World's Second Biggest Bank Moves Into Precious Metals Market.

Wednesday June 7th 2023 Monaco 64 home of alternative economics and contrarian views today we're going to look at how the second biggest bank in the world yes and you probably never heard of this bank is moving massively into precious metals and commodities so before I start I like to give a shout out to uh glint uh the glint uh pay app the glint app allows you

to store gold in Switzerland and at the same time spend that gold through a MasterCard and I've been affiliated with glint for a few years they have a special though if you use the promo code Monaco v50 you get 50 off vaulting and insurance fees for the next 12 months and this code though is only valid until the 14th of July 2023 so if you haven't

uh advantage of the deal and I did get krugerrent from uh gold Investments and I actually ordered it this past weekend and it arrived uh on Tuesday so very quick service special delivery so there you go back to the second biggest bank in the world and uh you're probably thinking Bank of America or Citibank or Wells Fargo but uh don't worry it's not gonna be one

of the bullion banks on Wall Street uh or a a bank on Wall Street that didn't deal with bullying and is getting involved in the bullion Market to manipulate prices no this is uh China construction Bank Corp and uh investor Peter has an article here and this is from uh May 21st 2023 so it's quite a up-to-date list of the 10 biggest banks in the world

so number one is the Industrial and Commercial Bank of China I think it's uh yeah ICBC uh number two China construction Bank Corp and this is the one I want to talk about um because I follow this guy here uh Oriental ghost on Twitter and he posts a lot about the precious metals Market in China he's been talking about in the last few weeks how a

lot of silver has been drained from the Shanghai Futures Exchange but recently this is what he tweeted out a couple of days ago the first major state-owned Bank in China has officially entered the precious metals Market the precious metals Department of China construction Bank emphasizes serving the real economy and this move will have a significant impact on the physical Market so if you want you can

pause the video and read the whole uh press release about this uh China construction Bank officially uh getting into the precious metals and commodities markets and uh I I think it's very interesting and it goes right along with the trend that we've seen in the last uh 18 months or so where especially uh the Emerging Market countries the brics Nations their central banks are actually uh

buying a lot of gold uh 2022 we saw a record amount of net gold buying by central banks since uh Records began by the world gold Council I know some of you uh don't think these numbers are credible and they might vary and so on but uh be as it may uh they are increasing their gold reserves we've seen in the beginning of 2023 this trend

continue I think the first quarter of 23 compared to the first quarter last year the increase in gold buying was over 170 percent we've seen Singapore monetary Authority buying a lot of gold unfortunately this is a a trend that's only going on in the so-called non-aligned or non non-g7 countries in the west we we see very little buying of gold by the central banks and why

is that well because um the FED Bank of England the ECB uh they they uh they view gold as a competitor to their currencies and the fact that uh yes the the system is so leveraged in the west means that they want to keep people in the system they don't want investors uh getting out of their uh Federal Reserve Note um savings or their Bank of

England notes savings or ECB savings they want them stuck uh in that debt system because by physical gold you get outside the system so why would China we're told that China is a dictatorship authoritarian uh communist well I think the Chinese uh and the Russians and all the a lot of these other countries realize that the situation in the West in terms of debt especially the

dollar is getting uh out of hand so they they want to uh diversify into real assets into real money physical gold and physical silver as well and uh I I think this is a a very good indicator of what's going on the second biggest bank in China China construction Bank uh getting into precious metals not only the second biggest bank in China but the second biggest

bank in the world uh one of the top 10 banks in the world I think it's significant so with that let's quickly look at where the markets are this morning yesterday I spoke to uh Clive we had a nice chat about what's going on with the US uh debt ceiling well what was agreed upon and the future of U.S finances I recommend you watch that and

we didn't cover of course the markets yesterday so let's quickly have a look where we are this morning it's uh 8 24 a.m London time we've got spot gold at 1955. it's down eight dollars uh the high has been 1967 and we're right near the lows here so we're down 0.4 of a percent uh spot silver is down 17 cents at 23.40 right near the lows

as well so it looks like the uh lbma is active in there uh pushing uh the paper price lower the UK of course has a huge problem with that as well interest rates here are rising inflation is not under control housing market is really uh under pressure and it's very important market for the UK so I'm sure the bank of England is there uh active with

their Boolean Bank Representatives like JP Morgan Barclays HSBC they're lending out a lot of uh unfortunately gold that is not theirs they keep 5 000 tons of gold for other countries which I I think it's truly stupid by for other countries to keep their gold reserves at the bank of England's um anyway um let's continue um so the the high and silver this morning or overnight

has been 23.67. low has been 39 or right around here um the Dow future right now is done 41 uh NASDAQ is down 30 points s p is down about four points to the currency uh Sterling is down 0.2 of a percent at 124 double O uh the euro is down about 0.2 as well at 106.75 uh the the dollars down a quarter versus the Yen

139.31 and the dollars up slightly versus the U1 at 7 14. Aussie dollar is unchanged at 66.65 the dollar is up slightly versus the Canadian dollar 134.24 and the Kiwi dollar is down a quarter of a percent at UH 60 60. to the Commodities WTI Crude is down three quarters of a percent 7120 uh Brent is down three quarters as well at 75.59 uh Platinum that's

down four dollars at a thousand and thirty five and high grade copper is down the third at 376.35 we're going to look at the bond markets to finish off uh let's uh look at the guilt Market UK Government Bond Market uh we're continuing to see yields uh rise they are under control right now they're not spiking massively but they're levels that are uh should concern uh

the UK treasury the bank of England and I think that's why there's so much manipulation of gold and silver and why would they do that well because a rising price of gold is is like a a canary in the coal mine it it it it it it's like a an alarm it's like a thermometer or a barometer or of monetary health and the central Bankers hate

that and that's why they keep throwing paper uh at the gold price and of course uh when there is no monetary Health like we do have interest rates rise because the currency is the other side of the debt and if that becomes worthless worthless interest rates go up because that's how it works so right now the two-year deal is up four basis points at 451. I

think the recent high was 4.6 we need to keep an eye at that level the 10-year is uh at 4 24 and the 30 years at 4 51 to the U.S treasury market we've got the two-year yield down one basis points at 4.51 and the 10 years at uh 368. uh down about two basis points and I think they definitely want to keep that below four

percent right now um I've noticed that there seems to be a bit of a resistance in terms of the yield around the 375. so there you go uh with that I'm gonna wish you all a very good day take care bye