Ronan Manly: Singapore's central bank is big -- and secretive -- gold buyer
Submitted by admin on Fri, 2023-06-02 09:29 Section: Daily DispatchesBy Ronan Manly
Bullion Star, Singapore
Friday, June 2, 2023
Last year a major theme in the global gold market was the record gold buying by central banks across the world, with the World Gold Council and its data gatherers (Metals Focus) calculating that central banks had cumulatively purchased a net 1,136 tonnes of monetary gold during 2022.
At the outset of 2023, this led the World Gold Council to predict that:
Backlash against weaponized dollar is growing across the world
Submitted by admin on Fri, 2023-06-02 09:15 Section: Daily DispatchesMichelle Jamrisko and Ruth Carson
Bloomberg News
via Yahoo News, Sunnyvale, California
Friday, June 2, 2023
All around the world, a backlash is brewing against the hegemony of the US dollar.
Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the greenback in the process. India and Malaysia in April signed an accord to ramp up usage of the rupee in cross-border business. Even perennial US ally France is starting to complete transactions in yuan.
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Alasdair Macleod: Sterling crisis ahead!
Submitted by admin on Thu, 2023-06-01 21:21 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, June 1, 2023
This article points to the factors driving sterling gilt yields higher. They are likely to lead to a sterling crisis as foreign selling gathers pace of gilts acquired since 2018.
Before interest rates began to rise, foreign buyers had enjoyed higher gilt prices which more than offset losses on sterling. That is no longer the case.
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Fed signal for pause in rate hikes takes pressure off hot jobs report
Submitted by admin on Thu, 2023-06-01 10:02 Section: Daily DispatchesBy Steve Matthews
Bloomberg News
Thursday, June 1, 2023
Federal Reserve officials are signaling that they plan to keep interest rates steady in June while retaining the option to hike further in coming months, steering market expectations ahead of a key employment report.
Governor Philip Jefferson, a centrist who is nominated to be vice chair and who often echoes Chair Jerome Powell's views, said Wednesday that skipping an increase would give policymakers time to assess data but not preclude future tightening.
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Kenya's president revives push by African nations to ditch the dollar
Submitted by admin on Wed, 2023-05-31 12:06 Section: Daily DispatchesBy Constant Munda
Business Daily Africa, Nairobi
Tuesday, May 30, 2023
President William Ruto has asked African leaders to take first steps toward ditching the globally-bullish U.S. dollar by signing up to a pan-African payments system to facilitate trade within the continent.
Dr. Ruto has urged his peers in Africa to mobilise central and commercial banks to join the Pan-African Payments and Settlement System, (PAPSS) which was launched in January 2022.
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Craig Hemke at Sprott Money: The debt schlemieling
Submitted by admin on Tue, 2023-05-30 16:10 Section: Daily DispatchesBy Craig Hemke
Sprott Money, Toronto
Tuesday, May 30, 2023
Another deal to extend the debt limit of the U.S. government appears to have been reached. If that's a surprise to you, then I guess you haven't been paying attention over the years.
The farce of the "debt ceiling" is simple political theater and nothing more. For decades cynical politicians have used the imagined "catastrophe of default" as a tool to stoke division and score political points, usually just before major elections.
