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Daily Dispatches
Ronan Manly: With anti-Russia legislation, U.S. senators are clueless about gold
Submitted by admin on Thu, 2022-03-10 12:35 Section: Daily Dispatches12:35p ET Thursday, March 10, 2022
Dear Friend of GATA and Gold:
Bullion Star analyst Ronan Manly writes that legislation proposed in the U.S. Senate to freeze Russian gold reserves, while laughably ignorant about the monetary metal, is likely to push the East toward a financial system based on commodities and away from Western currencies.
Manly's commentary is headlined "U.S. Tees Up 'Stop Russian Gold Act,' Triggering LBMA and Comex to Eject Russian Refiners" and it's posted at Bullion Star here:
Russia drops gold tax to encourage savers to avoid dollars
Submitted by admin on Thu, 2022-03-10 11:49 Section: Daily DispatchesFrom the Indo-Asian News Service
via Business Standard, New Delhi, India
Wednesday, March 9, 2022
https://www.business-standard.com/article/international/russia-drops-gol...
Russian President Vladimir Putin on Wednesday signed a law that exempts individuals from value-added tax (VAT) on the purchase of gold.
Pimco stands to lose billions if Russia defaults on its debt
Submitted by admin on Thu, 2022-03-10 11:24 Section: Daily DispatchesJoe Rennison and Brooke Masters
Financial Times, London
Wednesday, March 9, 2022
Pimco has billions of dollars riding on the economic fallout from Vladimir Putin’s invasion of Ukraine, after amassing a wager worth at least $1 billion in derivatives markets that the country will not default while also holding $1.5 billion of its sovereign debt.
Europe's banks reveal billions worth of Russia risk as sanctions bite
Submitted by admin on Thu, 2022-03-10 11:12 Section: Daily DispatchesBy Lawrence White and Brenna Hughes Neghaiwi
Reuters
Thursday, March 10, 2022
LONDON -- Credit Suisse said it had gross exposure to Russia of 1.6 billion Swiss francs ($1.73 billion) at end 2021, the latest European bank to reveal the size of potential losses as Western sanctions shut Russia out of the global financial system.
Italy's UniCredit and France's BNP Paribas have also disclosed billions of euros worth of Russia risk. In an extreme scenario banks could lose it all if Moscow seizes assets and sanctions render Russia-related securities worthless.
U.S. government acknowledges highest inflation in 40 years
Submitted by admin on Thu, 2022-03-10 11:06 Section: Daily DispatchesSo it's probably the highest inflation in more than 200 years.
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Gasoline, Rents Boost U.S. Consumer Prices with More Pain to Come
By Lucia Mutikani
Reuters
Thursday, March 10, 2022
WASHINGTON -- U.S. consumer prices surged in February, with Americans digging deeper into their wallets to pay for rents, food, and gasoline, and inflation is poised to accelerate in the months ahead as Russia's war against Ukraine drives up the costs of crude oil and other commodities.
Senators seek to freeze Russian gold reserves
Submitted by admin on Wed, 2022-03-09 22:12 Section: Daily DispatchesGood luck with that silly posturing.
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By Sharon Udasin
The Hill, Washington
Tuesday, March 8, 2022
A bipartisan group of senators today offered legislation to freeze Russia's gold reserves, arguing the move would make it more difficult for Moscow to avoid the pain from international sanctions imposed over the country's invasion of Ukraine.
Pam and Russ Martens: Deutsche Bank's market value plunge is big problem for Fed
Submitted by admin on Wed, 2022-03-09 12:19 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Wednesday, March 9, 2022
Deutsche Bank closed at $16.50 on the New York Stock Exchange on February 10. It closed at $10.23 yesterday -- a decline of 38% in a month's time. That's a big problem because Deutsche Bank is heavily interconnected to Wall Street banks via derivatives.
According to Deutsche Bank's most recent annual report, as of December 31, 2020, it held $35.4 trillion in notional derivatives. (Notional means face amount.)
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JPMorgan and Chinese banks join rescue of big nickel short
Submitted by admin on Wed, 2022-03-09 11:54 Section: Daily DispatchesChinese Nickel Giant Secures Bank Lifelines After Epic Squeeze
By Alfred Cang and Cathy Chan
Bloomberg News
Wednesday, March 9, 2022
The Chinese nickel company at the center of a historic short squeeze has secured a package of loans from local and international banks to help it meet a wave of margin calls, according to people familiar with the matter.
Sibanye halts work at South African gold mines as biggest unions strike
Submitted by admin on Wed, 2022-03-09 11:38 Section: Daily DispatchesBy Felix Njini
Bloomberg News
Wednesday, March 9, 2022
Sibanye Stillwater Ltd. said it is temporarily halting work at its three gold mines in South Africa from this evening as workers start a strike over wages.
The Johannesburg-based miner is implementing a "lockout," barring all workers, including those from Solidarity union that accepted its wage offer, from accessing the mine sites, spokesman James Wellsted said.
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Craig Hemke at Sprott Money: Metal trading suspension may explode the whole futures racket
Submitted by admin on Tue, 2022-03-08 20:31 Section: Daily Dispatches8:30p ET Tuesday, March 8, 2022
Dear Friend of GATA and Gold:
The London Metals Exchange's decision today to suspend trading in nickel to puncture a short squeeze may explode the entire racket of commodity futures markets, including gold and silver price suppression, the TF Metals Report's Craig Hemke writes tonight at Sprott Money.
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