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 | Rob Kirby - Kirby Analytics |
Forensic Examination of the Gold Carry Trade  |
| Friday, October 16, 2020 |
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| Graham Summer - Gains Pains & Capital |
| Cryptocurrency Bank AriseBank To Acquire 100 Year Old FDIC Bank; Partner With BitShares. |
| Intro by Vince Lanci
via the Soren K. Group at Marketslant.com
The Next Revolution is already Happening
Over the past few weeks, I've had the pleasure of meeting the next revolutionaries in the democratization of money. This was while looking to understand better the guts of the blockchain tech and how it differed from crypto to crypto. I had the pleasure of meeting with and speaking to several people involved with Bitshares and those involved at the periphery with Arisebank. During that tMonday, August 13, 2018 |
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 | Chris Powell - GATA |
| U.S. Libor exposures larger than thought at $200 trillion |
| A committee of large banks tasked with helping U.S. derivatives markets move away from reliance on the London interbank offered rate (Libor) said today that the benchmark rate underpins more derivatives and loans than previously thought, adding to the need to reduce its influence.
The Alternative Reference Rates Committee said that around $200 trillion in U.S. dollar-based derivatives and loans are based on Libor, with derivatives accounting for around 95 percent of the exposures.
That is 25 perMonday, March 5, 2018 |
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| Chris Powell - GATA |
| Ambrose Evans-Pritchard: Libor surge nears danger level for debt-drenched world |
| The stress signals of the global credit system are flashing amber. The offshore dollar funding markets that lubricate world finance are facing an incipient squeeze.
The "Libor-OIS spread," watched carefully by traders, has risen to levels reached during the onset of the Chinese currency crisis in early 2016 and during the onset of the Italian and Spanish funding crisis in late 2011.
The three-month rate for dollar Libor (London Interbank Offered Rate) used to price a vast nexus of financial coThursday, March 1, 2018 |
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 | Keith Weiner - Monetary Metals |
| Gold is a Giant Ouija Board |
| We have been promising to get back to the topic of capital destruction, which we put on hiatus for the last several weeks to make our case that the interest rate remains in a falling trend. Today, we have a different way of looking at capital destruction.
Socialism is the system of seeking out and destroying capital. Redistribution means taking someone’s capital and handing it over as income to someone else. The rightful owner would steward and compound it, not consume it. But the recipient of uMonday, February 26, 2018 |
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| Chris Powell - GATA |
| FDIC sues 16 banks alleging LIBOR manipulation in Doral Bank collapse |
| A U.S. regulator on Tuesday filed a lawsuit against 16 U.S. and international banks alleging they had manipulated bbaLIBOR, which is a series of interest-rate benchmarks, leading to the collapse of Puerto Rico's Doral Bank.
The Federal Deposit Insurance Corp., which brought the suit in its capacity as receiver for Doral Bank, alleged that the rate rigging harmed Doral by causing substantial losses with regard to its loan portfolio and derivative holdings.
The suit is the latest in a long line ofWednesday, February 21, 2018 |
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| Keith Weiner - Monetary Metals |
| Take It To The Bank: Interest Rates Won’t Rise |
| How Not to Predict Interest Rates
We continue our hiatus from capital destruction to look further at interest rates. Last week, our Report was almost prescient. We said:
The first thing we must say about this is that people should pick one: (A) rising stock market or (B) rising interest rates. They both cannot be true (though we could have falling rates and falling stocks).
We write these Reports over the weekend. At the time of last week’s writing session, Friday’s close on the S&P was 2757 (fuMonday, February 12, 2018 |
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| Keith Weiner - Monetary Metals |
| The Fed’s Passive Aggressive Play |
| Singing the song of rising rates
Last week, we took a break from the theme of the consumption of capital, for our annual Outlook 2018 report. We are going to leave the topic for one more week, while we address a market move which is on everyone’s mind.
Are interest rates now in a rising cycle?
The Fed has been singing the song of rising rates since Yellen hinted at it in September 2014. The Fed’s first hike was December 2015. Here is a graph showing the Fed Funds Rate, which the Fed controls, wiMonday, February 5, 2018 |
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 | Mark O'Byrne - gold.ie |
| Gold Bullion Price Suppression To End Bullion Bank Traders Arrested For Manipulating Market |
| – CFTC fines UBS, HSBC and Deutsche Bank millions of dollars each for gold price manipulation – Deutsche Bank ‘engaged in a scheme to manipulate the price of precious metals futures contracts’– UBS ‘attempted to manipulate the price of precious metals futures contracts’– HSBC engaged ‘in numerous acts of spoofing with respect to certain futures products in gold and other precious metals’– Gold ‘experts’ continue to deny legal rulings, evidence amassed by GATA, admissions by banks and central banThursday, February 1, 2018 |
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| Keith Weiner - Monetary Metals |
| Shut Down Shoddy Debt |
| We have been discussing the consumption of capital. We again must say:
“We see people eating more of the seed corn.”
Right now as we write this on Saturday afternoon, the US government has “shut down”, due to a political impasse on the legislation to fund its continuing operations. Government funding is a mix of taxing and borrowing. Government borrowing provides a segue into another mechanism of capital consumption.
Legitimate credit requires that the lender both know and approve. Do holders ofMonday, January 22, 2018 |
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| Keith Weiner - Monetary Metals |
| Quantum Change in Gold Demand Continues |
| Short-term interest rates have been relentlessly rising since the second half of 2015. For example, 3-month LIBOR was 0.28% in July of that year. It is now 1.7%. This is just a result of the Fed centrally planning our economy, managing our interest rate for us.
