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Daily Dispatches
HSBC lost about $200 million in one day amid gold market turmoil
Submitted by cpowell on Wed, 2020-05-13 13:09 Section: Daily DispatchesBy Jack Farchy and Harry Wilson
Bloomberg News
Wednesday, May 13, 2020
HSBC Holdings ost around $200 million in one day in March because of disruptions to the gold market that caused prices to diverge dramatically in key trading hubs, according to a filing by the bank.
Nick Barisheff: ETFs are just the illusion of owning gold
Submitted by cpowell on Tue, 2020-05-12 21:20 Section: Daily Dispatches9:22p ET Tuesday, May 12, 2020
Dear Friend of GATA and Gold:
Exchange-traded funds are emphatically not the way to own the monetary metals, BMG Group founder Nick Barisheff writes in his latest market letter. Rather, Barisheff explains, ETFs supply only "the illusion of owning gold."
Craig Hemke at Sprott Money: Scotiabank jumps ship
Submitted by cpowell on Tue, 2020-05-12 20:51 Section: Daily Dispatches8:55p ET Tuesday, May 12, 2020
Dear Friend of GATA and Gold:
Why is the oldest bullion bank, the Bank of Nova Scotia, getting out of the bullion business?
U.S. regulators started Scotiabank probe before metals desk closure, filings show
Submitted by cpowell on Tue, 2020-05-12 12:58 Section: Daily DispatchesBy Peter Hobson
Reuters
Friday, May 8, 2020
LONDON -- U.S. regulators were investigating Bank of Nova Scotia's metals trading activities several months before it told staff it would wind down the unit, according to its most recent earnings report.
Dave Kranzler: A hopelessly corrupt financial system plus historic bubbles -- Got gold?
Submitted by cpowell on Tue, 2020-05-12 12:38 Section: Daily DispatchesBy Dave Kranzler
Investment Research Dynamics, Denver
Tuesday, May 12, 2020
The Federal Reserve has re-inflated the biggest stock and asset bubble in history after the previously biggest stock bubble was punctured in March.
Today the Fed will begin buying junk bond/leveraged loan exchange-traded funds using Blackrock as its front. There ars two obvious problems with this.
Once taboo, investors begin to imagine negative U.S. rates
Submitted by cpowell on Tue, 2020-05-12 12:31 Section: Daily DispatchesBy Saqib Iqbal Ahmed and Tom Westbrook
Reuters
Tuesday, May 12
Negative interest rates in the United States were once unimaginable. The coronavirus has changed that.
While the Federal Reserve has all but ruled it out, the sweeping economic and financial-markets impact of the pandemic has forced investors to give serious thought to the implications of such a drastic policy shift.
Trump hails 'gift' of negative rates that Fed officials disdain
Submitted by cpowell on Tue, 2020-05-12 12:25 Section: Daily DispatchesBy Josh Wingrove
Bloomberg News
Tuesday, May 12, 2020
President Donald Trump said Tuesday the U.S. should receive the "gift" of negative interest rates, after three Federal Reserve officials signaled the central bank is cool to the idea.
Trump has long expressed his desire for the U.S. to pay negative interest on its debt.
... Dispatch continues below ...
Gold miners' profits 'set to explode' but companies persist with no-premium mergers
Submitted by cpowell on Mon, 2020-05-11 21:43 Section: Daily DispatchesBy Gabriel Friedman
National Post, Toronto
Monday, May 11, 2020
In a reminder that some market forces still exert more power than the economic fallout from COVID-19, Vancouver-based SSR Mining Inc. today announced a no-premium, all-stock "merger of equals" with Denver-based Alacer Gold Corp. that was months in the making and would create a US$4 billion company.
Nick Laird's charts show unprecedented disruption in gold and silver markets
Submitted by cpowell on Mon, 2020-05-11 21:06 Section: Daily Dispatches9:09p ET Monday, May 11, 2020
Dear Friend of GATA and Gold:
Ed Steer's 'Gold & Silver Digest' for Saturday posted at GoldSeek
Submitted by cpowell on Mon, 2020-05-11 19:51 Section: Daily Dispatches7:53p ET Monday, May 11, 2020
Dear Friend of GATA and Gold:
The Saturday edition of GATA board member Ed Steer's "Gold & Silver Digest" letter, headlined "A Very Constructive COT Report," has been posted in the clear at GoldSeek here:
http://news.goldseek.com/GoldSeek/1589215451.php
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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