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and now a 27k buy, all within the space of half an hour.......always good to see bigger buys when the price drops. Happy to see people are still confident of the upside. Would be nice to see the price of gold turn blue today.
I wonder if the implementation of Basel 3 will be of any use for long since I believe our banking system is on borrowed time. That’s why I don’t buy banking shares.
The 'moral hazard' of printing money has effectively gone from an economic policy perspective. Governments have already vowed never to bail banks out again - we'll see. They won't be required to sell the government's bonds for them and the government will have a digital currency and decide how much money the economy needs. The traditional way of increasing the money supply through the banking system will be gone.
People will continue their rush into assets – my preference is for precious metals to hold at home. I need to open an account with a supplier and supply identification now in order to buy. That only used to be the case over a certain value. That’s a nice little register to hand over to the authorities so they can come knocking on my door and demand it’s my patriotic duty to stand and deliver because they’ve bust the nation. I’ve got my response ready, though: ‘Oh, I have got some but I’ve mislaid it all. I’m such a dizzy airhead, but I’m pretty sure I buried it in the vegetable plot. You’ll find the spades in the garage, boys.’ I hope they turn up before planting time.
Aoife
Nice to see some bigger buys coming in this morning, one for 21k and one for 23k. Nice levels to top up at.
lta100,
Yes there are a lot of chairs changing hands on the Titanic. Funny about that.
The smokes and mirrors dont seem to do the same old trick, as they used.
I am expecting the pack of cards to need a restructure.
best
the Gnome.
Thanks mrtibbles, just off to the chiropractor and then will start to have a read through
Swiss banks drop unallocated gold to prepare for Basel III rules, London metals trader Maguire says
Submitted by cpowell on Thu, 2021-01-28 21:04 Section: Daily Dispatches
9:04p ET Thursday, January 28, 2021
In this interview with Shane Morand for Kinesis Money, London metals trader Andrew Maguire explains why the "Basel III" financial stability rules, which are soon to be imposed by the Bank for International Settlements, will push major banks out of the "daisy chain" of unallocated gold contracts and into physical gold holdings by the end of June.
https://www.gata.org/node/20845
https://arcadiaeconomics.com/andrew-maguire-what-basel-iii-means-for-gold-silver-2/
The LBMA although granted an extension until Jan 2022 will still be affected by BaseL 3 in June 2021 because all of Europe will be complying then, despite the pandemic!
https://www.eba.europa.eu/sites/default/documents/files/document_library/Publications/Reports/2020/961423/Basel%20III%20reforms%20-%202019Q4%20update%20and%20Covid%20impact.pdf
LBMA used the the pandemic as an excuse to get and extension until Jan 2021
https://www.fxstreet.com/analysis/will-the-lbma-receive-an-exemption-from-basel-iii-rules-202101291828
https://www.investing.com/analysis/basel-iii-gold-the-dollar-and-the-great-reset-200567220
28th June is the implemenation date for the Net Stable Funding Ration (NSFR), I think the LBMA may have an extension granted for that but not sure on the detail. Gold on the balance sheet is affected as it is not classed as a high quality liquid asset (bonds are for example). It is primarily liquidity related regulation for banks, which is part of a broader set of Capital Requirements Regulations. Some of those other deadlines go out for a few years yet (they have been running in some BCBS from since about 2010), depend upon the size of the bank implementing (bigger is earlier) and there have been some extensions up to a year for covid too. It is all a bit of a quagmire. The BIS website is the place to start, but beware that banks have teams dedicated to going through all this paperwork (and ultimately trying to find cheapest way around it).
Jim Rogers is not only one of the most successful investors of our era, he's also an avid scholar of history.
Seeing that the world is buried under an unprecedented mountain of debt that is requiring more and more central planner intervention to keep from imploding on itself, Jim says history is clear on what happens next.
A clearing of the debt either via massive default, or destruction of the currency it's denominated in.
He looks into the future and sees a terrible reckoning ahead; one he predicts will be "the worst economic crisis of my lifetime" -- and Jim is 78 years old.
So where should investors look to preserve the purchasing power of their wealth against what's coming?
Jim highly recommends precious metals and other commodities as an important part of the solution. As an overall index, commodities are the cheapest they've ever been vs the general stock market in over half a century.
Like many of the previous guest experts on our program, Jim maintains the near-term environment will be one of the most challenging times to invest in our lives.
Which is why he's emphatic that now, more than ever, is the time to partner with a financial advisor who understands the risks in play, can craft an appropriate portfolio strategy for you given your needs, and apply sound risk management protection where appropriate.
https://www.youtube.com/watch?v=zoGHNQvh4B0
https://www.youtube.com/watch?v=BfZh-Y-tBgM
https://www.youtube.com/watch?v=KdtlEjvRA9o
https://www.advisoryhq.com/articles/basel-i-ii-iii-iv/
https://www.pwc.com/gx/en/advisory-services/basel-iv/regulatory-toolbox-crvd-crrii.pdf
https://www.wallstreetmojo.com/basel-iii/
https://www2.deloitte.com/mm/en/pages/risk/articles/basel-iii-to-basel-iv.html
Hello everyone, was looking into basel 3 and everyone mentions 28th June for implementation but all the documents I was looking at state 1st Jan 2023. I'm obviously missing something, can anyone point me in the right direction