By Alasdair Macleod
GoldMoney, Toronto
Thursday, January 13, 2022

This article looks at the situation in the euro system in the context of rising interest rates. Central to the problem is role of the European Central Bank, which through monetary inflation embarked on a policy of transferring wealth from fiscally responsible member states to the spendthrift PIGS and France. 

The consequences of these policies are that the spendthrifts are now ensnared in irreversible debt traps.

... Dispatch continues below ...

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Even in a Keynesian context, the ECB's monetary policy is no longer to stimulate the economy but to keep the spendthrifts afloat. The situation has deteriorated so that Eurozone commercial banks appear to have credit restricted in New York, evidenced by the reluctance of the U.S. banks to enter into repo transactions with them, leading to the market failure in September 2019 when the Fed had to intervene.

An examination of the numbers strongly suggests that even Eurozone banks, insurance companies, and pension funds are no longer net buyers of Eurozone government debt. This could be because the terms are unattractive. But if that is the case it is an indictment of the ECB's asset purchase programmes deliberately suppressing rates to the point where they are unattractive, even to normally compliant investors.

Consequently, without any savings offsets, the ECB has gone full Rudolf Havenstein, and is following similar inflationary policies to those that impoverished Germany's middle classes and starved its labourers and the elderly in 1920-1923. 

That the German people are tolerating such an obvious destruction of their currency for the third time in a hundred years is simply astounding. ...

... For the remainder of the analysis:

https://www.goldmoney.com/research/goldmoney-insights/a-euro-catastrophe-could-collapse-it?gmrefcode=gata

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

11:49a ET Thursday, January 13, 2022

Dear Friend of GATA and Gold:

Despite yesterday's rather sensational inflation news, inflation isn't accelerating as much as it is breaking away from the camouflage that long has been thrown over it by the U.S. government and mainstream financial news organizations.

Anyone who pays close attention to prices knows, in large part because of the work of John Williams at ShadowStats, that for decades the government has been manipulating its inflation data and reconstructing its criteria to deceive the public about inflation. Real interest rates may be more negative this week than they were last week, but they have been negative for many years without prompting much honest journalism about them.

... Dispatch continues below ...

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USAGold: Great prices, quick delivery -- all the time.

Monetary metals prices remain almost oblivious to all this, on account of the government interventions against the metals that long have been documented by GATA and similarly overlooked by mainstream financial news organizations:

https://gata.org/node/20925

Monetary metals investors may hope that the deception is becoming less sustainable. Indeed, during the great civil rights struggle in the United States in 1968, Martin Luther King quoted the Scottish historian Thomas Carlyle: "No lie can live forever."

But the lie that there is no official intervention against gold endures this week. It's not likely to be defeated by the cowardice of the monetary metals mining industry and financial news organizations and analysts.

If the U.S.government keeps getting its way -- and if all major central banks keep cooperating -- the price of a Big Mac will reach $2,000 before gold does. For no governments want people to have the option of money that competes strongly with their own.  

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://tinyurl.com/3xt6uw66

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

By Ruth Carson and Joanna Ossinger
Bloomberg News
Thursday, January 13, 2022

Sell the dollar and put money into assets such as emerging-market stocks and gold as the world's economic recovery gathers steam, money managers say. 

A growing chorus of investors is betting the world's reserve currency has reached a peak in a dramatic turnaround from a month ago when positioning in the greenback was the most bullish since 2015. 

... Dispatch continues below ...

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K2 Asset Management recommends selling the dollar for Asian emerging bonds and European stocks, while Brandywine Global Investment Management is buying commodity-linked currencies. 

Bleakley Advisory Group LLC favors gold and silver. 

