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Daily Dispatches
When buying gold and silver, consider the dealers who support GATA
Submitted by admin on Wed, 2022-05-18 12:07 Section: Daily Dispatches12:06p Wednesday, May 18, 2022
Dear Friend of GATA and Gold:
Being the only forms of money without counterparty risk, at least when held directly by their owners, gold and silver are often seen as the foundation of a sound investment portfolio.
Surging dollar stirs market buzz of a 1980s-style Plaza Accord
Submitted by admin on Wed, 2022-05-18 12:04 Section: Daily DispatchesBy Ruth Carson and Amelia Pollard
Bloomberg News
Wednesday, May 18, 2022
The dollar's skyrocketing rise has some contemplating a rare, if not unthinkable, action: major nations agreeing to manipulate the US currency until it falls.
UK inflation hits 40-year high of 9%, squeezing households harder
Submitted by admin on Wed, 2022-05-18 11:49 Section: Daily DispatchesBy Andy Bruce and William Schomberg
Reuters
Wednesday, May 18, 2022
LONDON -- British inflation surged last month to its highest annual rate since 1982, pressuring finance minister Rishi Sunak to offer more help for households and the Bank of England to keep raising interest rates despite a risk of recession.
Consumer price inflation hit 9% in April, the Office for National Statistics said today, surpassing the peaks of the early 1990s recession that many Britons remember for sky-high interest rates and widespread mortgage defaults.
Ghana starts gold purchase program to strengthen currency
Submitted by admin on Wed, 2022-05-18 10:13 Section: Daily DispatchesBy Cooper Inveen and Nellie Peyton
Reuters
Tuesday, May 17, 2022
ACCRA, Ghana -- Ghana has started a bulk purchase programme to buy gold locally to raise the gold component of its reserves, Central Bank Governor Ernest Addison said on Tuesday, in a bid to strengthen the cedi currency without increasing inflation.
"We have started a bulk purchase program, domestic, where we buy gold locally and try to raise the gold component in our level of reserves. This is where the currency focus is," Addison said at a conference.
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Craig Hemke at Sprott Money: Comex trade-at-settlement games continue
Submitted by admin on Tue, 2022-05-17 21:54 Section: Daily Dispatches9:54p ET Tuesday, May 17, 2022
Dear Friend of GATA and Gold:
The "trade at settlement" mechanism of controlling gold futures prices by massive legging into and out of the market is operating at full bore again, the TF Metals Report's Craig Hemke writes tonight at Sprott Money.
Hemke concludes: "There continue to be malevolent forces that manage and manipulate the Comex gold price, primarily for their own profit. This monthly trade-at-settlement abuse is simply the latest weapon they have put in their arsenal."
Russia gives Credit Bank of Moscow license to export gold
Submitted by admin on Mon, 2022-05-16 19:15 Section: Daily DispatchesFrom Reuters
Monday, May 16, 2022
Credit Bank of Moscow, one of Russia's largest private lenders, has obtained a gold export licence from the government, it said today, becoming the latest Russian bank to turn to precious metals trade to offset the impact of sanctions.
The main operators of the gold market in Russia and its largest lenders -- Sberbank and VTB, have been hit by harsh Western sanctions imposed on Russia after it sent tens of thousands of troops into Ukraine on Feb. 24.
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Bank of England admits helplessness against inflation
Submitted by admin on Mon, 2022-05-16 13:17 Section: Daily DispatchesBy James Warrington and Giulia Bottaro
The Telegraph, London
Monday, May 16, 2022
The governor of the Bank of England has claimed that policy makers have been left helpless in the face of surging inflation.
Appearing in front of MPs today, Andrew Bailey admitted he had felt helpless to control soaring prices amid an energy market shock and the war in Ukraine, adding: "It;s a very, very difficult place for us to be in."
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Chile's constitutional assembly rejects major mining overhaul
Submitted by admin on Sat, 2022-05-14 20:10 Section: Daily DispatchesFrom Reuters
Saturday, May 14, 2022
SANTIAGO, Chile -- A constitutional assembly in the top-copper producing nation today rejected a major overhaul to mining rights, including expanding Chilean state ownership.
Controversial Article 27, which would have given the state exclusive mining rights over lithium, rare metals, and hydrocarbons and a majority stake in copper mines, faced fierce opposition from the mining sector and was voted down last week.
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James Turk explains why gold is natural money
Submitted by admin on Fri, 2022-05-13 21:21 Section: Daily Dispatches9:21p ET Friday, May 13, 2022
Dear Friend of GATA and Gold:
In an essay published this week at the Free Gold Money Report, GoldMoney founder and GATA consultant James Turk explains why gold is natural money that will still be in use even as government currencies come and go.
Gold's ratio to the most crucial commodity, oil, has remained remarkably constant throughout the industrial age, Turk writes, and its ratio to other commodities has been pretty stable too.
Turk's essay is titled "Natural Money" and it's posted here:
Where is Guinea's gold? A London laundering case may hold clues
Submitted by admin on Fri, 2022-05-13 20:47 Section: Daily DispatchesBy Eddie Spence, Jonathan Browning, and Katarina Hoije
Bloomberg News
Friday, May 13, 2022
The government of Guinea wants to know what happened to three tons of its gold. The answer may lie in London.
In March, Guinean authorities arrested a former head of the central bank and charged him with embezzlement after the custodian of the gold, Belgian refiner Affinor BVBA, said it was unable to return it
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