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Daily Dispatches
Fed's paper losses exceed $200 billion
Submitted by admin on Thu, 2024-10-03 20:21 Section: Daily DispatchesBy Michael S. Derby
Reuters
via Yahoo News, Sunnyvale, California
Thursday, October 3, 2024
NEW YORK -- U.S. Federal Reserve losses crossed the $200 billion point this week, according to data released today by the central bank.
The Fed reported that as of Wednesday, the level of its so-called earnings remittance to the Treasury Department stood at negative $201.2 billion. The number represents a paper loss that central bank officials have noted does not impair their ability to conduct monetary policy.
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Joshua D. Glawson: The untold history of gold rushes in the United States
Submitted by admin on Thu, 2024-10-03 08:36 Section: Daily DispatchesBy Joshua D. Glawson
Money Metals Exchange, Eagle, Idaho
Wednesday, October 2, 2024
The discovery of gold in the United States profoundly shaped the nation's economic and social development, especially during the 19th century.
These gold rushes transformed regional economies, spurred massive population movements, led to the establishment of new towns, and influenced U.S. territorial expansion.
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Jim Rickards: Here comes the biggest monetary shock in 50 years
Submitted by admin on Wed, 2024-10-02 11:29 Section: Daily DispatchesBy James Rickards
Daily Reckoning, Baltimore
Monday, September 30, 2024
... [W]ith so much attention focused on the U.S. presidential election, the war in Ukraine, and the war in Gaza, which is spreading to Lebanon, it's easy to lose sight of other geopolitical developments that may be even more significant in the long run.
One of these developments is the rise of the new BRICS currency and its potential role in the global monetary system.
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Hungary's central bank boosts gold reserves to a record high 110 tons
Submitted by admin on Wed, 2024-10-02 11:21 Section: Daily DispatchesHungary now claims the highest per-capita official gold reserves in central and eastern Europe.
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From the Hungarian National Bank, Budapest
Monday, September 30, 2024
Gold overtakes euro to become second-largest central bank reserve asset
Submitted by admin on Tue, 2024-10-01 11:08 Section: Daily DispatchesBy Mike Maharrey
Money Metals Exchange, Eagle, Idaho
Tuesday, October 1, 2024
According to Bank of America, gold has overtaken the euro to become the world's second-largest central bank reserve asset.
With the central bank gold buying spree over the last several years, along with the rapid rise in price in 2024, the yellow metal now makes up about 16% of total reserve assets, just ahead of the euro.
The dollar’s share of reserves has dropped to 58 percent.
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Weekend edition of Ed Steer's Gold and Silver Digest is up at SilverSeek
Submitted by admin on Mon, 2024-09-30 12:27 Section: Daily Dispatches12:27p ET Monday, September 30, 2024
Dear Friend of GATA and Gold:
The weekend edition of GATA board member Ed Steer's Gold and Silver Digest letter is headlined "The Short Positions in Gold and Silver Increase Further" and is posted in the clear at GoldSeek's companion site, SilverSeek, here:
https://silverseek.com/article/short-positions-gold-silver-increase-further
Fed seen cutting rates another half percent in November
Submitted by admin on Sun, 2024-09-29 11:15 Section: Daily DispatchesBy Ann Saphir
Reuters
Friday, September 27, 2024
The Federal Reserve is likelier than not to deliver a second 50-basis-point interest rate cut in November, traders bet today, after a government report showed U.S. inflation has cooled to a pace nearer to the central bank's 2% goal.
Inflation by the Fed's targeted measure, the year-over-year rise in the personal consumption expenditures price index, was 2.2% in August, the Commerce Department reported.
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Tanzania orders gold miners and dealers to reserve 20% for central bank to buy
Submitted by admin on Sat, 2024-09-28 22:42 Section: Daily DispatchesBy Nuzulack Dausen
Reuters
Saturday, September 28, 2024
DAR ES SALAAM, Tanzania -- Tanzania's mining regulator has ordered all mining firms and traders exporting gold to allocate at least 20% of the commodity for sale to the central bank to bolster the bank's move to diversify its foreign reserves.
The central bank, the Bank of Tanzania, began buying gold from local traders and miners in the last financial year that ended in June to boost its reserves amid depreciation pressure on the local currency, the shilling.
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Ghana central bank launches gold coin to boost savings
Submitted by admin on Sat, 2024-09-28 13:49 Section: Daily DispatchesBy Ekow Dontoh
Bloomberg News
Friday, September 27, 2024
Ghana has launched a new gold coin to help it manage money-market liquidity while boosting domestic savings.
Rick Mills: Gold repatriation shifting from north to south
Submitted by admin on Sat, 2024-09-28 13:41 Section: Daily DispatchesBy Rick Mills
Ahead of the Herd, Prince George, British Columbia, Canada
Saturday, September 28, 2024
In 2017 Germany brought home nearly $31 billion of gold bars that had been stored in New York and Paris after World War II. The Financial Times gives a good account of how Germany amassed, lost and then got its gold back:
https://www.ft.com/content/4edf00ee-a43c-11e7-8d56-98a09be71849
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