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Daily Dispatches
'Soviet Metals Exchange': LME irks traders by freezing nickel market, reversing $4 billion in trades
Submitted by admin on Sun, 2022-03-13 12:07 Section: Daily DispatchesAre idiot Comex gold and silver futures traders paying attention?
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Philip Stafford and Robin Wigglesworth
Financial Times, London
Saturday, March 12, 2022
The London Metal Exchange has enraged some of the world's most influential electronic traders after it shut down its nickel market and unwound thousands of deals in response to a spike in the price of the metal.
Russia says sanctions have frozen nearly half its financial reserves
Submitted by admin on Sun, 2022-03-13 11:42 Section: Daily DispatchesBy Mark Trevelyan
Reuters
Sunday, March 13, 2022
LONDON -- Russia said today it was counting on China to help it withstand the blow to its economy from Western sanctions, which it said had frozen nearly half of its gold and foreign currency reserves.
“We have part of our gold and foreign exchange reserves in the Chinese currency, in yuan. And we see what pressure is being exerted by Western countries on China in order to limit mutual trade with China. Of course, there is pressure to limit access to those reserves," Finance Minister Anton Siluanov said.
Robert Lambourne: Small decline in BIS gold swaps in February
Submitted by admin on Sat, 2022-03-12 09:34 Section: Daily DispatchesBy Robert Lambourne
Saturday, March 12, 2022
The recently released February 2022 statement of account of the Bank for International Settlements --
https://www.bis.org/banking/balsheet/statofacc220228.pdf
-- contains information suggesting a decrease of about 29 tonnes in the bank's gold swaps, from 501 tonnes as at the end of January to 472 tonnes at the end of February.
Sanctions against Russia threaten London gold and silver markets, Maguire says
Submitted by admin on Sat, 2022-03-12 09:21 Section: Daily Dispatches9:16a ET Saturday, March 12, 2022
Dear Friend of GATA and Gold:
Russia, like China, has much more official gold than it has reported and the two nations are considering using the "nuclear option" against the petrodollar, London gold trader Andrew Maguire claims in his weekly interview with Shane Morand for Kinesis Money.
That is, Maguire says, Russia would demand gold as payment for its oil exports.
Looks like the U.S. government also wanted nickel shorted
Submitted by admin on Fri, 2022-03-11 14:05 Section: Daily DispatchesJPMorgan being pretty much the U.S. government.
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JPMorgan Is Biggest Counterparty for Nickel Tycoon's Short Bets
By Jack Farchy and Alfred Cang
Bloomberg News
Friday, March 11, 2022
JPMorgan Chase & Co. is the largest counterparty to the nickel trades of the Chinese tycoon caught in an unprecedented short squeeze, putting the bank at the center of one of the most dramatic moments in metals market history.
Russia is suspended from the Bank for International Settlements
Submitted by admin on Fri, 2022-03-11 13:34 Section: Daily DispatchesBy Caitlin Ostroff
The Wall Street Journal
Friday, March 11, 2022
The Bank for International Settlements, known as the central bank for central banks, has suspended Russia from using its services following Western sanctions.
Jim Rickards: Sanctions damage won't be confined to Russia
Submitted by admin on Fri, 2022-03-11 12:12 Section: Daily DispatchesBy James G. Rickards
The Daily Reckoning, Baltimore
Tuesday, March 8, 2022
There's no doubt that the financial sanctions put on Russia by the U.S., the U.K., EU members, and others are the most severe ever imposed. The U.S. Treasury has announced 15 sanctions programs in recent days and no doubt more are on the way.
Is China's government the real short in nickel?
Submitted by admin on Fri, 2022-03-11 11:24 Section: Daily DispatchesIf not, why scheme to rescue the nominal short? Being the biggest consumer of commodities, China can't want their prices to rise.
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Beijing Weighs Nickel Rescue Deal for Billionaire Owner of Tsingshan
Neil Hume, Helen Thomas, and Philip Stafford
Financial Times, London
Friday, March 11, 2022
Beijing is exploring a plan to rescue the billionaire owner of Tsingshan Holding Group from billions of dollars of potential losses after a backfiring bet brought global nickel trading to a halt.
Sudan looks to gold to boost economy, denies smuggling to Russia
Submitted by admin on Thu, 2022-03-10 21:57 Section: Daily DispatchesBy Samah Khater
Voice of America, Washington
Thursday, March 10, 2022
KHARTOUM, Sudan -- Sudan's military rulers this week announced an emergency committee to address the country’s collapsing economy and pointed to its gold mining as a possible boost.
Sudan's ambassador to Russia has denied reports that Moscow has been smuggling gold from Sudan in preparation for sanctions over its invasion of Ukraine. But Sudanese analysts say gold smuggling is rampant, including to Russia.
... Dispatch continues below ...
Alasdair Macleod: The end of fiat is coming into view
Submitted by admin on Thu, 2022-03-10 12:49 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, March 10, 2022
Tragic though the situation in Ukraine has become, the real war, which started out as financial in character some time ago, has now become both financial and about commodities. Russian President Vladimir Putin made a huge mistake invading Ukraine, but the West's reaction by seeking to isolate Russia and its commodity exports from the global marketplace is an even greater one.
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