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Paris and Berlin lead fight to dilute EU's stricter bank capital rules

By Sam Fleming and Martin ArnoldFinancial Times, LondonTuesday, June 8, 2021Several 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...

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Craig Hemke at Sprott Money: Hints that Basel 3 is curtailing Comex gold shorting

9:54p ET Tuesday, June 8, 2021Dear 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.... Dispatch continues below...

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1933 Double Eagle gold coin sells for record $18.9 million

From ReutersTuesday, June 8, 2021A 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.... Dispatch continues below ...Asante Gold Acquires Key Exploration Landon Ashanti and...

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Ed Steer: No silver eagle sales for the last two months

10:15p ET Monday, June 7, 2021Dear 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-monthsCHRIS POWELL, Secretary/TreasurerGold Anti-Trust Action Committee...

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Basel 3 already has demolished claims that central banks don't rig the gold market

5:31p ET Monday, June 7, 2021Dear 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.Some observers foresee an explosion in the gold price, likely carrying...

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Pam and Russ Martens: The Wall Street-captured Fed consolidates its power under Biden

By Pam and Russ MartensWall Street on ParadeMonday, June 7, 2021Janet 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.... Dispatch continues below...

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Barrick CEO hopes Papua New Guinea gold mine will restart this year

From Reutersvia Yahoo News, Sunnyvale, CaliforniaFriday, June 4, 2021TORONTO -- 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...

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If bullion banks are trading for governments, their nominal cash losses don't matter

5:40p ET Friday, June 4, 2021Dear 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...

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Ronan Manly: Central banks operate in stealth at the heart of London gold market

7p ET Thursday, June 3, 2021Dear Friend of GATA and Gold:Bullion Star's Ronan Manly today notes that the purpose of the London gold market is to conceal everything important that happens in it so as to facilitate surreptitious control of the gold price by central banks using imaginary gold.Manly also notes the uselessness of the World Gold Council to gold mining companies and gold investors. Manly writes that the council "is truly...

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Russia cuts dollar holdings from wealth fund amid sanctions

By Evgenia PismennayaBloomberg NewsThursday, June 3, 2021Russia said it will eliminate the dollar from its oil fund to reduce vulnerability to Western sanctions just two weeks before President Vladimir Putin holds his first summit meeting with U.S. leader Joe Biden.The National Wellbeing Fund will shift its dollar holdings into euros, yuan, and gold, Finance Minister Anton Siluanov said.... Dispatch continues below ...ADVERTISEMENTBuy,...

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Global food prices post biggest jump in decade

By Emiko TerazonoFinancial Times, LondonThursday, June 3, 2021Global food prices surged by the biggest margin in a decade in May as one closely watched index jumped 40 percent, raising fears of further food inflation later in the year.The year-on-year leap in the U.N. Food and Agriculture Organization's monthly food price index was the largest since 2011 and signalled that inflation initially stoked by pandemic disruption is...

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India's gold revamp pushes on as spot trading draws closer

By Swansy Afonso and Ranjeetha PakiamBloomberg NewsThursday, June 3, 2021India is moving closer toward setting up spot contracts for gold, finalizing rules for trading and providing the world's second-biggest consumer a firmer grasp over setting the price of bullion.The gifting of gold at weddings and festivals, and its purchase as a store of value are deeply held traditions in India, and the country has been trying to overhaul its...

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U.S. money market funds struggle as short-term rates near negative territory

By Colby Smith and Joe RennisonFinancial Times, LondonWednesday, June 2, 2021A sector of the U.S. finance industry that looks after $4 trillion of savings for individuals and businesses has come under severe strain as U.S. markets flirt with negative interest rates.Money market funds investing in short-term government debt have taken in hundreds of billions of dollars of new money from savers in recent months. But there is stiff...