Daily Dispatches

New York Fed pledges $1 trillion a day in overnight repo loans

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By Jonnelle Marte
Reuters
Tuesday, March 17, 2020

https://www.reuters.com/article/us-health-coronavirus-repo-daily/new-yor...

The New York Federal Reserve said it will make up to $1 trillion a day available for loans in the repo market for the remainder of this week.

Fed will monetize stocks for its primary dealer banks

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Fed to Lend Against Stocks and Bonds in Bid to Stabilize Markets

By James Politi, Brendan Greeley, Colby Smith, and Joe Rennison
Financial Times, London
Tuesday, March 17, 2020

Marshall Gittler: The longest record broken -- gold/silver ratio hits highest in 5,000 years

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3:32p ET Tuesday, March 17, 2020

Dear Friend of GATA and Gold:

Marshall Gittler of currency trading house BDSwiss, who was quoted today by MarketWatch.com about the extraordinary widening of the gold-silver ratio, elaborates on the issue in an essay at Nasdaq.com.

Gold is setting records dating back over 5,000 years -- against silver

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By Steve Goldstein
MarketWatch.com, New York
Tuesday, March 17, 2020

Gold hasn't been such a terrific hedge of late against the turmoil from the coronavirus pandemic that has upended financial markets.

John Kim: Violent price divergences between physical and metal futures prices

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By John Kim
Tuesday, March 17, 2020

https://maalamalama.com/wordpress/violent-price-divergences-between-phys...

Violent price divergences are developing between physical precious metals and futures prices for the big four: gold, silver, platinum, and palladium.

As gold plunges, Chinese investors find new haven in steel rods

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From Bloomberg News
Tuesday, March 17, 2020

Investors in China have found an unlikely new hiding place from the chaos engulfing financial markets.

Government broadens investigations of spoofing-like practices by JPM

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By Dave Michaels
The Wall Street Journal
Tuesday, March 17, 2020

WASHINGTON -- Authorities are investigating whether traders at JPMorgan Chase & Co. manipulated the market for Treasury securities and futures contracts, according to regulatory disclosures and people familiar with the matter.

Ambrose Evans-Pritchard: Monetize and bail out everything with financial repression

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The Moment When Monetary 'Shock and Awe' Finally Fails Has Arrived: What Do We Do Next?

By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, March 17, 2020

Central banks have exhausted almost all their usable ammunition under existing rules yet still failed to calm markets or to unfreeze critical parts of the global financial system.

Trump administration plans to send checks to everyone in two weeks

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By Sam Potter and Jeremy Herron
Bloomberg News
Tuesday, March 17, 2020

U.S. stocks rebounded from the biggest rout since 1987 as the U.S. government stepped up its efforts to offset the financial damage caused by the coronavirus. Treasuries tumbled.

Upside-down world of negative rates is coming for U.S. savers

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By Emily Barrett
Bloomberg News
Tuesday, March 17, 2020

Mattresses full of money, getting paid to take out a mortgage, surging demand for safe-deposit boxes -- these are some of the ideas people have about what happens when interest rates turn negative.

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