Daily Digest

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Daily Digest 4/16 - Major Banks Fail Bailout Test, World Leaders Terrified Of Water Shortages

Saturday, April 16, 2016, 10:46 AM

Economy

The UK's EU referendum: All you need to know (jdargis)

The question is always crucial in any referendum. The Electoral Commission proposed the wording, which has been accepted by MPs: "Should the United Kingdom remain a member of the European Union or leave the European Union?" The options for voters will be 'Remain a member of the European Union' and 'Leave the European Union'.

China's Yuan-Based Gold Fix To Include Two International Banks (Pascal)

According to the rules that were sent to participating banks in February, the benchmark, which will be quoted in yuan per gram, will be set twice a daily. The auction will be derived from a one-kilogram contract, traded among the 18 members of the SGE.

Many analysts are not surprised that China is moving forward with its plan to launch its own yuan-based gold benchmark as it has become a central player in the marketplace. China’s benchmark will now fight for dominance with the London Bullion Market Association Gold Price Fix, which was launched last year and replaced the century-old London Fix.

Five major banks fail bailout test, would need taxpayer money in crisis (Ben Johnson)

Five of the nation’s largest banks are not prepared for a financial crisis and would need taxpayer bailouts, the Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation announced Wednesday.

According to multiple reports (including Reuters), the “living wills” of Bank of America,Bank of New York Mellon, JPMorgan Chase, State Street, and Wells Fargo are “not credible.” The “living will” test is a stipulation of the Dodd-Frank Wall Street Reform Act, and requires banks to provide plans on how they would “fail in an orderly way” in a crisis without requiring money from the public.

Deutsche Bank Confirms Silver Market Manipulation In Legal Settlement, Agrees To Expose Other Banks (Kevin J.)

According to Reuters, Deutsche Bank has signed a binding settlement term sheet, and is negotiating a formal settlement agreement to be submitted for approval by U.S. District Judge Valerie Caproni, who oversees the litigation. A Deutsche Bank spokeswoman declined to comment. Lawyers for the investors did not immediately respond to requests for comment.

As noted above, investors had accused Deutsche Bank, HSBC and ScotiaBank of abusing their power as three of the world's largest silver bullion banks to dictate the price of silver through a secret, once-a-day meeting known as the Silver Fix.

Gold Miners Arrived At Huge Resistance After An Incredible Rally (Taki T.)

Logically, after such a gold miners rally, every investor would argue that it is recommended to wait for a better entry point. However, that is a logic conclusion in theory, but it is very hard to accomplish in reality, as investors can easily get caught up in the frenzy of the market and the news stream like Bloomberg’s latest article on gold miners. In other words, emotions could lead investors to chase prices higher. That is called FOMO: Fear Of Missing Out.

Tsunami of Dollars Coming Back to America Soon: Rob Kirby (pinecarr)

Does that mean dollar devaluation and a bank “holiday” coming soon? Kirby says, “How quickly this happens is open for conjecture, but that is clearly the direction we are heading. We are unmistakably headed in that direction. The only real question is how long these criminal central bankers can MacGyver the system together and keep it together with elastic bands, paperclips and bungie cords. This is going down. This is going to happen. I think it’s going down in the next two or three weeks. . . .We’ve all speculated that this would eventually happen. Now we are here, and the clock is about to strike midnight.”

Saudi Arabia Warns of Economic Fallout if Congress Passes 9/11 Bill (jdargis)

The administration, which argues that the legislation would put Americans at legal risk overseas, has been lobbying so intently against the bill that some lawmakers and families of Sept. 11 victims are infuriated. In their view, the Obama administration has consistently sided with the kingdom and has thwarted their efforts to learn what they believe to be the truth about the role some Saudi officials played in the terrorist plot.

Tree of life shows that trees are a rarity (jdargis)

It is hardly news that most life on Earth is unicellular. But the newest tree of life, published in Nature Microbiology, reveals that most of life's diversity is bacterial and that much of it belongs to a recently discovered branch of especially tiny bacteria that no one has ever grown or seen under a microscope. All we have is their DNA, mixed in with the DNA of everything else that inhabits the same ecosystem.

Why World Leaders Are Terrified of Water Shortages (Merle2)

On September 22 of that year, Seche sent a stark message to the US State Department in Washington relaying the details of a conversation with Yemen's minister of water, who "described Yemen's water shortage as the 'biggest threat to social stability in the near future.' He noted that 70 percent of unofficial roadblocks stood up by angry citizens are due to water shortages, which are increasingly a cause of violent conflict."

Gold & Silver

Click to read the PM Daily Market Commentary: 4/15/16

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

2 Comments

KennethPollinger's picture
KennethPollinger
Status: Platinum Member (Offline)
Joined: Sep 22 2010
Posts: 654
Regarding Kirby

Anyone who puts his rep on the line like Kirby is either a fool (who will lose much) or knows something that we do not know.  I know he sells TONS of gold, but this prediction is really outrageous for him.  Let's watch for 2-3 weeks!!  And also be prepared.

Geedard's picture
Geedard
Status: Bronze Member (Offline)
Joined: Oct 13 2014
Posts: 79
KennethPollinger
KennethPollinger wrote:

Anyone who puts his rep on the line like Kirby is either a fool (who will lose much) or knows something that we do not know.  I know he sells TONS of gold, but this prediction is really outrageous for him.  Let's watch for 2-3 weeks!!  And also be prepared.

I share exactly the same thought as you Ken and just posted the following comment on the "Folly of financialisation" thread...

0

Tsunami Of $$'S Back To US / Saudi's Maybe Selling 750 Bn $$'S 

What would happen to $ strength / weakness - and subsequently Gold and Silver price if...

1) a "Tsunami of $$'s heads back to US

2) the Saudi's sell up to $750 bn of US assets (if 9/11 Bill is passed)

I live in Switzerland...therefore the price of PM's AND $ strength/weakness are important to me (when thinking in $/CHF terms...

Here are the 2 stories from yesterday's daily digest...

http://usawatchdog.com/tsunami-of-dollars-coming-back-to-america-soon-ro...

http://www.nytimes.com/2016/04/16/world/middleeast/saudi-arabia-warns-of...

A devaluing dollar v CHF matters as much to me as the PM price...as can mean double jeopardy...

thanks in advance for your insights...

 

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