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The Most Found Lost Mine
Is it just me friends or do these Lost Dutchman Mine tales just get better and better.
Just amazes me the fortunes made and spent around this mine to present day.
If you can find an hour to watch this one it will be well worth it.
The Mystery Of The Lost Dutchman's Gold Mine In Southwest America | Myth Hunters
The Most Found Lost Mine
Is it just me friends or do these Lost Dutchman Mine tales just get better and better.
Just amazes me the fortunes made and spent around this mine to present day.
If you can find an hour to watch this one it will be well worth it.
The Mystery Of The Lost Dutchman's Gold Mine In Southwest America | Myth Hunters
Recent and Upcoming McEwen Mining and McEwen Copper Presentations
Thursday, August 22, 2024 4:05 PM PDT
GLOBENEWSWIRE
TORONTO, Aug. 22, 2024 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) and McEwen Copper Inc. are pleased to announce their participation in Fastmarkets’ “Argentina: An emerging powerhouse for copper and lithium” webinar and in three upcoming industry conferences.
In the Fastmarkets webinar (available here), McEwen Mining’s CEO and Chief Owner Rob McEwen participated in a panel discussion exploring Argentina’s vast copper and lithium reserves and how these resources are positioning the country as a pivotal player in the global energy transition.
For the upcoming conferences, Rob McEwen will be joined by Michael Meding, Vice President and General Manager of McEwen Copper. Rob McEwen will provide insights into McEwen Mining’s projects and operations, while Michael Meding will present on the Los Azules copper project.
Jefferies Global Metals & Mining Conference, September 4-5, 2024, New York, NY
Presentation Details Date: Wednesday, September 4, 2024 Time: 3:40-4:10 PM EDT Link: https://wsw.com/webcast/jeff303/mux/1724250 (Recording will be available at this location for 90 days following the presentation)
H.C. Wainwright 26th Annual Global Investment Conference, September 9-11, 2024, New York, NY
Presentation Details Date: Monday, September 9, 2024 Time: 7:00-7:30 AM EDT Link: https://journey.ct.events/view/631ba475-0941-405b-9ed4-c1bc35dde713 (Recording will be available at this location for 90 days following the presentation)
2024 Beaver Creek Precious Metals Summit, September 10-13, 2024, Beaver Creek, CO
Presentation Details Date: Tuesday, September 10, 2024 Time: 4:15-4:30 PM MDT (6:15-6:30 PM EDT) Event Link: https://www.gowebcasting.com/C1664 (Presentations will be archived at https://www.precioussummit.com)
The links to these presentations will also be available on our company’s Media page:
https://www.mcewenmining.com/media/overview[
https://www.mining.com/press-release/?id=66c7d12b93921002d58ad41c
Copper theme song by artifracts
starring my cat "Goldilocks" hehe
Powell rate cut guidance day
Good morning
Argentina to sign deal with US to boost metals mining
Bloomberg News | August 21, 2024 | 9:52 am News Latin America USA Copper Lithium
Argentina will sign an agreement with the US to draw more investment and trade in critical-minerals mining, a State Department official said, part of an ongoing US effort to boost supply chains for the metals that don’t involve China.
President Javier Milei’s government will sign the agreement with the US during a visit to Argentina this week by US Under Secretary of State Jose Fernandez. Argentina has vast resources of copper and lithium but has only tapped a tiny portion of them.
The agreement with Argentina will make it easier for the nation to work with countries in the Minerals Security Partnership, a US-led grouping that includes 14 countries and the European Union. The strategy aims to ease dependence on China for minerals that go into electric vehicle batteries and solar panels by linking foreign investors with mining projects and adhering to strict environmental standards.
“It’s a way for Argentina to literally make pitches to 14 countries and the EU in one fell swoop,” Fernandez said in an interview before the announcement. “Producing countries want the kinds of investments that we’re proposing, investments that will benefit communities, that will bring growth, that will observe national laws.”
Fernandez will also travel to Ecuador and Peru for meetings on trade, investment, sustainable agriculture and a separate regional initiative known as the Americas Partnership for Economic Prosperity.
Launched in 2022, the US-led minerals push has so far resulted in high-level talks but few tangible investments. And while Milei is adamant about aligning with Washington, it will be tough to draw Argentina out of Beijing’s orbit given China is its largest trading partner after Brazil.
Before the announcement, the State Department welcomed people to register for a Minerals Security Partnership forum event in Buenos Aires on Aug. 23 to “learn more about lithium and copper extraction opportunities in Argentina.” Describing the country as a global leader for new resource development, it added that “there are many lithium and copper projects available for investment across several provinces.”
The minerals agreement doesn’t address Argentina’s inability to qualify for incentives for lithium production under the US Inflation Reduction Act of 2022, a law aimed in part at speeding EV adoption. Argentina is currently locked out of those benefits because it doesn’t have a free-trade deal with the US, and Argentine officials have been seeking access.
(By Eric Martin)
https://www.mining.com/web/argentina-to-join-us-group-for-spurring-metals-investments/
Good Morning
Coldplay - Viva La Vida (Live In São Paulo)
Argentina to sign deal with US to boost metals mining
Bloomberg News | August 21, 2024 | 9:52 am News Latin America USA Copper Lithium
Argentina will sign an agreement with the US to draw more investment and trade in critical-minerals mining, a State Department official said, part of an ongoing US effort to boost supply chains for the metals that don’t involve China.
President Javier Milei’s government will sign the agreement with the US during a visit to Argentina this week by US Under Secretary of State Jose Fernandez. Argentina has vast resources of copper and lithium but has only tapped a tiny portion of them.
The agreement with Argentina will make it easier for the nation to work with countries in the Minerals Security Partnership, a US-led grouping that includes 14 countries and the European Union. The strategy aims to ease dependence on China for minerals that go into electric vehicle batteries and solar panels by linking foreign investors with mining projects and adhering to strict environmental standards.
“It’s a way for Argentina to literally make pitches to 14 countries and the EU in one fell swoop,” Fernandez said in an interview before the announcement. “Producing countries want the kinds of investments that we’re proposing, investments that will benefit communities, that will bring growth, that will observe national laws.”
Fernandez will also travel to Ecuador and Peru for meetings on trade, investment, sustainable agriculture and a separate regional initiative known as the Americas Partnership for Economic Prosperity.
Launched in 2022, the US-led minerals push has so far resulted in high-level talks but few tangible investments. And while Milei is adamant about aligning with Washington, it will be tough to draw Argentina out of Beijing’s orbit given China is its largest trading partner after Brazil.
Before the announcement, the State Department welcomed people to register for a Minerals Security Partnership forum event in Buenos Aires on Aug. 23 to “learn more about lithium and copper extraction opportunities in Argentina.” Describing the country as a global leader for new resource development, it added that “there are many lithium and copper projects available for investment across several provinces.”
The minerals agreement doesn’t address Argentina’s inability to qualify for incentives for lithium production under the US Inflation Reduction Act of 2022, a law aimed in part at speeding EV adoption. Argentina is currently locked out of those benefits because it doesn’t have a free-trade deal with the US, and Argentine officials have been seeking access.
(By Eric Martin)
https://www.mining.com/web/argentina-to-join-us-group-for-spurring-metals-investments/
Good Morning
Coldplay - Viva La Vida (Live In São Paulo)
Bill Holter Your Standard of Living Will Be Decimated
Premiered 15 hours ago
Patrick Vierra from Silver Bullion Television spoke with precious metals analyst and expert Bill Holter. Bill went over the economy and why silver and in particular what kinds of silver you should own as an investment and an insurance. With a very uncertain economic outcome one thing is for sure, things look to get worse and if unprepared your standard of living will be decimated. It's time to protect your wealth.
