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Daily Dispatches
PacWest Bank borrows billions as depositors scatter
Submitted by admin on Wed, 2023-03-22 12:12 Section: Daily DispatchesPacWest Secures $1.4 Billion Lifeline
By Sridhar Natarajan and Max Reyes
Bloomberg News
Wednesday, March 22, 2023
PacWest Bancorp is moving to shore up liquidity to protect itself after customers pulled 20% of their deposits since the start of the year.
The regional bank, whose shares have tumbled 58% this month, secured $1.4 billion from a financing facility from Atlas SP Partners and abandoned a separate push to raise capital because of market volatility, it said in a statement today.
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GATA Chairman Murphy interviewed by GoldSeek Radio's Chris Waltzek
Submitted by admin on Tue, 2023-03-21 22:46 Section: Daily Dispatches10:45p ET Tuesday, March 21, 2023
Dear Friend of GATA and Gold:
GoldSeek Radio's Chris Waltzek this week interviewed GATA Chairman Bill Murphy, who said the bullish fundamentals for gold and silver remain in place -- as does manipulation of their markets by what he calls the gold cartel.
The next big rally in the metals, Murphy says, could fire up faster than anyone expects.
The interview is 12 minutes long and can be heard at GoldSeek's companion site, SilverSeek, here:
Jan Nieuwenhuijs: The hierarchy of money and the case for $8,000 gold
Submitted by admin on Tue, 2023-03-21 21:31 Section: Daily Dispatches9:31p ET Tuesday, March 21, 2023
Dear Friend of GATA and Gold:
Gold market researcher Jan Nieuwenhuijs writes today that central banks are gradually turning away from government currencies and back toward gold for the major component of their financial reserves. He calculates a likely future valuation of gold in U.S. dollars that is substantially higher than the price shown on charts tonight.
Nieuwenhuijs' analysis is headlined "The Hierarchy of Money and the Case for $8,000 Gold" and it's posted at the Gainesville Coins internet site here:
Pam and Russ Martens: At year-end JPM held more than $1 trillion in uninsured deposits
Submitted by admin on Tue, 2023-03-21 12:04 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Tuesday, March 21, 2023
Jamie Dimon is the chairman and CEO of JPMorgan Chase, the largest bank in the United States, which is also ranked the riskiest global bank by its regulators. But instead of getting his own house in order in the midst of a banking crisis, Dimon has been peculiarly focused elsewhere.
Ambrose Evans-Pritchard: Brace for a long, hot summer of financial accidents
Submitted by admin on Tue, 2023-03-21 11:49 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, March 21, 2023
Swiss regulators have tossed nitroglycerin onto the global financial fire. They have also committed shameless expropriation. So much for the safety of Zurich.
U.S. studies ways to insure all bank deposits if crisis grows
Submitted by admin on Tue, 2023-03-21 11:19 Section: Daily DispatchesBy Saleha Mohsin and Sridhar Natarajan
Bloomberg News
Monday, March 20, 2023
U.S. officials are studying ways they might temporarily expand Federal Deposit Insurance Corp. coverage to all deposits, a move sought by a coalition of banks arguing that it's needed to head off a potential financial crisis.
Ed Steer: Gold and silver soar -- and more silver departs SLV
Submitted by admin on Mon, 2023-03-20 18:59 Section: Daily Dispatches6:58p ET Monday, March 20, 2023
Dear Friend of GATA and Gold:
The weekend edition of Ed Steer's Gold and Silver Digest, published by GATA board member Ed Steer, is headlined "Gold and Silver Soar -- and More Silver Departs SLV" and is posted in the clear at SilverSeek here:
https://silverseek.com/article/gold-silver-soar-and-more-silver-departs-slv
Switzerland commits a third of its GDP to repair banks
Submitted by admin on Mon, 2023-03-20 10:34 Section: Daily DispatchesHaving nearly blown up the world's financial sector, Credit Suisse executives will still get their bonuses.
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By John Revill
Reuters
Monday, March 20, 2023
ZURICH -- Credit Suisse and UBS could benefit from more than 260 billion Swiss francs ($280 billion) in state and central bank support, a third of the country's gross domestic product, as part of their merger to buffer Switzerland against global financial turmoil, documents outlining the deal show.
China is thrilled with new mine that will bolster gold reserves
Submitted by admin on Sun, 2023-03-19 19:46 Section: Daily DispatchesShandong Finds Huge High-Quality Gold Mine; Deposit Will Yield Critical Resources
From Global Times, Beijing
Sunday, March 19, 2023
China has discovered a super-large gold deposit, the Xilaokou gold mine in Rushan, East China's Shandong Province, with an estimated reserve of 50 tons, China Media Group reported on Saturday.
After eight years of prospecting, the Xilaokou gold mine has become the largest known gold deposit in the region and the largest discovered in 2023 so far, according to the Shandong Provincial Bureau of Geology & Mineral Resources.
Vast new money creation by central banks, so of course gold goes down
Submitted by admin on Sun, 2023-03-19 19:03 Section: Daily DispatchesMaybe with a little help from central bank shorting.
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Fed and Other Major Central Banks Move to Boost Dollar Funding
By Craig Torres
Bloomberg News
Sunday, March 19, 2023
The Federal Reserve and five other central banks announced coordinated action on Sunday to boost liquidity in U.S. dollar swap arrangements, the latest effort by policymakers to ease growing strains in the global financial system.
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