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3.27.24 - Gold $2,600

Gold last traded at $2,192 an ounce. Silver at $24.58 an ounce.

Swift sets industry up for seamless introduction of CBDCs for cross-border transactions as interlinking solution finds more use cases -swift.com

The brave, new world of banking and finance appears to have arrived. Swift has created and tested a platform that will allow governments and institutions alike to conduct commerce with one another in a central bank digital currency (CBDC). This happens at a cost to our personal liberties as well as our financial privacy.

Swift today announced the findings of the second phase of industry-wide sandbox testing on its central bank digital currency (CBDC) interlinking solution, with the results showing that its connector can enable financial institutions to carry out a wide range of financial transactions using CBDCs and other forms of digital tokens, easily incorporating them into their business practices.

In one of the largest known collaborations on CBDCs, 38 institutions - including central and commercial banks as well as market infrastructures - took part in experiments which found that Swift’s solution has the potential to simplify and speed up trade flows, unlock growth in tokenised securities markets, and enable efficient FX settlement – all while allowing financial institutions to continue to make use of their existing infrastructure.

Interoperability is critical to Swift’s strategy for instant and frictionless transactions. The cooperative has focused its innovation agenda on interoperability between digital currencies and tokenised assets to overcome the potential risk of fragmentation, caused by the development of digital currencies on different technologies and with different standards and protocols. Swift’s solution has already been shown to enable cross-border transfers and connect CBDCs on different networks with each other, as well as with fiat currencies. READ MORE


Gold $2,600 - Daily Reckoning

Gold continues to make its climb this year, garnering more and more interest by the day. This most recent forecast is calling for $2,600 gold, but at what cost? A major area of concern is the US, our government and the ocean of unmanageable debt we appear to be drowning in.

by Greg Guenthner

chart The Senate quietly passed a $1.2 trillion funding package on Saturday morning to avert a partial government shutdown.

Just days earlier, Jerome Powell and the Fed soothed jittery investors, declaring that the Fed still intends to cut rates before the end of the year.

Meanwhile, you might have noticed gold and Bitcoin consolidating near their respective all-time highs.

Coincidence?

Probably not.

While you might consider the sharp moves higher in both assets to be no-brainers considering recent events, gold’s resilience in the face of numerous rally-busting pressures is where I want to focus our attention. Crypto and its mind bending rallies might have hogged a majority of the attention recently. But there’s something special brewing in precious metals right now, even though most investors aren’t paying close attention to the sector.

Today, I want you to briefly forget about the stocks-only-go-up rally, the artificial intelligence boom, and the roaring crypto market.

Sure, these are all important market themes. But I want to take a break from the endless noise to dig into what’s happening with gold and other metals right now – and how you should position your portfolio to profit from the next major leg higher. READ MORE


Almost 10,000 U.S. Banks Have Disappeared Since 1985, Leaving 4 Mega Banks Controlling 39 Percent of Bank Assets -Wall Street on Parade

Banking problems - along with bank closures - have become an all too familiar story these days. There have been nearly 10,000 closures since 1985. The real story is that this means there are now just four mega banks controlling over 39% of all assets. That's a very high concentration of banking power in the hands of just a few.

By Pam Martens and Russ Martens

According to Federal Deposit Insurance Corporation (FDIC) data, there were 14,417 federally-insured banking institutions in the U.S. in 1985. As of December 31, 2023, the FDIC reports there are only 4,587 remaining. The vast majority of the 9,830 banks that have disappeared since 1985 did not fail – they were merged with other banks.

Today, just four banks control $9.3 trillion in consolidated bank assets or 39 percent of all bank assets. Those four banks are JPMorgan Chase with $3.395 trillion in consolidated assets; Bank of America with $2.540 trillion; Wells Fargo with $1.7 trillion; and Citigroup’s Citibank with $1.685 trillion. (All asset figures are as of December 31, 2023 and come from the Federal Reserve’s statistical release of the largest banks.)