Bill Holter Your Standard of Living Will Be Decimated
Premiered 15 hours ago
Patrick Vierra from Silver Bullion Television spoke with precious metals analyst and expert Bill Holter. Bill went over the economy and why silver and in particular what kinds of silver you should own as an investment and an insurance. With a very uncertain economic outcome one thing is for sure, things look to get worse and if unprepared your standard of living will be decimated. It's time to protect your wealth.
My cat Goldilocks says "Get Out Meow"
Shouldn't their be human being involvement with these mining stocks
My cat Goldilocks says "Get Out Meow"
Shouldn't their be human being involvement with this stock
Urgent Update: This Starts Monday – My Most Important Video of the Year!
Welcome to the Sunday show.... Take it away Steven
Let me know when the machines start buying...Thanks~
Data from the Fed’s Emergency Funding Program Shows Spring 2023 Banking Crisis Was Far Deeper than Americans Were Told
Federal Reserve Building in Washington, D.C.
By Pam Martens and Russ Martens: August 14, 2024 ~
It is now one of the unspoken but immutable dictates on Wall Street: with each new banking crisis, the Federal Reserve will quickly create an emergency bailout program and give it a three to four letter abbreviation so that it vanishes into an alphabet soup blur of Fed bailout programs that preceded it. The latest iteration came in the spring of 2023 in response to a run on federally-insured banks that federal regulators had allowed to get in bed with crypto and/or had allowed to binge on uninsured deposits. The Fed quickly launched the Bank Term Funding Program (BTFP) on March 12, 2023. BTFP joined the copious iterations from the Fed’s COVID-19 related bailouts and the Fed’s 2007-2010 bailouts with names like the Primary Dealer Credit Facility (PDCF), Commercial Paper Funding Facility (CPFF), Money Market Mutual Fund Liquidity Facility (MMLF), Term … Continue reading ?
https://wallstreetonparade.com/2024/08/data-from-the-feds-emergency-funding-program-shows-spring-2023-banking-crisis-was-far-deeper-than-americans-were-told/
Bulworth (2/5) Movie CLIP - Bulworth Raps (1998) HD
Tightly held intra-day mining plays
MARKET ACTIVITY
TSX +15.87 (0.07%) 22,634.05
TSX Venture -1.10 (0.20%) 544.56
ASX 200 +23.90 (0.31%) 7,850.70
S&P 500 -3.88 (0.07%) 5,430.56
BMO Junior Gold Index -0.01 (0.01%) 86.00
VanEck Jr Miners -0.45 (1.00%) 44.49
Sprott Junior Miners -0.45 (1.33%) 33.42
COMMODITY PRICES
Gold (US$/oz) -19.60 (0.78%) 2,488.20
Silver (US$/oz) -0.24 (0.85%) 27.55
Copper (US$/lb) +0.02 (0.41%) 4.07
Platinum (US$/oz) -11.60 (1.23%) 934.30
Palladium (US$/oz) -0.50 (0.05%) 924.00
COMPANY VOLUME LAST TRADE
Gowest Gold 3,288,150 $0.15
Osisko Mining 3,205,254 $4.79
Talon Metals 1,561,557 $0.10
Uranium Energy 1,091,810 $4.76
Denison Mines 842,370 $2.19
B2Gold 762,472 $3.54
Abitibi Metals 638,699 $0.38
New Gold 628,659 $3.25
Maritime Resources 531,000 $0.04
Aris Mining 525,529 $5.50
Fission Uranium 518,108 $0.97
Surge Battery Metals 464,715 $0.35
IAMGOLD 458,809 $6.61
Atomic Minerals 448,500 $0.04
Electric Light Orchestra - Hold On Tight (Official Video)
I see Paper gold stocks rallied and bond yields sank after the latest US inflation reading reinforced speculation the Federal Reserve will be able to deploy its widely anticipated interest-rate cut in September.
Nothing to do with miners or gold but everything to do with paper.
I see Paper gold stocks rallied and bond yields sank after the latest US inflation reading reinforced speculation the Federal Reserve will be able to deploy its widely anticipated interest-rate cut in September.
Nothing to do with miners or gold but everything to do with paper.
Hell is Coming
OK Steven what do you have for us this Sunday evening
Let me get my grains of salt maybe some lime and my favorite aged Milagro Reserve tequila .
I'm all set now let her rip Steven
Watch Now: I Just Received a Terrifying Email...
Intra-day mining plays
MARKET ACTIVITY
TSX +11.84 (0.05%) 22,237.45
TSX Venture -3.91 (0.72%) 537.68
ASX 200 +95.70 (1.25%) 7,777.70
S&P 500 -1.59 (0.03%) 5,317.71
BMO Junior Gold Index -0.89 (1.10%) 80.10
VanEck Jr Miners +0.16 (0.37%) 42.38
Sprott Junior Miners +0.21 (0.67%) 31.11
COMMODITY PRICES
Gold (US$/oz) +5.10 (0.21%) 2,468.40
Silver (US$/oz) -0.17 (0.62%) 27.44
Copper (US$/lb) +0.02 (0.59%) 3.98
Platinum (US$/oz) -10.20 (1.09%) 929.70
Palladium (US$/oz) -12.40 (1.37%) 896.00
HIGH VOLUME
COMPANY VOLUME LAST TRADE
B2Gold 7,850,472 $3.36
SolGold 2,782,254 $0.18
Radio Fuels Energy 2,022,000 $0.12
Uranium Energy 1,952,913 $4.48
IAMGOLD 1,569,781 $5.86
Kinross Gold 1,174,671 $11.60
i-80 Gold 914,854 $1.11
Hudbay Minerals 825,502 $9.98
Orosur Mining 776,000 $0.05
Calibre Mining 774,854 $1.97
Denison Mines 695,424 $2.07
Westgold Resources 682,733 $2.39
Ascendant Resources 637,210 $0.05
NexGen Energy 628,577 $7.68
Good Luck and
see you tonight unless we get rained out again.
Loved the high grade copper news and all of the Q2 report Love the transparency Rob always delievers,
However it has nothing to do with the Stock imo. Even during the conference call the sellers were busy selling away.
None of the actual mining news affects the controllers of the stock. Who work in collusion controlling the stock prices in all the mining producers.
Over the years they have stolen most of the value out of all the miners. Example Look at the U S largest and oldest silver miner they can barely hold a $5 buck SP.
Peeps don't understand paper gold and paper copper. The big news about MUX stock is the September interest rate cut maybe to long to wait forcing everyday Risk.
That whats important for us to make a profit here, Nothing to do with the miner. Everything to do with paper.
Therefore I see the entire controlled mining stock sector being sold down until the cut.
Also I'm not thrilled with Argentina leasing out their gold for such little profit and washing their pesos in U S dollars hoping the price will go up.
They have a 1.6 billion dollar note to pay buy the end of the year. I guess I just don't trust them.
Enjoy the joke
Banned $MUX Conference Call Questions
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174877672
Riding Midnight Mining Market Movers
MARKET MOVERS
COMPANY CHANGE LAST TRADE
Torex Gold Resources 0.33 1.67 $20.06
Snowline Gold 0.30 7.54 $4.28
China Gold Resources 0.23 3.26 $7.29
Nova Minerals 0.15 2.99 $5.07
Sigma Lithium 0.14 1.57 $9.05
Westgold Resources 0.12 5.00 $2.52
Mandalay Resources 0.11 4.62 $2.49
Artemis Gold 0.11 0.97 $11.43
Giant Mining 0.10 18.18 $0.65
Lavras Gold 0.09 5.23 $1.81
Hawthorn Resources 0.09 81.82 $0.20
Gunpoint Exploration 0.07 10.77 $0.72
Quimbaya Gold 0.06 13.64 $0.50
Yukon Metals 0.06 9.38 $0.70
West Mining 0.06 20.37 $0.33
After yesterdays mining dip buying todays"Carry Trade" fell flat.
