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Daily Dispatches

Zimbabwe considers using gold to back its currency

Section: Daily Dispatches

By Ray Ndlovu
Bloomberg News
Monday, February 12, 2024

Zimbabwe may back its currency with gold in an effort to end exchange-rate instability, Finance Minister Mthuli Ncube said.

"To manage growth of liquidity, we may link the exchange rate to a hard asset such as gold," Ncube said in an online press briefing held today to announce a conference of African ministers that Zimbabwe will host at the end of this month.

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China, Russia will conquer world with 'nuclear option' in gold, Maguire says

Section: Daily Dispatches

9p ET Friday, February 9, 2024

Dear Friend of GATA and Gold:

Central banks are turning "paper" gold on the New York Commodities Exchange into real metal via conversion to "exchange for physicals" redeemable in London, metals trader Andrew Maguire tells this week's edition of Kinesis Money's "Live from the Vault" program.

Robert Lambourne: Gold intervention via BIS fell by 4 tonnes in January

Section: Daily Dispatches

By Robert Lambourne
Friday, February 9, 2024

The January statement of account for the Bank for International Settlements was published this week -- 

https://www.bis.org/banking/balsheet/statofacc240131.pdf

-- and allows an estimate to be made of the volume of gold swaps undertaken by the BIS at the month end: 117 tonnes, a 4-tonne reduction from the swaps volume as of the end of December.

'Silver is the new gold' as Egyptians try to protect savings

Section: Daily Dispatches

By Sarah El Safty and Farah Saafan
Reuters
Thursday, February 8, 2024

CAIRO -- Egyptian women traditionally receive a gold jewellery set, or "shabka", on their engagement. But as surging prices and a weakening currency have driven up demand for the precious metal, some are getting silver instead.

The trend is a measure of an economic crisis in which inflation has been running at more than 30% and the central bank has allowed the currency to weaken 50% against the dollar, with more devaluation expected.

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Alasdair Macleod: How Russia and China could deploy their hidden gold reserves

Section: Daily Dispatches

By Alasdair Macleod
Wednesday, February 7, 2024

An overlooked aspect of geopolitics is the defensive action taken by Asian hegemons and their close allies against a collapse of the Western currency system.

Unlike our economists who are overwhelmingly Keynesian, the economic tradition from Soviet and communist China was that the West's capitalist system would collapse. Admittedly, China's economists have increasingly studied in the West and picked up Keynesian concepts, but they remain acutely aware of the weaknesses of our capitalist system.

Russian banks may have swapped gold for dollars, report says

Section: Daily Dispatches

From Bloomberg News
Wednesday, February 7, 2024

Some Russian banks appear to have maneuvered around a ban on shipping dollars and euros to the country by trading gold in the United Arab Emirates and Turkey, according to research from a financial-intelligence company.

China's new year buyers look to gold as stocks and property crash

Section: Daily Dispatches

From Bloomberg News
Wednesday, February 7, 2024

Gold has never been more expensive in China heading into the Lunar New Year, but consumers are still finding lots of reasons to buy the precious metal.

While the holiday season usually drives increased spending on items like jewelry, reports of robust demand this year are remarkable because the shopping season happens to coincide with a stock market crash. 

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Asian central banks support gold while JPM freezes silver, Murphy says

Section: Daily Dispatches

5:56p ET Monday, February 5, 2024

Dear Friend of GATA and Gold:

GATA Chairman Bill Murphy, interviewed by GoldSeek Radio's Chris Waltzek, notes that Asian central bank buying is keeping the gold price above $2,000 but JPMorganChase is keeping silver in a headlock. Gold and silver mining shares, Murphy says, are at bargain valuations but gold and silver price suppression has gone on so long that potential investors are too demoralized to buy.

The interview is 17 minutes long and can be heard at GoldSeek here:

Jan Nieuwenhuijs: U.S. and Europe fight a war over gold during the demise of Bretton Woods

Section: Daily Dispatches

By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Monday, February 5, 2024

This is the story of the emergence of the U.S. dollar hegemony.

After the collapse of Bretton Woods in 1971 several European central banks tried setting up a new gold pool to stabilize the price and move to a quasi gold standard. The United States wanted to phase out gold from the system and enforce a dollar standard on the world.

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FBI violated constitutional rights of hundreds in Beverly Hills vault raid, appeals court rules

Section: Daily Dispatches

By Teny Sahakian
Fox News, New York
Wednesday, January 31, 2024

The FBI violated private citizens' constitutional rights when it seized contents from hundreds of safe deposit boxes during a 2021 raid on a Beverly Hills business suspected of money laundering, a federal appeals court ruled last week.

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