Pam and Russ Martens: The 'market' is now the NYFed's trading desk

Section:

Mission Creep or Creepy Mission: The New York Fed's Trading Desk Has Ballooned to $6.59 Trillion Today from $576 Billion in 2008

By Pam and Russ Martens
Wall Street on Parade
Friday, December 11, 2020

Few Americans are aware that the central bank of the United States, the Federal Reserve, has its own trading desk in New York that interacts every business day with the trading desks of the giant Wall Street banks.

When Americans think of massive trading operations, names like JPMorgan, Goldman Sachs, Morgan Stanley, UBS, and Citigroup come to mind. But if we measure trading desks by the value of their portfolio holdings, these global banks are pikers compared to the Fed's trading desk, operated by one of its 12 private regional banks, the Federal Reserve Bank of New York.

... Dispatch continues below ...


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VanGold Has Cleared the Pinguico Shaft to Adit Level 7
at El Pinguico Silver and Gold Project in Mexico

Company Announcement
Tuesday, December 8, 2020

VANCOUVER, British Columbia, Canada -- VanGold Mining Corp. announces that it has completed clearing the Pinguico shaft to adit Level 7 at its El Pinguico silver and gold project, located 7 kilometers south of Guanajuato, Mexico.

The company has cleared fallen rocks and debris to adit Level 7 to access this area of the El Pinguico mine. This shaft was one of three exterior shafts that were used historically at the mine prior to production, which ended in 1913.

VanGold Director Hernan Dorado Smith said: "The importance of having access to Level 7 from the Pinguico shaft cannot be overstated. This is the first time in decades that this area of the mine -- the highest-grade mine in the Guanajuato region when it was in production -- has been accessible for exploration and development. We are very excited about sampling the bottom of the underground stockpile to improve and verify our understanding of the overall grade of that material. We are equally excited to sample the remaining vein material left in support pillars at this location (including areas of the Colmillo Stope) when mining ceased in 1913." ...

... For the remainder of the announcement:

https://vangoldmining.com/news/newshome/56-2020-news/605-anoldasuccessfu...



Using the New York Fed's own annual reports to obtain the data, we can report that the bank's trading desk has grown from $576 billion in holdings of domestic securities as of December 31, 2008, at the peak of the last financial crisis, to $6.59 trillion as of December 9, 2020.

And according to the New York Fed's most recent financial statement, its trading desk's domestic securities holdings have spiked by $15.9 billion in just the past week. ...

... For the remainder of the report:

https://wallstreetonparade.com/2020/12/mission-creep-or-creepy-mission-t...

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Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

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Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651...

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

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Help keep GATA going:

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