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Daily Dispatches
Jan Nieuwenhuijs: The Shanghai International Gold Exchange and de-dollarization
Submitted by admin on Fri, 2023-06-09 16:46 Section: Daily DispatchesBy Jan Nieuwenhuijs
Gainsville Coins, Lutz, Florida
Friday, June 9, 2023
This article is a primer on the Chinese gold market, more specifically the Shanghai International Gold Exchange (SGEI).
The SGEI facilitates "offshore" gold trading in renminbi and can play a crucial role in de-dollarization, as it allows countries to use renminbi as a trade currency that can be converted into gold without affecting China's balance of payments.
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Ambrose Evans-Pritchard: Forget inflation, for deflation is the real danger now
Submitted by admin on Fri, 2023-06-09 10:36 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
via MSN Money, Redmond, Washington
Thursday, June 8, 2023
The global inflation shock of the last two years is over except for the shouting. Legacy effects will generate much noise for a few months but the one-off spike is reversing almost everywhere with an elegant symmetry.
Alasdair Macleod: The entire euro system faces failure
Submitted by admin on Thu, 2023-06-08 15:26 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, June 8, 2023
In these dog days of summer, there is a new complacency over the financial and economic status of the Eurozone. Inflation is down, bank shares have rallied, and the end of rises in interest rates is in sight.
Will Argentina ditch its peso for the dollar?
Submitted by admin on Thu, 2023-06-08 10:04 Section: Daily DispatchesLeading presidential candidate says he'd "blow up" the central bank.
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By Ignacio Olivera Doll
Bloomberg News
Thursday, June 8, 2023
The Argentine peso has had a tumultuous life. In the 1980s it was temporarily dethroned by a new currency called the austral. An arranged marriage with the dollar in 1991 produced some years of bliss but ended in a ruinous divorce. More recently, the peso has suffered the humiliation of being tagged the worst-performing currency in emerging markets.
India's gold reserve up more than 40% in five years
Submitted by admin on Thu, 2023-06-08 09:41 Section: Daily DispatchesBy Gayatri Nayak
The Times of India, Mumbai
Thursday, June 8, 2023
The Reserve Bank of India's gold reserves have risen by more than 40% since it resumed the purchase of the yellow metal over five years ago. This shows gold has emerged as a strong hedge against inflation and has helped reduce dependence on the dollar to an extent.
India's central bank, unlike others, never sells its gold.
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China's gold binge extends to seventh month as reserves climb
Submitted by admin on Wed, 2023-06-07 09:57 Section: Daily DispatchesBy Sybilla Gross
Bloomberg News
Wednesday, June 7, 2023
China increased its gold reserves for a seventh straight month, signaling ongoing strong demand for the precious metal from the world’s central banks.
China raised its gold holdings by about 16 tons in May, according to data from the People's Bank of China on Wednesday. Total stockpiles now sit at about 2,092 tons, after adding a total of 144 tons from November through last month.
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Ted Butler: Mission accomplished?
Submitted by admin on Tue, 2023-06-06 21:41 Section: Daily DispatchesBy Ted Butler
SilverSeek.com
Tuesday, June 6, 2023
A set of readily-verifiable facts have combined to point to a stunning conclusion, namely, that thanks largely to enough people doing the right thing, the federal commodities regulator, the Commodity Futures Trading Commission, may have also finally done the right thing when it comes to the decades-old Comex silver price manipulation.
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Rep. Alex Mooney aims to block Fed's digital currency scheme
Submitted by admin on Tue, 2023-06-06 16:01 Section: Daily DispatchesBy JP Cortez
Money Metals News Service, Eagle, Idaho
Monday, June 5, 2023
A sound money champion, U.S. Rep. Alex Mooney, R-West Virginia, has introduced H.R. 3712, the Digital Dollar Pilot Prevention Act -- legislation that would block the Federal Reserve from unilaterally pursuing any form of central bank digital currency scheme.
"Congress cannot give an inch when it comes to central bank digital currencies," Mooney said. "They would threaten the liberties of law-abiding Americans and are being used by authoritarian countries right now to crack down on dissent."
Richard Mills: Gold revaluation and the hidden motive behind central banks' gold buying
Submitted by admin on Tue, 2023-06-06 11:14 Section: Daily Dispatches11:15a ET Tuesday, June 6, 2023
Dear Friend of GATA and Gold:
The possibility of gold revaluation by central banks is examined this week by financial analyst Richard Mills of the Ahead of the Herd letter. Mills' commentary is headlined "Gold Revaluation and the Hidden Motive Behind Central Banks' Gold Buying" and its posted at his internet site here:
For the time being, Bank of Korea prefers dollars over gold
Submitted by admin on Tue, 2023-06-06 07:56 Section: Daily DispatchesBy Jihoon Lee
Reuters
Monday, June 5, 2023
SEOUL, South Korea -- The Bank of Korea assesses that it is more desirable to maintain its dollar liquidity than to increase gold holdings for foreign exchange reserves at this point, the central bank said.
"A cautious approach is necessary for determining whether to increase the ratio of gold in the foreign exchange reserves," the bank's Reserve Management Group said Tuesday.
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