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Daily Dispatches

Jim Rickards: The real price of gold is not what you see on your screen

Section: Daily Dispatches

By James G. Rickards
The Daily Reckoning, Baltimore
Tuesday, March 2, 2021

What's the price of gold?

That seems like a ridiculously easy question to answer. I'm looking at a trading screen right now, and it displays a price of $1,733.80 per ounce.

That price may change a bit by the time you read this, but it would only take a fresh glance at the screen to get the new price. Case closed.

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Rick Rule seems to be coming around on metals market manipulation

Section: Daily Dispatches

10:24p ET Thursday, March 11, 2021

Dear Friend of GATA and Gold:

Interviewed this week by Tom Bodrovics for Palisades Gold Radio, mining entrepreneur Rick Rule, who has often scoffed at complaints about manipulation of the monetary metals markets, seemed fairly persuaded about manipulation of the silver market anyway.

As gold fell 6% in February, BIS gold swaps hit record high

Section: Daily Dispatches

By Robert Lambourne
Thursday, March 11, 2021

The recently reported February statement of account of the Bank for International Settlements discloses that the bank's use of gold swaps increased to about 552 tonnes, which appears to be a record high, slightly ahead of the estimate of 545 tonnes reported at the end of December. 

This record high in BIS gold swaps came in a month that saw a 6% decline in the gold price, which fell from $1,844.13

As shown by Table B below, the BIS trades significant amounts of gold swaps on a regular basis.

ECB signals faster money printing to keep lid on yields

Section: Daily Dispatches

By Balazs Koranyi and Francesco Canepa
Wednesday, March 10, 2021

FRANKFURT, Germany -- The European Central Bank said on Thursday it was ready to accelerate money-printing to keep a lid on euro zone borrowing costs, signalling to sceptical markets it was determined to lay the foundation for a solid economic recovery.

Craig Hemke at Sprott Money: A bottom or THE bottom in Comex gold?

Section: Daily Dispatches

2:53p ET Wednesday, March 10, 2021

Dear Friend of GATA and Gold:

The TF Metals Report's Craig Hemke, writing today at Sprott Money, examines charts and futures market position reports to discern whether gold has just bounced off a short-term or long-term price bottom. The situation for the monetary metal looks pretty good to him either way. 

Hemke's analysis is headlined "A Bottom or THE Bottom in Comex Gold?" and it's posted at Sprott Money here:

Banks find it more profitable to service the Fed than to lend to the real economy

Section: Daily Dispatches

Federal Reserve Policy Is Smothering Private Lending

By Judy Shelton
The Wall Street Journal
Monday, March 8, 2021

The Federal Reserve's seeming willingness to provide inexhaustible financing of U.S. government debt is raising concerns about future inflation. Record-breaking growth in the money supply from the Fed's quantitative-easing bond purchases threatens price stability. But an even greater risk -- one that goes to the heart of economic opportunity under democratic capitalism -- is the effect of Fed decisions on private bank lending.

Today's bounce in monetary metals is significant, Turk tells KWN

Section: Daily Dispatches

4:15p ET Tuesday, March 9, 2021

Dear Friend of GATA and Gold:

GoldMoney founder and GATA consultant James Turk, commenting to King World News, finds significant today's bounce in gold and silver prices. Turk says silver is especially undervalued. His comments are posted at KWN here:

GATA presses Bank of England, UK Treasury for answers on gold leasing

Section: Daily Dispatches

12:55p ET Tuesday, March 9, 2021

Dear Friend of GATA and Gold:

A week ago your secretary/treasurer wrote to the press offices of the Bank of England and the United Kingdom Treasury Department, asking two questions:

-- Have the Bank of England and the Treasury's Exchange Equalisation Account (or any agency answering to the bank or the Treasury) leased gold in the last 12 months? 

-- Has any leased gold been returned to the bank, the Treasury, or any agency answering to them in the last 12 months?

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Bank of America, Morgan Stanley win dismissal of metals spoofing litigation

Section: Daily Dispatches

By Jonathan Stempel
Thursday, March 5, 2021

NEW YORK -- A federal judge in Manhattan today dismissed litigation by traders and trading firms accusing Bank of America Corp. and Morgan Stanley of manipulating the precious metals futures market by placing trades and then cancelling them before execution, or "spoofing."

U.S. District Judge Lewis Liman in Manhattan said the June 2019 lawsuit over alleged spoofing in gold, silver, platinum, and palladium futures from 2007 to 2014 was filed long after the two-year federal statute of limitations had run out.

Ronan Manly: Scotia unloads New York vault but remains part of the London metals cartel

Section: Daily Dispatches

7:22p Monday, March 8, 2021

Dear Friend of GATA and Gold:

Bullion Star researcher Ronan Manly writes today that while the Bank of Nova Scotia has given up its New York Commodities Exchange metals vault in New York, the bank -- contrary to what news reports have suggested -- has not gotten out of the monetary metals business as a consequence of its U.S. conviction for market manipulation.