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Daily Dispatches
Paris and Berlin lead fight to dilute EU's stricter bank capital rules
Submitted by admin on Tue, 2021-06-08 22:45 Section: Daily DispatchesBy Sam Fleming and Martin Arnold
Financial Times, London
Tuesday, June 8, 2021
Several European Union states are fighting a last-ditch battle to thin down the bloc's most significant change in banking regulation for a decade, as Brussels prepares to set out long-awaited legislation.
The proposed rules will introduce a new capital minimum, or floor, making it harder for banks to use their own internal calculations to decide the size of their capital base.
Craig Hemke at Sprott Money: Hints that Basel 3 is curtailing Comex gold shorting
Submitted by admin on Tue, 2021-06-08 21:56 Section: Daily Dispatches9:54p ET Tuesday, June 8, 2021
Dear Friend of GATA and Gold:
The TF Metals Report's Craig Hemke reports tonight at Sprott Money that "Basel 3" Net Stable Funding Ratio regulations appear staged for implementation by banking regulators in the United States on July 1 and that the banks trading gold futures on the New York Commodities Exchange appear to be steadily closing their short positions.
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1933 Double Eagle gold coin sells for record $18.9 million
Submitted by admin on Tue, 2021-06-08 14:27 Section: Daily DispatchesFrom Reuters
Tuesday, June 8, 2021
A 1933 Double Eagle gold coin sold for a record-setting $18.9 million at auction in New York on Tuesday, and the world's rarest stamp went for $8.3 million.
The coin, the only 1933 Double Eagle ever allowed to be privately owned, was expected to sell for between $10 million and $15 million at the Sotheby's auction.
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Ed Steer: No silver eagle sales for the last two months
Submitted by admin on Mon, 2021-06-07 22:17 Section: Daily Dispatches10:15p ET Monday, June 7, 2021
Dear Friend of GATA and Gold:
GATA board member Ed Steer's weekend commentary in his Gold and Silver Digest letter is headlined "No Silver Eagle Sales For the Last Two Months" and it's posted in the clear at GoldSeek's companion site, SilverSeek, here;
https://silverseek.com/article/no-silver-eagle-sales-last-two-months
Perth Mint has some gold now, having bought King Henry, world's largest known gold specimen, for A$3 million
Submitted by admin on Mon, 2021-06-07 21:32 Section: Daily DispatchesBy Jarrod Lucasa
Australian Broadcasting Corp., Sydney
Tuesday, June 8, 2021
The world's largest-known gold rock specimen, dubbed King Henry after it was unearthed at a West Australian mine three years ago, has gone on permanent display after being sold to the Perth Mint for $3 million.
The 94-kilogram specimen is named after air-leg miner Henry Dole, who discovered the gold-encrusted rock half a kilometre below the surface at the Beta Hunt mine in Western Australia's Goldfields.
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Basel 3 already has demolished claims that central banks don't rig the gold market
Submitted by admin on Mon, 2021-06-07 17:19 Section: Daily Dispatches5:31p ET Monday, June 7, 2021
Dear Friend of GATA and Gold:
Many predictions are being offered about the impact of the "Basel 3" regulations on "unallocated gold" that have been proposed by the Bank for International Settlements and that the European Banking Authority has scheduled for implementation in the European Union at the end of this month.
Pam and Russ Martens: The Wall Street-captured Fed consolidates its power under Biden
Submitted by admin on Mon, 2021-06-07 11:19 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Monday, June 7, 2021
Janet Yellen, the current U.S. Treasury secretary, is also the chair of the Financial Stability Oversight Council, which includes every Wall Street regulator. Before coming to the Treasury Department, Yellen was the chair of the Federal Reserve and had spent the bulk of her working career at the Fed or the San Francisco Fed.
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Basel 3's approach tightens gold supply in London, trader Maguire says
Submitted by admin on Fri, 2021-06-04 22:46 Section: Daily Dispatches10:43p ET Friday, June 4, 2021
Dear Friend of GATA and Gold:
Central banks in Russia, China, and other countries are increasing their competition for physical gold in the London market as the implementation of the Basel 3 regulations on "unallocated" gold draws near, bullion trader Andrew Maguire says in his weekly interview with Shane Morand for Kinesis Money.
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Barrick CEO hopes Papua New Guinea gold mine will restart this year
Submitted by admin on Fri, 2021-06-04 17:55 Section: Daily DispatchesFrom Reuters
via Yahoo News, Sunnyvale, California
Friday, June 4, 2021
TORONTO -- Barrick Gold Corp. Chief Executive Mark Bristow said today he hoped the Porgera gold mine in Papua New Guinea could restart this year, after holding talks with PNG Prime Minister James Marape and local landowner groups.
Under an agreement reached in April, the PNG government took a 51% share in the mine, ending a year-long standoff with operator Barrick Niugini Ltd. (BNL), whose lease Marape had refused to renew.
If bullion banks are trading for governments, their nominal cash losses don't matter
Submitted by admin on Fri, 2021-06-04 17:33 Section: Daily Dispatches5:40p ET Friday, June 4, 2021
Dear Friend of GATA and Gold:
Alasdair Macleod's weekly gold market report for GoldMoney concludes today that the bullion banks are having trouble closing their short positions on the New York Commodities Exchange and that their attack on the metal this week did not help them much, since "managed money" traders did not substantially increase their long positions.
So the banks, Macleod writes, are "deepening their losses" in gold futures.
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