After all What if Japan sneezes again and all the stars fall out of the sky hehe
Good Morning Hope you're enjoying the board
"Midnight Rider" with Vince Gill, Gregg Allman and Zac Brown
Former U.S. Labor Secretary Says Billionaires Have No Right to Exist Because their Wealth Comes from Five Illegal or Bad Practices
By Pam Martens and Russ Martens: August 7, 2024 ~
Robert B. Reich, the former U.S. Labor Secretary under President Bill Clinton, a bestselling author and Professor Emeritus at UC Berkeley, penned an essay in May on why billionaires should not exist. Reich declares that there are only five ways someone can become a billionaire. (Reich narrates his essay in the video below, complete with cool graphics.)
continues https://wallstreetonparade.com/2024/08/former-u-s-labor-secretary-says-billionaires-have-no-right-to-exist-because-their-wealth-comes-from-five-illegal-or-bad-practices/
How Much Wealth Is Too Much? | Robert Reich
Free Intra-day Mining Plays
MARKET ACTIVITY
TSX +135.03 (0.61%) 22,114.39
TSX Venture +0.52 (0.10%) 543.19
ASX 200 +19.20 (0.25%) 7,699.80
S&P 500 +49.52 (0.95%) 5,289.56
BMO Junior Gold Index -1.73 (2.11%) 80.15
VanEck Jr Miners -0.10 (0.24%) 42.33
Sprott Junior Miners +0.01 (0.03%) 30.79
COMMODITY PRICES
Gold (US$/oz) +3.00 (0.12%) 2,434.60
Silver (US$/oz) -0.21 (0.76%) 27.01
Copper (US$/lb) -0.07 (1.78%) 3.96
Platinum (US$/oz) +10.10 (1.1%) 930.30
Palladium (US$/oz) +25.60 (2.98%) 886.00
HIGH VOLUME
COMPANY VOLUME LAST TRADE
Snow Lake Resources 3,335,023 $0.55
Western Resources 3,071,104 $0.04
Uranium Energy 2,661,199 $4.57
Adyton Resources 2,064,000 $0.13
Portofino Resources 1,840,250 $0.02
ATEX Resources 1,245,600 $1.20
Ascot Resources 1,188,319 $0.43
Capstone Copper 1,144,890 $8.07
Denison Mines 1,056,901 $2.17
Kinross Gold 973,130 $11.47
Lundin Mining 961,202 $12.46
Maritime Resources 906,200 $0.04
ALX Resources 894,000 $0.02
Good Luck and
see ya tonight
Banned $MUX Conference Call Questions
1, I can understand the global correction that occurred in markets but losing $4.50 off the share price was way to excessive like a global casino .
I smell major predators, any thoughts ?
2.Can you explain Argentina selling their gold and washing their Pesos in US dollars hoping the price will go up. What happens if the price goes down ?
3. Where is director Ian Ball did he move to Argentina ?
Midnight Mining Movers
MARKET MOVERS
COMPANY CHANGE LAST TRADE
AngloGold Ashanti 1.23 4.62 $27.86
Critical Metals 0.78 8.85 $9.59
Newmont 0.56 1.19 $47.59
MP Materials 0.46 4.37 $10.98
Ero Copper 0.28 1.06 $26.66
Gold Fields 0.27 1.67 $16.47
Barrick Gold 0.22 1.28 $17.40
Dundee Precious Metals 0.22 1.88 $11.90
Coeur Mining 0.16 3.07 $5.38
U.S. GoldMining 0.16 2.85 $5.77
Piedmont Lithium 0.15 1.65 $9.25
Freeport-McMoRan 0.15 0.37 $41.02
U.S. Gold 0.14 2.76 $5.22
Contango ORE 0.12 0.65 $18.60
Metals Acquisition 0.12 1.11 $10.90
Looks as their was some brave buying the dip this AM but stocks flat lined in the afternoon.
Mining stocks are full of volatility so I'm just sitting this out at the oasis until theirs better recovery.
My braveness only goes so far Hehe
Maria Muldar - Midnight At The Oasis (1974)
I Mined A Bunch of Zinc & It Explained The REAL History of Cerro Gordo
In this video, we dive deep into the Zinc Era of Cerro Gordo. A period of time that doesn't get near the attention as the silver era, but was longer, and in many ways more productive.
I head down to the 700 level of the Union Mine to retrieve some smithsonite, refine the smithsonite all the way down to zinc, and use the zinc for it's most common uses. Along the way, we learn a lot more about the history of this famous mining town.
I guess during the funeral $MUX is going to deliver the Aug. 8th Earnings Report speech
Destinations unknown Intra day plays
Destination Calabria (feat. Crystal Waters) (Radio Edit)
MARKET ACTIVITY
TSX -373.25 (1.68%) 21,854.38
TSX Venture -15.75 (2.84%) 539.81
ASX 200 +31.00 (0.41%) 7,680.60
S&P 500 +73.05 (1.41%) 5,259.38
BMO Junior Gold Index -4.57 (5.39%) 80.15
VanEck Jr Miners -0.01 (0.01%) 42.07
Sprott Junior Miners -0.13 (0.43%) 30.52
COMMODITY PRICES
Gold (US$/oz) -19.10 (0.78%) 2,425.30
Silver (US$/oz) -0.07 (0.26%) 27.14
Copper (US$/lb) +0.04 (0.98%) 4.04
Platinum (US$/oz) +6.20 (0.68%) 921.70
Palladium (US$/oz) +31.90 (3.86%) 858.00
HIGH VOLUME
COMPANY VOLUME LAST TRADE
Uranium Energy 2,807,053 $4.49
Denison Mines 2,223,727 $2.19
Q Battery Metals 2,019,962 $0.01
Tearlach Resources 1,901,705 $0.02
Ascot Resources 1,650,442 $0.38
Kinross Gold 1,500,718 $11.74
Ivanhoe Mines 1,468,037 $15.36
Mega Uranium 1,299,645 $0.26
GoviEx Uranium 1,169,227 $0.05
Kermode Resources 1,112,120 $0.01
Lundin Mining 1,110,604 $12.63
Fission Uranium 1,050,160 $0.97
B2Gold 906,677 $3.87
Mogotes Metals 901,036 $0.18
Cameco 873,438 $52.26
see ya tonight
Nikkei Has Biggest Drop in History: Here’s What’s Causing the Global Market Selloff
By Pam Martens and Russ Martens: August 5, 2024 ~
Japan’s Nikkei stock market index fell a stunning 4,451.28 points in overnight trading, marking the worst tumble in point terms in the entire history of the Nikkei. In percentage terms, that was a one-day trading loss of 12.4 percent.
Dow futures took their cue from the selloff in overnight foreign markets and tumbled a breathtaking 1200 points by 8:26 a.m. in New York. When the market actually opened at 9:30 a.m. the Dow had shaved off 1,167 points in the opening five minutes. As of 9:40 a.m., the Nasdaq had lost 819.8 points or 4.89 percent.
Japanese traders were spooked by the sharp selloffs in U.S. markets on Thursday and Friday of last week, which were ushered in by bad economic data as well as the potential for a broader war in the Middle East.
On Thursday the Dow Jones Industrial Average fell 494.82 points or 1.2 percent while Nasdaq almost doubled that decline with a loss of 2.3 percent. The S&P 500 index closed with a loss of 1.4 percent.
Thursday’s selloff was fueled by the Institute for Supply Management (ISM) report that its measure of manufacturing activity had slumped to an eight-month low for the month of July, falling to 46.8 from a 48.5 level in June. A reading below 50 indicates a contracting manufacturing sector.
The reading cast more doubt on the Fed’s decision on Wednesday to hold steady on its high interest rates – pushing off the possibility of a Fed rate cut until September and raising the stakes for a full-blown recession in the U.S.
The markets were further unnerved on Friday morning at 8:30 a.m. when the monthly non-farm payroll report from the Labor Department’s Bureau of Labor Statistics (BLS) brought further hints of a recession. Non-farm payrolls had increased in July by a meager 114,000 – far below the average of 215,000 per month over the prior 12 months.
