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Tag Archives: Central Banks

Why Do We Put So Much Faith in Central Bankers?

Well-known management consultant Peter Drucker perfectly described the predicament faced by central bankers.You can’t manage what you can’t measure.”So why do we put so much faith in central bankers?Initially, central banks were conceived as the lenders of last resort for the banking system, but in the words of economist Pascal Hügli, they have mutated into “dealers of last resort.” They are the fire department called in to put out the world’s economic fires.The Federal Reserve’s response...

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Corona Strikes Back In Europe. Will It Boost Gold?

The number of new daily infections in Europe is rapidly increasing, even reaching new heights in several countries. That is just another reminder that the second wave in fall or winter is upon us. Yes, I know. You are all fed up reading about the coronavirus. And yet, the coronavirus is not fed up with spreading around the globe. The number of new daily infections keeps going up, as the chart below shows. Most significantly, the coronavirus cases are in a dramatic rise across Europe. The...

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Which Countries Own the Most Gold?

Which countries have the biggest gold reserves?Central banks globally have been increasing gold holdings over the last few years. Central bank demand came in at 650.3 tons last year. That was the second-highest level of annual purchases for 50 years, just slightly below the 2018 net purchases of 656.2 tons. According to the World Gold Council, 2018 marked the highest level of annual net central bank gold purchases since the suspension of dollar convertibility into gold in 1971, and the...

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India Central Bank Considers Big Increase in Gold Reserves

According to a report by an Indian TV station, the board of the Reserve Bank of India (RBI) is considering significantly raising its gold reserves.According to the report, the RBI is mulling upping its gold holdings from the current level of 6.5% of total reserves to 10%. As part of the move, the Indian central bank would also lower its holdings of US Treasuries.Officials will create a roadmap for increasing gold reserves and consider it at the next RBI board meeting in October.The Indian...

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Chuck Butler’s Daily Pfennig of August 17, 2020

A Pfennig For Your Thoughts August 17, 2020 * Gold & Silver get sold again on Friday!  * But Currency traders are selling dollars hand over fist!  Good Day… And a Marvelous Monday to you! Man… did the weather here change for the better in the past few days, and from what I see it should remain that way for the rest of this week! It was such a beautiful Sunday morning yesterday, as I sat out back listening to my symphonic music station… I began to sing this song… Blue skies… following...

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What Horrified Fund Managers, Banks & UK’s Pension Minister Said About the Bank of England’s Sudden “We Don’t Rule Out” Negative Interest Rates

“The stimulus the country urgently needs is not experimental and dangerous monetary policy.” By Nick Corbishley, for WOLF STREET: Andrew Bailey, the recently appointed governor of the Bank of England (BoE), is considering going where no other BoE governor has ever gone in the central bank’s 325-year history: into negative interest rate territory. On May 20, Bailey told British MPs that the BoE is refusing to rule out cutting the benchmark interest rate below zero in response to the...

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Central Banks Added 46 Tons of Gold to Reserves in March

Central banks globally added another net 46.1 tons of gold to their reserves in March with the usual suspects making big purchases, according to the latest data released by the World Gold Council.The pace of central bank purchases seems to be increasing, although a few banks are doing the bulk of the buying. Globally, central banks upped purchases in March by about 10 tons over February’s total, which was 33% higher than January’s buying.On the year, central banks have added a net 110.6...

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Demand for Bank Notes in Dollars & Euros Spikes Despite Fears of Covid-19 Contaminated Cash

A curious phenomenon. By Nick Corbishley, for WOLF STREET: In the United States, as coronavirus concerns grew and state after state went into lockdown, and as consumption plunged and unemployment exploded at a previously unimaginable rate, the amount of physical dollars in circulation spiked to $1.89 trillion, as of the Federal Reserve’s balance sheet on April 16, having jumped 9.1% compared to a year earlier. During the darkest days of the Financial Crisis, the demand for U.S. dollar...

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Central Banks Add More Gold to Their Reserves

Central banks continued their gold-buying spree in February, although the pace of gold purchases has slowed compared to last year’s near-record purchases.On net, central banks globally added another 36 tons of gold to their reserves in February, according to the latest data released by the World Gold Council. That was about 33% higher than January’s total.On the year, central banks have bought 64.5 tons of gold. That compares to 116 tons through the first two months of 2019.Central bank...

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The Day of Reckoning For This Economic Crisis

How will the crisis play out? Where do we go from here? Believe it or not, back in 2008 Mike Maloney published a scenario that seems to be unfolding right now. Checks from the government. Taxes refunded. Helicopter currency drops. Central banks trying to kick-start economies. It’s all here, in what he refers to as ‘The Day of Reckoning’. Thanks for sharing this very pertinent video. Post Views: 6

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