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Daily Dispatches
Russia's 'nuclear option' isn't bombs but gold, London trader Maguire says
Submitted by admin on Sat, 2022-03-26 11:55 Section: Daily Dispatches11:55a ET Saturday, March 26, 2022
Dear Friend of GATA and Gold:
Russia, London metals trader Andrew Maguire says in his weekly interview with Shane Morand for Kinesis Money, is moving steadily toward using its "nuclear option" in its conflict with the West over Ukraine. That option, Maguire says, doesn't involve bombs but rather demanding gold as payment for Russia's oil and gas exports.
Western sanctions against Russia, Maguire adds, are tightening gold supplies and putting gold derivatives in danger.
Ambrose Evans-Pritchard: China's coal revival may soon slash our energy bills but at wicked cost
Submitted by admin on Sat, 2022-03-26 10:57 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Friday, March 25, 2022
It would be a grim irony if the Chinese Communist Party rescues Europe from an energy shock this year by shovelling wagons of coal from the mines of Shanxi and Inner Mongolia, trashing the planet in the process.
Citigroup thinks this is exactly what may now happen. Surging coal use in China will displace imports of liquefied natural gas (LNG) used in power plants, freeing up hydrocarbons for the rest of the world.
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Dollar reserve system frays with India-Russia currency deals
Submitted by admin on Sat, 2022-03-26 10:50 Section: Daily DispatchesBy David P. Goldman
Asia Times, Hong Kong
Saturday, March 26, 2022
Russia and India took a small but important step toward non-dollar trade financing and investment on Friday when the Reserve Bank of India allowed Russia to invest the proceeds of its arms sales to India in local-currency corporate bonds.
Russia's account with India's central bank is small, with a reported balance of US$262 million, but the prospective advantages to both countries are enormous.
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Russian central bank will resume buying gold from banks, doing so at fixed price
Submitted by admin on Sat, 2022-03-26 10:34 Section: Daily DispatchesFrom Reuters
Friday, March 25, 2022
The Russian central bank will restart buying gold from banks and will pay a fixed price of 5,000 roubles ($52) per gram between March 28 and June 30, the bank said today.
Brien Lundin: Sanctioning Russia's gold reserves may boomerang against U.S.
Submitted by admin on Fri, 2022-03-25 21:59 Section: Daily DispatchesBy Brien Lundin
Gold Newsletter, Metairie, Louisiana
https://goldnewsletter.com/
Thursday, March 25, 2022
Any U.S. sanctions on Russia's gold reserves would do little more than reveal the degree to which government bureaucrats don't understand gold.
The beauty of gold, unlike currencies, is that it is an untrackable store of value that has no counterparty.
Alasdair Macleod: Designing a new currency is impractical
Submitted by admin on Fri, 2022-03-25 12:29 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Friday, March 25, 2022
Rising interest rates threaten to destabilise both financial asset values and the fiat currencies in which they are priced. This outcome is feared by the chattering classes who increasingly speculate about currency resets.
So far, we have seen cryptocurrencies such as bitcoin, plans for the introduction of central bank digital currencies, plans to de-dollarise Asian trade, and even El Salvador adopting bitcoin as legal tender.
But are these resets valid?
U.S. dollar's dominance is being stealthily eroded
Submitted by admin on Fri, 2022-03-25 10:42 Section: Daily DispatchesBy Enda Curran
Bloomberg News
Thursday, March 24, 2022
The dollar's share of global reserve currencies has been in steady decline over the past 20 years as central banks turn to nontraditional currencies, including the renminbi, to diversify their holdings.
Reserve managers have moved out of dollars in two directions, with one quarter headed into the renminbi and three quarters into currencies of smaller countries that have traditionally played a limited role as reserve assets.
Sanctioning Russia's gold won't work but may prompt repatriation from NY Fed, Lundin says
Submitted by admin on Fri, 2022-03-25 00:39 Section: Daily DispatchesWhat Traders Think of U.S.-led Efforts to Block Gold Transactions by Russia's Central Bank
By Myra P. Saefong
MatketWatch, New York
Thursday, March 25, 2022
The U.S. made it clear on Thursday that any transaction involving gold related to the Central Bank of the Russian Federation is covered by existing sanctions, but that's unlikely to have an immediate impact on the gold market despite Russia's estimated $132 billion in gold stockpiles.
Ronan Manly: Russian palladium and platinum are too important to sanction
Submitted by admin on Fri, 2022-03-25 00:03 Section: Daily Dispatches12:01a ET Friday, March 26, 2022
Dear Friend of GATA and Gold:
Bullion Star's Ronan Manly reports tonight that, like Russian oil and gas, Russian palladium and platinum have been determined by the London Platinum and Palladium Market to be too important to sanction.
Manly's report is headlined "Russian Palladium and Platinum -- Too Important to Sanction" and it's posted at Bullion Star here:
So why doesn't the U.S. Mint try buying silver via futures contracts?
Submitted by admin on Thu, 2022-03-24 23:50 Section: Daily Dispatches11:51p ET Thursday, March 25, 2022
Dear Friend of GATA and Gold:
Responding tonight to Patrick Heller's explanation for the U.S. Mint's suspension of silver coin production -- that the mint is legally required to pay futures market prices for silver even as real metal isn't immediately available at those prices --
-- some friends raise a good question.
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