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Daily Dispatches
UAE cashes in with Russian gold as sanctions bite
Submitted by admin on Thu, 2023-05-25 09:09 Section: Daily DispatchesBy Peter Hobson
Reuters
Thursday, May 25, 2023
LONDON -- he United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia's more traditional export routes, Russian customs records show.
The records, which contain details of nearly a thousand gold shipments in the year since the Ukraine war started, show the Gulf state imported 75.7 tonnes of Russian gold worth $4.3 billion -- up from just 1.3 tonnes during 2021.
... Dispatch continues below ...
India's withdrawal of 2000-rupee note spurs purchases of gold and silver
Submitted by admin on Mon, 2023-05-22 20:36 Section: Daily DispatchesFrom the Hindustan Times, Delhi
Monday, May 22, 2023
The demand for bullion saw a sudden jump on Saturday, which dealers in various parts of the country said was expected to continue until people offloaded a bulk of their R2,000 banknotes for gold and silver, even as a rush to exchange the high-value currency notes is expected at banks from Monday.
The Reserve Bank of India on Friday said it was withdrawing from circulation ₹2,000 currency notes introduced seven years ago after demonetisation, resulting in a rush to use the banknotes.
Banks win dismissal of U.S. silver price-fixing suit
Submitted by admin on Mon, 2023-05-22 19:17 Section: Daily DispatchesBy Jonathan Stempel
Reuters
Monday, May 22, 2023
NEW YORK -- A U.S. judge on Monday dismissed long-running litigation by investors who accused HSBC Holdings and Bank of Nova Scotia of conspiring to fix silver prices.
U.S. District Judge Valerie Caproni in Manhattan said the investors lacked legal standing to pursue federal antitrust claims under the Sherman Act, or claims under the federal Commodity Exchange Act.
BBC: Interest rate rigging evidence was covered up by banks in 2008
Submitted by admin on Mon, 2023-05-22 08:20 Section: Daily DispatchesThe rest of the story -- the much bigger part of it -- can be found here:
https://www.gata.org/node/20925
* * *
By Andy Verity
British Broadcasting Corp., London
Monday, May 22, 2023
UK and US regulators were told of a state-led drive to "rig" interest rates in the 2008 financial crisis, but covered it up, evidence indicates.
Documents suggest lenders sharply dropped their interest-rate estimates after pressure from central banks.
India to withdraw 2,000-rupee notes from circulation
Submitted by admin on Sat, 2023-05-20 09:18 Section: Daily DispatchesBy Ira Dugal and Aftab Ahmed
Reuters
Saturday, May 20, 2023
MUMBAI -- India will start withdrawing its highest value currency notes from circulation, the central bank said on Friday, in a move that economists said could boost bank deposits at a time of high credit growth.
The withdrawal of 2,000-rupee ($24.5) notes -- which the finance ministry's top official, T.V Somanathan, said would not cause disruption "either in normal life or in the economy" - also comes ahead of elections in four large states at the end of the year and a national ballot in spring 2024.
Except for Fed, central banks prepare for gold revaluation, Maguire says
Submitted by admin on Sat, 2023-05-20 09:00 Section: Daily Dispatches9a ET Saturday, May 20, 2023
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire, speaking with Shane Morand on this week's "Live from the Vault" program from Kinesis Money, says central banks, excepting the Federal Reserve, are positioning themselves for an upward revaluation of gold, that the price for physical gold in China is already substantially higher than the nominal price in the West, and that suppression of gold prices on the New York Commodities Exchange is being exploited to drain gold out of London.
Alasdair Macleod: Now we're all working for the state
Submitted by admin on Thu, 2023-05-18 13:09 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, May 18, 2023
A consequence of increasing economic intervention by the state is that we are now expected to breed more taxpayers in future and draw down on our state pensions for less time. Our productivity must be improved as well, thereby maximising our state's tax revenues.
With respect to the democratic process, is this really what we have signed up for? It is hardly surprising that we are losing individual freedom. We are now working for the state, instead of the state working for us.
GoldSeek's Waltzek and GATA's Murphy await blastoff for monetary metals
Submitted by admin on Mon, 2023-05-15 20:52 Section: Daily Dispatches8:52p ET Monday, May 15, 2023
Dear Friend of GATA and Gold (and Silver):
GoldSeek Radio's Chris Waltzek and GATA Chairman Bill Murphy today discuss the strength of gold and silver prices despite constant raids by what Murphy calls the gold cartel. But Murphy says he is tired of the frequent reports that silver supply is extremely tight, since such reports have been circulating for years without result.
Waltzek and Murphy also discuss the instability of the U.S. banking system.
The discussion is 11 minutes long and can be heard at GoldSeek here:
Pam and Russ Martens: FDIC seizure of foreign deposits at SVB opens Pandora's box at JPM and Citi
Submitted by admin on Mon, 2023-05-15 11:14 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Monday, May 15, 2023
If you have been following the banking crisis, you have likely read at least a dozen times that on March 12 federal banking regulators, with the consent of the U.S. Treasury Secretary Janet Yellen, invoked the "systemic risk exception" in order to protect both insured and uninsured depositors at the two banks that failed in March -- Silicon Valley Bank and Signature Bank.
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'Genuinely worried' Asian investors flock to safe haven gold amid U.S. dollar woes
Submitted by admin on Mon, 2023-05-15 09:25 Section: Daily DispatchesBy Biman Mukherji
South China Morning Post, Hong Kong
Monday, May 15, 2023
Canadian investor Brian Foster (a pseudonym) started buying gold a year ago, picking up a little more of the precious metal every time he visited Hong Kong -- about once every three months -- Singapore or Switzerland, until he’d accumulated some US$120,000 worth.
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