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Daily Dispatches

Can Reddit's silver 'apes' beat the market?

Section: Daily Dispatches

By Peter Hobson
Reuters
Friday, July 9, 2021

LONDON -- Kerry Kraker, 56, has worked in kitchens all his life. Since March he's spent around $100 a week -- half his spare cash -- on silver coins. He's part of a growing social media movement who say they are buying bars and coins for protection from a coming age of inflation.

Thanks to a community of like-minded silver "stackers" gathering on social-media platform Reddit Inc., Seattle-based Kraker says he also feels empowered.

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Britain exempts gold-clearing banks from Basel 3 rule

Section: Daily Dispatches

By Peter Hobson
Reuters
Friday, July 9, 2021

LONDON -- A British regulator said today that banks clearing gold trades in London could apply for an exemption from tighter capital rules due in January 2022, removing what some said was a threat to the functioning of the market.

London is the world's biggest physical precious metals trading hub. Its clearing system, operated by a handful of large banks with access to metal in vaults, settles gold transactions worth around $30 billion a day.

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GoldCore: Why central banks plan to increase gold reserves this year

Section: Daily Dispatches

From GoldCore, Dublin
Thursday, July 8, 101`

Central banks' interest in increasing their gold reserves made news again this week. 

Bloomberg's headline on the topic was "Gold Regains Shine After Central Bank Buying Drops to Decade Low." The article notes that central banks may be regaining their appetite for buying gold after staying on the sidelines for the past year.

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Matthew Piepenburg: Beyond gold confiscation, note risks of gold vaulting

Section: Daily Dispatches

By Matthew Piepenburg
Mattherhorn Asset Management, Zurich
via King World News

Thursday, July 8, 2021

For informed investors who have successfully traversed the tired Bitcoin vs. Gold debate and recognized the critical importance of owning physical (as opposed to paper or exchange-traded fund) gold as an obvious antidote to globally debased currencies and openly systemic financial and banking risk, you have, thankfully, recognized precious metals as historically unmatched safe-haven assets.

Alasdair Macleod: The end of the bank credit cycle

Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, July 8, 2021

The economic consequences of cyclical expansion and contraction of bank credit are the reason for booms and slumps dating back certainly to the Napoleonic Wars and possibly before. Keynesian remedies, which owe their pedigree to the financial theories of John Law, have never succeeded in taming them.

This article ties Austrian business cycle theory to the cycle of bank credit. It explains how bank credit is created and customer deposits with it through double-entry accounting.

Hugo Salinas Price: China and the U.S. are joined at the hip

Section: Daily Dispatches

By Hugo Salinas Price
Mexican Civil Association for Silver
Wednesday, July 7, 2021

China and the United States regard each other as enemies. We read hostile remarks on the part of the U.S. regarding China, and China rattles its weapons. 

The United States sends warships into the Taiwan Strait, annoying China, which still regards Taiwan as part of China.

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Wall Street on Parade: New Mexico charges Wall Street banks with rigging credit default swaps market

Section: Daily Dispatches

By Pam and Russ Martens
Wall Street on Parade
Wednesday, July 7, 2021

Last week the New Mexico attorney general's office filed a breathtaking, 128-page anti-trust lawsuit in federal court in New Mexico on behalf of the state's $31 billion investment fund, the New Mexico State Investment Council. The council manages a permanent endowment along with money for 23 state agencies.

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USA Gold: Coins and Bullion Since 1973

China to sell more metals from reserves to ensure stable prices

Section: Daily Dispatches

From Bloomberg News
Wednesday, July 7, 2021

China, the world's top commodities consumer, pledged to release more base metals from its state reserves after completing a first batch of sales in its latest effort to rein in surging raw material costs.

More sales will be arranged in the near term to ensure market stability, the National Food and Strategic Reserves Administration said in a statement on its website today.

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Step by step European Union chokes off cryptos

Section: Daily Dispatches

Binance 'Temporarily Suspends' Payments from EU's SEPA Network

By Adam Samson, Philip Stafford, Joshua Oliver, and Eva Szalay
Financial Times, London
Tuesday, July 6, 2021

In an email to users today, the exchange said that from 8 a.m. universal co-ordinated time Wednesday, customers would no longer be able to deposit funds through the Single Euro Payments Area, or SEPA, schemes. Its move was due to "events beyond our control," the exchange said.

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Craig Hemke at Sprott Money: Washing out the CoT

Section: Daily Dispatches

6:52p ET Tuesday, July 6, 2021

Dear Friend of GATA and Gold:

The TF Metals Report's Craig Hemke, writing today at Sprott Money, says futures trading position reports are not the best tools for short-term trading but they do signify some things, and current positioning suggests that gold's near-term lows are behind it.

Hemke's analysis is headlined "Washing Out the CoT" and it's posted at Sprott Money here:

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