Friday’s economic data sent stock markets into another tailspin with the Dow losing 610.7 points or 1.51 percent; Nasdaq tumbling 417.9 points or 2.43 percent; and the S&P 500 (SPX) down 100.12 points or 1.84 percent by the closing bell.
The sharp two-day selloff in stocks sent traders into the safe-havens of gold and the 10-year U.S. Treasury note. As money moved into the 10-year U.S. Treasury note, its price moved higher with a concurrent drop in yield. From a 4 percent handle on Tuesday, the Treasury’s benchmark note is trading this morning to yield 3.70 percent. Gold’s December contract traded intraday on Comex on Friday at $2,522.50 an ounce – a new historic intraday high, before closing lower at $2,469.80.
Bitcoin, on the other hand, showed itself to be anything but a safe-haven trade or the much-touted substitute for gold. Bitcoin has fallen from a price level of more than $60,000 at the beginning of last week to around $50,000 this morning. To put that another way, Bitcoin is viewed just as risky – if not more risky – than stocks.
The CBOE’s Volatility Index known as the Vix is reflecting the wild gyrations in the stock market, moving from a range of 30 to 25 on Friday to spike as high as 65.73 this morning – the highest since the COVID-19 panic in 2020. As of 9:42 a.m. EDT, the Vix was trading at 54.16.
Not helping matters this morning is the fact that the megabanks on Wall Street are continuing their sharp losses from last week. (See chart below.) As of 9:37 a.m. this morning in New York trading, Citigroup is off by another 7.37 percent while Goldman Sachs has lost 6.96 percent. Citigroup, parent of the giant federally-insured Citibank, has now moved from a closing price of $64.30 last Monday to trading intraday this morning at $54.20 or a loss of 16 percent in a week.
Veteran traders on Wall Street remember that Citigroup was the megabank that destabilized the market in 2008, requiring secret infusions of $2.5 trillion in revolving loans from the Fed between December 2007 to July 2010 according to the eventual audit by the Government Accountability Office that was released to the public in July 2011. The bank’s stock traded as low as 99 cents in early 2009. (See our reporting on Citigroup’s woes as it happened in the fall of 2008.)
Also not helping the stock market was the headline at CNN on Saturday that suggested the U.S. could be drawn into a wider war in the Middle East. The news outlet wrote that “The US is sending a carrier strike group, a fighter squadron and additional warships to the Middle East as the region braces for an Iranian retaliation to the killing of a senior Hamas leader in Tehran earlier this week.”
Adding to market jitters was a report at CNBC on Saturday that Warren Buffett had raised his cash levels to an historic $277 billion after slashing his stock holdings.
All in all, not the stuff that bull markets are made of.
https://wallstreetonparade.com/2024/08/nikkei-has-biggest-drop-in-history-heres-whats-causing-the-global-market-selloff/
Black Friday Pat Travers
Commodities face contagion as global market meltdown deepens
Bloomberg News | August 5, 2024 | 3:58 pm Intelligence Markets Asia China Europe USA Copper Gold Oil & Gas
Commodities from copper and gold to crude oil tumbled, while paring back some of the losses, as global economic malaise dimmed the outlook for industrial demand and sent traders rushing to cash out of profitable positions.
Copper settled down 1.8% on the London Metal Exchange after slumping as much as 3.8%, with aluminum also falling. Benchmark oil futures dropped about 0.5%, after trading down 2.3% at the lowest level in seven months.
Raw material markets were dragged into a massive selloff on Monday as investors reacted to US data signaling a deterioration in the world’s biggest economy and speculation that Federal Reserve’s long-awaited pivot to more supportive monetary policy may come too late to prevent a major downturn in the US and beyond. The selloff tapered after fresh data showed the US services sector expanded in July.
“It’s just widespread panic,” said Phil Streible, chief market strategist at Blue Line Futures. “We’ve had record amounts of cash sitting on the sidelines,” with “bargain hungers” taking advantage of lower prices, he added.
For commodities linked to industrial cycles, such as copper, a hard-landing scenario would put fresh pressure on bulls who made bold bets on a surge in global demand earlier this year. Prices have already retreated about 20% from a peak seen in May as investors bailed out, and Monday’s fresh bout of selling took prices to the lowest in nearly four months. Mounting worries about economic growth across commodities markets have prompted hedge funds to turn predominantly bearish on a basket of key contracts for the first time since 2016.
“Markets like oil and copper appear to be pricing in a recession, which equity and bond markets are doing as well,” said Matthew Schwab, head of investor solutions at Quantix Commodities, a Greenwich, Connecticut-based hedge fund.
Still, some agriculture markets, such as soybeans and cocoa, rose on Monday.
Gold — which is up more than 15% this year and would typically benefit during bouts of economic weakness — was also hit hard earlier as investors closed out trades to cover losses elsewhere. That’s a common consequence during large-scale selloffs, and analysts said that the precious metal’s status as a haven should soon reassert itself if the turmoil continues.
A slump in the dollar could also boost gold and other commodities priced in the currency by expanding purchasing power for consumers in key markets like China.
“Commodities are getting hit by this risk-off event,” said Ryan Fitzmaurice, a senior commodities strategist at Marex. “But looking out on the horizon, a weaker US dollar and rate cuts could provide support for the asset class.”
If there is more negative US economic data and the Fed is forced to make significant interest rate cuts, that’s bullish for gold. Conversely, robust economic signals may delay the pace of any easing by central bankers, which would weigh on the yellow metal, according to Marcus Garvey, head of commodities strategy at Macquarie.
“I guess financial markets like to fix problems in advance by trashing prices on commodities to lessen inflation,” said Scott Shelton, an energy specialist at TP ICAP Group Plc.
(By Mark Burton, Alex Longley, Sana Pashankar and Devika Krishna Kumar)
https://www.mining.com/web/commodities-face-contagion-as-global-market-meltdown-deepens/
Cowboy Junkies - Sweet Jane (Official Video)
Bank of America Issues Dire Warning to All Customers: Act Immediately
Berkshire Dumped Nearly Half its Apple Shares plus Other Stocks into Final Burst of Rally, Bought T-Bills. Cash is King
by Wolf Richter • Aug 4, 2024 •
“You could conclude this is another sell signal. This was a far higher level of selling activity than we were expecting”: Edward Jones Investments.
By Wolf Richter for WOLF STREET.
Q2 was the seventh quarter in a row during which Berkshire Hathaway, Warren Buffett’s investment vehicle, shed stocks on net, this time a net of $76 billion in stocks. The proceeds went into T-bills, which grew by $81 billion, a blistering pace for a three-month period – to get out of Dodge? The stock market turned south in mid-July
Cash is king.
During Q2 through June 30, Berkshire Hathaway piled on an additional $81 billion in T-bills, according to Berkshire’s Q2 earnings release on Saturday. Its T-bill holdings:
Q2 2024: $235 billion
Q1 2024: $153 billion
Q4 2023: $130 billion
Q1 2022: $67 billion, when interest rates began to rise,
If Berkshire earned an average of 5.3% on its T-bills in Q2, that would be about $3 billion in interest income with zero risk, accounting for roughly 8% of its pre-tax net income of $38 billion.
Total cash – so T-bills, cash, and cash equivalent – jumped by $88 billion during Q2, to $277 billion, up from $189 billion in Q1 2024, having now more than doubled since Q1 2023 ($130 billion).
Buffett had said at the shareholder meeting in May that it was “a fair assumption” that Berkshire’s total cash and T-bill pile would exceed $200 billion by the end of Q2, and that he was “quite satisfied” with that position. And that has come to pass by a wide margin – with cash and T-bills having ballooned to $277 billion. Cash is king.
Clearly, Buffett took risk off the table and locked in profits, and collected 5%-plus interest on his ballooning cash.
Ditching Stocks.
Berkshire dumped on a net basis $75 billion of stocks in Q2.
Apple holdings took a massive hit. Berkshire dumped nearly half (roughly 390 million shares) of its remaining Apple shares in Q2 after having dumped 13% (116 million shares) in Q1, and about 1% (10 million shares) in Q4. Berkshire’s Apple holdings are now down to about 400 million shares, from 908 million shares that it had held two years ago.
This Apple trade has been huge and hugely profitable for Berkshire. It first disclosed purchasing Apple in 2016 when the shares were in the $26-range, give or take. On Friday, Apple closed at $219.86 a share.
The super-hyped event that Buffett was buying Apple in large amounts and kept buying Apple, and kept praising Apple, was in part responsible for driving up the price of Apple shares not only through the actual buying pressure from Berkshire, but also through the media hype that came with it.
Ditching Bank of America. In July through August 1, reported in separate filings and not included in the Q2 quarterly report, Berkshire also sold 8.8% (or about $3.8 billion) of its Bank of America holdings in a series of transactions.
“You could conclude this is another sell signal,” Jim Shanahan, an analyst at Edward Jones who covers Berkshire, told Reuters. “This was a far higher level of selling activity than we were expecting.”
In terms of Berkshire’s overall stock holdings at the end of Q2, about 72% were concentrated in five stocks:
Apple: $84.2 billion
Bank of America: $41.1 billion
American Express: $35.1 billion
Coca-Cola: $25.5 billion
Chevron: $18.6 billion.
Share buybacks grind down.
Berkshire repurchased just $345 million of its own shares in Q2, compared to share buybacks of $2.57 billion in Q1. Perhaps Buffett doesn’t deem the shares a good deal anymore, after they soared by 44% since the beginning of 2023.
Investment income drops, operating income rises.
Earnings from the companies that Berkshire owns (operating income) rose by 15% year-over-year to $11.6 billion, even as revenue inched up only 1% to $93.6 billion. Almost half of that profit came from its insurance empire, including GEICO, whose massive increases in premiums – what consumers have been complaining about for two years – and now reduced claims caused underwriting profits to more than triple!
But investment income, which is always volatile, fell by 28% in Q2 to $18.7 billion (from $25.9 billion a year ago). So net income fell by 15% year-over-year to $30.3 billion.
https://wolfstreet.com/2024/08/04/berkshire-dumps-nearly-half-its-apple-shares-plus-other-stocks-into-the-final-rally-proceeds-went-into-t-bills-cash-is-king/
Metallica - Nothing Else Matters 2007 Live Video Full HD
Ran across Cowboy Junkies today
This song brought me back to my early mining days at Magma Copper.
and how I felt at 19 years old realizing the muck bosses valued the dirt more than human life itself.
They used us to death.
Thought I'd share her beautiful voice
Cowboy Junkies - Mining For Gold (Official Audio)
Gold price surpasses $2,500 for first time ever
Staff Writer | August 2, 2024 | 8:19 am Markets USA Gold
Gold surpassed $2,500 per ounce for the first time in history on Friday in the wake of rising geopolitical tensions and new data indicating a weakening US economy.
Gold contracts for December delivery reached an all-time high of $2,522.50 in the early trading hours, before shedding its gains to trade at $2,475.90 an ounce by 11:00 a.m. ET.
Spot gold posted a marginal loss of 0.5% at $2,432.86 per ounce, having hit as high as $2,477.10 — just within grasp of its all-time peak of $2,483.73 set earlier this month.
Bullion has gained about 3% so far this week, on track for its best week since April, as rising safe-haven demand from Middle East tensions and expectations of rate cuts made the metal more appealing to investors.
Meanwhile, US 10-year yields dropped to their lowest since December and the dollar index hit its lowest since March after data showed that employers added fewer jobs in July than economists had forecasted, while the unemployment rate increased to 4.3%.
The data follows comments from Fed Chair Jerome Powell, who on Wednesday said that rates could be cut as soon as September if the US economy follows its expected path.
“The marketplace just now is factoring in a better-than-70% chance for a 50-basis-point cut by the Fed at the September FOMC meeting,” said Jim Wyckoff, senior market analyst at Kitco Metals in a note to Reuters.
“Lower yields, some safe-haven buying and then the idea of a weakening economy which is bringing rates lower along with the dollar, all of those are in support of the gold market,” said David Meger, director of alternative investments and trading at High Ridge Futures.
(With files from Reuters)
Read More: Global gold demand reaches Q2 record — report
https://www.mining.com/gold-price-surpasses-2500-for-first-time-ever/
Meanwhile Gold miners sold off into oblivion like attending a funeral for grandma who was mugged in the alley and they stole her purse
Hehe
Elton John - Funeral For A Friend / Love Lies Bleeding (Live At Madison Square Garden)
Gold price surpasses $2,500 for first time ever
Staff Writer | August 2, 2024 | 8:19 am Markets USA Gold
Gold surpassed $2,500 per ounce for the first time in history on Friday in the wake of rising geopolitical tensions and new data indicating a weakening US economy.
Gold contracts for December delivery reached an all-time high of $2,522.50 in the early trading hours, before shedding its gains to trade at $2,475.90 an ounce by 11:00 a.m. ET.
Spot gold posted a marginal loss of 0.5% at $2,432.86 per ounce, having hit as high as $2,477.10 — just within grasp of its all-time peak of $2,483.73 set earlier this month.
Bullion has gained about 3% so far this week, on track for its best week since April, as rising safe-haven demand from Middle East tensions and expectations of rate cuts made the metal more appealing to investors.
Meanwhile, US 10-year yields dropped to their lowest since December and the dollar index hit its lowest since March after data showed that employers added fewer jobs in July than economists had forecasted, while the unemployment rate increased to 4.3%.
The data follows comments from Fed Chair Jerome Powell, who on Wednesday said that rates could be cut as soon as September if the US economy follows its expected path.
“The marketplace just now is factoring in a better-than-70% chance for a 50-basis-point cut by the Fed at the September FOMC meeting,” said Jim Wyckoff, senior market analyst at Kitco Metals in a note to Reuters.
“Lower yields, some safe-haven buying and then the idea of a weakening economy which is bringing rates lower along with the dollar, all of those are in support of the gold market,” said David Meger, director of alternative investments and trading at High Ridge Futures.
(With files from Reuters)
Read More: Global gold demand reaches Q2 record — report
https://www.mining.com/gold-price-surpasses-2500-for-first-time-ever/
While the gold miners sell off into oblivion
If they can't make it at $2500
There not going to make it at all !
Elton John - Funeral For A Friend / Love Lies Bleeding (Live At Madison Square Garden)
Pam and Russ Martens: NY Fed has contracted out key functions to JPMorgan Chase
Submitted by admin on Mon, 2024-07-29 12:45 Section: Daily Dispatches
By Pam and Russ Martens
Wall Street on Parade
Monday, July 29, 2024
The New York Fed, which has bank examiners engaged in supervising JPMorgan Chase, has also repeatedly provided bailout funds to JPMorgan Chase; was supervising JPMorgan Chase when it lost $6.2 billion of deposits from its federally-insured bank by gambling in derivatives on its London trading desk; allowed JPMorgan Chase's Chairman and CEO, Jamie Dimon, to sit on the New York Fed's Board of Directors, even as he faced the $6.2 billion derivatives trading scandal; and the New York Fed has exclusively used JPMorgan Chase to hold, as custodian, more than $2.3 trillion of the Federal Reserve's mortgage-backed securities for the past 15 1/2 years -- despite JPMorgan Chase's admitting to five felony counts brought by the criminal division of the U.S. Department of Justice during that time.
If there was an admitted felon in your neighborhood, would that be your first choice for a house sitter? ...
... For the remainder of the analysis:
https://wallstreetonparade.com/2024/07/the-new-york-fed-has-contracted-out-key-functions-to-jpmorgan-chase-we-filed-a-foia-and-got-these-strange-invoices/
MOSS - Bankster Blues
These Are the Banks that Own the New York Fed and Its Money Button
The listing below came directly from the Federal Reserve when it was forced to hand over its Discount Window documents on March 31, 2011 after losing a multi-year court battle with the media to keep its money spigot secret.https://wallstreetonparade.com/2019/11/these-are-the-banks-that-own-the-new-york-fed-and-its-money-button/
The New York Fed Has Contracted Out Key Functions to JPMorgan Chase; We Filed a FOIA and Got These Strange Invoices
JPMorgan Chase Invoice to New York Fed
By Pam Martens and Russ Martens: July 29, 2024 ~
The New York Fed, which has bank examiners engaged in supervising JPMorgan Chase, has also repeatedly provided bailout funds to JPMorgan Chase; was supervising JPMorgan Chase when it lost $6.2 billion of deposits from its federally-insured bank by gambling in derivatives on its London trading desk; allowed JPMorgan Chase’s Chairman and CEO, Jamie Dimon, to previously sit on the New York Fed’s Board of Directors, even as he faced the $6.2 billion derivatives trading scandal; and the New York Fed has exclusively used JPMorgan Chase to hold, as custodian, more than $2.3 trillion of the Federal Reserve’s Mortgage-Backed Securities (MBS) for the past 15-1/2 years – despite JPMorgan Chase admitting to five felony counts brought by the criminal division of the U.S. Department of Justice during that time.
If there was an admitted felon in your neighborhood, would that be your first choice for a house sitter?
During the financial crisis of 2008, in an effort to restore liquidity to seized up markets, the Fed announced it planned to buy $500 billion of MBS that was backed by government-sponsored enterprises (GSEs) Fannie Mae, Freddie Mac, and Ginnie Mae. That was the first of what would become Quantitative Easing (QE) to infinity at the Fed. The Fed’s MBS holdings have grown from the planned $500 billion to $2.3 trillion as of last Wednesday.
In a typical move, the Federal Reserve outsourced its MBS buying program to the New York Fed, which, in turn, farmed out one critical leg of the program (custodianship of the MBS) to the very Wall Street megabank that had corrupted a significant part of the MBS market: JPMorgan Chase.
A little more than a month after the Fed’s 2008 MBS announcement, on December 31, 2008, the New York Fed signed a contract with JPMorgan Chase to be the sole custodian of the securities it bought under the MBS program. That contract with JPMorgan Chase was amended on April 1, 2010; April 26, 2011; April 17, 2014 and again on January 30, 2017. (As of today, the original contract and its amendments are available at the New York Fed’s website. Should those documents vanish, we have archived the same documents on our website here.)
This spring, Wall Street On Parade became curious as to just how much JPMorgan Chase was reaping in revenues from serving as a vendor to the New York Fed. On April 18, via email, we filed a Freedom of Information Act request with the New York Fed, asking for the following:
“Please provide copies of invoices that the New York Fed received from JPMorgan Chase (or any of its subsidiaries such as Chase Bank or JPMorgan Securities) during the 2023 calendar year.
“We are particularly interested in invoices for custodial and cash management services related to MBS securities held in custody by JPMorgan Chase for the Federal Reserve Bank of New York.”
While the Federal Reserve Board of Governors is a federal agency and subject to FOIA, the 12 regional Fed banks are considered private corporations, not legally subject to FOIA. The New York Fed, however, regularly states that it “complies with the spirit of the Freedom of Information Act” in providing documents to the public.
Under FOIA, Wall Street On Parade was entitled to a response in 20 business days. Since these invoices should have been easily obtainable in the Accounts Payable department of the New York Fed, and we were asking only for those from last year, 20 business days seemed to us like an adequate response time.
Instead, on May 16 we received an email from the New York Fed telling us they needed more time and were planning to provide us the documents on July 1. When July 1 came around, the New York Fed told us the new projected date was July 12. When July 12 arrived, we were told to expect the invoices on or before July 26. On that date, we received a cover letter and 158 documents – with the amounts that JPMorgan Chase had billed to the New York Fed redacted behind blocks of black ink.
Stalling on FOIA requests and providing journalists with useless information has become a favorite sport at both the Federal Reserve and the New York Fed. (See also: Reporters Who Ask Tough Questions at Fed Press Conferences Have a Habit of Being Disappeared from the Room.)
Despite blacking out the very information we had requested – how much JPMorgan Chase had billed to the New York Fed in one year – after making us wait almost three months, we were able, nonetheless, to make some interesting findings from the sanitized documents.
Per the invoice graphic above from the documents, covering the billing period of January 1, 2023 through January 31, 2023, JPMorgan Chase appears to be billing for a lot more than just providing custodianship of the MBS assets. There are menu tabs for the following services billed: “Custody Fee,” “Transaction Fee,” “Cash Management Fee,” “Security Lending Fees,” “Benefit Payment Fees,” “Other Fees,” and “Other Expenses.”
Equally of note, there does not appear to be any significant documentation provided to the New York Fed to support how these fees were calculated.
Another curiosity is that the New York Fed allows invoices from JPMorgan Chase to go unpaid for more than two months in multiple cases. (See the invoice below as one sample.)
JPMorgan Chase Overdue Invoice to Fed (see above)
And raising our eyebrows were invoices that we did not know existed. These are the invoices toward the end of the document that are marked as “Tri-Party Collateral Management Fees.” We’ll be reporting on that aspect of these invoices later this week.
We will also be filing a formal complaint with the Federal Reserve Inspector General over how this FOIA request was handled, involving the largest federally-insured bank in the United States and its perpetually blind-folded supervisor, the New York Fed.
https://wallstreetonparade.com/2024/07/the-new-york-fed-has-contracted-out-key-functions-to-jpmorgan-chase-we-filed-a-foia-and-got-these-strange-invoices/
Buster Benton
Money Is the Name of the Game
Pam and Russ Martens: NY Fed has contracted out key functions to JPMorgan Chase
Submitted by admin on Mon, 2024-07-29 12:45 Section: Daily Dispatches
By Pam and Russ Martens
Wall Street on Parade
Monday, July 29, 2024
The New York Fed, which has bank examiners engaged in supervising JPMorgan Chase, has also repeatedly provided bailout funds to JPMorgan Chase; was supervising JPMorgan Chase when it lost $6.2 billion of deposits from its federally-insured bank by gambling in derivatives on its London trading desk; allowed JPMorgan Chase's Chairman and CEO, Jamie Dimon, to sit on the New York Fed's Board of Directors, even as he faced the $6.2 billion derivatives trading scandal; and the New York Fed has exclusively used JPMorgan Chase to hold, as custodian, more than $2.3 trillion of the Federal Reserve's mortgage-backed securities for the past 15 1/2 years -- despite JPMorgan Chase's admitting to five felony counts brought by the criminal division of the U.S. Department of Justice during that time.
If there was an admitted felon in your neighborhood, would that be your first choice for a house sitter? ...
... For the remainder of the analysis:
https://wallstreetonparade.com/2024/07/the-new-york-fed-has-contracted-out-key-functions-to-jpmorgan-chase-we-filed-a-foia-and-got-these-strange-invoices/
MOSS - Bankster Blues
These Are the Banks that Own the New York Fed and Its Money Button
The listing below came directly from the Federal Reserve when it was forced to hand over its Discount Window documents on March 31, 2011 after losing a multi-year court battle with the media to keep its money spigot secret.https://wallstreetonparade.com/2019/11/these-are-the-banks-that-own-the-new-york-fed-and-its-money-button/
The New York Fed Has Contracted Out Key Functions to JPMorgan Chase; We Filed a FOIA and Got These Strange Invoices
JPMorgan Chase Invoice to New York Fed
By Pam Martens and Russ Martens: July 29, 2024 ~
The New York Fed, which has bank examiners engaged in supervising JPMorgan Chase, has also repeatedly provided bailout funds to JPMorgan Chase; was supervising JPMorgan Chase when it lost $6.2 billion of deposits from its federally-insured bank by gambling in derivatives on its London trading desk; allowed JPMorgan Chase’s Chairman and CEO, Jamie Dimon, to previously sit on the New York Fed’s Board of Directors, even as he faced the $6.2 billion derivatives trading scandal; and the New York Fed has exclusively used JPMorgan Chase to hold, as custodian, more than $2.3 trillion of the Federal Reserve’s Mortgage-Backed Securities (MBS) for the past 15-1/2 years – despite JPMorgan Chase admitting to five felony counts brought by the criminal division of the U.S. Department of Justice during that time.
