You are here

Treasury secretary says coronavirus creates no need for market intervention

Section: Daily Dispatches

Forget the virus. Do the creation and distribution of infinite money create a need for intervention in the gold market?

* * *

By David Lawder, Lindsay Dunsmuir, and Andrea Shalal
Wednesday, March 11, 2020

WASHINGTON -- U.S. Treasury Secretary Steven Mnuchin said banking regulators are looking at various possible short-term regulatory actions in response to the fast-spreading coronavirus outbreak, but he saw no need for intervention in financial markets.

"We see no need for any intervention in the markets," Mnuchin told reporters after a U.S. House Appropriations Committee hearing, noting that the Federal Reserve had already put liquidity into the market.

... Dispatch continues below ...


Buy, Sell, or Store Precious Metals with Money Metals Exchange

Money Metals Exchange, a national bullion dealer recently voted "Best in the USA" by a worldwide ratings group --

-- is a great low-cost source for precious metals coins, rounds, and bars. Money Metals also pays handsomely when you wish to sell your precious metals.

Shop online with Money Metals Exchange here --

-- or by calling 1-800-800-1865.

Meanwhile, Money Metals Depository will store your precious metals in a segregated account at low cost:

"The Fed has already acted significantly in putting lots of liquidity into the market," he said, adding that he was in daily contact with Federal Reserve Chair Jerome Powell.

The Fed has already put more liquidity into the banking system by increasing its daily cash injections into short-term money markets to ensure an ample supply of bank reserves.

It also cut interest rates by half a percentage point last week in its first emergency rate move since the height of the 2008 financial crisis.

Mnuchin said he convened what he called "a regular call" of the President's Working Group on Financial Markets on Tuesday. "It was intended to make sure we understood what was going on from all the regulators," he told reporters.

Members of the working group, a subset of the Federal Stability Oversight Council, include Mnuchin, Powell, Federal Reserve Bank of New York President John Williams, Securities and Exchange Chairman Jay Clayton, and other regulatory officials.

The full council will hold an open meeting on March 23 to discuss the resilience of the markets and the economic impact of COVID-19, the medical acronym for the disease caused by the coronavirus.

* * *

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:

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

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

* * *

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 --

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

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit: