Ripped From The Headlines, November 20, 2023
Dutch Central Bank Prepared For New Gold Standard, Office Landlords Can't Get Loans - Read, Share, & Subscribe - SherlocExposes.com
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“In a recent interview the Dutch central bank (DNB) shares it has equalized its gold reserves, relative to GDP, to other countries in the eurozone and outside of Europe. This has been a political decision. If there is a financial crisis the gold price will skyrocket, and official gold reserves can be used to underpin a new gold standard, according to DNB. These statements confirm what I have been writing for the past years about central banks having prepared for a new international gold standard.
Wouldn’t a central bank that has one primary objective—maintaining price stability—serve its mandate best by communicating the currency it issues can be relied upon in all circumstances? By saying gold will be the safe haven of choice during a financial collapse, DNB confesses its own currency (the euro) does not weather all storms.
Indirectly, DNB encourages people to own gold to be protected from financial shocks, making the transition towards a gold-based monetary system more likely.
In my latest article on this subject—“Europe Has Been Preparing a Global Gold Standard Since the 1970s. Part 2”—I have demonstrated that central banks of medium and large economies in the eurozone have balanced their official gold reserves, proportionally to GDP, to prepare for a gold standard (/gold price targeting system). My analysis was pieced together by scarce quotes from central banks and data of European gold and foreign exchange holdings. My conclusion was that several medium-size economies in Europe (the Netherlands, Belgium, Austria, and Portugal) sold large amounts of gold from the early 1990s to 2008 to come on par with France, Germany, and Italy. I wrote:
Seemingly there are guidelines in the eurozone for national central banks to hold an appropriate amount of gold relative to GDP.
In another article, I revealed that in the early 1990s the People’s Bank of China (PBoC) was buying the gold DNB was selling. By selling gold Europe was allowing developing countries to buy gold and come on par with the West. China too has expressed its desire to bring its gold holdings more in line with the size of its economy, just like the Europeans, and thus to international averages. From Dutch newspaper NRC Handelsblad in 1993:
China announced that it is working to build up its [gold] reserves in order to bring it more in line with the size of Chinese GDP.
The above, and DNB’s most recent confirmation of leveling reserves, implies there are international agreements on the distribution of gold holdings.”
THINGS TO PONDER:
Oh my.
If the guy in the bomb diffuser jacket is running, you should probably keep up.
For reference, in the Precious Metals Forecast from November of last year, our publishers (also owners of Sherloc Market Research) made the case the massive purchases of gold by the world’s central banks were a sign of things to come…
And now, the Dutch Central Bank has said the quiet part out loud.
Be on the lookout for more countries to do exactly the same thing. Also, if your state is not pursuing a “Sound Money Act” to make gold and silver legal tender AND transactional, you should be all over your public servants about it.
Click Here to learn more.
Brace for impact.
Click Here to read the full article.
“The office sector’s credit crunch is intensifying. By one measure, it’s now worse than during the 2008-09 global financial crisis.
Only one out of every three securitized office mortgages that expired during the first nine months of 2023 was paid off by the end of September, according to Moody’s Analytics.
That is the smallest share for the first nine months of any year since at least 2008 and well below the nadir reached in 2009, when 47% of these loans got paid off.
While the numbers cover only office mortgages packaged into bonds—so-called commercial mortgage-backed securities—they reflect a broader freeze in the lending market for office buildings.
Many office owners can’t pay back their old loans because they can’t get new mortgages. Remote work and rising vacancies have hit building profits, making it harder to pay interest. Higher interest rates have pushed debt costs up and building values down.
That combination is fueling a rise in defaults. The share of office CMBS loans that are delinquent has tripled over the past year to 5.75%, according to Trepp. It doesn’t help that many banks no longer issue new office loans and that many insurance companies and debt funds have become more cautious.
‘People just don’t want to touch it,’ said Alex Killick, managing director at CWCapital, a company that handles troubled CMBS loans.
THINGS TO PONDER:
Our commentary from the April 17th edition of Ripped From The Headlines seems appropriate here:
“Commercial Real Estate Is Fine! You’re Crazy!”
Yep… crazy like a fox…
Many simply refused to believe it… because cognitive dissonance is a powerful force…
But when all the signs around you point to a major implosion, what’s left to do?
Try to get someone else to hold the bag, that’s what!
See, the big investors, like Blackstone, knew this and got out… and they are simply waiting, with a ton of money in hand, to buy things back up… but at a discount…
Meanwhile, the “Joe Public” narrative was designed to keep people in for as long as possible, until the dam couldn’t be held back any longer, and there’s no more value to extract…
Then, you arrive at a place like this:
‘It's going to be ugly. It's going to be at least as bad as '08, '09,’ he warned.’
‘Sellers are not realizing how much their properties have lost value, and they're not willing to dump their properties yet because they haven't felt enough pain. They're about to start feeling pain. These lenders are screwed,’
When the bomb diffuser is running, you should try and keep up…
Brace For Impact.
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Yikes.
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