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Aug 10, 2015

GATA | THE GATA DISPATCH - August 10, 2015: Alasdair Macleod's study of "Gibson's Paradox" | Avery Goodman: Goldman, HSBC tell you to sell gold but they're buying | TF Metals Report: China's gold reserves rise 1.5% since July announcement.

Alasdair Macleod's study of "Gibson's Paradox" posted by GATA

Submitted by cpowell on , August 10, 2015.  Monday, August 10, 2015

GoldMoney research director Alasdair Macleod's study of the breakdown of the historic correlation of interest rates and the general price level, a correlation set forth by "Gibson's Paradox" in economics, a study called to your attention by GATA on Sunday --

-- has been posted in full in PDF format at GATA's Internet site here:


Avery Goodman: Goldman, HSBC tell you to sell gold but they're buying

Submitted by cpowell on Monday, August 10, 2015Monday, August 10, 2015

While both banks are officially negative on gold, Colorado securities lawyer and market analyst Avery Goodman reports today that Goldman Sachs and HSBC recently took delivery of 3.2 and 3.9 tonnes of gold, respectively. Goodman's commentary is headlined "The 'Big Long' -- Goldman Sachs and HSBC Buy 7.1 Tonnes of Physical Gold" and it's posted at Seeking Alpha here:

Federal Reserve Board clarifies Regulation II regarding the inclusion of transaction-monitoring costs: FRB Press Release - August 10, 2015.



Press Release

Release Date: August 10, 2015

The Federal Reserve Board on Monday clarified Regulation II (Debit Card Interchange Fees and Routing) regarding the inclusion of transaction-monitoring costs in the interchange fee standard.
Regulation II implements, among other things, standards for assessing whether interchange transaction fees for electronic debit transactions are reasonable and proportional to the cost incurred by the issuer, as required by section 920 of the Electronic Fund Transfer Act (EFTA). On March 21, 2014, the Court of Appeals for the D.C. Circuit reversed an earlier decision of the District Court and largely upheld Regulation II against a challenge to the rule by merchant groups. The court found that one aspect of the rule--the Board's inclusion of transaction-monitoring costs in the interchange fee standard--required further explanation.
The attached Federal Register notice provides the additional justification required by the Court of Appeals' opinion.

For media inquiries, call 202-452-2955
Attachment (59 KB PDF)
Board Votes
Last update: August 10, 2015

FDIC Press Release -- August 10, 2015: Weekly National Rates and Rate Caps


Weekly National Rates and Rate Caps

On May 29, 2009, the FDIC Board of Directors approved a final rule making certain revisions to the interest rate restrictions applicable to less than well capitalized institutions under Part 337.6 of the FDIC Rules and Regulations. The final rule redefined the "national rate" as a simple average of rates paid by U.S. depository institutions as calculated by the FDIC. The national rates and rate caps for various deposit maturities and sizes are provided below.
For more information. see Financial Institution Letter FIL-25-2009
Rates updated August 10, 2015

DealBook A.M. and P.M. Edition on August 10, 2015

Monday, August 10, 2015
S.E.C. READY TO MAKE A SPLASH The Securities and Exchange Commission is pursuing high-profile cases while fending off criticism that it is not aggressive enough in forcing wrongdoers to admit liability, Alexandra Stevenson and Matthew Goldstein report in DealBook. It is poised to file charges soon in an investigation that combines insider trading with cybersecurity, according to people briefed on the investigation, but not authorized to speak publicly. The case centers on whether overseas hackers broke into the networks of American companies to secure inside information about corporate deals, later passing on that information to traders.

Wall Street at Close Report on August 10, 2015: U.S. stocks end near session highs on hint of later rate hike

U.S. stocks end near session highs on hint of later rate hike

Wallace Witkowski, Mark DeCambre
U.S. stocks closed near intraday highs Monday, buoyed by remarks from one Federal Reserve official suggesting a September interest-rate hike may not be a done deal, as well as from a bounce-back in Chinese equities.
Lately, main U.S. indexes have been weighed by worries about the prospect of a slowdown in Asia as well as impending tightening of U.S. monetary policy.
But comments from Federal Reserve Vice Chairman Stanley Fischer on Monday may have helped ease some of those concerns. He told Bloomberg TV he doesn’t expect the first interest-rate hike by the U.S. central bank in more than nine years to occur until after inflation returns closer to the Fed’s target of around 2%. The inflation rate has dipped close to zero in recent months and hasn’t been above 2% since April 2012.

European Markets at Close Report on August 10, 2015: European stocks end higher as miners reverse

European stocks end higher as miners reverse

Carla Mozee, Victor Reklaitis
Getty Images
European stocks pulled out a win Monday, aided by a turnaround in mining stocks and optimism surrounding a possible financial-aid deal for cash-strapped Greece.
The Stoxx Europe 600 SXXP, +0.69% finished up 0.7% at 399.82
Greece’s Athex Composite GD, +2.06%  outperformed, rising 2.1% to 690.24, as the Greek government appeared closer to cinching a deal for a third financial bailout following talks with creditors over the weekend.
“If a deal can be reached [Tuesday], as being touted, it would be a key economic risk that has been overcome, albeit only for the foreseeable future,” said Craig Erlam, senior market analyst at Oanda, in emailed comments.

U.S.Stock Market Futures Indications - August 10, 2015: Futures rise amid Greek bank news

Futures rise amid Greek bank news

Jenny Cosgrave
U.S. stock index futures extended gains after a report that Greek banks could get their first capital injection after a bailout deal is agreed.
The banks could receive as much as 10 billion euros, even before the European Central Bank completes a stress test, a euro zone official familiar with the situation told Reuters.
Dow futures were about 120 points higher. Earlier, futures traded slightly higher earlier in the session following the eagerly anticipated jobs data last week, markets will now be fixed on scheduled speeches from U.S. Federal Reserve members and retail data this week.

Asian Markets at Close Report on August 10, 2015: Chinese stocks score biggest one-day gain in a month.

Chinese stocks score biggest one-day gain in a month

Chao Deng 
Stocks in China on Monday posted their biggest one-day gain in a month on expectations Beijing will maintain its market support by buying shares.
The Shanghai Composite Index SHCOMP, +4.92%  finished 4.9% higher at 3,928.42, while the smaller Shenzhen Composite 399106, +4.49%  was up 4.5% to 2,274.84.