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Daily Dispatches
As gold smuggling runs rampant, Vietnam looks for ways to tame market
Submitted by admin on Sun, 2024-04-07 10:00 Section: Daily DispatchesBy Nguyen Dieu Tu Uyen
Bloomberg News
via South China Morning Post, Hong Kong
Sunday, April 7, 2024
Stabilising the gold market is a pressing issue for the Vietnamese government with smugglers taking advantage of higher local prices to slip in the precious metal, leading to exchange rate distortions and weakness in the dong that's hurting the economy.
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OMG: Bloomberg columnist recommends gold
Submitted by admin on Sun, 2024-04-07 09:47 Section: Daily DispatchesCentral Banks Are the Newest HODLers of Gold
By Merryn Somerset Webb
Bloomberg News
Sunday, April 7, 2024
A few weeks ago, when the gold price hit a record high, no one besides a few gold bugs seemed to care.
Bitcoin also hit a record high. Everyone cared.
Proof came in the personal finance pages of the UK newspapers. The Financial Times had a piece on investing in crypto miners, a long read about what crypto still gets wrong, and a cry of pain for UK investors denied the right to hold Bitcoin exchange-traded funds.
Fed soon will have to drop gold suppression policy, Maguire tells LFTV
Submitted by admin on Sat, 2024-04-06 20:17 Section: Daily Dispatches8:18p ET Saturday, April 6, 2024
Dear Friend of GATA and Gold (and Silver):
London metals trader Andrew Maguire, commmenting on this week's edition of Kinesis Money's "Live from the Vault" program with Shane Morand, says central banks have huge bids for physical gold just below the current market price and will raise their bids if the price moves up.
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More states nixing sales tax on gold and silver bullion
Submitted by admin on Sat, 2024-04-06 09:39 Section: Daily DispatchesBy Danielle Muoio Dunn
Bloomberg News
Friday, April 5, 2024
It's getting a little less expensive across the country to buy investment metals like gold bars and silvercoins, as more states take up measures granting them exemptions from sales tax.
At least 44 states have either fully or partially repealed the sales tax on purchases of gold and silver, according to the Sound Money Defense League, a group funded by online dealer Money Metals Exchange.
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Biggest gold miners are missing out on bullion's record run
Submitted by admin on Fri, 2024-04-05 15:47 Section: Daily DispatchesBy Jacob Lorinc
Bloomberg News
via Yahoo Finance, Sunnyvale, California
Friday, April 5, 2024
The world's biggest gold miners are at risk of missing out on the metal's record run after spending billions of dollars to become the obvious home for bullion-focused investors.
Despite gold hitting all-time highs almost daily, Newmont Corp. shares were down about 6% this year to Thursday's market close, while rival Barrick Gold Corp.'s stock had fallen about 2%.
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How Zimbabwe plans to link its new money supply with gold reserves
Submitted by admin on Fri, 2024-04-05 15:15 Section: Daily DispatchesFrom Al Jazeera, Doha, Qatar
Friday, April 5, 2024
...Analysts have questioned whether Harare has enough reserves to adequately back the new currency, and if the latter could suffer from volatility in gold prices.
On Thursday, President Emmerson Mnangagwa inspected the central bank's vaults that [John] Mushayavanhu [the governor of Zimbabwe’s Reserve Bank] -- who was appointed earlier this year -- said hold 1.1 tonnes of solid gold.
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Canada's other export powerhouse: gold
Submitted by admin on Fri, 2024-04-05 12:23 Section: Daily DispatchesBy Jason Kirby
The Globe and Mail, Toronto
Thursday, April 4, 2024
There's gold in them thar exports. Lots of it.
The shiny yellow metal doesn't get nearly the same attention from Canadian policymakers as the energy and automotive sectors do, but exports of gold have soared in recent years and are close to surpassing passenger vehicles to become Canada's second-largest export commodity.
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Zimbabwe pledges to limit its circulating currency value to the value of its gold reserves
Submitted by admin on Fri, 2024-04-05 12:10 Section: Daily DispatchesZimbabwe launches new gold-backed currency, the ZiG
By Singai Nyoka
British Broadcasting Corp.
Friday, April 5, 2024
Zimbabwe has introduced a new gold-backed currency called ZiG. The name stands for "Zimbabwe Gold."
It is the latest attempt to stabilise an economy that has lurched from crisis to crisis for the past 25 years.
Unveiling the new notes, central bank governor John Mushayavanhu said the ZiG would be structured and set at a market-determined exchange rate.
Alasdair Macleod: Why are gold and bond yields rising together?
Submitted by admin on Fri, 2024-04-05 11:36 Section: Daily DispatchesBy Alasdair Macleod
Friday, April 5, 2024
... The answer can only be that the big, mainly Asian wealth funds look at the U.S. government's finances and see deep trouble.
The only way the U.S. government can satisfy its voracious appetite for debt is at higher interest rates and bond yields. And if interest rates go higher, they will crash financial markets, bring about commercial property and corporate insolvencies, and threaten the entire banking system.
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India's central bank builds gold reserves for 'reserve deployment'
Submitted by admin on Fri, 2024-04-05 11:10 Section: Daily DispatchesFrom the Press Trust of India
via Business Standard, New Delhi
Friday, April 5, 2024
Reserve Bank Governor Shaktikanta Das said today India has been building up gold reserves as part of its forex deployment.
"We are building up gold reserves. That is a part of our reserve deployment," Das told reporters at the customary post-policy review press conference here.
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