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https://www.dtss.us/blog/the-federal-reserve-bank-is-corrupt/
https://schiffgold.com/guest-commentaries/shock-theres-corruption-at-the-fed/
April 28 (Reuters) - The Federal Reserve on Friday blamed the deregulatory zeal that occurred during the Trump era for contributing to the second-largest bank failure in U.S. history, appearing to take a clear stand on an acrimonious policy divide in Washington.
https://www.reuters.com/business/finance/us-fed-points-finger-trump-era-rollback-svb-demise-2023-04-29/
Hi Mr Bond, this may well be the case,,but as we all know from past events what should happen and what actually happens are very different!
Michael Lee, Founder of Michael Lee Strategy and a former Morgan Stanley VP, said, “I don’t see how First Republic opens as First Republic on Monday morning.”
In an interview with Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, Lee claimed that the U.S. has not seen the last of the banking crisis, which started in March with the closure of three banks: Silvergate, Silicon Valley Bank, and Signature.
“You’ll see a lot less small savings banks, across the country,” he forecast. “We could get the number of banks [across the U.S.] cut in half, just from consolidation… that collapse in lending that you’re going to see countrywide is what is going to slow the economy down. It’s what is going to get inflation under control.”
https://www.kitco.com/news/2023-04-28/First-Republic-meets-its-end-financial-calamity-will-send-gold-above-5k-Michael-Lee.html
Turkey has seen a surge in gold demand in the past year as citizens embraced the precious metal as a hedge against inflation, which ran at a pace of over 85% at one point last year, and local currency devaluation.
The central bank's data showed that gold reserves fell 9% in the last seven weeks.
https://www.kitco.com/news/2023-04-28/Turkey-is-selling-off-its-gold-reserves-to-meet-surging-domestic-demand.html
Kitco. Michael Lee.First Republic meets its "end", "financial calamity" will send gold above $ 5 K.
A little extreme, but worth a read .
If you can be bothered.
Interesting indeed goldgnome
They talk about corrective action to prevent what.......last time I checked if a bank makes wrong decision on its business model and investments, either is rescued by the tax payers or fail. This is how a capitalistic free market should work, and on the rescued by the tax payers I don't agree either. Any corrective action from authorities can only shrink the profit or delay the inevitable failure.
POG has received a big push from recent Banks troubles but imv there are some dark forces at play right now trying to mitigate the inevitable...
Last week I was expecting that, after US GDP number came out so low. the U$D index was going lower, in stead the opposite reaction happened and interestingly POG immediately lost $10/15.
There must be some US big banks if not the Fed directly, playing at some particular right moments of trading with futures, to make sure USA keeps its hegemony and dictatorship on the rest of the world.
They call them "the illuminate" I call them financial mafia.
Looking at POG price action imo it is clearly showing a battle between shorter and fundamental support, coming from physical buying.
Although recently POG technical analyses gave a RSI divergence signal, its level is now coming down close to oversold, which should at least signal some strong support at these prices.
Sure if not macroeconomics, a shock from banking sector can put POG to a higher level, many tips of iceberg out there, even the huge debits of car manufacturers or housing developers eventually will connect to banks...
Well Mr Tibbles, German conflict arms tech perhaps should consider suing Russia and Iran for un/licensed use. ha ha.
The engine for drones that Russia is using in Ukraine is based on stolen technology, experts said.
Conflict Armament Research said the German technology was stolen by Iran in 2006.
https://uk.yahoo.com/news/russias-iranian-made-drones-powered-143414868.html
"In a Sun Tzu 2.0 environment, it is no wonder the Russia-China strategic partnership exhibits no intention of interrupting the enemy when he is so busy defeating himself."
