Daily Dispatches

12:22p ET Saturday, March 25, 2023

Dear Friend of GATA and Gold:

Market analyst and fund manager Stephen Leeb, interviewed this week at King World News, discusses JPMorganChase's heavy involvement in gold derivatives and speculates that the bank's short position in gold may be greater than all the bank's other assets combined.

"They're trying to control the price of gold," Leeb says, adding that the monetary metal's rising price could be an existential threat to the bank.

... Dispatch continues below ...

Traders Pile into Bets on Gold Price Rally

By Nicholas Megaw
Financial Times, London
Saturday, March 25, 2024

Traders are betting on further increases in the price of gold after it touched a 12-mnth high this week, as investors predict the U.S. Federal Reserve's cycle of interest rate rises is over and seek safe havens during banking sector turmoil.

Swiss Franc Grapples With Safe-Haven Identity Crisis After Credit Suisse

By Samuel Indyk
Reuters
Friday, March 24, 2023

LONDON -- The Swiss franc hasn't lived up to its safe-haven reputation during the Credit Suisse collapse, as investors have sought shelter elsewhere, bringing more of a boost to the value of the gold in Switzerland's bullion vaults than to its currency.

Money managers ditched the Swiss franc at the fastest rate in two years last week in the run-up to the dramatic takeover of Credit Suisse by UBS.

By Alasdair Macleod
GoldMoney, Toronto
Friday, March 24, 2023

We are all now aware that the global banking system is extremely fragile. Driving bank failures is contracting credit, which in turn drives interest rates higher. Though it is not generally appreciated, central banks have failed to suppress them.

Some regional banks have failed in the US and the run on Credit Suisse’s deposits has forced the Swiss authorities into forcing a reluctant rescue by UBS. Undoubtedly, as the great credit unwind plays out, there will be more rescues to come.