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Daily Dispatches
At King World News, analyst Stephen Leeb cites JPM's heavy gold derivatives
Submitted by admin on Sat, 2023-03-25 12:14 Section: Daily Dispatches12:22p ET Saturday, March 25, 2023
Dear Friend of GATA and Gold:
Market analyst and fund manager Stephen Leeb, interviewed this week at King World News, discusses JPMorganChase's heavy involvement in gold derivatives and speculates that the bank's short position in gold may be greater than all the bank's other assets combined.
"They're trying to control the price of gold," Leeb says, adding that the monetary metal's rising price could be an existential threat to the bank.
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Central banks take metal out of London on every price smash, Maguire says
Submitted by admin on Sat, 2023-03-25 12:04 Section: Daily Dispatches12:03p ET Saturday, March 25, 2023
Dear Friend of GATA and Gold:
On Kinesis Money's "Live from the Vault" program this week, London metals trader Andrew Maguire says that every time the gold price is slapped down sharply, central banks are buying and removing real metal from members of the London Bullion Market Association -- metal that then becomes unavailable for leasing and shorting, tightening supply.
The program is 40 minutes long and can be seen at YouTube here:
Thinking interest rate increases are done, traders pile into (paper) gold
Submitted by admin on Sat, 2023-03-25 11:13 Section: Daily DispatchesTraders Pile into Bets on Gold Price Rally
By Nicholas Megaw
Financial Times, London
Saturday, March 25, 2024
Traders are betting on further increases in the price of gold after it touched a 12-mnth high this week, as investors predict the U.S. Federal Reserve's cycle of interest rate rises is over and seek safe havens during banking sector turmoil.
Hedge funds seen targeting Deutsche Bank amid 'irrational' slide
Submitted by admin on Sat, 2023-03-25 11:02 Section: Daily DispatchesBy Giulia Morpurgo and Laura Benitez
Bloomberg News
Friday, March 24, 2023
Deutsche Bank AG shares fell and the cost of insuring its debt against default rose in sudden moves that some attributed to hedge funds seeking to profit from the broader turmoil roiling the financial industry.
The German bank’s shares fell as much as 15% before paring losses to end the day down 8.5% in Frankfurt.
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Swiss franc fades leaving gold as haven currency
Submitted by admin on Fri, 2023-03-24 14:07 Section: Daily DispatchesSwiss Franc Grapples With Safe-Haven Identity Crisis After Credit Suisse
By Samuel Indyk
Reuters
Friday, March 24, 2023
LONDON -- The Swiss franc hasn't lived up to its safe-haven reputation during the Credit Suisse collapse, as investors have sought shelter elsewhere, bringing more of a boost to the value of the gold in Switzerland's bullion vaults than to its currency.
Money managers ditched the Swiss franc at the fastest rate in two years last week in the run-up to the dramatic takeover of Credit Suisse by UBS.
Yellen calls stability council meeting amid banking-sector turmoil
Submitted by admin on Fri, 2023-03-24 12:27 Section: Daily DispatchesBut wasn't the banking system strong just the other day?
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By Christopher Condon
Bloomberg News
Friday, March 24, 2023
Treasury Secretary Janet Yellen was to convene the heads of top US financial regulators this morning for a previously unscheduled meeting of the Financial Stability Oversight Council.
Alasdair Macleod: The great credit unwind and the Fed's hidden pivot
Submitted by admin on Fri, 2023-03-24 12:14 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Friday, March 24, 2023
We are all now aware that the global banking system is extremely fragile. Driving bank failures is contracting credit, which in turn drives interest rates higher. Though it is not generally appreciated, central banks have failed to suppress them.
Some regional banks have failed in the US and the run on Credit Suisse’s deposits has forced the Swiss authorities into forcing a reluctant rescue by UBS. Undoubtedly, as the great credit unwind plays out, there will be more rescues to come.
Powell and Yellen say banking system is sound as another big bank teeters
Submitted by admin on Fri, 2023-03-24 11:42 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Friday, March 24, 2023
The reassurances of Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen that the U.S. banking system is sound, stand in sharp contrast to what is happening in markets.
This week the shorts have found another easy new global bank target to try to take down after making a bundle of money betting against Credit Suisse, which was taken over for 82 cents a share on Sunday by its Swiss competitor, UBS.
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New York Sun: Mike Lee's moment to curb the Fed
Submitted by admin on Thu, 2023-03-23 20:05 Section: Daily DispatchesFrom the New York Sun
Wednesday, March 23, 2023
https://www.nysun.com/article/the-federal-reserve-mike-lees-moment
Craig Hemke at Sprott Money: Monetary madness endgame
Submitted by admin on Wed, 2023-03-22 14:57 Section: Daily Dispatches2:52p ET Wednesday, March 22, 2023
Dear Friend of GATA and Gold:
As the Federal Reserve slowly backs away from raising interest rates, the TF Metals Report's Craig Hemke writes at Sprott Money today that the Keynesian era of monetary management is coming to an end in the long-expected uncontrolled inflation.
Hemke's analysis is headlined "Monetary Madness Endgame" and it's posted at Sprott Money here:
https://www.sprottmoney.com/blog/Monetary-Madness-Endgame-2023-03-22
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