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Daily Dispatches
Alasdair Macleod: The extinction of gold derivatives
Submitted by admin on Thu, 2021-08-05 23:01 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, August 5, 2021
This month is the 50th anniversary of the "Nixon shock," when the Bretton Woods agreement was suspended, and the expansion of commercial banking into credit for purely financial activities became central to the promotion of the dollar as the international replacement for gold.
Ex-Merrill Lynch gold, silver traders guilty in spoofing trial
Submitted by admin on Thu, 2021-08-05 12:49 Section: Daily DispatchesBy Bre Bradham and Janan Hanna
Bloomberg News
Wednesday, August 4, 2021
Prosecutors scored another win in the U.S. crackdown on market "spoofing" when two former traders at Bank of America Corp.’s Merrill Lynch unit were convicted on fraud charges for manipulating precious-metals futures.
Robert Lambourne: BIS gold swaps fall in June by 46 tonnes to 471 tonnes
Submitted by admin on Wed, 2021-08-04 15:48 Section: Daily DispatchesBy Robert Lambourne
Wednesday, August 4, 2021
The recently released June statement of account of the Bank for International Settlements --
https://www.bis.org/banking/balsheet/statofacc210630.pdf
-- contains information that suggests a decrease of about 46 tonnes in the bank’s gold swaps to 471 tonnes. This compares to the record high estimated at 552 tonnes as of February 25 this year.
The great New Orleans conference returns, and with a money-back guarantee
Submitted by admin on Wed, 2021-08-04 14:21 Section: Daily DispatchesBy Brien Lundin
Publisher, Gold Newsletter
CEO, New Orleans Investment Conference
Wednesday, August 4, 2021
This year’s New Orleans Investment Conference is coming up -- Tuesday through Friday, October 19-22 -- and you’ll kick yourself if you miss it.
Why? Because this is without a doubt the most valuable, important, rewarding -- and eagerly awaited --event in many years.
It will be the first big in-person event of its kind post-pandemic --a "welcome home" for hundreds of today's smartest and most active investors.
Ronan Manly: Brazil's central bank imposes secrecy on gold purchases, swaps
Submitted by admin on Tue, 2021-08-03 15:15 Section: Daily Dispatches3:10p ET Tuesday, August 3, 2021
Dear Friend of GATA and Gold:
Bullion Star researcher Ronan Manly today investigates the Brazilian central bank's purported recent purchase of 53 1/2 tonnes of gold and discovers that the bank refuses to answer any questions about it, like where the metal was purchased and where it is being vaulted.
... Dispatch continues below ...
Good Mining Exploration Resumes Search
for Gold at Golden Target Project in Ontario
Former Northwest Territorial Mint executives guilty in $25 million Ponzi scheme
Submitted by admin on Tue, 2021-08-03 11:32 Section: Daily DispatchesBy Chase Hutchinson
Tacoma (Washington) News Tribune
Saturday, July 31, 2021
The former president and CEO of a precious metals firm based in Federal Way and Auburn was convicted Friday of mail and wire fraud in what the Justice Department is calling a "Ponzi-type scheme."
In a release, federal officials said Bernard Ross Hansen, 60, was convicted of multiple counts of wire and mail fraud that defrauded more than 2,500 customers of $25 million. Also convicted was 48-year-old vault manager Diane Renee Erdmann.
... Dispatch continues below ...
Sub-zero yields reported on over half of euro investment-grade company debt
Submitted by admin on Mon, 2021-08-02 19:27 Section: Daily DispatchesBy Yoruk Bahceli
Reuters
Monday, August 2, 2021
More than half of all investment-grade corporate bonds in the euro zone now trade with sub-zero yields, with the pool growing in July to its biggest on record, Tradeweb data showed today.
Bond markets rallied sharply in July, sending yields tumbling across the world as a slowdown in economic momentum, fears around the Delta coronavirus variant, and the unwinding of bets against bonds all sent investors into fixed-income markets, supported by dovish messaging from central bankers.
Why gold? USAGold's 'News & Views' letter for August explains
Submitted by admin on Mon, 2021-08-02 10:59 Section: Daily Dispatches9:40p ET Wednesday, July 28, 2021
Dear Friend of GATA and Gold:
USAGold's "News & Views" letter for August opens with an explanation of gold's enduring centrality to any financial system. It continues by noting that central banks are buying the monetary metal again, that "stagflation" is approaching, and that the British Parliament is starting to worry about the dangers of "quantitative easing."
The "News & Views" letter is posted in the clear at USAGold here:
World's biggest pension fund cuts U.S. bond weighting by record
Submitted by admin on Mon, 2021-08-02 10:31 Section: Daily DispatchesBy Masaki Kondo and Shigeki Nozawa
Bloomberg News
Sunday, August 1, 2021
Japan's Government Pension Investment Fund made a record cut to the weighting of Treasuries in its portfolio last fiscal year as the world's safest asset led a global debt selloff.
Commodities soar except for gold and silver, and their miners are afraid to ask why
Submitted by admin on Sun, 2021-08-01 20:33 Section: Daily DispatchesFrom Miners to Big Oil, the Great Commodity Cash Machine Is Back
By Thomas Biesheuvel and Javier Blas
Bloomberg News
via Yahoo News, Sunnyvale, California
Saturday, July 31, 2021
Just over five years ago Anglo American Plc was in deep trouble. The natural resources giant, beset by a collapse in commodity prices, scrapped its dividend and announced plans to close mines and cut thousands of workers. Amid talk of an emergency capital raise, its market value fell to less than $3 billion.
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