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Daily Dispatches
UK's Basel 3 exemption for bullion banks doesn't cover gold derivatives, Maguire says
Submitted by admin on Fri, 2021-07-16 15:50 Section: Daily Dispatches3:45p ET Friday, July 16, 2021
Dear Friend of GATA and Gold:
London gold trader Andrew Maguire says the exemption to "Basel 3" regulations offered last week to London bullion banks by the Bank of England's Prudential Regulatory Authority will not cover the "unallocated" gold the banks hold. The exemption, Maguire says, is "short-term window dressing" that will give the London bullion banks a few more months to reduce their gold derivatives business. This, he says, will push the gold price up.
Why the Fed hates cryptocurrencies and especially stablecoins
Submitted by admin on Fri, 2021-07-16 13:00 Section: Daily DispatchesBy MacKenzie Sigalos
CNBC, New York
Friday, July 16, 2021
Federal Reserve Chairman Jerome Powell has been testifying on Capitol Hill this week, and it's pretty clear that he is not a fan of digital coins -- especially stablecoins.
During a two-day congressional hearing, the Fed chief said the main incentive for the U.S. to launch its own central bank digital currency, or CBDC, would be to eliminate the use case for crypto coins in America.
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LBMA hopes European Banking Authority will exempt bullion banks from Basel 3 as UK just did
Submitted by admin on Thu, 2021-07-15 20:25 Section: Daily Dispatches8:28p ET Thursday, July 15, 2021
Dear Friend of GATA and Gold:
Having just gotten from the Bank of England an exemption from the "Basel 3" protocol that threatened to make the "paper gold" business prohibitively expensive for bullion banks, the London Bullion Market Association announced yesterday that the European Banking Authority has agreed to consider reducing the burden that Basel 3's "net stable funding ratio" imposes on bullion banks in the European Union.
Alasdair Macleod: LBMA gets a lifeline that will pull it away from 'paper gold'
Submitted by admin on Thu, 2021-07-15 10:23 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, July 15, 2021
The draft Prudential Regulatory Authority rules complying with Basel 3 regulations have now been issued six months ahead of their implementation to allow banks to adjust for them in time. From now, senior bankers, their lawyers, and bank treasury managers will be planning amendments to their business strategies accordingly.
Ronan Manly: Has Macron's call for more IMF gold sales been slapped down?
Submitted by admin on Wed, 2021-07-14 15:45 Section: Daily Dispatches3:42p ET Wednesday, July 14, 2021
Dear Friend of GATA and Gold:
Bullion Star's Ronan Manly writes today that prompted by French President Emmanuel Macron,, there is again talk of having the International Monetary Fund sell gold in the name of helping poor African countries.
This, Manly writes, is probably just more cover for a scheme to move gold around to rescue bullion bank loans or to advantage one central bank or another that wants to acquire gold.
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Pam and Russ Martens: Fed has blocked no bank merger since 2006
Submitted by admin on Wed, 2021-07-14 13:26 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Wednesday, July 14, 2021
On Monday the Federal Reserve (which includes no one elected to office by the American people) thumbed its nose at President Joe Biden, the man who received more than 81 million votes in the 2020 Presidential election, representing a 51.3 percent mandate from the American people who vote.
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USA Gold: Coins and Bullion Since 1973
Goodbye, South Africa
Submitted by admin on Wed, 2021-07-14 12:07 Section: Daily DispatchesEnding gold price suppression could save you, but your government and mining companies don't care.
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Sibanye May Wind Down Gold Mines in Fading South African Sector
By Felix Njini
Bloomberg News
via Yahoo News, Sunnyvale, California
Wednesday, July 14, 2021
Sibanye Stillwater Ltd. may wind down its three South African gold mines in the next decade or so as it becomes harder to exploit aging assets in an industry that was once the world’s largest.
Ed Steer's Gold & Silver Digest: A somewhat ugly CoT report
Submitted by admin on Tue, 2021-07-13 22:44 Section: Daily Dispatches10:44p ET Tuesday, July 13, 2021
Dear Friend of GATA and Gold:
The Monday edition of GATA board member Ed Steer's Gold & Silver Digest report, headlined "A Somewhat Ugly CoT Report," is posted in the clear at GoldSeek here:
https://goldseek.com/article/somewhat-ugly-cot-report
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
Berlin gold coin heist defendants lose appeal
Submitted by admin on Tue, 2021-07-13 22:29 Section: Daily DispatchesFrom Deutsche Welle
Bonn, Germany
Tuesday, July 13, 2021
A German federal court today rejected the appeal of two defendants who had been jailed for stealing a massive gold coin from Berlin's Bode Museum.
The court in the city of Leipzig concluded that there were no "legal errors to the disadvantage of the defendants" in their February 2020 sentencing and, as such, their prison terms were found to be legally binding.
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Craig Hemke at Sprott Money: Corrected golden lessons
Submitted by admin on Tue, 2021-07-13 22:13 Section: Daily Dispatches10:10p ET Tuesday, July 13, 2021
Dear Friend of GATA and Gold:
Craig Hemke of the TF Metals Report, writing tonight at Sprott Money, recalls the U.S. State Department cable from 1974 showing that the U.S. gold futures market was endorsed by the government, if not essentially established by the government, in the expectation that it would divert private investment demand away from real metal and into derivatives whose prices were more easily controlled.
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