"The dollar has reached its peak," said Jack McIntyre, a money manager at Brandywine who turned short on the dollar last month against the Aussie and Chilean peso. "It's overvalued. People have been too long on it. To me the biggest factor that's going to weaken the dollar is just the improvement of global growth." ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-01-13/dollar-peak-bets-see-funds-switching-to-emerging-stocks-gold

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at: bagman1236@aol.com

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://tinyurl.com/3xt6uw66

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

9p ET Tuesday, January 11, 2022

Dear Friend of GATA and Gold:

The TF Metals Report's Craig Hemke, writing tonight at Sprott Money, gives his gold and silver forecast for the new year and details the reasons for it. Monetary metals investors won't be too disappointed. The report is headlined "Reality Bites: A Forecast for Precious Metals in 2022" and it's posted at Sprott Money here:

https://www.sprottmoney.com/blog/Reality-Bites-A-Forecast-for-Precious-Metals-in-2022-Craig-Hemke-January-11-2022

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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... For the remainder of the announcement:

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Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at: bagman1236@aol.com

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://tinyurl.com/3xt6uw66

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

By Vassilis Karamanis and Payne Lubbers
Bloomberg News
Tuesday, January 11, 2022 

The dollar is starting to decouple from the Treasury yields that it tracked so closely last year, adding to signs that the bulk of the currency’s windfall from higher rates has already passed. 

Two-year U.S. yields surpassed 0.94% on Tuesday, hitting levels last seen before the pandemic, as money markets moved toward pricing in four rate increases from the Federal Reserve this year. Yet the Bloomberg Dollar Spot Index has failed to budge much above a six-week low seen at the end of 2021.

... Dispatch continues below ...

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The contrast affirms investor views that while the greenback has scope to climb this year, it has already benefited substantially from traders who started front-running a hawkish Fed in the last few months of 2021, taking the Bloomberg dollar index to an annual gain of close to 5%, its biggest since 2015. Once the U.S. central bank raises borrowing costs and rolls bonds off its balance sheet, the dollar’s gains are widely expected to moderate into the second half of 2022.

Part of the reason for the subdued move in the dollar is that traders are front-loading hikes for other central banks, which diminishes the dollar’s relative advantage on the rates side, according to Valentin Marinov, head of G-10 FX strategy at Credit Agricole. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-01-11/dollar-s-once-solid-link-to-higher-bond-yields-is-breaking-down

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at: bagman1236@aol.com

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://tinyurl.com/3xt6uw66

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

7:40p ET Monday, January 10, 2022

Dear Friend of GATA and Gold:

GATA board member Ed Steer's Gold and Silver Digest letter for Saturday, headlined "The DXY Craters: Gold and Silver Do Nothing," is posted in the clear at GoldSeek's companion site, SilverSeek, here:

https://silverseek.com/article/dxy-craters-gold-silver-do-nothing-big8

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

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Wednesday, December 15, 2021

VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE: ASE / FRANKFURT: 1A9/ U.S. OTC: ASGOF) announces significant gold intercepts from its ongoing near-mine exploration drill program at its Bibiani Gold Mine in Ghana.

Asante initiated the exploration program in late September 2021. This program includes extensive induced polarization and ground magnetic surveys across the entire lease, RC, and diamond drilling, plus a high-level structural geology review targeting near-mine areas with high potential for new discoveries. The program objective is to grow the resources to be included in our comprehensive mining plan being prepared for the second quarter of 2022, with plant startup scheduled for the third quarter of 2022.

The company is pleased to report early results from the Walsh Satellite pit:

-- WADD21-002: 18 meters @ 3.85 g/t Au from 141 meters, including 16 meters @ 4.22 g/t Au.

-- WADD21-005: 12 meters @ 4.41 g/t Au from 174 meters.

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-- WADD21-003: 3 meters @ 5.96 g/t Au from 140 meters; 3 meters @ 4.60 g/t Au from 160 meters.

The results confirm the extension and grade continuity of the mineralization beneath the current US$1,500 design shell. These recent assay results improve the existing deposit model and will support an update of the Walsh mineral resource estimate. We anticipate adding ounces to the existing resource. Follow-up drilling is continuing, focusing on deepening and extending the Walsh Pit to its economic limit. ...

