You are here
Dollar rampage spurs FX interventions, speculation of big G7 move
By Karin Strohecker and Sujata Rao
Thursday, March 19, 2020
LONDON -- From Brazil to Norway, policymakers are leaping to defend currencies against the onslaught of the dollar, which scaled three-year peaks today, raising speculation that a joint move by the world's biggest central banks may be in the offing.
Unlikely, most market-watchers say. But these are unusual times, and Norway's central bank earlier in the day threatened to intervene to lift the crown, a step it hasn't taken in more than 20 years.
... Dispatch continues below ...
Transfer Assets and Own Gold and Silver Coins
and Bars in the Safest Way
GoldCore's mission statement since 2003 has been to protect and grow the wealth of our clients, and given growing monetary, cyber, and systemic risks, it is increasingly important to take delivery or have legal title and outright ownership of fully segregated coins and bars.
On all investment and pension purchases and gold and/or silver coin and bars transfers (from banks, ETFs, and digital gold providers) worth more than $10,000 stored in GoldCore Secure Storage in Zurich, Switzerland, we are now offering Secure Storage for free for six months and the gift of a silver bullion coin -- a beautiful, legal tender, 1-ounce Silver Eagle.
GoldCore does not report transactions to any authority, and safety, privacy, and confidentiality are paramount when we are entrusted with safekeeping of our clients' precious metals.
Please visit GoldCore here for more information about this offer:
Key information regarding GoldCore Secure Storage, our partner vaults and jurisdictions, and storage rates is here:
For further information, please email the GoldCore team at email@example.com or call our trading desk:
The warning followed the crown's 30% plunge versus the dollar in less than three weeks, though oil's price collapse contributed.
But the dollar's brutal ascent -- up 6.5% this month against a basket of peers -- has sent almost every other currency reeling. Amid the crisis caused by worries about how badly the coronavirus pandemic will hit the world economy, investors, and companies around the world have been scrambling to get their hands on the market's most liquid currency. ...
Could the answer lie in large-scale global intervention to tame the greenback?
Most top central banks, with the exception perhaps of Switzerland, are committed to letting markets determine exchange rates. Yet many welcomed Norway's shift; Danske Bank economist Frank Jullum urged it to buy crowns "by the bucketful."
One issue is that piecemeal central bank interventions are often doomed to fail as individual economies usually lack the firepower to influence currency markets for any length of time But shock-and-awe moves such as the coordinated Group of Seven moves to weaken the yen, seen after the 9/11 terror attacks or the 2011 Japan tsunami, have worked. ...
... For the remainder of the report:
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 firstname.lastname@example.org.
* * *
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 email@example.com.
* * *
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: