You are here

Daily Dispatches

Ruchir Sharma: What strong gold says about the weak dollar

Section: Daily Dispatches

How the hell did this get into the Financial Times? And how the hell can Rockefeller International offer such praise for gold?

* * *

By Ruchir Sharma
Financial Times, London
Sunday, April 23, 2023

https://www.ft.com/content/e9c78b99-8a29-47e2-b5bf-9f7542608cf6

Central banks load up on gold in response to rising geopolitical tensions

Section: Daily Dispatches

And the Financial Times actually acknowledges it!

* * *

By Daria Mosolova
Financial Times, London
Sunday, April 23, 2023

Central bankers who manage trillions in foreign exchange reserves are loading up on gold as geopolitical tensions including the war in Ukraine force them to rethink their investment strategies.

An annual poll of 83 central banks, which manage a combined $7 trillion in foreign exchange assets, found that more than two-thirds of respondents thought their peers would increase their gold holdings in 2023.

Zimbabwe plans gold-backed digital currency

Section: Daily Dispatches

Exactly how convertible will it be, if at all? That is not reported here. But at least a resource- and gold-rich, incompetently governed, developing country is starting to perceive gold's strong monetary properties.

* * *

By Debra Matabvu
Sunday Mail, Harare, Zimbabwe
Saturday, April 22, 2023

https://www.sundaymail.co.zw/rbz-introduces-gold-backed-digital-currency

Dollar's lead as a reserve currency eroded quickly last year

Section: Daily Dispatches

By Phil Rosen
Insider, New York
Monday, April 17, 2023

The dollar's standing as a reserve currency of choice saw a steep decline in 2022 even though its strength in international trade remains unchallenged, according to Eurizon SLJ Asset Management.

In a Monday note, strategists Joana Freire and Stephen Jen calculated that the greenback accounted for about two-thirds of total global reserves in 2003, then 55% by 2021, and 47% last year.

... Dispatch continues below ...


... ADVERTISEMENT ...

Western Australia government to review its ownership of gold processor Perth Mint

Section: Daily Dispatches

By Lewis Jackson
Reuters
via Nasdaq.com, New York
Thursday, April 20, 2023

SYDNEY -- Western Australia state said today it will launch a review of its ownership of The Perth Mint, the world's largest processor of newly mined gold, as the company battles allegations it sold diluted gold to China.

Australian media reported last month Perth Mint may have to recall a potential $9 billion worth of diluted or "doped" 1-kilogram gold bars sold to top consumer China.

... Dispatch continues below ...

Central bank demand is defeating U.S. gold price suppression policy, Maguire says

Section: Daily Dispatches

10:03a Saturday, April 22, 2023

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire, in his weekly discussion with Shane Morand on Kinesis Money's "Live from the Vault" program, details how U.S. gold price suppression policy is failing amid heavy demand for real metal from central banks, which is driving the price up in stair-like steps toward an official revaluation.

The program is 44 minutes long and can be viewed at YouTube here:

Russia and Bolivia dump U.S. dollar and agree on trade increases

Section: Daily Dispatches

From Russia Briefing
Dezan Shira & Associates
Shenzhen, China
Thursday, April 20, 2023

The Russian foreign minister, Sergey Lavrov, is on a Latin American tour and has been meeting with the Brazilian president and foreign ministers. 

When he caught up with his Bolivian counterpart, Rogelio Mayta, in the Venezuelan capital, Caracas, they introduced a new trade transaction system to drop the U.S. dollar and euro and to carry out international commercial transactions using the Russian ruble and the Bolivian boliviano instead.

Bolivia's lower house passes gold purchase bill to boost reserves

Section: Daily Dispatches

From Reuters
Friday, April 21, 2023

LA PAZ, Bolivia -- Bolivia's lower house of Congress passed a bill early today to purchase gold from miners in an attempt to boost the central bank's foreign reserves as fears over a shortage of dollars rippled through the country.

In a controversial vote that carried on through the night, the bill failed to pass by majority vote, with more than a third of the house abstaining.

Ted Butler: Goofy conclusions from the Silver Institute

Section: Daily Dispatches

By Ted Butler
SiverSeek.com
Friday, April 21, 2023

Hot off the press is this week's just-released world annual silver survey from the Silver Institute. As previewed a couple of months back, the institute is reporting flat total supply (mining plus recycling) and sharply increased demand growth of 18% or 186 million ounces, resulting in the highest silver deficit in modern times of 237 million ounces.

... Dispatch continues below ...


... ADVERTISEMENT ...

Mississippi becomes 43rd state to end taxes on monetary metals

Section: Daily Dispatches

From Money Metals News Service, Eagle, Idaho
Thursday, April20, 2023

With the stroke of Gov. Tate Reeves's pen on Wednesday, Mississippi has become the 43rd state in the country to end sales taxes on the purchase of physical gold, silver, platinum, and palladium coins and bullion.

Senate Bill 2862, sponsored by Sen. Juan Barnett (D-34), had passed out of the full Denate by a vote of 52-0 and sailed through the House of Representatives by a vote of 115-0. The effective date is July 1, 2023.

... Dispatch continues below ...

Pages