... For the remainder of the announcement:

https://finance.yahoo.com/news/asante-gold-announces-significant-gold-145900306.html

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

By James Turk
Free Gold Money Report
Thursday, January 6, 2022

Several people have asked why I wrote "Money and Liberty: In the Pursuit of Happiness & The Theory of Natural Money" --

https://www.amazon.com/Money-Liberty-Pursuit-Happiness-Natural/dp/1739851110

-- while others requested some insight about its content.

My objective was to explain why:

-- Gold is money and not an "investment," which is not well understood these days, even among many in the gold industry whose livelihood depends on gold.

... Dispatch continues below ...

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-- is a great low-cost source for precious metals coins, rounds, and bars. Money Metals also pays handsomely when you wish to sell your precious metals.

Shop online with Money Metals Exchange here --

https://www.moneymetals.com/buy

-- or by calling 1-800-800-1865.

Meanwhile, Money Metals Depository will store your precious metals in a segregated account at low cost:

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-- Liberty is dependent upon politically honest money that only gold can provide.

-- The environmental degradation we are witnessing globally results from government abandonment of natural money, which of course is gold.

My view is consistent with gold's 5-000-year history as money and starts to become clear when considering that money is different from currency. Those two words are used interchangeably today, but they are fundamentally different. ...

... For the remainder of the analysis:

https://www.fgmr.com/my-perspective-on-money-and-liberty/

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

By Robert Lambourne
Sunday, January 9, 2022

The recently released December statement of account of the Bank for International Settlements --

https://www.bis.org/banking/balsheet/statofacc211231.pdf

-- contains information suggesting a decrease of about 37 tonnes in the bank's gold swaps, from 451 tonnes in November to 414 tonnes in December. 

This compares to the record high estimated at 552 tonnes as of February 25 this year.

It remains clear the BIS is an active trader of significant volumes of gold swaps on a regular basis. The recent data still shows that there is no clear downward trend in the volume of swaps, and hence it seems premature to claim that an exit from the swaps due to "Basel III" regulations is happening. 

The BIS rarely comments publicly on its gold banking activities, but its first use of gold swaps was considered important enough for the bank to give some background information to the Financial Times for an article published July 29, 2010, coinciding with publication of the bank's 2009-10 annual report.

... Dispatch continues below ...

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The general manager of the BIS at the time, Jaime Caruana, said the gold swaps were "regular commercial activities" for the bank, and he confirmed that they were all carried out with commercial banks and so did not involve other central banks. 

Hence it is likely that the recent general level of gold swaps is the highest use of them by the BIS for at least 20 years. It also seems highly likely that the swaps are still all made with commercial banks, because the BIS annual report has never disclosed a gold swap between the BIS and a major central bank.

The swap transactions potentially create a mismatch at the BIS, which conceivably ends up being long unallocated gold (the gold held in BIS sight accounts at major central banks) and short allocated gold (the gold required to be returned to swap counterparties). This possible mismatch has not been reported by the BIS.

The gold banking activities of the BIS have been a regular part of the services it offers to central banks since it was established 90 years ago. The first annual report of the BIS explains these activities in some detail:

http://www.bis.org/publ/arpdf/archive/ar1931_en.pdf

The use of gold swaps to take gold held by commercial banks and then deposit it in gold sight accounts held in the name of the BIS at major central banks doesn't appear to have ever been as large a part of the BIS' gold banking business as it has been in recent years.

At March 31, 2010, excluding gold owned by the BIS, there were 1,706 tonnes held in gold sight accounts at major central banks in the name of the BIS, of which 346 tonnes or 20% were sourced from gold swaps from commercial banks. 

The BIS now operates a much smaller gold banking business and the role of gold swaps in this smaller business is far greater. 

If the BIS was adopting the level of disclosures made by publicly held companies, such as commercial banks, then some explanation of these changes probably would have been required by the accounting regulators. One imagines that this irony is not lost on those dealing with regulatory activities at the BIS. Presumably the shrinkage of the gold banking business shows that even central banks now prefer to hold their own gold or hold it in earmarked form -- that is, as allocated gold.

A review of Table B below highlights recent BIS activity with gold swaps, and despite the recent declines, the latest position estimated from the BIS monthly statements remains large.

