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Daily Dispatches
Alasdair Macleod: Inflation and asset and consumer prices
Submitted by admin on Fri, 2021-06-25 22:52 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Wednesday, June 24, 2021
"The Fed finds itself between a rock and a hard place: either it keeps inflating or the whole confidence-based valuation of financial assets collapses. Either it raises interest rates or the dollar collapses."
Bolivia may require all gold production to be offered to its central bank
Submitted by admin on Fri, 2021-06-25 12:14 Section: Daily DispatchesBlack Market Bullion Is in Crosshairs of Bolivian Lawmakers
By Sergio Mendoza
Bloomberg News
Wednesday, June 23, 2021
Bolivian lawmakers are debating a bill that would require all gold produced in the country to be offered to the central bank as the nation builds its reserves and cracks down on the illegal bullion trade.
Judge blocks FBI from keeping cash, gold, and silver seized in Beverly Hills raid
Submitted by admin on Fri, 2021-06-25 00:13 Section: Daily DispatchesBy Michael Finnegan
Los Angeles Times
Wednesday, June 23, 2021
A federal judge has blocked the FBI from confiscating some of the valuables it seized from safe deposit boxes at a Beverly Hills business, saying the government appeared to be violating the owners' rights.
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Poland's central bank adds 60,000 ounces of gold, contemplates more
Submitted by admin on Thu, 2021-06-24 18:17 Section: Daily DispatchesFrom the Warsaw Business Journal
Tuesday, June 22, 2021
The National Bank of Poland has increased its gold reserves to 230.54 tonnes. It pointed to the possibility of introducing a strategy that provides for the purchase of 100 tonnes of gold to the domestic reserves over the next few years.
MarketWatch's Myra Saefong: Why Basel 3 is poised to shake up the gold market
Submitted by admin on Thu, 2021-06-24 17:56 Section: Daily Dispatches5:50p ET Thursday, June 24, 2021
Dear Friend of GATA and Gold:
MarketWatch.com's Myra P. Saefong provides tonight what may be the best mainstream financial news organization report so far about the impact of the new Basel 3 regulations on the gold market. It quotes, among others, Gold Newsletter editor and New Orleans Investment Conference manager Brien Lundin and GoldMoney research director Alasdair Macleod. It's headlined "Why Basel 3 Regulations Are Poised to Shake Up the Gold Market" and it's posted at MarketWatch here:
Basel 3's gold rules start Monday but it probably won't be the day of deliverance
Submitted by admin on Thu, 2021-06-24 13:46 Section: Daily Dispatches1:54p ET Thursday, June 24, 2021
Dear Friend of GATA and Gold:
Many people involved with the monetary metals may be eagerly awaiting Monday, when the "Basel 3" regulations on unallocated gold held by bullion banks take effect in the European Union, supposedly making the unallocated business prohibitively expensive.
Of course there are great hopes that implementation of the rules will begin to explode the fraud of "paper gold" by which gold's price long has been suppressed with the assistance of central banks.
Central banks step up fight against cryptocurrencies
Submitted by admin on Thu, 2021-06-24 12:35 Section: Daily DispatchesBy Eva Szalay
Financial Times, London
Wednesday, June 23, 2021
Central banks have intensified their criticism of cryptocurrencies as battle over the monetary system escalates, arguing that digital tokens such as bitcoin have few redeeming features and "work against the public good."
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Central bank digital currencies get full backing from BIS
Submitted by admin on Thu, 2021-06-24 12:04 Section: Daily DispatchesBy Marc Jones
Reuters
Wednesday, June 23, 2021
LONDON -- The Bank for International Settlements has given its full backing to the development of central bank digital currencies (CBDCs), saying they are needed to modernise finance and ensure 'Big Tech' does not take control of money.
Dubbed the central bank to the world's central banks, the BIS, which is coordinating many of their discussions on digital currencies, set out recommendations on Wednesday on how a CBDC such as a digital dollar, euro, yen or yuan should look.
South African brothers vanish, and so does $3.6 billion in bitcoin
Submitted by admin on Wed, 2021-06-23 21:02 Section: Daily DispatchesBy Roxanne Henderson and Loni Prinsloo
Bloomberg News
Wednesday, June 23, 2021
A pair of South African brothers have vanished, along with Bitcoin worth $3.6 billion from their cryptocurrency investment platform.
A Cape Town law firm hired by investors says they can't locate the brothers and has reported the matter to the Hawks, an elite unit of the national police force. It's also told crypto exchanges across the globe should any attempt be made to convert the digital coins.
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Fed officials say 'temporary' inflation surge may last longer than thought
Submitted by admin on Wed, 2021-06-23 19:08 Section: Daily DispatchesA century maybe?
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By Howard Schneider
Reuters
Wednesday, June 23, 2021
WASHINGTON -- A period of high inflation in the United States may last longer than anticipated, two U.S. Federal Reserve officials said today, prompting one to pull forward his views on when the central bank should start raising interest rates.
Atlanta Fed President Raphael Bostic said with growth surging to an estimated 7% this year and inflation well above the Fed's 2% target, he now expects interest rates will need to rise in late 2022.
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