One govt report on the bank failures ... interesting read
https://www.gao.gov/assets/820/819616.pdf
posted 5h ago
Mustafa Hawwa - Underground Mine Geologist at Centamin Egypt / Sukari Gold Mines
We are so lucky to attend the visit of Dr/ Brett Davis at Sukari Gold Mines
https://www.linkedin.com/posts/mustafa-hawwa-17ab65230_we-are-so-lucky-to-attend-the-visit-of-dr-activity-7058120341621022720-Z3yz
related video (talks about Sukari at the end)
https://youtu.be/PsehgIgvO84
Deposit-scale structural analysis: rants and ravings
Brett Davis, Structural Geology Consultant, Olinda Gold Pty Ltd
https://www.linkedin.com/posts/brett-davis-9a264513_a-shameless-plug-for-molly-turko-phd-and-activity-7056683484911714304-b1sQ
Yes, I think this is the tip of a very predictable iceberg. Three banks in the U.S. (Silicon Valley Bank, Signature Bank and Silvergate) have collapsed since early March, a few more to go is the hot rumours coming out of the US
News wires are reporting the US Federal Deposit Insurance Corporation (FDIC) is preparing to place First Republic Bank under receivership.
In simple terms, San Francisco-based First Republic Bank is facing collapse.
Its shares crashed 43 per cent by the close of trade in Friday New York trade.
There are global ructions in banking.
With over $US200 billion ($302.34 billion) worth of assets and roughly 7,000 employees, its financial distress is taken very seriously by the authorities.
If it winds up, it will be the third bank collapse in the US this year...more to come
Recapping the SVB causes if failure ...
the Federal Reserve’s anti-inflation obsession causing it to raise interest rates too high and too fast;
the inherent fragility of banking, which for centuries has periodically erupted in crises;
inadequate regulation of this fragile system, which often leads to high profits that accrue to banks and their wealthy owners;
the corruption and self-dealing that often result from banks’ insufficient supervision; and
the lack of public alternatives for financial institutions and services that could perform many of the key functions of banking and finance with less risk and without the private financiers taking their cut.
https://truthout.org/articles/three-banks-have-now-collapsed-a-progressive-economist-explains-why/
Regulating banks is not that hard. The politics of it is the hard stuff ...
https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/
More to come, ho hum, business as usual, and incidentally when will the Fed Reserve become accountable?
The Gnome
Thanks Tony.
Things could escalate very rapidly.
Next week who knows .
https://www.reuters.com/business/finance/us-regulator-set-take-over-first-republic-source-2023-04-28/#:~:text=People%20walk%20past%20a%20First%20Republic%20Bank%20branch,person%20familiar%20with%20the%20matter%20said%20on%20Friday.
11,928 views 28 Apr 2023
In this week’s Live from the Vault, Andrew Maguire is joined by the President of the Gold Silver Pros, Robert Kientz, who questions the agenda behind the centralised electronic currency and its possible interference with citizens’ privacy and freedom.
The two precious metals educators discuss the available solutions to address the potential collapse of the inflation-ridden Western economy, considering it might be time to allow for an alternative monetary system to enter this conversation.
https://www.youtube.com/watch?v=to5TksYmwiE&t=3s
FILE PHOTO: The sign of Beijing Stock Exchange is seen at its entrance during an organised media tour, in Beijing, China February 17, 2022. REUTERS/Florence LoReuters
LONDON (Reuters) - Uncertainty over the economic outlook and the banking sector prompted investors to move money back into cash and gold in the week to Wednesday, according to BofA Global Research.
But the current environment is tricky to trade, as evidenced by a push into perceived risky assets such as tech stocks and the largest inflows into Chinese equities in well over a year, BofA's note, which cited data from EPFR, said on Friday.
There were $52.3 billion of inflows to cash funds in the week, a resumption of inflows after one-off outflows a week earlier, and also $200 million of inflows to gold.
There have been $634 billion of inflows into cash in the year to date compared to $11 billion for the whole of 2022.
Meanwhile, in the week to Wedensday there were $6.1 billion of inflows to Chinese equity funds, the most since January 2022, and $1.2 billion of inflows to tech funds, the most since November 2022.
