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Daily Dispatches
JPMorgan has made deep cuts to metals business after nickel crisis
Submitted by admin on Thu, 2023-04-13 11:55 Section: Daily DispatchesBy Alfred Cang, Jack Farchy, and Eddie Spence
Bloomberg News
Thursday, April 13, 2023
JPMorgan Chase & Co. has cut dozens of base metals clients and slashed bankers' bonuses, as the business remains under harsh internal scrutiny in the wake of last yea's nickel crisis.
Brazil's Lula calls for end to dollar trade dominance
Submitted by admin on Thu, 2023-04-13 11:48 Section: Daily DispatchesBy Joe Leahy and Hudson Lockett
Financial Times, London
Thursday, April 13, 2023
Brazil's president, Luiz Inácio Lula da Silva, has called on developing countries to work toward replacing the U.S. dollar with their own currencies in international trade, lending his voice to Beijing's efforts to end the greenback's dominance of global commerce.
Alasdair Macleod: It's all hotting up
Submitted by admin on Thu, 2023-04-13 11:32 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, April 13, 2023
Increasing numbers of national governments are abandoning the U.S. sphere of influence. Opportunities from trade with Asia compare favourably with rising currency and banking risks in a dollar-centric world.
Against an imploding banking system in long-established financial markets, China's renminbi looks like a safe haven. Thanks to a savings-driven economy, China's consumer price inflation remained very low, when those of the western alliance soared.
Tim Price: Financial regime change is coming
Submitted by admin on Wed, 2023-04-12 20:54 Section: Daily DispatchesBy Tim Price
Price Value Partners, London
Saturday, April 1, 2023
"The governor of the Bank of England has dismissed the prospect of an imminent financial crisis, describing last week's dumping of European bank shares as investors 'testing out' lenders and insisting the world is not 'at all in the place' it was before the 2008 crash."
-- The Financial Times, "BoE Governor Andrew Bailey Dismisses Chances of Financial Crisis," March 29, 2023.
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Lawrence Reed: The other date that lives in infamy
Submitted by admin on Wed, 2023-04-12 20:22 Section: Daily DispatchesBy Lawrence W. Reed
via Gold Newsletter, Metairie, Louisiana
Wednesday, April 12, 2023
December 7, 1941, will forever be remembered in the words of Franklin Delano Roosevelt, as "a date that will live in infamy." Another infamous date is April 5, 1933 -- the day that FDR ordered the seizure of the private gold holdings of the American people.
By attacking innocent citizens, he bombed the country's gold standard just as surely as Japan bombed Pearl Harbor.
... Dispatch continues below ...
Craig Hemke at Sprott Money: Waiting for the specs to get back into gold
Submitted by admin on Wed, 2023-04-12 11:09 Section: Daily DispatchesBy Craig Hemke
Sprott Money, Toronto
Wednesday, April 12, 2023
There's a notion going around that somehow Comex gold is overbought and in some sort of exuberant speculative bubble just because price is near all-time highs. Let's dispel that myth today.
I'm sure you’ve seen this idea bandied about by permabears and others with an axe to grind. The Comex gold price is near an all-time high, so surely it's a bubble that's about to pop. As if every cab driver and shoe shiner is suddenly investing in gold and gold miners.
Newmont seems to think gold will be going up
Submitted by admin on Tue, 2023-04-11 14:47 Section: Daily DispatchesNewmont Raises Newcrest Bid to $19.5 Billion
From Bloomberg News
via Yahoo News, Sunnyvale, California
Tuesday, April 11, 2023
U.S. gold giant Newmont Corp. has sweetened its record bid for Australian rival Newcrest Mining Ltd., bringing closer the prospect of a new precious metal behemoth.
The revised takeover offer, valued at A$29.4 billion ($19.5 billion), comes two months after Newcrest rejected Newmont's earlier $17 billion all-stock deal. Shareholders and analysts alike say the transaction looks much more likely to move forward following the boosted bid.
Cuba announces surprise reversal of U.S. dollar deposit ban
Submitted by admin on Tue, 2023-04-11 11:25 Section: Daily DispatchesFrom Agence France-Presse
Tuesday, April 11, 2023
HAVANA -- Cuba's government on Monday announced a surprise lifting of its ban on U.S. dollar deposits in banks, reversing a policy that had been in place across the communist island nation since June 2021.
"From this moment on, financial and banking institutions will accept cash deposits of US dollars in bank accounts," said a Central Bank of Cuba resolution published Monday in the country's Official Gazette.
... Dispatch continues below ...
Jim Rickards: Goodbye, King Dollar
Submitted by admin on Mon, 2023-04-10 20:39 Section: Daily DispatchesBy James G. Rickards
The Daily Reckoning, Baltimore
Monday, April 10, 2023
I’ve written for years about different nations’ persistent efforts to dethrone the U.S. dollar as the leading global reserve currency and the main medium of exchange.
At the same time, I’ve said that such processes don’t happen overnight; instead, they happen slowly and incrementally over decades.
While that’s true, the process is accelerating in ways no one could have anticipated just over a year ago. ...
For the remainder of the analysis:
London metals trader Maguire reviews movement to escape dollar
Submitted by admin on Sat, 2023-04-08 17:00 Section: Daily Dispatches5p ET Saturday, April 8, 2023
Dear Friend of GATA and Gold:
Commenting on Kinesis Money's "Live from the Vault" program this week, London metals trader Andrew Maguire reviews the maneuvers of more countries to escape the U.S. dollar and the U.S.-controlled international payment system. The program is 41 minutes long and can be seen at YouTube here:
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