If there was an admitted felon in your neighborhood, would that be your first choice for a house sitter?
During the financial crisis of 2008, in an effort to restore liquidity to seized up markets, the Fed announced it planned to buy $500 billion of MBS that was backed by government-sponsored enterprises (GSEs) Fannie Mae, Freddie Mac, and Ginnie Mae. That was the first of what would become Quantitative Easing (QE) to infinity at the Fed. The Fed’s MBS holdings have grown from the planned $500 billion to $2.3 trillion as of last Wednesday.
In a typical move, the Federal Reserve outsourced its MBS buying program to the New York Fed, which, in turn, farmed out one critical leg of the program (custodianship of the MBS) to the very Wall Street megabank that had corrupted a significant part of the MBS market: JPMorgan Chase.
A little more than a month after the Fed’s 2008 MBS announcement, on December 31, 2008, the New York Fed signed a contract with JPMorgan Chase to be the sole custodian of the securities it bought under the MBS program. That contract with JPMorgan Chase was amended on April 1, 2010; April 26, 2011; April 17, 2014 and again on January 30, 2017. (As of today, the original contract and its amendments are available at the New York Fed’s website. Should those documents vanish, we have archived the same documents on our website here.)
This spring, Wall Street On Parade became curious as to just how much JPMorgan Chase was reaping in revenues from serving as a vendor to the New York Fed. On April 18, via email, we filed a Freedom of Information Act request with the New York Fed, asking for the following:
“Please provide copies of invoices that the New York Fed received from JPMorgan Chase (or any of its subsidiaries such as Chase Bank or JPMorgan Securities) during the 2023 calendar year.
“We are particularly interested in invoices for custodial and cash management services related to MBS securities held in custody by JPMorgan Chase for the Federal Reserve Bank of New York.”
While the Federal Reserve Board of Governors is a federal agency and subject to FOIA, the 12 regional Fed banks are considered private corporations, not legally subject to FOIA. The New York Fed, however, regularly states that it “complies with the spirit of the Freedom of Information Act” in providing documents to the public.
Under FOIA, Wall Street On Parade was entitled to a response in 20 business days. Since these invoices should have been easily obtainable in the Accounts Payable department of the New York Fed, and we were asking only for those from last year, 20 business days seemed to us like an adequate response time.
Instead, on May 16 we received an email from the New York Fed telling us they needed more time and were planning to provide us the documents on July 1. When July 1 came around, the New York Fed told us the new projected date was July 12. When July 12 arrived, we were told to expect the invoices on or before July 26. On that date, we received a cover letter and 158 documents – with the amounts that JPMorgan Chase had billed to the New York Fed redacted behind blocks of black ink.
Stalling on FOIA requests and providing journalists with useless information has become a favorite sport at both the Federal Reserve and the New York Fed. (See also: Reporters Who Ask Tough Questions at Fed Press Conferences Have a Habit of Being Disappeared from the Room.)
Despite blacking out the very information we had requested – how much JPMorgan Chase had billed to the New York Fed in one year – after making us wait almost three months, we were able, nonetheless, to make some interesting findings from the sanitized documents.
Per the invoice graphic above from the documents, covering the billing period of January 1, 2023 through January 31, 2023, JPMorgan Chase appears to be billing for a lot more than just providing custodianship of the MBS assets. There are menu tabs for the following services billed: “Custody Fee,” “Transaction Fee,” “Cash Management Fee,” “Security Lending Fees,” “Benefit Payment Fees,” “Other Fees,” and “Other Expenses.”
Equally of note, there does not appear to be any significant documentation provided to the New York Fed to support how these fees were calculated.
Another curiosity is that the New York Fed allows invoices from JPMorgan Chase to go unpaid for more than two months in multiple cases. (See the invoice below as one sample.)
JPMorgan Chase Overdue Invoice to Fed (see above)
And raising our eyebrows were invoices that we did not know existed. These are the invoices toward the end of the document that are marked as “Tri-Party Collateral Management Fees.” We’ll be reporting on that aspect of these invoices later this week.
We will also be filing a formal complaint with the Federal Reserve Inspector General over how this FOIA request was handled, involving the largest federally-insured bank in the United States and its perpetually blind-folded supervisor, the New York Fed.
https://wallstreetonparade.com/2024/07/the-new-york-fed-has-contracted-out-key-functions-to-jpmorgan-chase-we-filed-a-foia-and-got-these-strange-invoices/
Buster Benton
Money Is the Name of the Game
India exploits FED’s rigged gold scam - LFTV Ep 183
Jul 26, 2024
In this week’s episode of Live from the Vault, Andrew Maguire reveals how insider selling and Asian central bank buying may soon push gold prices higher, providing a big-picture overview of the behind-the-scenes factors influencing the markets.
The precious metals expert delivers a chart-driven analysis of recent trading sessions, presenting a comprehensive overview of the bullish and bearish options expiry setups for gold.
India exploits FED’s rigged gold scam - LFTV Ep 183
Jul 26, 2024
In this week’s episode of Live from the Vault, Andrew Maguire reveals how insider selling and Asian central bank buying may soon push gold prices higher, providing a big-picture overview of the behind-the-scenes factors influencing the markets.
The precious metals expert delivers a chart-driven analysis of recent trading sessions, presenting a comprehensive overview of the bullish and bearish options expiry setups for gold.
Suppressing silver prices has been official U.S. policy since 1965
Submitted by admin on Sun, 2024-07-21 15:27 Section: Daily Dispatches
3:24p ET Sunday, July 21, 2024
Dear Friend of GATA and Gold:
In the July 18 edition of Gold Newsletter, editor and publisher Brien Lundin wrote about the failure of silver prices to keep up with gold prices. "I'm not the kind of conspiracy buff that many of my friends in the industry are," Lundin wrote, "but it's hard to look at silver and not see some hidden hands at work (especially considering who holds so much of the metal in both physical and paper forms while acting as custodian for the biggest silver exchange-traded fund)."
Of course Lundin meant investment bank JPMorganChase and silver ETF SLV.
Why anyone would invest in silver or the other precious and monetary metals with JPMorganChase can be explained only by ignorance.
In the last decade the bank has pleaded guilty to five felonies and has paid more than a billion dollars in government fines and civil lawsuit settlements, including a fine of $920 million for manipulation of the monetary metals markets by some of its traders:
https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-920-million-connection-schemes-defraud-precious-metals-and-us
But silver market manipulation long has been bigger than even JPMorganChase.
Indeed, silver price suppression has been U.S. government policy since President Lyndon B. Johnson signed the Coinage Act of 1965, which removed silver from the country's money.
Signing the act into law, Johnson proclaimed: "If anybody has any idea of hoarding our silver coins, let me say this. Treasury has a lot of silver on hand, and it can be and it will be used to keep the price of silver in line with its value in our present silver coin. There will be no profit in holding them out of circulation for the value of their silver content":
https://www.presidency.ucsb.edu/documents/remarks-the-signing-the-coinage-act
https://www.gata.org/node/15838
It's not known how long the U.S. government's strategic silver inventory lasted after 1965 and how much was used for executing the price-suppression policy Johnson proclaimed, but eventually collectors and investors did exactly what the president warned would bring them no profit. They removed the silver coins from circulation and hoarded them as the steady inflation of the U.S. dollar made them worth far more than their face value.
