Wednesday, July 6, 2022

China Establishes Liquidity Agreement With BIS, Further Eroding The Dollar

from ZeroHedge:

The concept of eastern opposition to globalist institutions is a fanciful one driven perhaps by people’s hopes that some country somewhere is going to “make a stand” against the agenda.  Unfortunately, the vast majority of nations are irrevocably tied to the machinations of global banks.

China is a perfect example of a country that is often falsely associated with “opposition” to globalism.  Besides representing one of the most oppressive regimes in the world today complete with Orwellian social credit systems, concentration camps, organ harvesting programs and vaccines passports, the CCP is also a long time proponent of a global currency system controlled by the IMF as well as the latest member of the Special Drawing Rights (SDR) basket.

THIRD DAY IN A ROW FOR HIGHER REPO RATES AS LIQUIDITY DRIES UP

by Harvey Organ, Harvey Organ Blog:

THIRD DAY IN A ROW FOR HIGHER REPO RATES AS LIQUIDITY DRIES UP//GOLD DOWN $8.90 TO $1499.00//SILVER DOWN 4 CENTS TO $17.80//TODAY GOLD COMEX HAS CONSIDERABLE QUEUE JUMPING

GOLD:$1499.00 DOWN $8.90 (COMEX TO COMEX CLOSING)

Silver:$17.80 DOWN 4 CENTS  (COMEX TO COMEX CLOSING)

GOLD UP $15.80 TO $1203.20/SILVER UP 20 CENTS TO $14.67

by Harvey Organ, Harvey Organ Blog:

BIG NEWS TODAY WAS THE HUGE RISE IN ITALIAN 10 YEAR BOND YIELDS TO 3.44%/FBI FINISHES WITH THEIR INTERVIEWS WITH THEIR 3 MAIN WITNESSES/FBI REFUSE TO HAND OVER DOCUMENTS ON URANIUM ONE/HUGE SWAMP STORIES FOR YOU TONIGHT

GOLD: $1203.20 UP $15.80 (COMEX TO COMEX CLOSINGS)

Silver: $14.67 UP 20 CENTS (COMEX TO COMEX CLOSING)

What Happens When You Take Away The Bread From The Bread And Circuses

from The Dollar Vigilante:

TRUTH LIVES on at https://sgtreport.tv/

“Something Is Wrong Here”: U.S. Stocks Plunge Again And Are Having Their Worst Quarter In 7 Years

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by Michael Snyder, The Economic Collapse Blog:

The Dow Jones Industrial Average plummeted another 496 points on Friday as panicked investors continue to pull billions of dollars out of the stock market.  With less than two weeks to go until Christmas, the markets are not supposed to be experiencing this kind of turmoil, but it is happening and there is no end in sight.  During the fourth quarter of 2018, we have already seen the S&P 500 fall 11 percent.  Even if it doesn’t go down any further, that will be the worst quarter in 7 years.  And of course the S&P 500 is not alone – at this point all of the major indexes are officially in correction territory.  Things are certainly getting quite frightening on Wall Street, and many believe that the worst is yet to come.

In Unprecedented Move, Fed Unveils Open-Ended QE Including Corporate Bonds

from ZeroHedge:

Coming into Monday, the Fed had a problem: it had already used up half of its entire emergency $700BN QE5 announced last weekend.

Which, together with the plunge in stocks, is why at 8am on Monday, just as we expected – given the political cover they have been provided – The Fed unveiled an unprecedented expansion to its mandate, announcing open-ended QE which also gave it the mandate to buy corporates bonds (in the primary and secondary market) to unclog the frozen corporate bond market as we just one step away from a full Fed nationalization of the market (only Fed stock purchases remain now).

The Elephant in the Gold Room

by Keith Weiner, Monetary Metals:

We will start this off with a pet peeve. Too often, one is reading something about gold. It starts off well enough, discussing problems with the dollar or the bond market or a real estate bubble… and them bam! Buy gold because the dollar is gonna be worthless! That number again is 1-800-BUY-GOLD or we have another 1-800-GOT-GOLD in case the lines on the first number are busy!

Whether the writer is a bullion dealer, or whether just some HODLer (a term from bitcoin—it means Holding On For Dear Life) hoping for a higher price, and an opportunity to unload some gold to make profit$, it matters not. The “buy gold” message undermines the economic point. Perhaps the economics (or pseudo-economics) point bolsters the buy-gold message, but it certainly hasn’t over the last 8 years.

Who Holds Russia’s Central Bank Reserves?

by Katharina Buchholz, Global Research:

The following article documents the failure on the part of  Russia’s Central Bank to secure control over its gold and  foreign currency assets.

Only 21.7% of Russia’s Central Bank reserves are deposited in Russia. Our thanks to Statista for bring this article to our attention.

With the sanctions regime, a large share of the Russian Central Bank’s gold and forex deposits will be affected. See  the analysis by Dr. Paul Craig Roberts.

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According to a now unavailable report by Russia’s Central Bank saved by internet archive Wayback Machine, China was the single-biggest foreign holder of Russian central bank reserves as of June 30, 2021. 13.8 percent of the total of Russia’s reserves, held in gold and foreign currency, was located in China, roughly the same share of assets held in Chinese currency Yuan Renminbi.