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FBI Alerts Public to 'Courier Scam' Targeting Seniors' Life Savings
Postet: 26.07.2024
The FBI is warning about a widespread scam targeting seniors and others, where fraudsters convince victims that their bank accounts are compromised. The scammers then persuade victims to withdraw large sums of cash or purchase gold bars, which are collected by fake couriers posing as officials. This scheme has resulted in significant financial losses for victims, often amounting to hundreds of thousands or even millions of dollars. The FBI is actively investigating these cases and urging the public, especially seniors, to be vigilant against such fraudulent activities.
Fed Hints at Possible September Rate Cut
Postet: 26.07.2024
According to a Bloomberg survey of economists, the Federal Reserve is expected to signal its intention to cut interest rates in September at its upcoming July 30-31 meeting. While keeping rates unchanged at this meeting, the Fed is likely to use either its policy statement, Chair Powell's press conference, or both to indicate the upcoming rate cut. This move is anticipated to initiate a series of quarterly rate reductions through 2025, reflecting the Fed's growing confidence in inflation control and a balanced labor market. However, some economists believe the Fed may wait until later, possibly at the Jackson Hole symposium in August, to solidify this message.
Canada's MSB Registry Under Scrutiny: A Loophole for Financial Crime?
Postet: 26.07.2024
An investigation by IJF and CTV National News has uncovered a concerning trend in Canada where multiple money services businesses (MSBs) are registered at the same address, often without the knowledge or consent of the actual occupants. This practice, which includes foreign currency dealers, money transfer businesses, and cryptocurrency exchanges, raises red flags for potential money laundering and terrorist financing. Financial crime experts warn that this goes against the spirit of Canada's registration requirements for high-risk businesses, with some of these MSBs allegedly involved in fraudulent investment schemes. The investigation highlights critical gaps in Canada's enforcement regime, allowing potential financial criminals to exploit the system.
China's Commodity Hoarding: Implications for Global Markets and Security
Postet: 26.07.2024
China's extensive stockpiling of commodities, driven by geopolitical concerns and supply chain disruptions, has reached unprecedented levels. Despite economic challenges, China's imports of essential resources like bauxite, cobalt, natural gas, crude oil, and soybeans have surged. This strategy includes expanding storage capacities and building substantial reserves, raising concerns about potential inflationary impacts on global commodity prices and strategic implications. Analysts warn that China's actions could reshape global trade dynamics and challenge the dominance of the U.S. dollar, particularly through initiatives like promoting a gold-backed renminbi.
Gold at Two-Week Low, Copper Below $9,000/t
Postet: 26.07.2024
Gold and silver prices have experienced significant declines, with gold reaching a two-week low, due to stronger U.S. economic data reducing expectations for interest rate cuts. This has led to a decrease in the probability of a September rate cut. Copper prices have also fallen below $9,000/t, driven by weakening demand outlook in China, particularly in the property sector. While physical gold demand may increase in India due to import duty cuts, the overall sentiment in the metals market remains bearish, with steel inventories in China rising and crude steel production declining.
Gold: The Unhackable Asset Continues to Shine
Postet: 26.07.2024
Gold, an enduring asset that "cannot be hacked, erased or degraded," has seen record-breaking prices recently. Despite silver being mined more historically, gold remains a preferred asset for central banks, with over 1,000 tonnes added to reserves in each of the past two years. Gold mining has increased dramatically over time, from 6 tonnes in 1681 to 3,100 tonnes in 2015, with total supply reaching 4,898.8 tonnes in 2023. While the gold price has recently dipped to a two-week low, it maintains its status as an unparalleled long-term store of value.
U.S. Economy Defies Expectations with 2.8% Growth in Q2
Postet: 26.07.2024
The U.S. economy grew at a robust 2.8% annualized rate in the second quarter of 2024, surpassing expectations and showing resilience despite high interest rates and inflation. This growth was driven by increased consumer and business spending, which offset declines in housing construction and a widening trade gap. While consumer spending remained solid at 2.3%, there are signs of strain as Americans are saving less and relying more on credit, potentially indicating future economic challenges. This strong economic performance may influence the Federal Reserve's decisions on interest rates.
Silver Stackers: "China Has Your Back" - Mike Maloney
Postet: 26.07.2024
Last night silver investors across the globe experienced the largest pullback we have seen for quite some time.
NYCB Sheds Mortgage Servicing Arm in $1.4B Deal with Mr. Cooper
Postet: 26.07.2024
New York Community Bank (NYCB) is selling its residential mortgage servicing business, including mortgage servicing rights and third-party origination platform, to Mr. Cooper for $1.4 billion. This move, announced alongside a $323 million second-quarter loss, is part of NYCB's strategy to transform into a "relationship-focused regional bank," according to CEO Joseph Otting. The sale, expected to close in the fourth quarter, suggests NYCB may be planning further divestitures as it refocuses its business model.
The Paradox of Gold: Prices Soar While Retail Investors Step Back
Postet: 26.07.2024
Gold prices have reached record highs, driven by geopolitical tensions, global elections, and economic uncertainties. Despite these factors traditionally boosting gold's appeal as a safe-haven asset, there's an unexpected twist: retail demand for gold has been declining even as prices continue to rise. This paradox suggests that the current gold rally may be fueled by factors beyond typical retail investor behavior, potentially indicating a disconnect between market prices and individual investor sentiment.