Long-term rates have not moved. The 10-year Treasury yield in July 2015 was 2.5%. It is now … 2.5%.
The direct result of this is to compress the profit margins of banks. Banks borrow short to lend long—they may borrow at LIBOR to buy 10-yTuesday, January 9, 2018 |
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| Chris Powell - GATA |
| Chris Powell: London update on gold market manipulation |
| * * *
The slides for this presentation are posted here:
http://gata.org/files/GATA-Powell-Mines&MoneyLondonSlides-11-29-2017.pdf
* * *
SLIDE 1
All you really need to know about gold could have been surmised from a story on the front page of The Wall Street Journal on August 10:
http://www.gata.org/node/17562
SLIDE 2
In that story the newspaper quoted four experts on the gold market, all of them associates of the Gold Anti-Trust Action Committee and all of them introduced to the newspaper's repWednesday, November 29, 2017 |
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| Chris Powell - GATA |
| Chris Powell: The essentially prohibited questions about the price of gold |
| Remarks by Chris Powell
Secretary/Treasurer, Gold Anti-Trust Action Committee Inc.
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday, October 25, 2017
All you really need to know about gold could have been surmised from a story on the front page of The Wall Street Journal on August 10:
http://www.gata.org/node/17562
http://www.gata.org/files/WallStreetJournalFrontPage-08-11-2017.jpg
In that story the newspaper quoted four experts on the gold market, all of them assocThursday, October 26, 2017 |
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| Chris Powell - GATA |
| Barclays sued by fund for $850 million in metals market abuse |
| Red Kite Management Ltd., the world's largest metals hedge fund, is suing Barclays for alleged market abuse in the copper market that it claims cost the firm at least $850 million between 2010 and 2013.
The case pits a $2 billion hedge fund against a bank that has been hit by a number of scandals in previous years, including large fines for manipulating Libor, the benchmark for interest rates.
Red Kite, whose co-founder is the former treasurer of the U.K. Conservative Party, alleges that BarcFriday, October 20, 2017 |
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| Keith Weiner - Monetary Metals |
Thoughtful Disagreement with Ted Butler  |
| Dear Mr Butler:
In your article of 2 October, entitled Thoughtful Disagreement, you say, “someone will come up with the thoughtful disagreement that makes the body of my premise invalid or the price of silver will validate the premise by exploding.” I will take you up on your request.
You state your case in this paragraph:
“Here are the issues. Silver (and gold) prices are set by paper dealings on the COMEX by a few large speculators (banks and managed money traders), to the exclusion of input fWednesday, October 4, 2017 |
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 | Ronan Manly - Bullion Star |
| LBMA Silver Price Benchmark – Changes, but no Wider Participation |
| On 21 September, ICE Benchmark Administration (IBA) announced that it will take over the administration of the daily LBMA Silver Price benchmark auction beginning Monday 2 October. This LBMA Silver Price auction is the successor to the former London Silver Fix auction. The auction takes the form of trading unallocated silver positions on an electronic platform. The resulting price from the daily auction provides a daily silver price reference rate or benchmark which is used widely throughout theFriday, September 29, 2017 |
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| Sprott Money |
 Jamie Dimon Speaks Out Against “Money From Thin Air” - Rory Hall |
| If ever there was person that knows and understands fraud, money for
nothing and crimes against humanity it would be Jamie Dimon, President,
JPMorgan Chase. Under Dimon’s watchful eye, the banksters organization
has paid fines – which is to say been found guilty of crimes – for
rigging the LIBOR market (fraud), drug money laundering (crimes against humanity) and rigging the FOREX currency market (both crime against humanity and fraud). Now Dimon wants to share his wisdom about bitcoin and cWednesday, September 27, 2017 |
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 | Rory Hall - Sprott Money |
| Jamie Dimon Speaks Out Against “Money From Thin Air” - Rory Hall |
| If ever there was person that knows and understands fraud, money for
nothing and crimes against humanity it would be Jamie Dimon, President,
JPMorgan Chase. Under Dimon’s watchful eye, the banksters organization
has paid fines – which is to say been found guilty of crimes – for
rigging the LIBOR market (fraud), drug money laundering (crimes against humanity) and rigging the FOREX currency market (both crime against humanity and fraud). Now Dimon wants to share his wisdom about bitcoin and cTuesday, September 26, 2017 |
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| Keith Weiner - Monetary Metals |
| Monetary Metals Fund Leases Silver at 1 |
| Gold Exponential Fund utilizes Monetary Metals leasing program
Scottsdale, Ariz, September 7, 2017—Monetary Metals announces that its Gold Exponential Fund™ is leasing silver at a cost of 1% per annum. By leasing metal, the Fund adds a fixed-cost tier to its capital structure. The Fund has access to leverage at a rate well under LIBOR, and hence below the cost of other funds.
The Fund obtained the metal via another Monetary Metals entity, which provides gold financing to businesses and pays a fiMonday, September 11, 2017 |
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| Keith Weiner - Monetary Metals |
| The Forking Paradise |
| A month ago, we wrote about the bitcoin fork. We described the fork:
Picture a bank, the old-fashioned kind. Call it Acme (sorry, we watched too much Coyote and Road Runner growing up). A group of disgruntled employees leave. They take a copy of the book of accounts. They set up a new bank across the street, Wile E Bank. To win customers, they say if you had an account at Acme Bank, you now have an account at Wile, with the same balance!
This fork came about from a disagreement among the bitcoinThursday, September 7, 2017 |
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