Daily Dispatches

Philippines Tops World Gold Sales in First Half of 2024

By Ian Laqui
Philippine Star, Manila
Thursday, September 26, 2024

MANILA -- The Bangko Sentral ng Pilipinas disclosed that it sold gold during the first half of the year, following a report identifying the central bank as the largest precious metal seller for that period.

In a statement, the central bank said the gold sales were part of an "active management strategy" of the country's gold reserves, which form a portion of the Philippines' gross international reserves.

By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, September 24, 2024

China urgently needs a stimulus of shock-and-awe proportions, backed by a deep cleansing of its broken banks along the lines of America's "TARP" (Troubled Asset Relief Program) rescue in 2008. The latest package announced today falls far short.

By Jan Nieuwenhuis
Money Metals Exchange, Eagle, Idaho
Monday, September 23, 2024

Countries that participate in the novel cross-border payments system mBridge are each hoarding gold and are largely responsible for the bull market of the past two years.

How and when the global dollar standard will disintegrate is hard to predict, but setting up a non-dollar payments system (mBridge) and aggressively accumulating gold to replace U.S. Treasuries as the prime international reserve asset is a potent strategy to de-dollarize.

Fed's High-Rates Era Handed $1 Trillion Windfall to U.S. banks

By Stephen Gandel and Joshua Franklin
Financial Times, London
Sunday, September 22, 2024

U.S. banks made a $1 trillion windfall from the Federal Reserve's 2 1/2-year era of high interest rates, an analysis of official data by the Financial Times has found.

Lenders got higher yields for their deposits at the Fed but kept rates lower for many savers, the review of Federal Deposit Insurance Corp. data showed. The boost to the U.S.'s more than 4,000 banks has helped pad out profit margins.