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Daily Dispatches
Alasdair Macleod: Hedging the end of fiat
Submitted by admin on Mon, 2023-08-28 13:03 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Monday, August 28, 2023
It is slowly coming clear that the fiat dollar's hegemony is drawing to a close. That's what the BRICS summit in Johannesburg is all about -- rats, if you like, deserting the dollar's ship. With the dollar's backing being no more than a precarious faith in it, it is bound to be sold down by foreign holders.
Being only fiat, it could even become valueless, threatening to take down the other Western alliance fiat currencies as well.
BRICS summit ended with no new currency and contradictory comments about it
Submitted by admin on Mon, 2023-08-28 09:46 Section: Daily DispatchesBy Huileng Tan
Insider, New York
Monday, August 28, 2023
A group of major emerging economies wrapped up a summit in South Africa last Thursday by welcoming six new members -- but without a new dollar-challenging currency.
The summit of Brazil, Russia, India, China, and South Africa or BRICS nations added Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates to its fold. It is the bloc's first expansion in 13 years as it seeks to be an alternative to Western-led groupings.
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As big oil exporters join BRICS, local currency settlements may replace dollar
Submitted by admin on Fri, 2023-08-25 20:06 Section: Daily DispatchesFrom Global Times, Beijing
Friday, August 25, 2023
With Iran, Saudi Arabia, and the United Arab Emirates joining BRICS, the multilateral mechanism now includes major global oil producers and importers. Analysts said that a wider adoption of local currencies for trade among BRICS countries, rather than using the U.S. dollar, seems more natural.
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Jan Nieuwenhuijs: The West is losing control over the gold price
Submitted by admin on Fri, 2023-08-25 12:47 Section: Daily DispatchesBy Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Friday, August 25, 2023
An important change has unfolded in the global gold market. The East has been driving up the gold price, predominantly in late 2022 and the first months of 2023, breaking the West’s long standing pricing power.
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U.S. budget deficits are exploding like never before
Submitted by admin on Fri, 2023-08-25 11:57 Section: Daily DispatchesBy Liz Capo McCormick, Erik Wasson, Christopher Condon, and Alexandre Tanzi
Bloomberg News
Thursday, August 24, 2023
American politicians are keener than ever to juice the economy with government cash, a shift that's already helping to drive up borrowing costs and looks likely to keep them high long after the inflation emergency is over.
Ambrose Evans-Pritchard: The BRICs currency ignores the traumatic lessons of the half-baked euro
Submitted by admin on Thu, 2023-08-24 19:45 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Thursday, August 24, 2023
Dollar hegemony has become a curse for the global economy. It serves the interests of no country, least of all the United States itself.
The frenetic monetary lurches of the U.S. Federal Reserve are transmitted worldwide in disruptive cycles of dollar liquidity, and amplified through the $12 trillion market for offshore dollar loans and a vast nexus of debt contracts linked to U.S. borrowing costs.
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Another metals trader says it has been hit by a nickel fraud
Submitted by admin on Thu, 2023-08-24 10:27 Section: Daily DispatchesBy Archie Hunter, Alfred Cang, and Jonathan Browning
Bloomberg News
Thursday, August 24, 2023
Another trading house has been stung after buying a cargo supposedly containing nickel that turned out to be full of near-worthless rubble.
The latest example, detailed in lawsuits in London and Singapore, is separate from the $600 million alleged fraud against Trafigura Group that shocked the trading industry earlier this year, but it involves several of the same companies.
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Miners hope to keep 'gold shining' in Mali despite new state ownership law
Submitted by admin on Wed, 2023-08-23 20:28 Section: Daily DispatchesBy Felix Njini and Tiemoko Diallo
Reuters
Wednesday, August 12, 1023
NAIROBI, Kenya -- Some of Mali's top gold producers said a new law to allow the military-led government to increase its ownership of mines should not apply to existing operations, but analysts said it was likely to deter future investment.
In line with a rise in resource nationalism across the world, spurred on by strong commodity prices, the code adopted by Mali's Parliament - would allow the state and local investors to take stakes as high as 35% in mining projects compared with 20% now.
Efforts to protect U.S. intensify amid shift from dollar, and gold is considered
Submitted by admin on Wed, 2023-08-23 11:59 Section: Daily DispatchesBy Alex Newman
The Epoch Times, New York
Tuesday, August 22, 2023
With inflation plaguing the economy as the U.S. dollar is increasingly being sidelined in international trade, potentially even at risk of losing its status as the global reserve currency, lawmakers in Washington and state capitals are touting gold and precious metals as the solution.
From congressional efforts that would once again back the U.S. dollar with gold to state-level initiatives to facilitate commerce in precious metals, proposals are proliferating. Some have already advanced.
Former JPMorgan gold traders get prison for 'prolific spoofing'
Submitted by admin on Tue, 2023-08-22 22:28 Section: Daily DispatchesBy Steve Stroth and Joe Deaux
Bloomberg News
Tuesday, August 22, 2023
The former head of JPMorgan Chase & Co.'s precious-metals desk and his top trader today were sentenced to prison for spoofing, fraud, and attempted market manipulation.
Michael Nowak, who ran gold and silver trading at the bank, and trader Gregg Smith were sentenced in Chicago by U.S. District Judge Edmond Chang. Nowak received a term of one year and one day while Smith was given two years, the stiffest sentence yet in a recent government crackdown on questionable trading practices.
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