No explanation for this continuing high level of swaps has been published by the BIS. Indeed, no comment on the bank's use of gold swaps has been offered since 2010. 

This gold is supplied by bullion banks via the swaps to the BIS. The gold is then deposited in BIS gold sight accounts (unallocated gold accounts) at major central banks such as the Federal Reserve. 

The BIS' use of gold swaps and derivatives has been extensive over the last 12 months, with the average level reported during that period still being the highest since August 2018 as highlighted in Table B below.

By contrast, in May 2019 the BIS was exposed to only 78 tonnes in swaps.

As can be seen in Table A below, the BIS has used gold swaps extensively since its financial year 2009-10. No use of swaps is reported in the annual reports for at least 10 years prior to the year ended March 2010.

The February 2021 estimate of the bank's gold swaps (552 tonnes) is higher than any level of swaps reported by the BIS at its March year-end since March 2010. The swaps reported at March 2021 constituted the highest year-end level reported, as is clear from Table A.

-----

Table A -- Swaps reported in BIS annual reports.

March 2010: 346 tonnes.
March 2011: 409 tonnes.
March 2012: 355 tonnes.
March 2013: 404 tonnes.
March 2014: 236 tonnes.
March 2015: 47 tonnes.
March 2016: 0 tonnes.
March 2017: 438 tonnes.
March 2018: 361 tonnes.
March 2019: 175 tonnes
March 2020: 326 tonnes
March 2021: 490 tonnes

-----

The table below reports the estimated swap levels since August 2018. It can be seen that the BIS is actively involved in trading gold swaps and other gold derivatives with changes from month to month reported in excess of 100 tonnes in this period.

-----

Table B - Swaps estimated by GATA from BIS monthly statements of account

Month ...... Swaps
& year …... in tonnes.

Dec-2…... /414
Nov-21..… /451
Oct-21...... /414
Sep-21 ...  /438
Aug-21 .... /464
Jul-21 ....  /502
Jun-21 .... /471
May-21 .... /517
Apr-21 ....  /472
Mar-21....  /490±
Feb-21 ..... /552
Jan-21 ....  /523
Dec-20 .... /545
Nov-20 .... /520
Oct-20 .... /519
Sep-20 ..... / 520
Aug-20 ..... / 484
Jul-20 ..... / 474
Jun-20 .... / 391
May-20 .... / 412
Apr-20 .... / 328
Mar-20 .... / 326*
Feb-20 .... / 326
Jan-20 .... / 320
Dec-19 .... / 313
Nov-19 .... / 250
Oct-19 .... / 186
Sep-19 .... / 128
Aug-19 .... / 162
Jul-19 ..... / 95
Jun-19 .... / 126
May-19 .... / 78
Apr-19 ..... / 88
Mar-19 .... / 175
Feb-19 .... / 303
Jan-19 .... / 247
Dec-18 .... / 275
Nov-18 .... / 308
Oct-18 .... / 372
Sep-18 .... / 238
Aug-18 .... / 370

± The estimate originally reported by GATA was 487 tonnes, but the BIS annual report states 490 tonnes, It is believed that slightly different gold prices account for the difference.

* The estimate originally reported by GATA was 332 tonnes, but the BIS annual report states 326 tonnes. It is believed that slightly different gold prices account for the difference.

GATA uses gold prices quoted by USAGold.com to estimate the level of gold swaps held by the BIS at month-ends.

-----

As noted already, the BIS in recent times has refused to explain its activities in the gold market, nor for whom the bank is acting:

http://www.bis.org/publ/arpdf/archive/ar1931_en.pdf

Despite this reticence the BIS is almost certainly acting on behalf of central banks in taking out these swaps, as they are the BIS' owners and control its Board of Directors. Indeed, the BIS actually advertises to potential central bank members that its services include secret interventions in the gold market:

http://www.gata.org/node/11012

The BIS' refusal to explain its activity in the gold market prompts some observers to believe that the bank acts as an agent for central banks intervening surreptitiously in the gold and currency markets, providing those central banks with access to gold as well as protection from exposure of their interventions.

