LBMA clearing banks risk complete collapse [Video]

Samuel Briggs Kinesis Money

In this week’s Live from the Vault, Andrew Maguire breaks down the LBMA’s latest, desperate attempt to lobby for an exemption from Basel III.

At the close of Q2 this year, Basel III will make unallocated gold trading impossibly expensive, with market makers experiencing an 85% haircut on each trade. With tens of thousands of tonnes of fractionally-held gold and silver cleared every year in the London market it’s no surprise that, as Andrew Maguire put it, the LBMA are fighting ‘tooth and nail’ to obtain an exemption.
As implementation day fast approaches, Andrew Maguire reports on collusion between the LMBA and CME, in a bid to buy time to unwind massive interconnected unallocated positions.
The long-time wholesaler also offers a short-term outlook for gold and silver, and explains this week’s long-awaited positive price movement in the precious metals markets.

A week on from the silver raid, the precious metals expert sends out his appreciation to the legions of silver stackers worldwide, who bought up as much physical silver as they could afford on May 1st.

Author

Samuel Briggs

Kinesis Money

Samuel holds a deep understanding of the precious metals markets, and as an in-house journalist for 1:1 gold and silver-backed monetary system, Kinesis, he is chiefly responsible for updating the community with insights and analys

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.