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Daily Dispatches
'Strikingly tight' copper market belies price drop, miner says
Submitted by admin on Sun, 2022-10-23 11:17 Section: Daily DispatchesBy Yvonne Yue Li and James Attwood
Bloomberg News
Thursday, October 20, 2022
Copper prices don’t reflect a "strikingly tight" physical market, according to the world's largest publicly-traded producer of the metal used in everything from computer chips to electric vehicles.
Macroeconomic headwinds have pushed copper futures down almost 30% from a peak in March, despite brisk demand and shrinking inventories that are nearing historical lows.
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GLD and SLV are 'illusions' as metal drains away, Maguire says
Submitted by admin on Sat, 2022-10-22 19:31 Section: Daily Dispatches7:31p ET Saturday, October 22, 2022
Dear Friend of GATA and Gold:
In this week's episode of Kinesis Money's "Live from the Vault" program, London metals trader Andrew Maguire calls the exchange-traded gold and silver funds GLD and SLV "purely illusions."
The gap between futures prices and prices of real metal has become so extreme, Maguire says, that little real metal is available at the futures price and the New York Commodities Exchange is quickly being drained of real metal.
Alasdair Macleod: The last stand for free markets
Submitted by admin on Thu, 2022-10-20 11:29 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, October 20, 2022
The British government's desperate dash toward free markets has failed, badly bungled. The establishment in Whitehall and Westminster is back and realigned with the international government consensus. The socialist wealth redistributors, the interventionists, and the anti-Brexit Remainers now formulate government policy. In Britain, free markets are dead.
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Swiss gold exports to China and India rise as prices fall
Submitted by admin on Thu, 2022-10-20 09:18 Section: Daily DispatchesFrom Reuters
Thursday, October 20, 2022
LONDON -- Swiss gold exports to top markets China and India increased in September, while shipments to Turkey rose to the highest since April 2013, Swiss customs data showed on Thursday.
A decline in gold prices from more than $2,000 an ounce in March to around $1,650 has boosted demand for gold bars, coins and jewellery in Asia, where buyers typically take advantage of low prices.
Economic turbulence in Turkey has also encouraged buying of the metal, which is often seen by investors as a safe way to store more money....
Swiss banks seek most dollars since 2008 in bid for easy profit
Submitted by admin on Wed, 2022-10-19 20:06 Section: Daily DispatchesWhy is the Federal Reserve running a scheme to enrich Swiss banks?
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By Bastian Benrath
Bloomberg News
Wednesday, October 19, 2022
Banks in Switzerland sought the most dollars since 2008 using an emergency dollar swap facility provided by the Federal Reserve in what is likely to be a bid for easy profits.
In today's auction conducted by the Swiss National Bank, 17 institutions took up $11.09 billion. That's the most since October 2008, when the Global Financial Crisis was raging in the wake of Lehman Brothers' collapse.
Russian central bank sees no need to raise gold holdings
Submitted by admin on Wed, 2022-10-19 09:06 Section: Daily DispatchesBy Anastasia Lyrchikova and Elena Fabrichnaya
Reuters
via Nasdaq.com
Tuesday, October 18, 2022
MOSCOW -- Russia's central bank sees no need to raise gold holdings in its gold and foreign exchange reserves, its deputy governor, Alexei Zabotkin, said Tuesday, shrugging off a plea from gold miners to increase state purchases amid Western sanctions.
China's Zijin Mining buys Iamgold's Rosebel gold mine in Suriname
Submitted by admin on Tue, 2022-10-18 21:14 Section: Daily DispatchesIamgold Shares Surge on Sale of Suriname Mine to China's Zijin Mining
By Ruhi Soni
Reuters
via Nasdaq.com
Tuesday, October 18, 2022
Canadian gold miner Iamgold Corp. shares surged 16% today after it decided to sell 95% stake in Rosebel Gold Mines unit in northeastern Suriname to China's Zijin Mining Group Co. Ltd. for about $401 million.
Pam and Russ Martens: Atlanta Fed president hid his trades as Fed rescued Wall Street
Submitted by admin on Mon, 2022-10-17 11:09 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Monday, October 17, 2022
It was one year ago that Wall Street On Parade raised a multitude of red flags about Raphael Bostic, the president of the Federal Reserve Bank of Atlanta. We have published the entirety of that article below so that our readers can see just how long it took both Bostic and the Atlanta Fed to come clean with the American people about his trading on Wall Street.
China state banks step up dollar sales to support renminbi
Submitted by admin on Mon, 2022-10-17 10:58 Section: Daily DispatchesBy Hudson Lockett
Financial Times, London
Monday, October 17, 2022
China's state banks stepped up selling of the dollar today, supporting the renminbi against the surging U.S. currency as the Chinese Communist Party's 20th congress got under way in Beijing.
Traders in China said large state-run banks were swapping renminbi for U.S. dollars in the country’s forwards market, then selling the dollars in the country's onshore markets in an intervention to bolster the domestic currency.
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G7 fails to reach intervention deal to ease pain of soaring dollar
Submitted by admin on Sun, 2022-10-16 20:56 Section: Daily DispatchesBy Leika Kihara
Reuters
Sunday, October 16, 2022
WASHINGTON -- Japan and other countries facing the fallout from a soaring U.S. dollar found little comfort from last week's meetings of global finance officials, with no sign that joint intervention along the lines of the 1985 "Plaza Accord" was on the horizon.
With a strong push from Japan, finance leaders of the Group of Seven advanced economies included a phrase in a statement on Wednesday saying they will closely monitor "recent volatility" in markets.
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