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Daily Dispatches
Pam and Russ Martens: Markets plunge on reports of fully vaccinated getting Delta strain
Submitted by admin on Tue, 2021-07-20 11:09 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Tuesday, July 20, 2021
Yesterday the Dow Jones Industrial Average fell 725.8 points out of fear that there will be renewed business restrictions to deal with spiking COVID cases in all 50 states in the U.S.
On July 8 the Food and Drug Administration and the Centers for Disease Control and Prevention jointly released an unequivocal statement on the COVID-19 vaccines that are in use in the United States.
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Brazilian central bank buys 41.8 tons of gold to bolster reserves
Submitted by admin on Mon, 2021-07-19 10:52 Section: Daily DispatchesFrom The Rio Times
Rio de Janeiro, Brazil
Saturday, July 17, 2021
RIO DE JANEIRO, Brazil -- After years without substantially changing the amount of gold in its international asset reserves, the Brazilian Central Bank, headed by Roberto Campos Neto, bought 41.8 tons of the metal in June.
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Storage and Withdrawal of Gold
with Bullion Star in Singapore
UK reaffirms backing for Guaido as Venezuela president ahead of $1 billion gold case
Submitted by admin on Sun, 2021-07-18 20:43 Section: Daily DispatchesFrom Reuters
Monday, July 19, 2021
LONDON -- The British government reiterated today that it recognises opposition figure Juan Guaido as Venezuela's president, a move aimed at quashing a bid by the Nicolas Maduro-backed Venezuelan central bank to repatriate nearly $1 billion of its gold stored in London.
Legal teams representing Maduro and Guaido will be at the UK Supreme Court tnday in the latest stage of a long-running tug-of-war over what amounts to about 15% of Venezuela's foreign currency reserves.
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GATA Chairman Murphy reviews failure of 'Basel 3' to stop metals price suppression
Submitted by admin on Sun, 2021-07-18 13:48 Section: Daily Dispatches1:45p ET Sunday, July 18, 2021
Dear Friend of GATA and Gold:
In an interview this week with Michelle Holiday of Portfolio Wealth Global, GATA Chairman Bill Murphy discusses the years of counterintuitive moves in gold and silver prices and the failure of the "Basel 3" banking protocols to diminish the use of "paper gold" and thus their failure to boost the gold price. Murphy also reviews the refusal of financial news organizations to examine manipulation of the monetary metals markets. The interview is a half hour long and can be viewed at YouTube here:
'Strange' bond reaction to inflation puzzles investors -- because the press won't pose key questions
Submitted by admin on Sat, 2021-07-17 16:41 Section: Daily DispatchesWell, of course "strange" and "counterintuitive" market action is puzzling investors. For the Financial Times and other financial news organizations never put to central banks the crucial questions about their surreptitious market interventions, starting with the monetary metals markets. Everything would make perfect sense if the FT and other financial news organizations did ask. Here, once again, are a few dozen tips for them:
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UK's Basel 3 exemption for bullion banks doesn't cover gold derivatives, Maguire says
Submitted by admin on Fri, 2021-07-16 15:50 Section: Daily Dispatches3:45p ET Friday, July 16, 2021
Dear Friend of GATA and Gold:
London gold trader Andrew Maguire says the exemption to "Basel 3" regulations offered last week to London bullion banks by the Bank of England's Prudential Regulatory Authority will not cover the "unallocated" gold the banks hold. The exemption, Maguire says, is "short-term window dressing" that will give the London bullion banks a few more months to reduce their gold derivatives business. This, he says, will push the gold price up.
Why the Fed hates cryptocurrencies and especially stablecoins
Submitted by admin on Fri, 2021-07-16 13:00 Section: Daily DispatchesBy MacKenzie Sigalos
CNBC, New York
Friday, July 16, 2021
Federal Reserve Chairman Jerome Powell has been testifying on Capitol Hill this week, and it's pretty clear that he is not a fan of digital coins -- especially stablecoins.
During a two-day congressional hearing, the Fed chief said the main incentive for the U.S. to launch its own central bank digital currency, or CBDC, would be to eliminate the use case for crypto coins in America.
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LBMA hopes European Banking Authority will exempt bullion banks from Basel 3 as UK just did
Submitted by admin on Thu, 2021-07-15 20:25 Section: Daily Dispatches8:28p ET Thursday, July 15, 2021
Dear Friend of GATA and Gold:
Having just gotten from the Bank of England an exemption from the "Basel 3" protocol that threatened to make the "paper gold" business prohibitively expensive for bullion banks, the London Bullion Market Association announced yesterday that the European Banking Authority has agreed to consider reducing the burden that Basel 3's "net stable funding ratio" imposes on bullion banks in the European Union.
Alasdair Macleod: LBMA gets a lifeline that will pull it away from 'paper gold'
Submitted by admin on Thu, 2021-07-15 10:23 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, July 15, 2021
The draft Prudential Regulatory Authority rules complying with Basel 3 regulations have now been issued six months ahead of their implementation to allow banks to adjust for them in time. From now, senior bankers, their lawyers, and bank treasury managers will be planning amendments to their business strategies accordingly.
Ronan Manly: Has Macron's call for more IMF gold sales been slapped down?
Submitted by admin on Wed, 2021-07-14 15:45 Section: Daily Dispatches3:42p ET Wednesday, July 14, 2021
Dear Friend of GATA and Gold:
Bullion Star's Ronan Manly writes today that prompted by French President Emmanuel Macron,, there is again talk of having the International Monetary Fund sell gold in the name of helping poor African countries.
This, Manly writes, is probably just more cover for a scheme to move gold around to rescue bullion bank loans or to advantage one central bank or another that wants to acquire gold.
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