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Daily Dispatches
The man who invented the trillion-dollar coin
Submitted by admin on Sat, 2023-05-27 21:42 Section: Daily DispatchesBy Alex Carp
New York Magazine
May 1, 2023
About a dozen years ago, a pseudonymous commenter on a financial website, writing under the name Beowulf, presented an unusual solution for a debt-ceiling standoff: If the federal government was at risk of default, and Congress couldn't agree to either cut spending or raise the borrowing limit cleanly, couldn't it simply mint a trillion-dollar coin?
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Grandich's discussion with Maguire goes from gold to spirituality on 'Live from the Vault'
Submitted by admin on Fri, 2023-05-26 22:21 Section: Daily Dispatches10:15p ET Friday, May 26, 2023
Dear Friend of GATA and Gold:
GATA's old friend, the market analyst and financial adviser Peter Grandich, is London metals trader Andrew Maguire's guest on this week's edition of Kinesis Money's "Live from the Vault" program. Among other things, they discuss the battle between real metal and "paper" gold, the move of the gold market from West to East, the vulnerability of the United States to financial collapse, the country's decline in spirituality and morality, and the Bible's warning about debt.
New 'In Gold We Trust Report' explains again why gold should be going up
Submitted by admin on Fri, 2023-05-26 11:18 Section: Daily Dispatches11:19a ET Friday, May 26, 2023
Dear Friend of GATA and Gold:
The annual "In Gold We Trust" report from Ronald-Peter Stoeferle and Mark J. Valek of Incrementum AG in Liechtenstein has just been published and as usual it provides a thousand reasons why gold should be soaring in price but no explanation of why it isn't. Apparently that job is too sensitive, risking the ire of governments, major banks, establishment news organizations, and fearful mining companies, and so must be left to GATA:
UAE cashes in with Russian gold as sanctions bite
Submitted by admin on Thu, 2023-05-25 09:09 Section: Daily DispatchesBy Peter Hobson
Reuters
Thursday, May 25, 2023
LONDON -- he United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia's more traditional export routes, Russian customs records show.
The records, which contain details of nearly a thousand gold shipments in the year since the Ukraine war started, show the Gulf state imported 75.7 tonnes of Russian gold worth $4.3 billion -- up from just 1.3 tonnes during 2021.
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India's withdrawal of 2000-rupee note spurs purchases of gold and silver
Submitted by admin on Mon, 2023-05-22 20:36 Section: Daily DispatchesFrom the Hindustan Times, Delhi
Monday, May 22, 2023
The demand for bullion saw a sudden jump on Saturday, which dealers in various parts of the country said was expected to continue until people offloaded a bulk of their R2,000 banknotes for gold and silver, even as a rush to exchange the high-value currency notes is expected at banks from Monday.
The Reserve Bank of India on Friday said it was withdrawing from circulation ₹2,000 currency notes introduced seven years ago after demonetisation, resulting in a rush to use the banknotes.
Banks win dismissal of U.S. silver price-fixing suit
Submitted by admin on Mon, 2023-05-22 19:17 Section: Daily DispatchesBy Jonathan Stempel
Reuters
Monday, May 22, 2023
NEW YORK -- A U.S. judge on Monday dismissed long-running litigation by investors who accused HSBC Holdings and Bank of Nova Scotia of conspiring to fix silver prices.
U.S. District Judge Valerie Caproni in Manhattan said the investors lacked legal standing to pursue federal antitrust claims under the Sherman Act, or claims under the federal Commodity Exchange Act.
BBC: Interest rate rigging evidence was covered up by banks in 2008
Submitted by admin on Mon, 2023-05-22 08:20 Section: Daily DispatchesThe rest of the story -- the much bigger part of it -- can be found here:
https://www.gata.org/node/20925
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By Andy Verity
British Broadcasting Corp., London
Monday, May 22, 2023
UK and US regulators were told of a state-led drive to "rig" interest rates in the 2008 financial crisis, but covered it up, evidence indicates.
Documents suggest lenders sharply dropped their interest-rate estimates after pressure from central banks.
India to withdraw 2,000-rupee notes from circulation
Submitted by admin on Sat, 2023-05-20 09:18 Section: Daily DispatchesBy Ira Dugal and Aftab Ahmed
Reuters
Saturday, May 20, 2023
MUMBAI -- India will start withdrawing its highest value currency notes from circulation, the central bank said on Friday, in a move that economists said could boost bank deposits at a time of high credit growth.
The withdrawal of 2,000-rupee ($24.5) notes -- which the finance ministry's top official, T.V Somanathan, said would not cause disruption "either in normal life or in the economy" - also comes ahead of elections in four large states at the end of the year and a national ballot in spring 2024.
Except for Fed, central banks prepare for gold revaluation, Maguire says
Submitted by admin on Sat, 2023-05-20 09:00 Section: Daily Dispatches9a ET Saturday, May 20, 2023
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire, speaking with Shane Morand on this week's "Live from the Vault" program from Kinesis Money, says central banks, excepting the Federal Reserve, are positioning themselves for an upward revaluation of gold, that the price for physical gold in China is already substantially higher than the nominal price in the West, and that suppression of gold prices on the New York Commodities Exchange is being exploited to drain gold out of London.
Alasdair Macleod: Now we're all working for the state
Submitted by admin on Thu, 2023-05-18 13:09 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, May 18, 2023
A consequence of increasing economic intervention by the state is that we are now expected to breed more taxpayers in future and draw down on our state pensions for less time. Our productivity must be improved as well, thereby maximising our state's tax revenues.
With respect to the democratic process, is this really what we have signed up for? It is hardly surprising that we are losing individual freedom. We are now working for the state, instead of the state working for us.
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