Thursday, October 17, 2019

The Dutch Central Bank Endorses The Gold Standard

by Dave Kranzler, Investment Research Dynamics:

“De Nederlandsche Bank (DNB) holds more than 600 tonnes of gold. A bar of gold always retains its value, crisis or no crisis. This creates a sense of security. A central bank’s gold stock is therefore regarded as a symbol of solidity Shares, bonds and other securities are not without risk, and prices can go down. But a bar of gold retains its value, even in times of crisis.” – DNB’s Gold Stock

The quote above is from the “Payments” section of the Dutch Central Bank’s website. Incredibly, it goes on to suggest the possibility of  a systemic collapse: “If the system collapses, the gold stock can serve as a basis to build it up again.” Quite stunning, in my opinion, coming from the Central Bank of a country that was first to offer a negative interest rate mortgage…

Without the Outliers, Inflation Is Running Hot. Fed Has Started Mentioning these Measures in the Minutes

by Wolf Richter, Wolf Street:

Cleveland Fed’s Underlying Inflation Measure Hits 3.0%, Hottest in the Data.

“Soft inflation?” The inflation measure by the Cleveland Fed — the “Median CPI,” which is based on Consumer Price Index data but removes the outliers in the data to reveal underlying inflation trends — jumped 3.0% for September, the highest in the data series going back to the Financial Crisis, when this measure was launched.

By comparison, “core CPI,” which removes food and energy prices, hit 2.4% in August and September, the highest since September 2008:

News Articles on the Fed’s Secret Trillions in Loans to Wall Street During the Last Crisis Have Been Purged from Bloomberg News

by Pam Martens and Russ Martens, Wall St On Parade:

Mark Pittman was the Bloomberg News reporter responsible for the Bloomberg lawsuit against the Federal Reserve seeking the names of the banks and their share of the trillions of dollars that the Fed was secretly funneling to them during the financial crisis. Pittman had already shared in a Gerald Loeb award for Bloomberg’s five-part series, “Wall Street’s Faustian Bargain,” and many felt he was a lock for a Pulitzer. But one week before Federal Reserve Chairman Ben Bernanke was to sit for his Senate Confirmation hearing on his reappointment to another term as Fed Chairman, Pittman died of a heart attack at age 52 on November 25, 2009.

Gold is the Alpha Currency

by Gary Christianson, Miles Franklin:

Breaking News:

The Dow closed at 26,616 on Jan. 26, 2018, a new high.

The Dow closed up 320 on October 11, 2019 at 26,816, a gain of only 0.75% in 21 months.

Gold closed at $1,352 on Jan. 26, 2018.

Gold closed at $1,488 on October 11, 2019, a gain of 10.1% in 21 months.

The Fed announced they would buy $60 billion/month in Treasuries but refused to admit it was QE. Sounds like welfare for the upper 1%…


by Harvey Organ, Harvey Organ Blog:



Closing access prices:

Gold : $1493.10

silver:  $17.66

Russia Liberates Iran From SWIFT Blackmail, Gives Access to Alternative Banking Network

from Russia Insider:

Washington polices international transactions via the SWIFT banking network. Iran is joining Russia’s Eurasian Economic Union and will soon use its alternative to SWIFT, called SPFS. This will be a huge blow to US sanctions, as Tehran will be free to do business with banks and companies using the SPFS, completely free of Washington’s oversight.

Russia and Iran will transfer payments using an alternative system to the internationally recognized SWIFT money transfer network, the governor of the Iranian central bank, Abdolnaser Hemmati, announced.

Austria’s Central Banks Says More QE is Counterproductive

by Mish Shedlock, The Maven:

Dissent within the ECB over QE is at unprecedented levels and rising. But what does “counterproductive” really mean?

Several members of the European Central Bank’s Governing Council are against the ECB buying more bonds. Add Austrian central bank Governor Robert Holzmann to the list.

Holzmann says Draghi’s QE Policy Is Counterproductive