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Daily Dispatches
Gold revaluation is trump card in East-West power struggle, Maguire says
Submitted by admin on Sat, 2023-06-17 22:24 Section: Daily Dispatches10:24p ET Saturday, June 17, 2023
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire, speaking on this week's "Live from the Vault" program with Shane Morand from Kinesis Money, says gold revaluation is the trump card in the power struggle between East and West and will be played soon by either Russia and China or by the United States to pre-empt its adversaries.
This, Maguire says, brings urgency to the unwinding of the U.S.-underwritten short position in gold futures.
The program is 38 minutes long and can be seen at YouTube here:
Africa's richest city is crumbling under chaos and corruption
Submitted by admin on Sat, 2023-06-17 10:34 Section: Daily DispatchesBy S'thembile Cele
Bloomberg News
Friday, June 16, 2023
Solomon Owa's fingers work quickly as he speaks over the hum of his sewing machine. That's because the hum of his sewing machine might stop at any moment. "In a few minutes, the power will go," he said.
The 51-year-old runs a tailoring business from his garage in Johannesburg. Outages leave him idle for up to 10 hours a day. Surrounded by piles of colorful material, he needs to work while he can.
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A bank China built to challenge the dollar now needs it
Submitted by admin on Fri, 2023-06-16 11:10 Section: Daily DispatchesBy Alexander Saeedy and Lingling Wei
The Wall Street Journal
Friday, June 16, 2023
A development bank China launched with its fellow Brics countries was supposed to reshape international finance. Russia's invasion of Ukraine now risks turning it into a zombie bank.
Robert Lambourne: BIS gold swaps rose 39% in May amid U.S. debt turmoil
Submitted by admin on Wed, 2023-06-14 15:12 Section: Daily DispatchesBy Robert Lambourne
Wednesday, June 14, 2023
Gold swaps by the Bank for International Settlements rose markedly in May, according to the bank's monthly account statement, published this week:
https://www.bis.org/banking/balsheet/statofacc230531.pdf
The bank’s gold swaps are estimated to be 188 tonnes as of May 31, a 39% increase over the 135 tonnes reported as of April 30. As shown in Table B below, recent months have brought much volatility in the level of swaps.
North Carolina House Republicans want state savings held as gold bullion
Submitted by admin on Tue, 2023-06-13 20:33 Section: Daily DispatchesBy Lynn Bonner
NCNewsline.com, Raleigh, North Carolina
Tuesday, June 13, 2023
North Carolina House Republicans want the state to use some of its savings to buy gold bullion and bury it in Texas.
A group of House Republicans filed a bill in mid-April that would have the state use $2 billion from its savings reserve to buy gold bullion. The bill sat idle in the House Appropriations Committee until Thursday, when it was sent to the Committee on State Government. It's set for a committee hearing tomorrow.
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Ed Steer: Another decrease in SLV's short position
Submitted by admin on Mon, 2023-06-12 19:31 Section: Daily Dispatches7:29p ET Monday, June 12, 2023
Dear Friend of GATA and Gold (and Silver):
The weekend edition of Ed Steer's Gold and Silver Digest, published by GATA board member Ed Steer, is headlined "Another Decrease in SLV's Short Position" and it's posted in the clear at SilverSeek here:
https://silverseek.com/article/another-decrease-slvs-short-position
Ghana regains top gold spot in Africa as output jumps 32%
Submitted by admin on Fri, 2023-06-09 19:50 Section: Daily DispatchesBy Christian Akorlie
Reuters
Friday, June 9, 2023
ACCRA, Ghana -- Ghana recorded a 32% increase in gold production last year, enabling it to win back the top spot from South Africa as the largest gold producer on the continent, the president of the mines chamber said today.
Ghana lost the position to South Africa in 2021 after a drastic fall in output.
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Jan Nieuwenhuijs: The Shanghai International Gold Exchange and de-dollarization
Submitted by admin on Fri, 2023-06-09 16:46 Section: Daily DispatchesBy Jan Nieuwenhuijs
Gainsville Coins, Lutz, Florida
Friday, June 9, 2023
This article is a primer on the Chinese gold market, more specifically the Shanghai International Gold Exchange (SGEI).
The SGEI facilitates "offshore" gold trading in renminbi and can play a crucial role in de-dollarization, as it allows countries to use renminbi as a trade currency that can be converted into gold without affecting China's balance of payments.
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Ambrose Evans-Pritchard: Forget inflation, for deflation is the real danger now
Submitted by admin on Fri, 2023-06-09 10:36 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
via MSN Money, Redmond, Washington
Thursday, June 8, 2023
The global inflation shock of the last two years is over except for the shouting. Legacy effects will generate much noise for a few months but the one-off spike is reversing almost everywhere with an elegant symmetry.
Alasdair Macleod: The entire euro system faces failure
Submitted by admin on Thu, 2023-06-08 15:26 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, June 8, 2023
In these dog days of summer, there is a new complacency over the financial and economic status of the Eurozone. Inflation is down, bank shares have rallied, and the end of rises in interest rates is in sight.
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