⛏ China Just Shut Down Retail Silver Trading

Kevin Warsh Speaks: Short, But Pointless
Kevin Warsh’s first Fed press conference as chairman delivered exactly what you’d expect from a central banker: a lot of words, almost no vision, and plenty of carefully engineered ambiguity. If you were hoping for some insight into where policy is headed or how the Fed views the increasingly fragile backdrop, you didn’t get it. Read on »

The Biggest Winners of This War Don’t Pump a Single Barrel
How much do you think it would cost to send a supertanker, one of the giant ships that move the world’s crude oil, through a narrow stretch of water that is full of mines, where missiles hit two tankers in early July, and where a crew member has already been killed? Read on »

China Just Shut Down Retail Silver Trading. The Real Story Is What Came Before It.
Last Friday, ICBC (Industrial and Commercial Bank of China), the world’s largest bank by assets, suspended retail leveraged precious metals margin trading on the Shanghai Gold Exchange. The cutoff date was July 24. Clients were told to close positions, liquidate holdings, or take physical delivery. After that, access through mobile banking, online platforms, and branches goes dark. Read on »