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Daily Dispatches
New York Sun: FTX and the Age of Fiat Money
Submitted by admin on Thu, 2022-11-17 09:28 Section: Daily DispatchesFrom the New York Sun
Thursday, November 17, 2022
The best story so far on the collapse of FTX, at least in our view, is A.R. Hoffman’s dispatch in the Sun that marks the drama as a feature of our national experiment in fiat money. After all, if America had a sound currency, one anchored in the classical monetary specie of gold or silver, we wouldn’t have so many young geniuses out there hawking crypto coins and tokens as units of account and mediums of exchange.
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Craig Hemke at Sprott Money: Comex prices into year-end
Submitted by admin on Tue, 2022-11-15 20:31 Section: Daily DispatchesBy Craig Hemke
Sprott Money, Toronto
Tuesday, November 15, 2022
The year 2022 hasn't played out as expected, but as the year draws to a close, the clouds are parting and a vision for 2023 comes into focus.
What did we know about 2022 when the year began?
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Vermont, New Jersey, Maine among the worst states on sound money
Submitted by admin on Tue, 2022-11-15 13:55 Section: Daily DispatchesFrom Money Metals News Service
Tuesday, November 15, 2022
Residents of Wyoming and South Dakota live in the most pro-sound money states in the United States, according to the 2023 Sound Money Index released today.
Money Metals Exchange, a national precious metals dealer, depository, and collateral lending institution, has again teamed up with the Sound Money Defense League, an influential public policy group, to produce this authoritative ranking.
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Dan Oliver: Collapse of FTX portends the collapse of all the bubbles
Submitted by admin on Tue, 2022-11-15 13:27 Section: Daily Dispatches1:27p ET Tuesday, November 15, 2022
Dear Friend of GATA and Gold:
Mirmikan Capital's Dan Oliver today published a brilliant review of the rise and fall of the cryptocurrency exchange FTX, showing how it is a metaphor for all the big financial frauds that preceded it from centuries ago to the present, where even the most imaginary assets can attract and then vaporize enormous wealth.
Central banks to shift away from 'jumbo' interest rate rises as outlook darkens
Submitted by admin on Tue, 2022-11-15 10:36 Section: Daily DispatchesBy Valentina Romei
Financial Times, London
Tuesday, November 15, 2022
Central bankers are to shift toward a more gradual monetary tightening, economists predict, as recent "jumbo" rate moves show signs of taming inflation and officials acknowledge the growing threat of recession.
After central banks' last meetings and a cooling in U.S. inflation to 7.7% in October from 8.2% in September, markets are pricing in a greater probability of 50 basis point rather than 75bp rises in the banks’ next announcements, and smaller rate rises continuing into next year.
Bankrupt crypto storage firm FTX hit by mysterious outflow of about $662 million
Submitted by admin on Sat, 2022-11-12 10:33 Section: Daily DispatchesBy Suvashree Ghosh
Bloomberg News
Saturday, November 12, 2022
Sam Bankman-Fried’s bankrupt digital-asset exchange FTX was hit by a mysterious outflow of about $662 million in tokens in the past 24 hours, the latest twist in one of the darkest periods for the crypto industry.
Customers still coming to terms with the platform's Friday plunge into Chapter 11 proceedings were subsequently confronted with what the general counsel of its U.S. arm, Ryne Miller, described as "abnormalities with wallet movements."
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Frank Giustra: Almost alone, Canada's central bank owns no gold, and it's a mistake
Submitted by admin on Sat, 2022-11-12 09:29 Section: Daily DispatchesBy Frank Giustra
Toronto Star
Friday, November 11, 2022
Stefan Gleason: Crypto carnage exposes untold risks of unbacked digital wealth
Submitted by admin on Fri, 2022-11-11 15:17 Section: Daily DispatchesBy Stefan Gleason
Money Metals Exchange, Eagle, Idaho
Thursday, November 10, 2022
Cryptocurrency markets were rattled this week by the abrupt collapse of FTX, a major exchange.
Facing a wave of customer requests for withdrawals, FTX announced it was experiencing "liquidity" issues. Rival firm Binance initially offered to help facilitate an emergency rescue of FTX.
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A top gold-buying central bank plans to acquire a lot more
Submitted by admin on Thu, 2022-11-10 18:21 Section: Daily DispatchesBy Nariman Gizitdinov and Maria Kolesnikova
Bloomberg News
Thursday, November 10, 2022
The world's second-biggest buyer of gold among central banks last quarter believes there's hardly such a thing as too much bullion.
Uzbekistan has brought the share of the precious metal in its $32 billion reserves to almost two-thirds, in a reversal of a plan to cut it below 50% by buying U.S. and Chinese sovereign debt.
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Robert Lambourne: BIS is nearly out of its gold swap business
Submitted by admin on Thu, 2022-11-10 15:06 Section: Daily DispatchesBy Robert Lambourne
Thursday, November 10, 2022
After 12 years in the gold swap business, the Bank for International Settlements seems to have just about gotten out.
The bank's October statement of account, just published --
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