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Daily Dispatches
Sanctions by 'trigger-happy' U.S. may push countries away from the dollar, security expert says
Submitted by admin on Tue, 2022-03-22 10:43 Section: Daily DispatchesBy Abigail Ng
CNBC, New York
Monday, March 21, 2022
The U.S. has been "extremely trigger-happy" with stinging economic measures, and central banks may decide to diversify their portfolio of foreign reserves instead of relying heavily on the U.S. dollar, according to the co-director of the Institute for the Analysis of Global Security.
"Central banks are beginning to ask questions," said Gal Luft of the Washington-based think tank, adding that they are wondering if reliance on the dollar and "putting all their eggs in one basket" is a smart idea.
UK's Royal Mint to recover gold from circuit boards, mobile phones
Submitted by admin on Mon, 2022-03-21 21:30 Section: Daily DispatchesFrom the Daily Mail, London
Monday, March 21, 1011
The Royal Mint is building the world’s first recycling factory to turn old laptops and mobile phones into gold.
The state-of-the-art plant will be the first of its kind to recover gold from discarded circuit boards.
High-quality gold taken from the items will then be used by the Royal Mint at its site in Llantrisant, South Wales.
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Spike in futures prices crushes buying in grains as markets panic
Submitted by admin on Mon, 2022-03-21 10:55 Section: Daily DispatchesWheat Prices Soar on Ukraine Fears but U.S. Growers Can't Cash In
By Julie Ingwersen and P.j. Huffstutter
Reuters
Monday, March 21, 2022
CHICAGO -- After Russia's invasion of Ukraine sent global wheat futures soaring, U.S. farmer Vance Ehmke was eager to sell his grain.
Local prices shot up roughly 30% to nearly $12 a bushel, about the highest Ehmke could recall in 45 years of farming near the western Kansas town of Healy.
Instead of reaping a windfall, Ehmke found a commodities market turned upside down.
Usurping dollar's dominance is nearly impossible, analysts say
Submitted by admin on Mon, 2022-03-21 10:38 Section: Daily DispatchesRuth Carson, Libby Cherry, and Tania Chen
Bloomberg News
via Yahoo Finance, Sunnyvale, California
Monday, March 21, 2022
Dethroning the dollar is easier said than done.
That's the conclusion of investors after Washington's freeze of Russia’s dollar holdings created fresh impetus among central bankers to rethink the security of access to foreign-exchange reserves. The move fueled speculation that countries such as China could redouble efforts to unshackle itself from greenback-denominated financial systems and look for alternatives.
LME boss says banks are partly to blame for nickel short squeeze
Submitted by admin on Fri, 2022-03-18 19:46 Section: Daily DispatchesBut he admits the exchange gave into them, so who is really to blame?
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Jack Farchy and Mark Burton
Bloomberg News
via Yahoo Finance, Sunnyvale, California
Friday, March 18, 2022
The embattled boss of the London Metal Exchange says the banking industry bears some responsibility for the conditions that led to a massive short squeeze that broke the nickel market.
Biggest commodities markets are starting to seize up
Submitted by admin on Fri, 2022-03-18 16:42 Section: Daily DispatchesDon't worry -- governments and central banks will always be ready to short the monetary metals.
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By Alex Longley
Bloomberg News
via Crain's Chicago Business
Friday, March 18, 2022
It's getting harder to deal in some of the world's most important commodities as everything from geopolitical turmoil to exchange snafus prompt traders to rush for the exits, rapidly draining liquidity.
Montenegro will repay loan from Credit Suisse to recover nation's gold
Submitted by admin on Fri, 2022-03-18 10:06 Section: Daily DispatchesBy Zeljko Trkanjec
Euractive, Schiphol, Netherlands
Thursday, March 17, 2022
Montenegro's government will pay off a €30 million loan due to Credit Suisse Bank on 11 April to get back the gold placed as collateral for that loan, Finance and Social Welfare Minister Milojko Spajic has said.
Alasdair Macleod: The evolution of credit
Submitted by admin on Thu, 2022-03-17 13:05 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, March 17, 2022
After 51 years from the end of the Bretton Woods Agreement, the system of fiat currencies appears to be moving toward a crisis point for the U.S. dollar as the international currency. The battle over global energy, commodity, and grain supplies is the continuation of an intensifying financial war between the dollar and the renminbi and rouble.
Central banks seen moving out of dollars and into gold and durable commodities
Submitted by admin on Thu, 2022-03-17 12:56 Section: Daily DispatchesGold at $10,000? Death of the 40-Year Bull market in bonds? What’s Next for the Global Financial System after Russia's Central Bank Gets Cancelled?
By Steve Goldstein
Marketwatch.com, New York
Thursday, March 17, 2022
The shockwaves are still being felt by the incredible Western sanctions that have rendered the $630 billion in reserves the Russian central bank accumulated virtually unusable. Can the current dollar-centered global financial system last if money can be summarily cancelled?
Russians have up to $213 billion stashed in Swiss banks
Submitted by admin on Thu, 2022-03-17 12:16 Section: Daily DispatchesBy Oliver Hirt and Brenna Hughes Neghaiwi
Reuters
Thursday, March 17, 2022
ZURICH -- Switzerland's secretive banks hold up to $213 billion of Russian wealth, the country's financial industry association estimates, as sanctions on Russia give a rare glimpse inside Swiss vaults.
The Swiss Bankers Association estimated that the banks hold between 150 billion and 200 billion Swiss francs ($213 billion) of Russian client money in offshore accounts.
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