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Daily Dispatches
India's oil deals with Russia dent decades-old dollar dominance
Submitted by admin on Wed, 2023-03-08 21:00 Section: Daily DispatchesBy Nidhi Verma and Noah Browning
Reuters
Wednesday, March 8, 2023
U.S.-led international sanctions on Russia have begun to erode the dollar's decades-old dominance of international oil trade as most deals with India -- Russia's top outlet for seaborne crude -- have been settled in other currencies.
The dollar's pre-eminence has periodically been called into question and yet it has continued because of the overwhelming advantages of using the most widely-accepted currency for business.
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Shanghai Gold Exchange denies 'doped' gold ... after Perth Mint admitted it
Submitted by admin on Wed, 2023-03-08 20:00 Section: Daily DispatchesIs the exchange trying to unload the stuff already?
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Shanghai Gold Exchange Denies Report on 'Doped' Gold Bars from Australia
By Amy Lv and Dominique Patton
Reuters
Wednesday, March 8, 2023
BEIJING -- The Shanghai Gold Exchange today backed Perth Mint in denying that the Australian processor had sold it "doped" gold bars and said it could take action to protect its reputation.
Ronan Manly: Singapore's gold buying soars but where is the metal kept?
Submitted by admin on Wed, 2023-03-08 19:15 Section: Daily DispatchesBy Ronan Manly
Bullion Star, Singapore
Wednesday, March 8, 2023
In January 2023 Singapore's central bank, the Monetary Authority of Singapore, returned to gold buying, adding a massive 44.6 tonnes of gold to its official reserves, thereby boosting Singapore's gold holdings from 153.8 tonnes to 198.4 tonnes.
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Robert Lambourne: BIS gold swaps rose 33 tonnes in February, up to 136
Submitted by admin on Wed, 2023-03-08 14:21 Section: Daily DispatchesBy Robert Lambourne
Wednesday, March 8, 2023
From the information contained in the just-published February 28 statement of account of the Bank for International Settlements --
https://www.bis.org/banking/balsheet/statofacc230228.pdf
-- the estimated volume of the bank's gold swaps stands at 136 tonnes, 33 tonnes higher than the estimate for January 31.
Canada will not retrospectively target Chinese investments in mining companies
Submitted by admin on Wed, 2023-03-08 10:33 Section: Daily DispatchesBy Divya Rajagopal
Reuters
Wednesday, March 8, 2023
TORONTO -- Canada will not force Chinese state-investors in three of its large mining companies to divest stakes, as such a move would create policy uncertainty, natural resources minister told Reuters.
In November, Canada had asked three Chinese companies to sell their stakes in Toronto-listed lithium explorers following a national security review, drawing criticism from the mining industry and raising questions about the future of other Chinese investments in Canadian mining sector.
Perth Mint sold diluted gold to China, tried to cover it up
Submitted by admin on Mon, 2023-03-06 19:03 Section: Daily DispatchesBy Angus Grigg, Ali Russell, Stephanie Zillman, and Meghna Bali
Australian Broadcasting Corp., Sydney
Sunday, March 5, 1013
The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or "doped" bullion to China and then covering it up, according to a leaked internal report.
ABC's "Four Corners" program has uncovered documents charting the Western Australian government-owned mint's decision to begin "doping" its gold in 2018, and then how it withheld evidence from its largest client in an effort to protect its reputation.
Agnico Eagle CEO mulls move to go big or get small in Australia
Submitted by admin on Mon, 2023-03-06 11:34 Section: Daily DispatchesBy Jacob Lorinc
Bloomberg News
via Yahoo News, Sunnyvale, California
Monday, March 6, 2023
Agnico Eagle Mines Ltd. is weighing what to do with its only Australian gold mine after landing two big takeovers within two years that turned the Canadian company into the world’s third-largest gold producer.
Agnico gained an Australian mine as part of its combination with Kirkland Lake Gold Ltd., giving it a foothold into a region beyond its North American focus.
Idaho House votes to authorize state gold and silver holdings
Submitted by admin on Fri, 2023-03-03 21:32 Section: Daily DispatchesFrom Money Metals News Service, Eagle, Idaho
Thursday, March 2, 2023
BOISE, Idaho -- The Idaho State House today approved a bill to enable the State Treasurer to protect state funds from inflation and other financial risks by holding some physical gold and and silver.
State representatives voted 40-29 to pass House Bill 180, the Idaho Sound Money Reserves Act, sending the measure -- introduced by Rep. Barbara Ehardt, R-Idaho Falls, and Sen. Phil Hart, R-Kellogg -- to the Senate for a hearing.
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Robert Lambourne: German central banker notes that gold outperforms the euro
Submitted by admin on Fri, 2023-03-03 14:19 Section: Daily DispatchesBy Robert Lambourne
Friday, March 3, 2023
A powerful endorsement for gold as money came this week from a member of the Executive Board of Germany's Bundesbank, Joachim Wuermeling, who spoke at the press conference in Frankfurt presenting the Bundesbank's annual report for 2022.
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Alasdair Macleod: Interest rates are the silent killer
Submitted by admin on Thu, 2023-03-02 11:32 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, March 2, 2023
This article is about why interest rates and bond yields are rising and why they will continue to rise, threatening to undermine the entire Western banking system.
Rising bond yields are deferring the prospect of a central bank pivot away from fighting inflation to tackling a widely expected recession. Anyway, these expectations wrongly assume that price inflation will fall in a recession, leading to lower interest rates.
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