One possibility is that the swaps provide a mechanism for bullion banks to return gold originally lent to them by central banks to cover possible shortfalls of gold. Some commentators on the gold market have suggested that a portion of the gold held by exchange-traded funds and managed by bullion banks is sourced directly from central banks.

-----

Robert Lambourne is a retired business executive in the United Kingdom who consults with GATA about the involvement of the Bank for International Settlements in the gold market.

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

https://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://www.amazon.com/Rigged-Exposing-Largest-Financial%20-History/dp/1651405204/ref=sr_1_fkmr1_2?keywords=rugged+stuart+englert&qid=1579708888&sr=8-2-fkmr1

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

From Economy Next, Columbo, Sri Lanka
Saturday, January 8, 2022

Sri Lanka liquidated a part of its gold holdings in December 2020 to boost liquid foreign assets in line with a drop in annual foreign reserves holdings, Central Bank Governor Nivard Cabraal said, even as year-end reserves were boosted with a swap from China.

The central bank is estimated to have sold about 3.6 tonnes out of a 6.69 tonne stockpile of gold (about 215,000 troy ounces) it had at the beginning of 2021, leaving it with around 3.0 to 3.1 tonnes of gold.

... Dispatch continues below ...

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In 2020 also the central bank also sold 12.3 tonnes of gold after starting the year with 19.6 tonnes of gold.

The gold sales was to boost liquid reserves, Governor Cabraal said.

"When reserves reduce we reduce the gold holding," Cabraal said. “We bought gold when foreign reserves were going up.

"Once the reserve levels increase over 5 billion U.S. dollars, CBSL will consider increasing the gold holdings."

Sri Lanka's gross foreign reserves picked up to 3,137 million U.S. dollars in December, after dropping to 1,588 million U.S. dollars in November, though reserves are down from 5,665 million dollars at end of 2020.

It is the fourth year running that Sri Lanka has sold gold. ...

... For the remainder of the report:

https://economynext.com/sri-lanka-sells-down-monetary-gold-as-forex-reserves-drop-89414/

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://tinyurl.com/3xt6uw66

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

By Pam and Russ Martens
Wall Street on Parade
Friday, January 7, 2022

Nine days ago the Fed released the names of the Wall Street trading houses that had borrowed a cumulative total of $4.5 trillion in emergency repo loans from the Fed during just the last quarter of 2019. 

From September 17, 2019, through July 2, 2020, the same banks had borrowed a cumulative total of $11.23 trillion. 

The Fed is slowly doling out the names of the banks and the specific amounts borrowed on a quarterly basis, after eight quarters of time has elapsed. The Fed is releasing the information only because the Dodd-Frank financial reform legislation of 2010 made it a legal obligation of the Fed to do so. The Fed had fought a multi-year court battle with the press after the 2008 financial crisis to keep its secret bailouts to Wall Street firms hidden from the American people.

... Dispatch continues below ...

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Strange as it may seem, the same press outlets that battled the Fed in court following the 2008 financial crisis to get the names of the banks and the amounts borrowed have this time around invoked a total news blackout on publishing the names of the banks.

One of the large borrowers under this 2019-2020 Fed facility was not even a U.S. bank. On October 8, 2019, the Fed conducted a one-day (overnight) repo loan operation, offering $37.5 billion. Deutsche Bank Securities, a unit of the giant German bank, took two lots totaling $7.5 billion. 

On the same day, Deutsche Bank Securities took another $3 billion of a 14-day term repo loan offered by the Fed, bringing its total borrowing from the Fed on just that one day to $11.5 billion. But the 14-day term loan that Deutsche Bank Securities had previously taken on September 27 for $3 billion had not yet expired, so it actually had an outstanding Fed loan balance at that point of $14.5 billion. ...

... For the remainder of the report:

https://wallstreetonparade.com/2022/01/these-charts-are-the-smoking-guns-in-the-feds-2019-2020-emergency-repo-loan-bailouts/

* * *

Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at: bagman1236@aol.com

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://tinyurl.com/3xt6uw66

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16