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Daily Dispatches
Maguire explains how Basel III will shrink market for 'paper' gold
Submitted by admin on Sun, 2021-03-14 12:51 Section: Daily Dispatches12:45p ET Sunday, March 14, 2021
Dear Friend of GATA and Gold:
In his weekly interview with Shane Moran for Kinesis Money, London metals trader Andrew Maguire explains how implementation of the "Basel III" banking standards, in pursuit of reducing counterparty risks for banks, will shrink the market for unallocated, "paper" gold and thereby push up gold's price.
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Bullion banks continue massive short covering in gold, Macleod tells KWN
Submitted by admin on Fri, 2021-03-12 23:10 Section: Daily Dispatches11:10p ET Friday, March 12, 2021
Dear Friend of GATA and Gold:
At King World News, GoldMoney founder Alasdair Macleod remarks about the continuing massive reduction of the short gold futures positions of the bullion banks and argues that rising interest rates don't threaten gold because they are still not high enough to defend government currencies.
Macleod's analysis is headlined "Bullion Banks Continue Massive Short Covering in the Gold Market" and it's posted at KWN here:
Jim Rickards: The real price of gold is not what you see on your screen
Submitted by admin on Fri, 2021-03-12 11:35 Section: Daily DispatchesBy James G. Rickards
The Daily Reckoning, Baltimore
Tuesday, March 2, 2021
What's the price of gold?
That seems like a ridiculously easy question to answer. I'm looking at a trading screen right now, and it displays a price of $1,733.80 per ounce.
That price may change a bit by the time you read this, but it would only take a fresh glance at the screen to get the new price. Case closed.
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Rick Rule seems to be coming around on metals market manipulation
Submitted by admin on Thu, 2021-03-11 22:11 Section: Daily Dispatches10:24p ET Thursday, March 11, 2021
Dear Friend of GATA and Gold:
Interviewed this week by Tom Bodrovics for Palisades Gold Radio, mining entrepreneur Rick Rule, who has often scoffed at complaints about manipulation of the monetary metals markets, seemed fairly persuaded about manipulation of the silver market anyway.
As gold fell 6% in February, BIS gold swaps hit record high
Submitted by admin on Thu, 2021-03-11 13:23 Section: Daily DispatchesBy Robert Lambourne
Thursday, March 11, 2021
The recently reported February statement of account of the Bank for International Settlements discloses that the bank's use of gold swaps increased to about 552 tonnes, which appears to be a record high, slightly ahead of the estimate of 545 tonnes reported at the end of December.
This record high in BIS gold swaps came in a month that saw a 6% decline in the gold price, which fell from $1,844.13
As shown by Table B below, the BIS trades significant amounts of gold swaps on a regular basis.
ECB signals faster money printing to keep lid on yields
Submitted by admin on Thu, 2021-03-11 11:47 Section: Daily DispatchesBy Balazs Koranyi and Francesco Canepa
Reuters
Wednesday, March 10, 2021
FRANKFURT, Germany -- The European Central Bank said on Thursday it was ready to accelerate money-printing to keep a lid on euro zone borrowing costs, signalling to sceptical markets it was determined to lay the foundation for a solid economic recovery.
Craig Hemke at Sprott Money: A bottom or THE bottom in Comex gold?
Submitted by admin on Wed, 2021-03-10 14:59 Section: Daily Dispatches2:53p ET Wednesday, March 10, 2021
Dear Friend of GATA and Gold:
The TF Metals Report's Craig Hemke, writing today at Sprott Money, examines charts and futures market position reports to discern whether gold has just bounced off a short-term or long-term price bottom. The situation for the monetary metal looks pretty good to him either way.
Hemke's analysis is headlined "A Bottom or THE Bottom in Comex Gold?" and it's posted at Sprott Money here:
Banks find it more profitable to service the Fed than to lend to the real economy
Submitted by admin on Wed, 2021-03-10 01:01 Section: Daily DispatchesFederal Reserve Policy Is Smothering Private Lending
By Judy Shelton
The Wall Street Journal
Monday, March 8, 2021
The Federal Reserve's seeming willingness to provide inexhaustible financing of U.S. government debt is raising concerns about future inflation. Record-breaking growth in the money supply from the Fed's quantitative-easing bond purchases threatens price stability. But an even greater risk -- one that goes to the heart of economic opportunity under democratic capitalism -- is the effect of Fed decisions on private bank lending.
Today's bounce in monetary metals is significant, Turk tells KWN
Submitted by admin on Tue, 2021-03-09 16:19 Section: Daily Dispatches4:15p ET Tuesday, March 9, 2021
Dear Friend of GATA and Gold:
GoldMoney founder and GATA consultant James Turk, commenting to King World News, finds significant today's bounce in gold and silver prices. Turk says silver is especially undervalued. His comments are posted at KWN here:
https://kingworldnews.com/great-trading-action-in-gold-silver-today-but-...
GATA presses Bank of England, UK Treasury for answers on gold leasing
Submitted by admin on Tue, 2021-03-09 12:58 Section: Daily Dispatches12:55p ET Tuesday, March 9, 2021
Dear Friend of GATA and Gold:
A week ago your secretary/treasurer wrote to the press offices of the Bank of England and the United Kingdom Treasury Department, asking two questions:
-- Have the Bank of England and the Treasury's Exchange Equalisation Account (or any agency answering to the bank or the Treasury) leased gold in the last 12 months?
-- Has any leased gold been returned to the bank, the Treasury, or any agency answering to them in the last 12 months?
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