairman Jerome Powell and his predecessor, Janet Yellen, not a single dissenting vote was recorded among the governors.
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Craig Hemke at Sprott Money: Comex gold delivery update
Submitted by admin on Wed, 2021-05-05 00:53 Section: Daily Dispatches12:50a ET Wednesday, May 5, 2021
Dear Friend of GATA and Gold:
The TF Metals Report's Craig Hemke, writing this week at Sprott Money, shows how the New York Commodities Exchange's gold futures market, previously almost entirely a derivatives operation, has been required to make huge deliveries of metal over the last year, totaling many times the amounts of gold delivered on the exchange in previous years.
Now, as a result, Hemke concludes, "Comex gold is subject to the same pressures and squeeze potential as Comex silver."
Chicago says goodbye to CME's last commodity trading pits
Submitted by admin on Wed, 2021-05-05 00:18 Section: Daily DispatchesBy Isis Almeida and Kim Chipman
Bloomberg News
Tuesday, May 4, 2021
It's the end of an era for open-outcry commodities trading, made famous by the film "Trading Places" with Eddie Murphy and Dan Aykroyd.
The CME Group Inc. said today that its last few remaining pits in Chicago, where agricultural commodities options traders still yelled their bids, will close permanently. Futures transactions had already been fully replaced by electronic trading, while options pits had been active until March 2020, when Covid-19 measures forced them to be closed. ...
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