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Daily Dispatches
Mortgage rate rise increases pressure for Fed intervention
Submitted by cpowell on Sun, 2020-03-15 12:51 Section: Daily DispatchesBy Robert Armstrong and Brendan Greeley
Financial Times, London
Saturday, March 14, 2020
U.S. mortgage rates have risen to the highest level in months despite recent Federal Reserve interest rate cuts, complicating the central bank's efforts to stimulate the U.S. economy as the spread of coronavirus curtails business activity.
The plumbing behind financial markets is creaking -- loudly
Submitted by cpowell on Sun, 2020-03-15 12:43 Section: Daily DispatchesBy Tommy Wilkes
Reuters
Sunday, March 15, 2020
LONDON -- The coronavirus panic is jolting stock markets, with steep drops in major indexes grabbing the public’s attention. But behind the scenes, there is less understood and potentially more worrying evidence that stress is building to dangerous levels in crucial arteries of the financial system.
Is this the end of gold or the end of gold market rigging?
Submitted by cpowell on Sat, 2020-03-14 13:27 Section: Daily Dispatches1:41p ET Saturday, March 14, 2020
Dear Friend of GATA and Gold:
How much of last week's smash in monetary metals prices was caused by what seems to be the primary explanation for it -- selling required to meet margin requirements for positions in other markets that were falling amid the worldwide virus panic?
Gold falls as futures are sold aggressively while buying of coins and bars surges
Submitted by cpowell on Fri, 2020-03-13 14:20 Section: Daily DispatchesBy Mark O'Byrne
GoldCore, Dublin
Friday, March 13, 2020
Gold started yesterday well and started falling only at 11:30 GMT, ending the day 4 percent lower. The selloff was once again solely a futures market phenomenon as government mints, refineries, and gold bullion brokers around the world, including GoldCore, saw significant demand for coins and bars -- and very little selling.
Bullion Star infographic: Central bank gold buying and repatriation
Submitted by cpowell on Fri, 2020-03-13 11:50 Section: Daily DispatchesBy Torgny Persson
Bullion Star, Singapore
Friday, March 13, 2020
Gold buying by central banks is at a 50-year high, with sovereign gold buyers having added a net 650 tonnes of physical gold to their strategic monetary reserves in each of the years 2018 and 2019.
Venezuela removed 6 tonnes of central bank gold at turn of year, sources tell Reuters
Submitted by cpowell on Fri, 2020-03-13 10:55 Section: Daily DispatchesBy Corina Pons and Mayela Armas
Reuters
Thursday, March 12, 2020
CARACAS -- The Venezuelan government removed some 6 tonnes of gold from the central bank's vaults between late 2019 and early 2020 to raise more hard currency for President Nicolas Maduro's cash-strapped administration, according to two government sources familiar with the movement.
... Dispatch continues below ...
Alasdair Macleod: The journey to monetary gold and silver
Submitted by cpowell on Thu, 2020-03-12 21:11 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, March 12, 2020
Markets are just beginning to latch on to the economic consequences of the coronavirus. Central banks are slashing interest rates and beginning to throw new money into the mix and governments are increasing deficit spending.
Jim Rickards and Ed Steer: Eventually central banks will restore gold as the currency benchmark
Submitted by cpowell on Thu, 2020-03-12 20:57 Section: Daily DispatchesBy Ed Steer
Ed Steer's Gold and Silver Digest
Thursday, March 12, 2020
I had a short e-mail exchange with Jim Rickards on Tuesday. Here it is in its entirety -- and posted with his permission.
* * *
Hi, Jim:
What do you read into this, if anything?
"A Shift in the Global Financial Order Is Upon Us" by John Authers, senior editor of Bloomberg News --
Why gold's plunge proves it's a safe-haven asset
Submitted by cpowell on Thu, 2020-03-12 14:14 Section: Daily DispatchesBy Myra P. Saefong
MarketWatch.com, New York
Thursday, March 12, 2020
Gold is often seen as a safer bet for investors and today's plunge in prices, as global stock markets drop, shows that investors have taken refuge in what the precious metal has to offer: cash.
Australian comics satirize the smug failure of central banking
Submitted by cpowell on Thu, 2020-03-12 00:09 Section: Daily Dispatches12:16a ET Thursday, March 12, 2020
Dear Friend of GATA and Gold:
From time to time it has seemed good to call attention to the 2008 segment of the unfortunately short-lived Australian news parody program "Newstopia" that satirized the Reserve Bank of Australia. The skit brilliantly suggests how central banking fails the public interest.
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