The political clout of these mega banks is such that one of them, JPMorgan Chase, has been allowed to commit a string of felonies and audacious crimes since 2011; get deferred-prosecution agreements and non-prosecution agreements from the Justice Department; assist the notorious sex-trafficker Jeffrey Epstein for a decade with the hard cash needed to keep himself and his pals supplied with underage girls; and still keep the same Chairman and CEO, Jamie Dimon, at the helm of the bank. READ MORE

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3.26.24 - Why gold will glitter in 2024

Gold last traded at $2,175 an ounce. Silver at $24.42 an ounce.

EDITOR'S NOTE: If you're still on the fence about gold, here are three more reasons to get on board. It's no longer just gold bulls talking about rising prices, research agencies are calling for a breakout year. If you haven't already diversified your investment portfolio or retirement savings into metals, you should do it now in order to take advantage of the explosive gains they're talking about.

Three factors why gold will glitter in 2024 -The Hindu Business Line

by Subramani Ra Mancombu

gold coins Three factors — the US Fed’s likely move to cut interest rates, a weaker dollar and geopolitical tension — will likely keep gold prices elevated in 2024 with research agencies raising their price forecast for the precious metal.

JP Morgan has picked gold as the top pick among commodities this year and has forecast its prices touching $2,500 an ounce. US research agency BMI, a unit of Fitch Solutions, sees gold hovering in the range of $1,950-2,250 in the coming month. It has raised the average price of the yellow metal to $2,100 this year from $1,950 it forecast earlier.

“Gold is set to rise even further in the coming months of 2024, especially when the Fed actually starts to cut,” said Sabrin Chowdhury, Head of Commodities, BMI.

“For the second consecutive year, the only structural bullish call we hold is for gold and silver,” said JP Morgan in its outlook for the precious metal.

“...we are bullish towards gold prices in the coming months, strong downside risks are stemming from still strong US economic data, which could result in fewer rate cuts by the US Fed than we currently expect,” said BMI in its commentary. READ MORE

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3.25.24 - BRICS ‘Ready To Work’ To Ditch US Dollar

Gold last traded at $2,172 an ounce. Silver at $24.66 an ounce.

EDITOR'S NOTE: What started off as a bad dream is possibly turning into an absolute nightmare, as it relates to the US dollar. Not only has the list of participants been growing, but there is an active and public effort to ditch the dollar.

BRICS ‘Ready To Work’ With All Countries To Ditch US Dollar -Watcher Guru

by Vinod Dsouza

BRICS BRICS member Russia is pushing the de-dollarization initiative in Africa urging nations to trade in local currencies and not the US dollar. Russia’s President Vladimir Putin vigorously called for African countries to start using local currencies for trade, including the Russian Ruble.

Putin explained that Russia is “ready to work” with African countries to help them shift away from the US dollar. He added that BRICS can help Africa build its financial infrastructure by connecting its global banking system to local currencies. The Russian President stressed that cross-border transactions without the US dollar are beneficial to Africa.

The BRICS alliance is convincing developing countries around the world to stop relying on the US dollar for trade. A handful of countries believe that BRICS has the power to usher the world into a new financial era. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar trade. READ MORE

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3.22.24 - Gold Always Delivers

Gold last traded at $2,165 an ounce. Silver at $24.68 an ounce.

EDITOR'S NOTE: Gold is in the news once again due to ongoing global turmoil and the increasing shakiness of US markets; but here is something that those partial to the yellow metal have always known, gold can weather any storm. It's beloved by individual investors all the way up to sovereign nations because of its stability, scarcity and reliability. There is a reason central banks continue to gobble up as much gold as they can get their hands on.

Gold Delivered 25% Profits Year-On-Year For 25 Years - Watcher Guru

by Vinod Dsouza

source: Watcher Guru
Gold has been a store of value for thousands of years and its glitter barely dimmed over the last few centuries. The precious metal is the most accumulated asset across the world as its price keeps inching forward every year. The commodity is also a safe haven for investors as gold acts as a hedge against inflation under economic turmoil delivering profits. This puts the commodity on a pedestal and is among the most sought-after investments in the markets.

Now let’s walk back 25 years and look at how gold prices fared over the last two and a half decades. It is been relentlessly pumping profits to investors who took an entry position for the long term. In this article, we will highlight how much profits gold delivered to investors from 1999 to 2024.

