Daily Dispatches

Fed cuts main interest rate to near zero and will boost assets by $700 billion

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By Craig Torres and Rich Miller
Bloomberg News
Sunday, March 15, 2020

The Federal Reserve swept into action on Sunday in a new bid to save the U.S. economy from the fallout of the coronavirus, cutting its benchmark interest rate by a full percentage point to near zero and promising to boost its bond holdings by at least $700 billion.

Biggest move coming soon for gold and silver, GATA chairman tells USAWatchdog

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By Greg Hunter
USAWatchdog.com
Sunday, March 15, 2020

Bill Murphy, chairman of the Gold Anti-Trust Action Committee (GATA), says: Don't worry about the recent price drop forced on the markets by the gold cartel with naked short selling. It’s not going to keep prices down for long.

Customers return to Hong Kong's protest-hit jewellery shops to sell their gold as coronavirus pushes prices sky-high

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By Enoch Yiu
South China Morning Post, Hong Kong
Sunday, March 15, 2020

Hong Kong's jewellers, who took a big hit from months of anti-government protests, have found their shops busy again this year.

But the new customers are not shopping for bracelets, wedding rings, or earrings. They are there to sell their gold jewellery.

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Mortgage rate rise increases pressure for Fed intervention

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By Robert Armstrong and Brendan Greeley
Financial Times, London
Saturday, March 14, 2020

U.S. mortgage rates have risen to the highest level in months despite recent Federal Reserve interest rate cuts, complicating the central bank's efforts to stimulate the U.S. economy as the spread of coronavirus curtails business activity.

The plumbing behind financial markets is creaking -- loudly

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By Tommy Wilkes
Reuters
Sunday, March 15, 2020

LONDON -- The coronavirus panic is jolting stock markets, with steep drops in major indexes grabbing the public’s attention. But behind the scenes, there is less understood and potentially more worrying evidence that stress is building to dangerous levels in crucial arteries of the financial system.

Is this the end of gold or the end of gold market rigging?

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1:41p ET Saturday, March 14, 2020

Dear Friend of GATA and Gold:

How much of last week's smash in monetary metals prices was caused by what seems to be the primary explanation for it -- selling required to meet margin requirements for positions in other markets that were falling amid the worldwide virus panic?

Gold falls as futures are sold aggressively while buying of coins and bars surges

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By Mark O'Byrne
GoldCore, Dublin
Friday, March 13, 2020

Gold started yesterday well and started falling only at 11:30 GMT, ending the day 4 percent lower. The selloff was once again solely a futures market phenomenon as government mints, refineries, and gold bullion brokers around the world, including GoldCore, saw significant demand for coins and bars -- and very little selling.

Bullion Star infographic: Central bank gold buying and repatriation

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By Torgny Persson
Bullion Star, Singapore
Friday, March 13, 2020

Gold buying by central banks is at a 50-year high, with sovereign gold buyers having added a net 650 tonnes of physical gold to their strategic monetary reserves in each of the years 2018 and 2019.

Venezuela removed 6 tonnes of central bank gold at turn of year, sources tell Reuters

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By Corina Pons and Mayela Armas
Reuters
Thursday, March 12, 2020

CARACAS -- The Venezuelan government removed some 6 tonnes of gold from the central bank's vaults between late 2019 and early 2020 to raise more hard currency for President Nicolas Maduro's cash-strapped administration, according to two government sources familiar with the movement.

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Alasdair Macleod: The journey to monetary gold and silver

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By Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, March 12, 2020

Markets are just beginning to latch on to the economic consequences of the coronavirus. Central banks are slashing interest rates and beginning to throw new money into the mix and governments are increasing deficit spending.

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