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Daily Dispatches
JPMorganChase's domination of monetary metals derivatives isn't so puzzling
Submitted by admin on Mon, 2023-04-03 11:33 Section: Daily Dispatches11:36a ET Monday, April 3, 2023
Dear Friend of GATA and Gold:
Today at Wall Street on Parade, Pam and Russ Martens note that JPMorganChase Bank holds 53% of all the monetary metals derivatives contracts in the U.S. banking system, through the bank and some of its traders have been criminally charged with rigging the monetary metals markets.
The Martenses write: "It is hard to understate the regulatory failure of allowing JPMorgan Chase to continue to have this outsized presence in the precious metals derivatives market."
How Zimbabwe uses gold smuggling to evade Western sanctions
Submitted by admin on Sun, 2023-04-02 12:59 Section: Daily DispatchesFrom Al Jazeera
Doha, Qatar
Thursday, March 30, 2023
Zimbabwe's government is using smuggling gangs to sell gold worth hundreds of millions of dollars, skirting some of the consequences of tough Western sanctions imposed on the country over human rights abuses, Al Jazeera's Investigative Unit can reveal.
Papua New Guinea and Barrick agree to reopen major gold mine
Submitted by admin on Sun, 2023-04-02 12:45 Section: Daily DispatchesBarrick Finalizes Deal to Restart Papua New Guinea Gold Mine
By Jacob Lorinc
Bloomberg News
Friday, March 31, 2023
Barrick Gold Corp. is set to restart operations at one of its biggest gold mines after inking a deal with Papua New Guinea's government over its shuttered mine in the southwest Pacific island nation.
The world's second-largest gold producer signed an agreement Thursday with the government and its Papua New Guinea partners to resume operations at Porgera mine, which had been suspended since 2020.
Depositors withdraw another $126 billion from U.S. banks
Submitted by admin on Sun, 2023-04-02 12:33 Section: Daily DispatchesBy David Hollerith
Yahoo News, Sunnyvale, California
Friday, March 31, 2023
Depositors drained another $126 billion from U.S. banks during the week ending March 22, according to new Federal Reserve data. This time the outflow came from the nations largest institutions.
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$620 billion of unrealized losses are on U.S. banks' books
Submitted by admin on Sun, 2023-04-02 12:26 Section: Daily DispatchesBy Noah Buhayar, Jennifer Surane, Andre Tartar, Raeedah Wahid, Dean Halford, and Hayley Warren
Bloomberg News
Friday, March 31, 2023
The investment losses that helped take down Silicon Valley Bank are a problem, to one degree or another, across the U.S. financial system. In total the industry ended last year with $620 billion of unrealized losses on its books from investments in low-yielding bonds.
For most banks, the issue is manageable.
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Big money soon may rush into little gold and silver markets, GATA chairman says
Submitted by admin on Fri, 2023-03-31 19:54 Section: Daily Dispatches7:54p ET Friday, March 31, 2023
Dear Friend of GATA and Gold:
GoldSeek Radio's Chris Waltzek today talks with GATA Chairman Bill Murphy about increasing signs of strength in gold and silver prices. Murphy says as much as $300 trillion in investment money soon may be pursuing monetary metals now valued at only $10 trillion. The interview is 12 minutes long and can be heard at GoldSeek here:
Alasdair Macleod: Deflating the credit bubble
Submitted by admin on Fri, 2023-03-31 13:30 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Friday, March 31, 2023
The theme of this article is debt deflation. How likely is it that the downturn in broad money supply will continue, and if so, why? And what are the consequences?
The major central banks have increasingly resorted to interest rate management as their principal means of demand management. Yet history shows little correlation between managed interest rates and the growth of credit, which is represented by broad money statistics.
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Gillian Tett: Prepare for a multipolar currency world
Submitted by admin on Thu, 2023-03-30 19:59 Section: Daily DispatchesBy Gillian Tett
Financial Times, London
Thursday, March 30, 2023
https://www.ft.com/content/f8f3b2cd-6690-4f26-b81e-e972751c8799
This month, Russia and China are sparking new jitters in Washington. That is primarily because of their stage-managed displays of diplomatic unity, around Ukraine and much else.
U.S. money supply falling at fastest rate since 1930s
Submitted by admin on Thu, 2023-03-30 12:59 Section: Daily DispatchesBy Jamie McGeever
Reuters
Thursday, March 30, 2023
U.S. money supply is falling at its fastest rate since the 1930s, a red flag for the economy and financial markets.
Money supply has now been shrinking year-on-year since December, an unprecedented development in modern times that should make investors sit up and take notice -- growth, asset prices and inflation could all weaken.
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Germans shun deposits abroad on fear of new crisis
Submitted by admin on Thu, 2023-03-30 12:32 Section: Daily DispatchesBy Francesco Canepa
Reuters
Thursday, March 30, 2023
FRANKFURT, Germany -- German savers are getting cold feet about deposits held abroad despite juicier interest rates for fear of getting embroiled in a crisis like the one that hit Silicon Valley Bank, data compiled for Reuters shows.
German households, who have Europe's deepest pockets with 2 trillion euros held in cash, had been seeking higher returns on their cash by opening deposits online at small banks in weaker economies such as Lithuania, Malta, Italy, and Portugal.
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