Daily Dispatches

Negative rates at Swiss banks seem to invite customers to move cash into gold

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UBS' Rich Clients to Feel Negative Rates Pain as Fees Extended

By Patrick Winters
Bloomberg News
Tuesday, August 6, 2019

UBS Group plans to expand a policy of charging rich clients for holding excess cash in their accounts as negative interest rates in Europe are poised to stay.

Soaring Japanese yen spurs speculation about stealth intervention

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By Leo Lewis
Financial Times, London
Monday, August 5, 2019

The yen's surge beyond a key threshold against the U.S. dollar has sparked speculation among traders in Tokyo that Japan's $1.6 trillion government pension fund could engage in "stealth intervention" to soften the currency over coming weeks.

BRICs bank seeks move away from funding in dollars

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By Tom Hancock
Financial Times, London
Monday, August 5, 2019

The New Development Bank, a lender owned by Brazil, India, Russia, China, and South Africa, is aiming to almost double its lending this year and shift its loan book away from the U.S. dollar to emphasize lending in local currencies.

Yuan's slide is watershed moment for China

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By George Magnus
Bloomberg News
Tuesday, August 6, 2019

Trump imposes total U.S. freeze on Venezuelan government assets

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By Makini Brice, Eric Beech, Matt Spetalnick, and Roberta Rampton
Reuters
Monday, August 5, 2019

WASHINGTON -- President Donald Trump today imposed a freeze on all Venezuelan government assets in the United States, sharply escalating a diplomatic and sanctions drive aimed at removing socialist President Nicolas Maduro from power.

China limits yuan's fall after being labeled currency manipulator

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By Tian Chen
Bloomberg News
Monday, August 5, 2019

China took steps to slow the yuan's descent as the effects of Monday's tumble continued to weigh on markets.

This year more than ever, gold and silver investors should be in New Orleans

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9:53p ET Monday, August 5, 2019

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy and your secretary/treasurer again will be speaking at the New Orleans Investment Conference this year, and in the letter below the conference's organizer, Gold Newsletter Editor Brien Lundin, explains why you should join us there.

Pot calls kettle black as U.S. labels China a currency manipulator

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The irony here is immense. The U.S. has just denounced China for withdrawing central bank support for its currency and thus letting its currency be valued by the market, while the U.S. government itself secretly trades in the currency and commodity markets and won't come clean about it even when a member of Congress asks:

http://gata.org/node/18210

http://gata.org/node/18832

Slide of China's yuan had OK of policymakers, sources tell Reuters

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By Keith Zhai and Zheng Li
Reuters
Monday, August 5, 2019

Chinese monetary authorities let the yuan slide past the key 7-per-dollar level so that markets could finally factor in concerns around the Sino-U.S. trade war and weakening economic growth, three people with knowledge of the discussions said today.

Swiss central bank sight deposits hit record, suggesting FX interventions

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By Catherine Bosley
Bloomberg News
Monday, August 5, 2019

The Swiss National Bank may have intervened to tame the franc's rise, with record-high sight deposits pointing to currency market activity.

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