Maguire discounts gold confiscation, says bitcoin threat to dollar grows

Section: Daily Dispatches

8:54p ET Friday, February 23, 2024

Dear Friend of GATA and Gold:

On this week's edition of Kinesis Money's "Live from the Vault" program, London metals trader Andrew Maguire tells host Shane Morand that any attempt by the U.S. government to confiscate gold would collapse bullion banks and cause an explosive rise in the monetary metal's price.

Maguire adds that there seems to be a big shift of investment from gold exchange-traded funds into bitcoin ETFs and that bitcoin is becoming as much a threat to the dollar as gold is.

Bundesbank burns through more than E20 billion to cover huge losses

Section: Daily Dispatches

Next stop: gold revaluation?

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By Martin Arnold
Financial Times, London
Friday, February 23, 2024

The German central bank has burnt through the entire E19.2 billion of provisions it built up to cover financial risks as well as most of its E3.1 billion reserves to absorb the huge losses it made last year due to higher interest costs.

Ted Butler: Locked and loaded

Section: Daily Dispatches

By Ted Butler
Thursday, February 22, 2024

We have now reached the point in silver (and gold) where it is difficult for me to see how prices don't quickly explode. 

Everything I look at, from a physical supply/demand perspective to the paper positioning set up on the Comex, tells me we are at the point where only an upward price surge makes any sense. 

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Could Kansas residents start using gold as currency?

Section: Daily Dispatches

By Jack Harvel
Topeka (Kansas) Capital-Journal
Wednesday, February 21, 2024

Kansans could start using gold and silver as currency to cover debts, taxes, and state fees if the Kansas specie legal tender act is passed.

Twenty-seven Kansas representatives sponsored the bill, which advocates say allows people to protect themselves from inflation. Several of the proponents also spoke broadly about their belief that gold is a superior form of currency compared to fiat.

Pam and Russ Martens: JPMorgan says its 'trading venues' are under investigation

Section: Daily Dispatches

By Pam and Russ Martens
Wall Street on Parade
Tuesday, February 20, 2024

Last Friday, ahead of a three-day weekend when bad news could be expected to evaporate into the ether by the next news cycle, JPMorgan Chase dropped a bombshell in its 10-K (annual report) filing with the Securities and Exchange Commission. 

The bank, which has admitted to an unprecedented five criminal felony counts since 2014, said its "trading venues" were under investigation by three unnamed regulatory bodies.

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Bad property debt exceeds reserves at largest U.S. banks

Section: Daily Dispatches

By Stephen Gandel
Financial Times, London
Tuesday, February 20, 2024

Bad commercial real estate loans have overtaken loss reserves at the biggest U.S. banks after a sharp increase in late payments linked to offices, shopping centers, and other properties.

The average reserves at JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley have fallen from $1.60 to 90 cents for every dollar of commercial real estate debt on which a borrower is at least 30 days late, according to filings to the Federal Deposit Insurance Corp.