Daily Dispatches

7:35p ET Wednesday, December 20, 2023

Dear Friend of GATA and Gold:

Chris Marcus of Arcadia Economics this week interviewed GATA's consultant on the Bank for International Settlements about the bank's heavy and largely surreptitious intervention in the gold market via gold swaps on behalf of the bank's central bank members.

Lambourne reports regularly via GATA on the BIS' swaps, which are obliquely reported in the bank's monthly reports. His most recent report is here:

https://www.gata.org/node/22939

By Pratima Desai and Siyi Liu
Reuters
Monday, December 18, 2023

The London Metal Exchange is planning to launch new metals contracts using prices from the Shanghai Futures Exchange, three industry sources familiar with the matter said, increasing China's influence on global metals markets.

Collaboration between the 146-year-old LME and ShFE was mentioned briefly by LME's Chief Executive Matthew Chamberlain in October at the annual LME Week dinner, without any detail.

... Dispatch continues below ...

By Biman Mukherji
South China Morning Post, Hong Kong
Monday, December 18, 2023

Gold's lustre has endured timelessly for Asian buyers, and its central banks too are now following suit to snap up the commodity amid de-dollarisation -- a move to reduce exposure risk to the U.S. dollar.

Fears about their assets being vulnerable, following the U.S. seizure of Russia's foreign exchange reserves of US$650 billion in February last year, have triggered a buying wave by central banks, said a Sprott Asset Management report this month.

By Pei Li
Bloomberg News
Sunday, December 17, 2023

Hedge fund Elliott Associates was granted permission to appeal its loss in court against the London Metal Exchange over a nickel squeeze, extending the legal battle over the latter's decision last year to cancel billions of dollars worth of trades.

Elliott applied to the English Court of Appeal and was granted permission to appeal the judgment that went in the LME’s favor last month, according to a filing from Hong Kong Exchanges and Clearing Ltd., the parent company of London Metal Exchange.