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Daily Dispatches
Could Kansas residents start using gold as currency?
Submitted by admin on Wed, 2024-02-21 18:45 Section: Daily DispatchesBy Jack Harvel
Topeka (Kansas) Capital-Journal
Wednesday, February 21, 2024
Kansans could start using gold and silver as currency to cover debts, taxes, and state fees if the Kansas specie legal tender act is passed.
Twenty-seven Kansas representatives sponsored the bill, which advocates say allows people to protect themselves from inflation. Several of the proponents also spoke broadly about their belief that gold is a superior form of currency compared to fiat.
Pam and Russ Martens: JPMorgan says its 'trading venues' are under investigation
Submitted by admin on Tue, 2024-02-20 10:22 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Tuesday, February 20, 2024
Last Friday, ahead of a three-day weekend when bad news could be expected to evaporate into the ether by the next news cycle, JPMorgan Chase dropped a bombshell in its 10-K (annual report) filing with the Securities and Exchange Commission.
The bank, which has admitted to an unprecedented five criminal felony counts since 2014, said its "trading venues" were under investigation by three unnamed regulatory bodies.
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Bad property debt exceeds reserves at largest U.S. banks
Submitted by admin on Tue, 2024-02-20 10:10 Section: Daily DispatchesBy Stephen Gandel
Financial Times, London
Tuesday, February 20, 2024
Bad commercial real estate loans have overtaken loss reserves at the biggest U.S. banks after a sharp increase in late payments linked to offices, shopping centers, and other properties.
The average reserves at JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley have fallen from $1.60 to 90 cents for every dollar of commercial real estate debt on which a borrower is at least 30 days late, according to filings to the Federal Deposit Insurance Corp.
Markets start to speculate if the next Fed move is up, not down
Submitted by admin on Tue, 2024-02-20 09:57 Section: Daily DispatchesBy Liz Capo McCormick and Ye Xie
Bloomberg News
Tuesday, February 20, 2024
Investors are beginning to war-game how the Federal Reserve can manage a U.S. economy that just won't land, with some even debating whether interest-rate hikes will be needed only weeks after a steady run of reductions appeared all but certain.
Bets on lower rates coming soon were so prevalent a few weeks ago that Fed Chair Jerome Powell publicly cautioned that policymakers were unlikely to be in position to cut as of March.
Grand jury adds details in disappearance of gold and silver from Delaware depository
Submitted by admin on Mon, 2024-02-19 19:55 Section: Daily DispatchesBy Joseph N. DiStefano
Philadelphia Inquirer
Monday, February 19, 2024
Robert Leroy Higgins' Delaware gold and silver storage businesses ran out of operating funds in 2012, but, according to a federal grand jury, the West Chester precious-metals dealer was able to attract new clients and stay in business for 10 more years by stealing coins and bullion that a thousand customers had entrusted to the vaults at his Wilmington warehouse.
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Alasdair Macleod: How I see gold in the short term
Submitted by admin on Mon, 2024-02-19 17:10 Section: Daily DispatchesBy Alasdair Macleod
Monday, February 19, 2024
There is a dawning realization that the Fed can't reduce interest rates in the near term and that the Consumer Price Index inflation rate will not return to 2%.
The problem for markets is they are heavily skewed into discounting a fall in interest rates. Even the sceptics argue that with government funding requirements remaining elevated, the Fed must reduce interest rates to avoid a debt crisis.
So what happens if the markets have got it wrong? And what happens to gold? ...
JPMorgan to pay $350 million for trade-reporting lapses
Submitted by admin on Sat, 2024-02-17 09:29 Section: Daily DispatchesBy Hannah Levitt
Bloomberg News
Friday, February 16, 2024
JPMorgan Chase & Co. expects to pay more than $350 million to settle regulatory claims that it failed to feed information on trades into market-surveillance systems.
The biggest U.S. bank will pay about that much to two US watchdogs and is in advanced talks with a third, the company said today in an annual filing.
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Mike Maharrey: Bank bailout program ends in March -- then what?
Submitted by admin on Fri, 2024-02-16 12:14 Section: Daily DispatchesBy Mike Maharrey
Money Metals Exchange, Eagle, Idaho
Friday, February 16, 2024
The bank bailout program established by the Federal Reserve in the wake of last spring's banking crisis is scheduled to shut down on March 11.
Then what?
There are a lot more questions than answers.
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Mexican mining sector balks at plan to ban open-pit mines
Submitted by admin on Fri, 2024-02-16 10:13 Section: Daily DispatchesBy Daina Beth Solomon and Divya Rajagopal
Reuters
Friday, February 16, 2024
MEXICO CITY -- Mexican President Andres Manuel Lopez Obrador's proposal to ban open-pit mining will generate uncertainty and curtail investment for the key sector, mining industry representatives said this week.
Lopez Obrador announced the proposal to prohibit new concessions for open-pit projects last week amid a slew of initiatives as he looks to shape political debate ahead of a June presidential election that his protégé is expected to win.
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Mexico's president calls for ban on open-pit mining
Submitted by admin on Tue, 2024-02-13 11:46 Section: Daily DispatchesBy Alfie Shaw
Mining Technology, New York
Monday, February 12, 2024
Mexican President Andres Manuel López Obrador proposed this month to modify Article 27 of the country's Constitution to prohibit open-pit mining, as part of a range of constitutional reforms presented before parliament, citing concerns for excessive environmental damage.
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