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Daily Dispatches
China's gold consumption reaches 555 tons in first half of 2023, up 16.4%
Submitted by admin on Tue, 2023-07-25 21:12 Section: Daily DispatchesFrom Global Times, Beijing
Tuesday, July 25, 2023
China consumed 554.88 tons of gold in the first half of 2023, up 16.37% year-on-year, data from the China Gold Association showed today, as Chinese citizens' income continues to rise steadily.
The "gold rush" is partly fueled by the investors' growing risk aversion in buying equities and bonds, over concerns about volatile global financial environment, which is exacerbated by the U.S. bank financial crisis and the U.S. debt ceiling issue.
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Pam and Russ Martens: Trillions in uninsured deposits are threat to Wall Street mega-banks
Submitted by admin on Tue, 2023-07-25 12:05 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Tuesday, July 25, 2023
In June, Reuters reported that JPMorgan Chase was expanding the reach of its commercial bank into two additional foreign countries -- Israel and Singapore -- bringing its foreign commercial bank presence to a total of 28 countries. Those plans could add billions of dollars more to its already problematic uninsured deposits.
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UK government faces L150 billion bill to cover Bank of England's QE losses
Submitted by admin on Tue, 2023-07-25 11:51 Section: Daily DispatchesBy Delphine Strauss
Financial Times, London
Tuesday, July 25, 2023
https://www.ft.com/content/ee8e33ee-e16e-459b-af32-5709db6874de
The Bank of England has estimated that it will require the UK Treasury to transfer a total of L150 billion by 2033 to cover expected losses on its bond-buying quantitative easing programme, if interest rates follow the path implied by market pricing.
Banks must face class action in UK over forex rigging
Submitted by admin on Tue, 2023-07-25 11:21 Section: Daily DispatchesBy Katharine Gemmell
Bloomberg News
Tuesday, July 25, 2023
Banks including JPMorgan Chase & Co, Barclays, and Citigroup Inc will face a class-action suit over allegations of foreign exchange manipulation after a London judge gave a full trial the go-ahead.
The FX collusion claim, which is also being brought against NatWest Group, UBS Group, and Mitsubishi UFJ Financial Group, could be worth as much as $3.5 billion, according to estimates from lawyers Hausfeld running the suit.
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Fed to hold open meeting on Basel III endgame proposal
Submitted by admin on Sun, 2023-07-23 11:49 Section: Daily DispatchesBy Kyle Campbell
American Banker, New York
Friday, July 21, 2023
The Federal Reserve Board of Governors will hold an open meeting next Thursday to discuss a forthcoming proposal related to the final implementation of the Basel III international regulatory framework.
The meeting will be held at 1 p.m. at the Martin Federal Reserve Board Building in Washington and streamed live on the Fed's website, according to a notice published by the Fed.
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BRICS currency not on summit agenda, S. African official says
Submitted by admin on Thu, 2023-07-20 19:24 Section: Daily DispatchesBy Rachel Savage and Carien du Plessis
Reuters
Thursday, July 20, 2023
JOHANNESBURG, South Africa -- A BRICS currency will not be on the agenda of the bloc's summit in South Africa next month, but Brazil, Russia, India, China, and South Africa will continue to switch away from the U.S. dollar, South Africa's senior BRICS diplomat said today.
Jan Nieuwenhuijs: China's central bank manipulates Shanghai gold price
Submitted by admin on Thu, 2023-07-20 16:06 Section: Daily DispatchesBy Jan Nieuwenhuijs
Gainsville Coins, Lutz, Florida
Thursday, July 20, 2023
By obstructing gold imports and exports, the People's Bank of China greatly amplifies the gold premiums or discounts on the Shanghai Gold Exchange relative to metal traded in London.
Alasdair Macleod: Why the dollar is finished
Submitted by admin on Thu, 2023-07-20 13:06 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, July 20, 2023
Last week in my Goldmoney Insight I analysed the rationale for a new gold-backed trade settlement currency on the agenda of the BRICS summit in Johannesburg on August 22-24. This article is about the consequences for the dollar-based fiat currency regime.
There is strong evidence that planning for this new trade settlement currency has been in the works for some time and has been properly considered.
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Ronan Manly: Asahi vault 30 miles outside NYC added to Comex list
Submitted by admin on Wed, 2023-07-19 09:52 Section: Daily DispatchesBy Ronan Manly
Bullion Star, Singapore
Wednesday, July 19, 2023
Those who keep an eye on the well-known Comex daily gold and silver inventory reports, (officially titled CME's "Warehouse and Depository Stocks") will by now have noticed that a new depository and vault called Asahi Depository LLC has recently made an appearance on the reports, specifically since May this year.
RFK Jr. favors slowly returning U.S. to hard currency standard
Submitted by admin on Wed, 2023-07-19 09:39 Section: Daily DispatchesRFK Jr. Announces Plan to Back Dollar With Bitcoin, End Bitcoin Taxes
From Bitcoin Magazine, Nashville, Tennessee
via TheStreet.com, New York
Tuesday, July 18, 2023
Speaking at a Heal-the-Divide Political Action Committee event, Democratic presidential candidate Robert F. Kennedy Jr. outlined specific Bitcoin-focused policies that he would enact as president, including gradually backing the U.S. dollar with bitcoin and making bitcoin profits exempt from capital gains taxes.
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