JPMorganChase Bank long has been a primary dealer in U.S. government securities and has been particularly close to the U.S. Treasury Department, so when SLV was launched in 2006 and the bank became custodian of the fund's silver, suspicion of government involvement with the bank and the ETF was fairly aroused. (The bank now is also custodian of the metal of the major gold ETF, GLD, prompting more fair suspicion.)
After SLV was founded, complaints that JPMorganChase was manipulating the silver market grew loud enough that the bank felt obliged to answer them publicly.
First the bank's CEO, Jamie Dimon, said the bank had no interest of its own in the monetary metals and traded them only for clients. Then in 2012 the head of the bank's commodity desk, Blythe Masters, went on CNBC to emphasize this denial particularly in regard to silver.
"There's been a tremendous amount of speculation, particularly in the blogosphere, on this topic," Masters told the CNBC reporter. "I think the challenge is that it represents a misunderstanding of the nature of our business. ... Our business is a client-driven business where we execute on behalf of clients to achieve their financial and risk-management objectives. ... We have offsetting positions. We have no stake in whether prices rise or decline."
See: https://www.gata.org/node/11216
But since CNBC is a mainstream financial news organization, its reporter failed to put the critical follow-up question to Masters: Do JPMorganChase's clients trading silver and other monetary or precious metals include governments, particularly the U.S. government, directly or indirectly?
The answer to that question was provided inadvertently 10 years later, and barely noticed by mainstream financial news organizations, during the trial of the JPMorganChase traders charged with and convicted of "spoofing" the monetary metals futures markets. In the very last paragraph of its July 31 report about the trial, Bloomberg News reported:
"Another set of important clients were central banks, which trade gold for their reserves and are among the biggest players in the bullion market. At least 10 central banks held their metal in vaults run by JPMorgan in 2010, according to documents disclosed in court":
https://gata.org/node/22108
A mechanism for governments to use for surreptitious manipulation of the monetary metals futures markets was already in place at CME Group, operator of all the major futures exchanges in the United States. It is called the Central Bank Incentive Program, whereby CME Group exchanges provide volume trading discounts to governments, central banks, and international organizations for trading all futures contracts on CME Group's exchanges.
CME Group's master statement to the U.S. Securities and Exchange Commission says: "The customer base of our derivatives exchanges includes professional traders, financial institutions, institutional and individual investors, major corporations, manufacturers, producers, governments, and central banks":
https://www.gata.org/node/18925
http://investor.cmegroup.com/node/43571/html
https://www.gata.org/files/CMEGroup-CentralBankIncentiveProgram-Feb2019.pdf
So there remain some compelling questions in the monetary metals sector.
-- Would Western governments and particularly the U.S. government have worked so hard for so long to control the price of gold, as documented by GATA here --
https://gata.org/node/20925
-- while leaving the other major monetary metal, silver, alone?
After all, for many years the world might have sensed monetary debasement almost as readily from a rising silver price as from a rising gold price, even if these days, with inflation sending most important prices soaring, it's hard not to sense monetary debasement nearly everywhere one looks, except maybe, as Lundin notes, when one looks at silver.
-- Why do all the major bullion banks seem to trade gold and silver the same way at the same time? It sure looks like collusion. If it is collusion, it would violate anti-trust law in the United States, United Kingdom, and other Western countries -- unless, of course, the bullion banks are simply executing government trades and thus giving camouflage to government intervention.
The Gold Reserve Act of 1934 authorizes the U.S. Treasury Department, through its Exchange Stabilization Fund, to intervene secretly in any market in the world:
https://home.treasury.gov/policy-issues/international/exchange-stabilization-fund
That intervention like this is going on has been essentially confirmed by the U.S. Commodity Futures Trading Commission, which repeatedly has refused to answer not just for GATA but even for a U.S. representative whether the commission has jurisdiction over manipulative futures trading undertaken by or at the behest of the U.S. government or whether such manipulation is legal:
https://www.gata.org/node/19917
-- By amassing a big hoard of silver "for clients" and serving as custodian of the silver ETF SLV, has JPMorganChase in effect reconstituted the U.S. government's strategic silver reserve for interventional purposes?
-- What exactly goes on every day on the trading desk at the Federal Reserve Bank of New York? What markets are being traded there by the U.S. government, how are they being traded, and why? Is the desk trading more than the government bonds it reports trading? Why can't the public be allowed to observe this trading?
-- Is the Bank for International Settlements trading the monetary metals for the U.S. government, directly or through intermediaries?
In 2005 the head of the BIS' monetary and economic department, William R. White, told a conference at BIS headquarters in Switzerland that a primary purpose of cooperation among central banks is "the provision of international credits and joint efforts to influence asset prices (especially gold and foreign exchange) in circumstances where this might be thought useful":
https://www.gata.org/node/4279
The United States is a member of the BIS and White's "asset prices" easily could cover the prices of the other traditional monetary metal, silver.
Gold Newsletter's Lundin is right that it's hard not to suspect that "hidden hands" are at work against the silver price just as they have been against gold. Or at least it's hard not to suspect that "hidden hands" are at work as long as you’re not part of a mainstream financial news organization or an executive of the typically oblivious silver-mining company.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
https://www.gata.org/node/23297
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US Senators release energy permitting reform bill
Staff Writer | July 22, 2024 | 4:57 pm Energy Intelligence News USA Copper Lithium Oil & Gas
US Senators Joe Manchin (I-WV) and John Barrasso (R-WY), on behalf of the Senate Energy and Natural Resources Committee, released on Monday the Energy Permitting Reform Act of 2024.
The legislation could speed up approvals of clean-energy, pipeline and electricity transmission projects by shortening some federal environmental reviews and setting limits on court challenges.
“The United States of America is blessed with abundant natural resources that have powered our nation to greatness and allow us to help our friends and allies around the world,” Manchin said in a news release. “Unfortunately, today our outdated permitting system is stifling our economic growth, geopolitical strength, and ability to reduce emissions.”
He went on to say that the bill is a result of over a year of hearings in the Senate Energy and Natural Resources Committee, considering input from colleagues on both sides of the aisle, and negotiations. Manchin currently serves as Chairman of the Committee.
It signals a win for West Virginia Senator Manchin, previously a Democrat, now serving as an Independent, after a previously stalled legislative effort to fast-track energy projects. A bid to attach the energy-permitting package was dropped from must-pass government funding legislation in the Senate last year when it didn’t have the votes.
“A commonsense, bipartisan piece of legislation will speed up permitting and provide more certainty for all types of energy and mineral projects without bypassing important protections for our environment and impacted communities,” Manchin continued.
“The Energy Permitting Reform Act will advance American energy once again to bring down prices, create domestic jobs, and allow us to continue in our role as a global energy leader.”
“Washington’s disastrous permitting system has shackled American energy production and punished families in Wyoming and across our country. Congress must step in and fix this process,” added Barrasso, Ranking Member of the Committee. “Our bipartisan bill secures future access to oil and gas resources on federal lands and waters.”
The American Exploration & Mining Association (AEMA) released a statement on Tuesday applauding the bill.
“Our inefficient federal permitting system is a significant deterrent to attracting investment in the United States to explore for and develop strategic mineral resources, and it has resulted in the US being increasingly reliant on foreign countries,” AEMA executive director Mark Compton said in the statement.
“The permitting reforms in this deal are a good start, and we look forward to working with both sides of the aisle to see they become law.”
Full text of the Energy Permitting Reform Act of 2024 can be found here.
https://www.mining.com/us-senators-release-energy-permitting-reform-bill/
Their they go again using them estranged words like "clean-energy" and "environmental reviews"
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