The average price of gold was $278 per ounce in 1999 after it recovered from its all-time low of $252 the same year. The price of gold breached the $2,200 mark this week and is attracting heavy bullish sentiments in the charts. Gold touched $2,208 this week after the US dollar dipped post the Feds FOMC meeting on Wednesday. The profits in gold now range from $278 to $2,208.

If you invested $10,000 in gold in 1999 at its $278 average price, you could get to accumulate 36 ounces. Fast-forward to 2024, gold prices are hovering around the $2,200 mark this week. Even when gold touched a high of $2,208, the $10,000 investment could have turned into $79,400 in profits. READ MORE

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3.21.24 - Gold's rally far from over

Gold last traded at $2,181 an ounce. Silver at $24.75 an ounce.

EDITOR'S NOTE: With central banks continuing their gold buying frenzy and the expectation that rates will be cut multiple times this year, gold will continue to be the top choice for those seeking safe haven, top-performing assets in 2024.

Gold prices have been hitting record highs — here’s why the rally is far from over -CNBC

by Lee Ying Shan

gold chart The rally in gold continues with prices hitting an all-time high on Thursday — and there’s room for it to rise more as central banks continue to purchase bullion in record amounts.

Prices could rise to $2,300 per ounce in the second half of 2024, especially against the backdrop of expectations that the U.S. Federal Reserve could cut rates in the second half of 2024, Aakash Doshi, Citi’s North America head of commodities research, told CNBC. Gold is currently trading at $2,203.

Gold prices tend to share an inverse relationship with interest rates. As interest rates dip, gold becomes more appealing compared to fixed-income assets such as bonds, which would yield weaker returns in a low-interest-rate environment.

Macquarie has also forecast gold prices to notch new highs in the second half of the year. While acknowledging that physical purchases of gold have given prices a lift, Macquarie’s strategists attributed the recent $100 spike in prices to “significant futures buying” in their note dated March 7.

“Central banks, who have bought historic levels of gold over the past two years, continue to be strong buyers in 2024 as well,” World Gold Council Global Head of Central Banks Shaokai Fan said.

These purchases have strengthened gold prices despite high interest rates and a strong dollar, market watchers told CNBC. READ MORE

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3.20.24 - ‘Worrying’ Metric Shows Massive Inflation Spike

Gold last traded at $2,208 an ounce. Silver at $25.66 an ounce.

The Great Cashout—Jeff Bezos, Leon Black, Jamie Dimon, and the Walton family have now sold a combined $11 billion in company stock this month— some for the first time ever - Fortune

More and more billionaires are selling their own company stock. Does this point to a growing lack of confidence the financial elite have in our markets? Could this be a sign of what they expect to come or is there something else taking place behind the scenes?

by Amanda Gerut

High-profile CEOs, founders, and heirs are selling stock by the bucketload in the companies that made them billionaires. For nearly the entire bunch, shares prices are trading near all-time-highs.

Jeff Bezos sold Amazon shares worth $8.5 billion in multiple transactions this month. Meanwhile, Jamie Dimon, CEO and chairman of JPMorgan Chase, sold $150 million in stock last week, his first cashing out since taking the top job at the bank 18 years ago. Around the same time, Leon Black, co-founder and former CEO of Apollo Global Management, shed $172.8 million in stock—also a first-ever stock sale.

In dozens of trades since the beginning of February, Mark Zuckerberg unloaded about 1.4 million shares of Meta stock worth roughly $638 million, according to an analysis from insider stock sales data firm Verity. This latest batch of sales came after previously culling 588,200 shares in November, 688,400 in December, and 447,200 in January. He sold nearly $600 million in the three months leading up to February and his proceeds from combined sales during the past four months have reached $1.2 billion.

