GATA

China sets up gold fund as part of 'Silk Road' initiative, official media say

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By Ruby Lian and A. Ananthalakshmi
Reuters
Monday, May 25, 2015

China has established a fund that is expected to raise about $16 billion for gold-related investment as part of its "Silk Road" initiative to develop trade and transport infrastructure across Asia and beyond, official media reported.

Businesses turn to dollar in fiercely anti-American Venezuela as currency crashes

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By Hannah Dreier
Associated Press
via Minneapolis Star-Tribune
Saturday, May 24, 2015

CARACAS, Venezuela -- It's still possible to buy a gleaming Ford truck in Venezuela, rent a chic apartment in Caracas, and snag an American Airlines flight to Miami. Just not in the country's official currency.

Governments keep metals down to avert 'derivatives nightmare,' Murphy says

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9:40p ET Sunday, May 24, 2015

Dear Friend of GATA and Gold:

Banks brace for more FX-rigging pain as civil lawsuits come forth

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By James Titcomb
The Telegraph, London
Saturday, May 23, 2015

Banks are bracing for hundreds of millions of pounds in new claims for foreign exchange manipulation from class-action lawsuits triggered by last week's vast market rigging fines.

Barclays, Royal Bank of Scotland, and four other banks were ordered on Wednesday to pay $6 billion (L3.84 billion) by UK and US authorities.

ECB would save Greek banks but not the government, Sprott tells KWN

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6:50p ET Saturday, May 23, 2015

Dear Friend of GATA and Gold:

Koos Jansen: China sets up gold fund for central banks

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6:40p ET Saturday, May 23, 2015

Dear Friend of GATA and Gold:

Gold researcher and GATA consultant Koos Jansen elaborates on today's announcement that the Shanghai Gold Exchange will be arranging acquisition of gold for as many as 60 countries participating in the "Silk Road" trading area.

The objective seems to be to reduce the U.S. dollar's function as the world reserve currency.