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Daily Dispatches
Alasdair Macleod: The commodity currency revolution
Submitted by admin on Thu, 2022-04-07 21:50 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, April 7, 2022
We will look back at current events and realise that they marked the change from a dollar-based global economy underwritten by financial assets to commodity-backed currencies. We face a change from collateral being purely financial in nature to becoming commodity based. It is collateral that underwrites the whole financial system.
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Russian central bank switches to negotiated price for gold purchases
Submitted by admin on Thu, 2022-04-07 19:47 Section: Daily DispatchesBy Peter Hobson
Reuters
Thursday, April 7, 2022
Russia's central bank said today that due to a "significant change in market conditions" it would buy gold from commercial banks at a negotiated price from April 8.
On March 25, the bank had said it would buy gold at a fixed price of 5,000 roubles a gram until June 30.
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Russian coal and oil purchased in yuan start heading to China
Submitted by admin on Thu, 2022-04-07 12:40 Section: Daily DispatchesFrom Bloomberg News
via Yahoo News, Sunnyvale, California
Thursday, April 7, 2022
Russian coal and oil paid for in yuan is about to start flowing into China as the two countries try to maintain their energy trade in the face of growing international outrage over the invasion of Ukraine.
Several Chinese firms used local currency to buy Russian coal in March, and the first cargoes will arrive this month, Chinese consultancy Fenwei Energy Information Service Co. said.
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Pam and Russ Martens: Does the NY Fed's trading floor near the futures exchange in Chicago cause the gyrations in the stock market?
Submitted by admin on Thu, 2022-04-07 11:51 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Thursday, April 7, 2022
The editor of Wall Street On Parade has been watching stock market trading patterns for more than three decades -- 21 of those years at two Wall Street firms.
A new pattern is emerging that strongly suggests there is an invisible hand flipping the market on a dime from a plunge in prices to a dramatic spike in prices.
This could happen legitimately if sudden positive news broke, but it is happening regularly with no major news to explain the dramatic shift in sentiment.
Will Russia really care if U.S. actions make it default on its debt?
Submitted by admin on Thu, 2022-04-07 11:31 Section: Daily DispatchesBy Layna Mosley
The Washington Post
Thursday, April 7, 2022
On Tuesday the U.S. Treasury tightened the financial pressure on Vladimir Putin by prohibiting U.S. financial institutions from facilitating dollar-denominated debt payments to investors.
Simply put, this made it much harder for Russia to pay its bondholders, raising the risk that Russia will default on its sovereign debt.
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Australia's central bank will audit its gold reserves at the Bank of England
Submitted by admin on Wed, 2022-04-06 17:32 Section: Daily DispatchesNote toward the end of this report the assertion that Australia's leased gold never leaves the Bank of England's vault. That makes the leasing a mere accounting entry and suggests that infinite amounts of imaginary gold can be leased without any consequence but the suppression of gold's price in the futures and derivatives markets. Since the Bank of England is the custodian for most of the gold purportedly leased, the bank is running a racket -- but one that mainstream financial news organizations (and of course the World Gold Council) must never look into.
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Kinross Gold to sell Russian assets for $680 million
Submitted by admin on Tue, 2022-04-05 14:55 Section: Daily DispatchesFrom Reuters
Tuesday, April 5, 2022
Kinross Gold Corp is selling its Russian assets to the Highland Gold Mining group of companies for a total of $680 million in cash, the Canadian company said today, nearly a month after suspending its operations in the country.
Several companies with exposure to Russia are taking steps to comply with sweeping Western sanctions against Moscow over its invasion of Ukraine.
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Avery Goodman: Buy gold but only for the right reasons
Submitted by admin on Tue, 2022-04-05 11:57 Section: Daily DispatchesBy Avery Goodman
Seeking Alpha, New York
Monday, April 4, 2022
The alternate financial “news,” such as Zerohedge, has recently been flooded with an increasing number of ridiculous articles that claim Russia has “profoundly altered the international trade and monetary system by linking the Russian ruble to gold.”
According to this muddy thinking, Russia’s announcement that it will buy gold at 5000 rubles per gram puts “a floor under the price of gold and the ruble.”
Simply put, it is a ridiculous claim that is easily refuted.
U.S. stops Russian bond payments, raising risk of default
Submitted by admin on Tue, 2022-04-05 11:45 Section: Daily DispatchesBy Megan Davies and Alexandra Alper
Reuters
Tuesday, April 5, 2022
The United States on Monday stopped the Russian government from paying holders of its sovereign debt more than $600 million from reserves held at U.S. banks, in a move meant to ratchet up pressure on Moscow and eat into its holdings of dollars.
Under sanctions put in place after Russia invaded Ukraine on Feb. 24, foreign currency reserves held by the Russian central bank at U.S. financial institutions were frozen.
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A 1795 silver dollar is expected to sell for a record $1.25 million
Submitted by admin on Mon, 2022-04-04 20:14 Section: Daily DispatchesBy Fang Block
Penta / Barron's, New York
Monday, April 4, 2022
A 1795 silver dollar is expected to set an all-time record for the category when it goes up for sale on Tuesday with an estimated value of $1.25 million.
The rare coin will be offered at a live auction at the Whitman Coin and Collectibles Expo in Baltimore, marking its first appearance on the market since 1996, according to Stack's Bowers Galleries, which is handling the sale.
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