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Daily Dispatches
'Silver is the new gold' as Egyptians try to protect savings
Submitted by admin on Thu, 2024-02-08 15:04 Section: Daily DispatchesBy 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
Submitted by admin on Wed, 2024-02-07 19:10 Section: Daily DispatchesBy 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
Submitted by admin on Wed, 2024-02-07 18:24 Section: Daily DispatchesFrom 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
Submitted by admin on Wed, 2024-02-07 18:18 Section: Daily DispatchesFrom 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
Submitted by admin on Mon, 2024-02-05 17:54 Section: Daily Dispatches5:56p 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
Submitted by admin on Mon, 2024-02-05 16:36 Section: Daily DispatchesBy 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
Submitted by admin on Sat, 2024-02-03 14:37 Section: Daily DispatchesBy 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.
Nigeria may expropriate its people's foreign currency holdings
Submitted by admin on Sat, 2024-02-03 14:19 Section: Daily DispatchesAs if Nigeria needed another reason to turn to gold, or even seashells.
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Operation Rescue Naira: Federal Government Considers Converting $30 Billion in Domiciliary Deposits to Naira
By Godfrey George and Temitayo Jaiyeola
Punch, Lagos, Nigeria
Saturday, February 3, 2024
There are strong indications that the federal government is mulling a policy that will result in the conversion of foreign currencies in domiciliary accounts of citizens to naira to stabilise the national currency, which this week recorded its worst performance in history.
Sound Money Defense League president reviews efforts to remonetize gold
Submitted by admin on Fri, 2024-02-02 14:02 Section: Daily Dispatches2:06p ET Friday, February 2, 2024
Dear Friend of GATA and Gold:
Stefan Gleason, president of coin and bullion dealer Money Metals Exchange and chairman of the Sound Money Defense League, was interviewed this week by Jesse Day of the Commodity Culture channel on You Tube, discussing the league's work to restore gold and silver as money not just in the United States but throughout the world as well.
Miles Franklin's Andy Schectman explains the gold game in eight minutes
Submitted by admin on Thu, 2024-02-01 20:48 Section: Daily Dispatches8:51p ET Thursday, February 1, 2024
Dear Friend of GATA and Gold:
With an eight-minute talk to Bullion News, Andy Schectman, president of coin and bullion dealer Miles Franklin, explains how governments have been using the New York Commodities Exchange to suppress gold prices and interest rates so central banks could acquire the metal at a discount even as they elevated it to an officially superior form of money, anticipating the de-dollarization of the world financial system.
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