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Daily Dispatches
China reports fifth month of increasing gold reserves
Submitted by admin on Fri, 2023-04-07 12:44 Section: Daily DispatchesFrom Bloomberg News
Friday, April 7, 2023
The People’s Bank of China raised its holdings by about 18 tons in March, according to data on its website on Friday. Total stockpiles now sit at about 2,068 tons, after growing by about 102 tons in the four months before March.
Nations have been building up stockpiles of bullion amid heightened geopolitical risks and high inflation. Central-bank demand rose for a second year in 2022, and the biggest buyers in January of this year were Turkey, China and Kazakhstan, according to the World Gold Council.
Texas legislators propose a gold-backed digital currency for state
Submitted by admin on Fri, 2023-04-07 08:09 Section: Daily DispatchesBy Jordan Finneseth
Kitco News, Montreal
Thursday, April 6, 2023
As lawmakers in the U.S. introduce bills pushing back against the creation of a U.S.-dollar-based central bank digital currency, Texas is opting to go a different route with the creation of a state-issued, gold-backed digital currency.
'Everything is being stripped and stolen' in South Africa's run-down city of gold
Submitted by admin on Fri, 2023-04-07 08:02 Section: Daily DispatchesBy Joseph Cotterill
Financial Times, London
Friday, April 7, 2023
When Roesdien Hendricks warns that his community in the heart of Johannesburg is about to explode because of illegal gold miners who scare away the police, strip power cables, and divert water supplies, he is not exaggerating.
Alasdair Macleod: Time to trash Triffin
Submitted by admin on Thu, 2023-04-06 10:48 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, April 6, 2023
The dollar-based credit bubble is imploding and emerging economies are seeking protection by accepting trade settlement in other currencies. The U.S. policy of threatening regime change, currency destabilisation, or other means of ensuring that nations remain in its sphere of influence are failing.
New York Sun: The Biden dollar
Submitted by admin on Wed, 2023-04-05 22:33 Section: Daily DispatchesFrom the New York Sun
Wednesday, April 5, 2023
Three Republican congressmen introduce bill to restore gold standard
Submitted by admin on Wed, 2023-04-05 19:45 Section: Daily DispatchesBy JP Cortez
Money Metals News Service, Eaglo, Idaho
Tuesday, April 4, 2023
As America faces the twin threats of inflation and bank failures, three U.S. congressmen have introduced a pivotal sound money bill that would enable the Federal Reserve note "dollar" to regain stable footing for the first time in more than half a century.
There is a chasm between the gold price and gold mining stock valuations
Submitted by admin on Wed, 2023-04-05 16:36 Section: Daily DispatchesBy Frik Els
Mining.com, Vancouver, British Columbia, Canada
Tuesday, April 4, 2023
Gold was off to the races today, easily clearing $2,000 an ounce with many pundits saying a new record high could be reached in weeks if not days.
A chartbook released on Tuesday (ahead of the day's action in New York) by Merk Investments, an investment advisor and manager of ASA Gold and Precious Metals (NYSE:ASA), a closed-end investment fund established in 1958, includes two long-term charts that show the disconnect between gold mining stocks and the bullion price.
The 30 U.S. banks with the biggest percentage of uninsured deposits
Submitted by admin on Wed, 2023-04-05 16:26 Section: Daily DispatchesFrom Visual Capitalist, Vancouver, British Columbia, Canada
Tuesday, April 4, 2023
Today there are at least $7 trillion in uninsured bank deposits in America.
This dollar value is roughly three times that of Apple's market capitalization, or about equal to 30% of U.S. GDP. Uninsured deposits are ones that exceed the $250,000 limit insured by the Federal Deposit Insurance Corp., which was actually increased from $100,000 after the Global Financial Crisis. They account for roughly 40% of all bank deposits.
'No alternative' to dollar? Another analyst seems never to have heard of gold
Submitted by admin on Wed, 2023-04-05 16:18 Section: Daily DispatchesThere are 3 Big Reasons Why the Dollar's Dominance Won't Wane Any Time Soon
By Matthew Fox
Insider.com, New York
Wednesday, April 5, 2023
The U.S. dollar's dominant role as the world's reserve currency is not going to end any time soon, according to a note yesterday from the Carson Group.
Recent agreements between China and Russia, combined with rising tensions between those two countries and the United States, have sparked speculation that the U.S. dollar is going to lose its dominance within the next decade.
Malaysia, China to discuss 'Asian fund' to cut dependence on dollar
Submitted by admin on Wed, 2023-04-05 16:09 Section: Daily Dispatches
By Anisah Shukry
Bloomberg News
Tuesday, April 4, 2023
China is open to talks with Malaysia on forming an Asian Monetary Fund, said Prime Minister Anwar Ibrahim, reviving a decades old proposal to reduce reliance on the dollar.
Anwar said he proposed setting up the fund at the Boao forum in Hainan last week, stressing the need to reduce reliance on the dollar or the International Monetary Fund.
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