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Jun 10, 2018

Drone Video Shows Singapore Summit Venue| Associated Press (AP)

GATA asks bank regulator to check risks of gold futures maneuver | GATA | THE GATA DISPATCH | FGC BOLSA - FGCFINANCIAL MARKETS

GATA asks bank regulator to check risks of gold futures maneuver

Submitted by cpowell on 04:17PM ET Sunday, June 10, 2018. Section: Daily Dispatches 12:21p ET Sunday, June 10, 2018
Dear Friend of GATA and Gold:
GATA has appealed to the U.S. comptroller of the currency, who has regulatory authority over banks, to review financial risks certain banks may have incurred through derivatives in the monetary metals markets, particularly through the recent heavy use of the "exchange for physicals" mechanism of settling gold and silver futures contracts on the New York Commodities Exchange.
The appeal was made in a letter sent May 5 to the comptroller, Joseph M. Otting, whose office is part of the U.S. Treasury Department, by your secretary/treasurer and GATA futures market consultant Harvey Organ.

 "Exchange for physical" settlements of futures contracts long were considered emergency procedures when a seller was not able to deliver metal from an exchange-approved warehouse and wanted to settle with delivery elsewhere. But now such settlements appear to constitute most gold and silver futures settlements on the Comex. It is a strange development that appears to have been necessitated by the increasing difficulties of central banking's gold and silver price suppression policy.
GATA has received no acknowledgment of the letter. Its text is below and a PDF copy of it is here:
http://www.gata.org/files/ComptrollerOfCurrencyLetter.pdf
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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: The myth of 'Golden State' (E1238) | Keiser Report |

Published on June 9, 2018

Trump-Kim summit: What denuclearisation actually means Original Published on June 8, 2018 | Financial Times (FT) | FGC BOLSA -FGC FINANCIAL MARKETS

Putin welcomes India and Pakistan as the new SCO member states | FGC BOLSA - FGC FINANCIAL MARKETS | CGTN

Cash-Juiced Markets Ready to Crash? Be Prepared | Gerald Celente | FGC BOLSA -FGC FINANCIAL MARKETS

Original Pubblished on June 8, 2018

CFTC probes market manipulation -- but of bitcoin, not gold | GATA | THE GATA DISPATCH | GATA | THE GATA DISPATCH | FGC BOLSA - FGC FINANCIAL MARKETS

CFTC probes market manipulation -- but of bitcoin, not gold

Submitted by cpowell on 03:14PM ET Sunday, June 10, 2018. Section: Daily Dispatches As the fraternity brothers observed in "Animal House":
Boon: A vicious mother, isn't he?
Otter: He can't do that to our pledges.
Boon: Only we can do that to our pledges.
https://www.youtube.com/watch?v=cQR60rdKffw
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U.S. Regulator Demands Trading Data From Bitcoin Exchanges in Manipulation Probe
By Gabriel T. Rubin, Dave Michaels, and Alexander Osipovich
The Wall Street Journal
Friday, June 8, 2018
WASHINGTON -- Government investigators have demanded that several bitcoin exchanges hand over comprehensive trading data to assist a probe into whether manipulation is distorting prices in markets linked to the cryptocurrency, according to people familiar with the matter.
The investigation followed the launch of bitcoin futures on CME Group Inc.'s exchange six months ago. CME's bitcoin futures derive their final value from prices at four bitcoin exchanges: Bitstamp, Coinbase, itBit, and Kraken. Manipulative trading in those markets could skew the price of bitcoin futures that the government directly regulates.
 CME, which launched bitcoin futures in December, asked the four exchanges to share reams of trading data after its first contract settled in January, people familiar with the matter said. But several of the exchanges declined to comply, arguing the request was intrusive, the people said.
The exchanges ultimately provided some data, but only after CME limited its request to a few hours of activity, instead of a full day, and restricted to a few market participants, the people added.
The dispute frustrated CME's regulator, the Commodity Futures Trading Commission, these people said. In response, the commission subpoenaed the exchanges for the data. CFTC officials backed the launch of bitcoin futures, saying they viewed it as a risky but worthwhile project.
The CFTC was upset CME didn't have in place agreements that would compel bitcoin markets to share trading data tied to futures contracts, these people said. Such agreements would detail what information the cryptocurrency venues would have to provide to CME, including the time of trades, unfilled or canceled orders, the size of orders, and traders' identities. ...
... For the remainder of the report:
https://www.wsj.com/articles/u-s-regulators-demand-trading-data-from-bit...

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Bitcoin tumbles most in two weeks amid South Korean hack | GATA | THE GATA DISPATCH

Bitcoin tumbles most in two weeks amid South Korean hack

Submitted by cpowell on 02:40PM ET Sunday, June 10, 2018. Section: Daily Dispatches By Eric Lam and Jiyeun Lee
Bloomberg News
Sunday, June 10, 2018
Bitcoin extended losses for a third day, tumbling as much as 6 percent today as South Korean cryptocurrency exchange Coinrail said there was a "cyber intrusion" in its system.
The largest cryptocurrency declined 4.6 percent to $7,277 as of 10 a.m. time, the biggest drop since May 23, according to data compiled by Bloomberg from Bitstamp pricing. That widens Bitcoin's losses for the year to 49 percent. Peer cryptocurrencies Ethereum and Ripple fell 5 percent and 6.6 percent, respectively.

 Coinrail said in a statement on its website that it's reviewing its system due to hacking attempts. The exchange says it has managed to freeze all exposed NPXS, NPER, and ATX coins, and that other cryptocurrencies are now being kept in a cold wallet. The statement is the only content available on the exchange's homepage, and contact information could not immediately be located. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2018-06-10/bitcoin-tumbles-most-...

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Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Thursday-Sunday, November 1-4, 2018
https://neworleansconference.com/
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Swiss voters reject radical sovereign money plan in landslide | GATA | THE GATA DISPATCH | FGC Financial Markets

Swiss voters reject radical sovereign money plan in landslide

Submitted by cpowell on 02:33PM ET Sunday, June 10, 2018. Section: Daily Dispatches By Catherine Bosley
Bloomberg News
Sunday, June 10, 2018
Swiss voters dismissed a radical proposal to overturn one of the financial system's core tenets.
The so-called sovereign money initiative, or "Vollgeld," would have ended the system of fractional reserve banking that has been around for centuries by allowing only the Swiss National Bank to "create" money. But 75.7 percent of voters rejected the measure, according to the government. ...
... For the remainder of the report:
https://www.bloomberg.com/news/articles/2018-06-10/swiss-set-to-reject-s...