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Daily Dispatches
Rep. Alex Mooney aims to block Fed's digital currency scheme
Submitted by admin on Tue, 2023-06-06 16:01 Section: Daily DispatchesBy JP Cortez
Money Metals News Service, Eagle, Idaho
Monday, June 5, 2023
A sound money champion, U.S. Rep. Alex Mooney, R-West Virginia, has introduced H.R. 3712, the Digital Dollar Pilot Prevention Act -- legislation that would block the Federal Reserve from unilaterally pursuing any form of central bank digital currency scheme.
"Congress cannot give an inch when it comes to central bank digital currencies," Mooney said. "They would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent."
Richard Mills: Gold revaluation and the hidden motive behind central banks' gold buying
Submitted by admin on Tue, 2023-06-06 11:14 Section: Daily Dispatches11:15a ET Tuesday, June 6, 2023
Dear Friend of GATA and Gold:
The possibility of gold revaluation by central banks is examined this week by financial analyst Richard Mills of the Ahead of the Herd letter. Mills' commentary is headlined "Gold Revaluation and the Hidden Motive Behind Central Banks' Gold Buying" and its posted at his internet site here:
For the time being, Bank of Korea prefers dollars over gold
Submitted by admin on Tue, 2023-06-06 07:56 Section: Daily DispatchesBy Jihoon Lee
Reuters
Monday, June 5, 2023
SEOUL, South Korea -- The Bank of Korea assesses that it is more desirable to maintain its dollar liquidity than to increase gold holdings for foreign exchange reserves at this point, the central bank said.
"A cautious approach is necessary for determining whether to increase the ratio of gold in the foreign exchange reserves," the bank's Reserve Management Group said Tuesday.
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Ronan Manly: Gold gains hugely in popularity among American investors
Submitted by admin on Mon, 2023-06-05 21:11 Section: Daily DispatchesBy Ronan Manly
Bullion Star, Singapore
Monday, June 5, 2023
Gallup, the Washington analytics and surveying firm, recently released the findings of its annual "Economy And Personal Finance" survey that asks the U.S. public the simple question" "Which investment asset class do you think is the best long-term investment?"
And the are extremely encouraging for gold, with 26% of survey respondents saying that they perceive gold to be the best long-term investment.
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In GoldSeek Radio interview, GATA's Murphy asks: So where are the silver bulls?
Submitted by admin on Mon, 2023-06-05 20:30 Section: Daily Dispatches8:27p ET Monday, June 5, 2023
Dear Friend of GATA and Gold:
Interviewed by GoldSeek Radio's Chris Waltzek, GATA Chairman Bill Murphy acknowledges the much-touted bullish fundamentals for silver but says those fundamentals have been touted for years, and he asks: "Where are the silver bulls?"
Waltzek said the bulls are on the way.
The interview is 10 minutes long and can be heard at GoldSeek's companion site, SilverSeek, here:
Signs of de-dollarization emerging, Wall Street giant JPMorgan says
Submitted by admin on Mon, 2023-06-05 13:36 Section: Daily DispatchesBy Marc Jones
Reuters
Monday, June 5, 2023
LONDON -- Signs of de-dollarisation are unfolding in the global economy, strategists at the biggest U.S. bank JPMorgan said today, although the currency should maintain its long-held dominance for the foreseeable future.
The impact of steep U.S. interest rate rises and the use of sanctions that have frozen the likes of Russia out of the global banking system are driving the so-called BRICs nations -- Brazil, Russia, India, China and South Africa -- to challenge the dollar's hegemony.
Pam and Russ Martens: The three large banks that blew up were not on the FDIC's problem list
Submitted by admin on Mon, 2023-06-05 11:26 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Monday, June 5, 2023
The second, third, and fourth largest bank failures in U.S. history occurred this year. And yet none of the banks that blew up were on the "Problem Bank List" that is prepared quarterly by the federal bank regulator that is supposed to be on top of these things -- the Federal Deposit Insurance Corp.
When the FDIC released its quarterly Problem Bank List for the quarter ending December 31, 2022, it showed just 39 banks were a problem with combined assets of a meager $47.5 billion.
A $1.5 trillion backstop for homebuyers props up banks instead
Submitted by admin on Mon, 2023-06-05 10:22 Section: Daily DispatchesThe Federal Home Loan Bank system provides billions to banks curtailing mortgage lending, and millions to its executives
By Heather Perlberg, Ann Choi, and Noah Buhayar
Bloomberg Business Week
Sunday, June 4, 2023
The first sign of deep trouble in U.S. banking this year came from a sunbaked office complex in a San Diego suburb. There, a small firm called Silvergate Capital Corp. assured investors it was weathering a run on deposits. Its lifeline: about $4.3 billion from a Federal Home Loan Bank.
Heads turned across the financial industry.
The Fed's interest rate strategy is getting tricky as plans to skip a hike emerge
Submitted by admin on Mon, 2023-06-05 10:14 Section: Daily DispatchesBy Craig Torres
Bloomberg News
Monday, June 5, 2023
The Federal Reserve’s June meeting is shaping up to be one of the trickiest in its 15-month campaign to tame inflation: Chair Jerome Powell seems intent on skipping an interest-rate increase, while explaining to the public that officials aren’t done yet.
The strategy is sensible, confusing, and risky all at once, Fed watchers say.
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Robert Lambourne: BIS gold swaps held steady through April and are probably intervention by Fed
Submitted by admin on Sun, 2023-06-04 15:25 Section: Daily DispatchesBy Robert Lambourne
Sunday, June 4, 2023
From the information contained in the recently published March 31 and April 30 statements of account of the Bank for International Settlements --
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