Similarly, the trust for the Walton family, heirs to Walmart’s founder, sold $1.5 billion in Walmart stock this month. The family owns about 45% of Walmart’s shares, according to Bloomberg. READ MORE


‘Worrying’ Metric Shows Massive Inflation Spike Hammered US, Far Higher Than Reported: Former Treasury Secretary Larry Summers -Daily Hodl

We are all living in the reality of today's inflation; not the contrived numbers we've been given over the last several months. The title of this article refers to it as "worrying", but I think a more appropriate term might be 'devastating'.

by Alex Richardson

chart Former U.S. Treasury Secretary Lawrence Summers says an old school method of tracking inflation may reveal the real amount of economic pain that Americans have had to endure.

Summers has co-authored and released a new paper exploring the effect of high interest rates on the American consumer.

The paper, in part, aims to paint an alternate and more accurate view of inflation by incorporating economist Arthur Okun’s pre-1983 system of measuring inflation, which took into account personal interest rates and housing financing costs.

After 1983, those metrics were taken out of the consumer price index (CPI), which Summers and the authors of the paper argue may be giving an inaccurate portrayal of inflation in the US.

Using the pre-1983 method of measuring inflation, the report says that in November of 2022, CPI spiked by about 18% – contrary to the official 4.1% number determined by the government.

The new numbers paint a darker picture of the inflation that Americans are dealing with to this day, with the report stating the pre-1983 measure offers a “more worrying picture of inflation in the current moment than the official inflation numbers.” READ MORE


56% of Americans can’t afford a $1,000 emergency expense: We are ‘living in a paycheck-to-paycheck nation,’ money expert says -CNBC

Many American families are either on the verge of financial failure or one unexpected expense away from it. The question remains, is a solution to this crisis anywhere in sight?

by Annie Probert

A majority of Americans say they can’t afford a $1,000 emergency expense, a recent report from Bankrate finds.

Only 44% of Americans surveyed said they could use their savings to pay for an unexpected expense, instead opting to put it on a credit card or borrow cash from family or friends.

“The reality is that we are, unfortunately, essentially living in a paycheck-to-paycheck nation,” Bankrate senior economic analyst Mark Hamrick tells CNBC Make It. “We’re a consumer-based society where people are implored on a constant basis to spend their money, and the messaging is not nearly as strong with respect to saving your money.”

Unexpected economic events that occurred in quick succession over the past five years, from the fallout over the pandemic to high inflation, have shocked the personal finances of many Americans, says Hamrick.

“It’s quite remarkable in the current environment that even with low unemployment and a job market that has been both robust and resilient in recent years, that we still have this remarkably low percentage of Americans who could pay this emergency expense,” he adds. READ MORE

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3.19.24 - A New Buy Signal for Gold

Gold last traded at $2,158 an ounce. Silver at $24.92 an ounce.

EDITOR'S NOTE: 2024 has already presented many geopolitical and economic reasons for hedging your portfolio with gold; but for those of you who like to base your investment moves on the technical aspects of any given asset market, here is your sign.

A New Buy Signal for Gold - Barron's

by Andrew Addison

gold Gold’s rally isn’t over yet.

In the Oct. 17, 2023, issue of the Institutional View, I highlighted the metal’s powerful bullish reversal from its support level of $1811 an ounce. After gold hurdled $1940 without breaking below $1900, my work generated a Buy signal for the metal.

Then, in the Dec. 29 issue of the Institutional View, I downgraded bullion to a Neutral $2065, and I recommended that clients sell and take profits. Why? Because gold reached $2135 intraweek but was unable to close the week above $2100.

During the last week of February, gold’s technicals improved markedly when it posted a bullish reversal—a higher high than the prior day, a lower low than the prior day, and a close above the prior day’s high—off its 50-day moving average (see chart above). With its close above $2041 on Feb. 29 (it ended the day at $2046), gold hurdled the downtrend from $2135, generating a Buy signal at $2046, as reported in the Feb. 29 Institutional View.

The weekly chart above shows that gold broke out of a four-year rounding base to begin a new bull market. Closing above $2220, it would accelerate and climb quickly to $2400.

It’s the monthly chart above that’s the most exciting. Within a 12-year base, gold formed successively higher and shorter high-level consolidations at the top of the base. This illustrates that selling pressure continues to weaken as buyers begin to take control. Once gold has a monthly close above $2200, then my work would generate upside projections of $3600 to $4000. VIEW CHARTS

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