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U.S. stock clearinghouse suspends certificate repatriation
7:33p ET Thursday, April 2, 2020
Dear Friend of GATA and Gold:
The Depository Trust & Clearing Corp., which stores most stock certificates and settles most securities transactions in the United States, has suspended all securities repatriation services since March 23 and announced on March 28 that these services will remain suspended until at least April 6. The suspension was attributed to difficulties arising from the virus epidemic sweeping the world.
So anyone who wants to take possession of stock certificates or transfer them to the possession of someone else is out of luck for the time being.
... Dispatch continues below ...
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This is a situation that gold advocate and mining entrepreneur Jim Sinclair of JSMineset.com often warned against years ago.
The DTCC says all the rest of its services remain operational, though in recent years some investors and corporate officials have complained that those services include facilitating naked short selling.
In an update on the DTCC's internet site dated March 28 --
-- DTCC President and Chief Executive Officer Michael C. Bodson says:
"Due to ongoing concerns related to the COVID-19 virus, we have taken the decision to extend the suspension of all physical processing services until, at the earliest, Monday April 6, 2020.
"DTC requests that participants and transfer agents not send certificates via messenger, courier services, or U.S. Postal Service to DTC until further notice as DTC will not have a mechanism to accept or perform any transaction processing.
"Further details are provided in Important Notice B13161-20: Temporary Suspension of All DTC Physical Securities Processing. This notice supersedes important notice B#13153-20 distributed on March 26, 2020, announcing the re-opening of physical processing, which is no longer accurate.
"All other DTC services remain business as usual. DTCC remains open and we continue to provide uninterrupted access to our products and services to our clients across the globe. Further details are provided in the Physical Securities Processing FAQ (3/30/2020)."
Of course this is hardly the only company that has been hobbled in some way by the virus epidemic, and with luck things will get back to normal everywhere in a few months. But in the meantime the ultimate proof of the ownership of most stock shares in the United States is not available and hypothecation and rehypothecation of shares may become even easier.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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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:
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?
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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 --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at email@example.com.
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