"Under the surface it's starting to get scary, but we all know what the Big Tech horsemen can do to P&L before we blow up," BofA said.
Stronger-than-expected earnings from big tech and growth companies this week including Alphabet Inc, Microsoft Corp and Meta Platforms Inc have supported markets despite jitters in the U.S. banking sector. [.N]
Meanwhile, Chinese stocks have been rising this week, ahead of an expected record-high travel rush over the Labour Day holiday, as fears around geopolitical tensions eased a touch and markets rebounded from last week's dips after data showed an uneven economic recovery. [.SS]
BofA also flagged the ever louder shouts of recession from U.S. yield curves, noting that the for the first time since 1981 every U.S. yield curve has been inverted for over six months
It also said the current 170 basis point gap between the U.S. 3-month and 10-year yield had been exceeded on just 125 days in the past 100 years.
(Reporting by Alun John; Editing by Amanda Cooper and Mark Potter)
https://money.usnews.com/investing/news/articles/2023-04-28/investors-pile-into-cash-but-snap-up-chinese-stocks-in-tricky-markets
Copyright 2023 Thomson Reuters.
Tags: funds, United States, Europe
https://thecradle.co/article-view/24080/de-dollarization-kicks-into-high-gear
Glad you see the point.
Kitco.Investors pile into cash,but snap up Chinese stocks in tricky markets .Well worth a read.
Have a good enjoyable weekend all.
https://www.newsfilecorp.com/release/163921
Some serious players here that could actually grow into something significant plus have assets in Côte d’Ivoire and ground in Egypt- maybe they could clean up CEY or certainly get them to get on and actually do something
Bah.
Don't be drawn into the narrative by gold bug delusionists who say China is rising up into some global leader - especially its rate controlled (pegged) currency which stands unmoved at just over 2% of global payments according to SWIFT. https://www.swift.com/
Indeed the yuan's share of cross border payments rose to a 13 year high but dig deeper into the why and you'd see the ratio is based on the volume of all types of transactions, which includes security trading thru mainland and Hong Kong capital markets . It doesn't represent transactions used by the rest of the world i.e. sales of goods and services which in the real world contribute to GDP numbers.
China is a communist wasteland of economic manipulation that for some reason appeals to gold bug aficionados who are waiting eternally and joyfully for the demise of capitalism - ironically to their own doom should it ever happen.
A related story:
PUBLISHED APRIL 25, 2023
Ontario Teachers' Pension Plan (OTPP), #Canada's 3rd largest pension fund, closed down its #China equity investment team based in Hong Kong last week
The Hong Kong’s Securities and Futures Commission (SFC) website shows licenses of five employees of the C$247-billion($182-billion) pension fund were revoked on April 18.
The staff were with OTPP’s proprietary trading team in Hong Kong, covering Greater China stocks, two of the sources said.
The decision comes amid growing tensions between China and the West and a challenging equity investment environment due to the rising global interest rates. It also comes as more foreign investors trim their China exposure amid persistent geopolitical risks.
https://www.theglobeandmail.com/business/article-ontario-teachers-pension-plan-has-closed-down-its-china-equity/
If you aren't convinced look at Xi's resent visit with Putin. What world leader coddles up to and praises the closest thing to Hitler 2.0 we've seen since WW2 ? China can go F itself.
Just watch the sinking of the US$...term : dedollarisaton
US jobless data is just one of the many pieces of data that impacts markets and gold/silver etc. It's impact is generally less than say NFP monthly data (unless wildly an outlier), but, like another data, it's impact depends on the state of any other data released at the same time and/or the state of many any data points at the time of release.
As always- life is never as simple as your question requests alas.
If the last low was 99p,how can it's next leg start here at 107p ?!!!!!!!!!!!!!!!!.Another thing,does the U.S. jobless figures really make that much difference to these shares on a short or long term basis ?.
All data released is lagging data, the US Jobless less so than most as weekly stat