Gold will replace the dollar in oil trade, Maguire tells LFTV
Submitted by admin on Thu, 2026-05-21 12:54 Section: Daily Dispatches12:52p ET Thursday, May 21, 2026
Dear Friend of GATA and Gold:
Gold is likely to replace the U.S. dollar as the trade settlement currency for oil, London metals trader Andrew Maguire tells this week's edition of Kinesis Money's "Live from the Vault" program.
This replacement, Maguire explains, will be accomplished through the Chinese yuan, which is freely convertible to gold at the Shanghai exchange. China, Maguire notes, already operates an international bank clearing system.
Money Metals CEO deplores superficiality of treatment of Fort Knox gold issue
Submitted by admin on Wed, 2026-05-20 23:24 Section: Daily Dispatches11:28p ET Wednesday, May 20, 2026
Dear Friend of GATA and Gold:
In an interview today with Chris Marcus of Arcadia Economics, Money Metals Exchange CEO Stefan Gleason deplores the superficiality with which the issue of auditing the U.S. gold reserve at Fort Knox continues to be treated by the Trump administration and financial news organizations.
The audits claimed to have been done by the U.S. government, Gleason says, have not really been audits at all but just a review of paperwork that itself has been improperly altered from time to time.
Indonesia plans to centralize control of commodity export prices
Submitted by admin on Wed, 2026-05-20 10:45 Section: Daily DispatchesBy Stanley Widianto, Gayatri Suroyo, and Fransiska Nangoy
Reuters
Wednesday, May 20, 2026
JAKARTA -- Indonesia today unveiled a sweeping plan to centralise exports of key commodities such as palm oil and coal, aiming to boost government revenue through tighter control of the sale and pricing of its abundant natural resources.
Sovereign wealth fund Danantara will oversee a trading company designated to channel exports, starting with palm oil, coal, and ferroalloys after a three-month transition. The government may add more commodities at three-month intervals.
Hong Kong targets July launch for new gold-clearing system
Submitted by admin on Wed, 2026-05-20 10:33 Section: Daily DispatchesBy Yihui Xie
Bloomberg News
Tuesday, May 19, 2026
Hong Kong plans to launch a new gold-clearing system by July, advancing the city's ambitions to become a global hub for bullion trading.
The government-owned mechanism will mirror the financial infrastructure used in London, the world's largest bullion market, and allow participants to settle trades through unallocated accounts, people familiar with the matter said, requesting anonymity as they are not authorized to speak to the media.
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Japan, China lead foreign govt. retreat from U.S. Treasurys as Iran war stokes currency fears
Submitted by admin on Wed, 2026-05-20 08:57 Section: Daily DispatchesBy Anniek Bao
CNBC, New York
Tuesday, May 19, 2026
Foreign governments cut U.S. Treasurys in March as the Middle East war forced central banks to liquidate dollar reserves, defending local currencies against an energy shock that sent exchange rates tumbling.
China reduced its holdings to $652.3 billion, down roughly 6% from February to the lowest level since September 2008, according to U.S. Treasury data released late Monday stateside.
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Ghana seeks to buy 30% of gold from miners to boost reserves
Submitted by admin on Mon, 2026-05-18 08:39 Section: Daily DispatchesBy Maxwell Akalaare Adombila
Reuters
Monday, May 18, 2026
Ghana has asked large-scale gold miners to sell 30% of annual output to the central bank as part of a revamped reserve-building drive, up from 20%, a senior official told Reuters, though miners say key commercial terms remain unresolved.
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