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Daily Dispatches
Alasdair Macleod: Updating Say's Law for modern times
Submitted by admin on Thu, 2023-06-22 16:25 Section: Daily DispatchesBy Alasdair Macleod
Thursday, June 22, 2023
It was John Maynard Keynes’ offhand dismissal of Say’s Law, or the Law of the Markets, in 1936 that is leading us into an economic and monetary crisis.
Keynes dismissed the law to invent a role for the state.
That is why Keynes is so popular in the mainstream establishment. By dismissing market reality, he invented a new branch of economics. Macroeconomics exchanged statistics and mathematics for human action, and the prospect of centralised management substituted for ambiguity.
Perth Mint faces more scrutiny after gold doping saga
Submitted by admin on Thu, 2023-06-22 16:16 Section: Daily DispatchesBy Keane Bourke
Australian Broadcasting Corp., Sydney
Thursday, June 22, 2023
The embattled Perth Mint is facing another investigation after a period of scrutiny, this time by a federal parliamentary inquiry.
Australia's financial crimes authority, AUSTRAC, has been investigating the mint since late last year over its level of compliance with anti-money laundering and counter-terrorism financing laws.
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Pam and Russ Martens spot more strange and spectacular action in derivatives
Submitted by admin on Wed, 2023-06-21 22:15 Section: Daily Dispatches10:14p ET Wednesday, June 21, 2023
Dear Friend of GATA and Gold:
In their commentary today Pam and Russ Martens of Wall Street on Parade report that the fantastic financial derivative positions of four behemoth U.S. banks, including JPMorganChase and Bank of America, were sharply reduced from trillions of dollars to mere billions in just a few months before the Federal Reserve began a rapid cycle of interest rate increases that likely would have caused the derivatives to cause huge losses for the banks.
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Jim Rickards: The biggest monetary shock in 52 years is due in August
Submitted by admin on Tue, 2023-06-20 20:55 Section: Daily DispatchesBy James G. Rickards
The Daily Reckoning, Baltimore
Tuesday, June 20, 2023
I recently revealed that the so-called "BRICS+" countries will announce the creation of a new currency at their annual leaders summit conference from August 22–24.
This will be the biggest upheaval in international finance since 1971. It's taking direct aim at the dollar.
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Craig Hemke at Sprott Money: Comex silver and the GDX price
Submitted by admin on Tue, 2023-06-20 20:46 Section: Daily Dispatches8:46p ET Tuesday, June 20, 2023
Dear Friend of GATA and Gold:
Market analyst Craig Hemke, writing today at Sprott Money, notes that the price of the gold-mining share exchange-traded fund GDX seems to correlate closely with the silver price and not so much with the gold price.
Why? Hemke suggests that high-frequency trading of mining shares and market manipulation may have something to do with it, and that, indeed, rigging the silver price could be the key mechanism for rigging the whole monetary metals sector.
Butler notes huge rise in banks' metals derivatives positions, but whose are they really?
Submitted by admin on Mon, 2023-06-19 17:23 Section: Daily Dispatches5:29p ET Monday, June 19, 2023
Dear Friend of GATA and Gold (and Silver):
Market analyst Ted Butler today reports "stunning" increases in the monetary metals derivatives positions of JPMorganChase Bank and Bank of America and expresses concern that the latter bank could get in trouble with its derivatives insofar it is "inexperienced" in this market.
Gold revaluation is trump card in East-West power struggle, Maguire says
Submitted by admin on Sat, 2023-06-17 22:24 Section: Daily Dispatches10:24p ET Saturday, June 17, 2023
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire, speaking on this week's "Live from the Vault" program with Shane Morand from Kinesis Money, says gold revaluation is the trump card in the power struggle between East and West and will be played soon by either Russia and China or by the United States to pre-empt its adversaries.
This, Maguire says, brings urgency to the unwinding of the U.S.-underwritten short position in gold futures.
The program is 38 minutes long and can be seen at YouTube here:
Africa's richest city is crumbling under chaos and corruption
Submitted by admin on Sat, 2023-06-17 10:34 Section: Daily DispatchesBy S'thembile Cele
Bloomberg News
Friday, June 16, 2023
Solomon Owa's fingers work quickly as he speaks over the hum of his sewing machine. That's because the hum of his sewing machine might stop at any moment. "In a few minutes, the power will go," he said.
The 51-year-old runs a tailoring business from his garage in Johannesburg. Outages leave him idle for up to 10 hours a day. Surrounded by piles of colorful material, he needs to work while he can.
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A bank China built to challenge the dollar now needs it
Submitted by admin on Fri, 2023-06-16 11:10 Section: Daily DispatchesBy Alexander Saeedy and Lingling Wei
The Wall Street Journal
Friday, June 16, 2023
A development bank China launched with its fellow Brics countries was supposed to reshape international finance. Russia's invasion of Ukraine now risks turning it into a zombie bank.
Robert Lambourne: BIS gold swaps rose 39% in May amid U.S. debt turmoil
Submitted by admin on Wed, 2023-06-14 15:12 Section: Daily DispatchesBy Robert Lambourne
Wednesday, June 14, 2023
Gold swaps by the Bank for International Settlements rose markedly in May, according to the bank's monthly account statement, published this week:
https://www.bis.org/banking/balsheet/statofacc230531.pdf
The bank’s gold swaps are estimated to be 188 tonnes as of May 31, a 39% increase over the 135 tonnes reported as of April 30. As shown in Table B below, recent months have brought much volatility in the level of swaps.
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