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Daily Dispatches
On 'Live from the Vault,' Maguire and Macleod discuss Russia's weaponizing gold
Submitted by admin on Sun, 2023-02-12 10:10 Section: Daily Dispatches10:09a ET Sunday, February 12, 2023
Dear Friend of GATA and Gold:
On Kinesis Money's "Live from the Vault" program this week, London metals trader Andrew Maguire and GoldMoney research director Alasdair Macleod discuss the plans of Russia and other countries to develop a gold-based trade settlement currency. As Russia weaponizes gold, Macleod sees the U.S. dollar as being extremely vulnerable in the foreign exchange markets.
The discussion is an hour and 18 minutes long and can be viewed at YouTube here:
Egypt says it ranks third in growth of gold reserves
Submitted by admin on Sun, 2023-02-12 10:01 Section: Daily DispatchesBy Al-Masry Al-Youm
Egypt Independent, Cairo
Saturday, February 11, 2023
The adviser to the minister of supply and internal trade for gold industry affairs, Nagy Farag, announced Friday that Egypt ranks third globally in the growth of gold reserves.
He specified that Egypt does not rank third in total gold reserves but in terms of the strategic growth of its reserves.
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Robert Lambourne: In January BIS gold swaps bounced up sharply from zero
Submitted by admin on Sun, 2023-02-12 09:40 Section: Daily DispatchesBy Robert Lambourne
Sunday, February 12, 2023
While the December statement of account of the Bank for International Settlements, the central bank of the central banks and their gold broker, showed its gold swap position had fallen to zero at the end of 2022, the bank has not gotten out of the gold swap business.
The BIS' January statement of account, published this week --
South Sudan abandons U.S. dollar for local currency
Submitted by admin on Sat, 2023-02-11 19:31 Section: Daily DispatchesBy James Anyanzwa
The East African, Nairobi, Kenya
Saturday, February 11, 2023
South Sudan's government has suspended the use of the U.S. dollar and instead directed all transactions be executed in the local currency, the South Sudanese pound, in a move feared to stifle economic activity in the war-ravaged economy.
Most transactions in the country are carried out using the dollar, largely due to hyperinflation and the volatility of the local currency.
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Barrick's ties to Canada dwindle as other miners secure access to country's rich gold belt
Submitted by admin on Sat, 2023-02-11 11:35 Section: Daily DispatchesBy Gabriel Friedman
National Post / Financial Post, Toronto
Friday, February 10, 2023
Toronto-based Barrick Gold Corp. has long been one of the largest, most recognizable names in Canada's sizeable mining industry, but its ties to the country are narrowing, especially now that its longtime rival, Colorado's Newmont Corp., is closing in on a US$17-billion purchase of Australia's Newcrest Mining Ltd.
Missouri Senate votes to end income taxes on gold and silver and to hold the metals in reserve
Submitted by admin on Sat, 2023-02-11 11:11 Section: Daily DispatchesBy JP Cortez
Money Metals News Service, Eagle, Idaho
Thursday, February 9, 2023
JEFFERSON CITY, Missouri -- The Missouri Senate today passed legislation that would prompt the state treasurer to hold at least 1% of state funds in gold and silver while eliminating all state income taxes on monetary metals.
In a growing national backlash to the rampant inflation caused by massive federal spending, debt, and central bank money printing, more than a dozen states are already moving forward on sound money bills during their 2023 legislative sessions.
Why metals keep going missing in commodity trading
Submitted by admin on Sat, 2023-02-11 11:03 Section: Daily DispatchesGood thing that Bloomberg and other mainstream financial news organizations never examine rehypothecation in the monetary metals markets.
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From Bloomberg News
via The Washington Post
Friday, February 10, 2023
Trader Trafigura Group is facing more than half a billion dollars in losses after realizing that cargoes it bought didn't contain the nickel they were supposed to, sending fresh shockwaves through an industry that has been rocked by several high-profile frauds in recent years.
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Bullion Star's Ronan Manly analyzes Newmont bid for Newcrest
Submitted by admin on Fri, 2023-02-10 21:24 Section: Daily Dispatches9:26p ET Friday, February 10, 2023
Dear Friend of GATA and Gold:
Bullion Star gold market analyst Ronan Manly tonight examines Newmont's bid for Australia's Newcrest Mining. Manly concludes that if the acquisition is approved, "Newmont will soon be way out in front of any of its peers, as the world's largest gold producer and the world's biggest gold stock on the New York Stock Exchange." But Barrick Gold or some other big company still could try to make a more attractive bid.
Ukraine war turns Russia into a nation of gold bugs
Submitted by admin on Fri, 2023-02-10 21:06 Section: Daily DispatchesBy Anastasia Stognei and Leslie Hook
Financial Times, London
Friday, February 10, 2023
After Russian President Vladimir Putin announced the country’s invasion of Ukraine last February, Natalia Smirnova's phone started ringing off the hook. The financial adviser's Russian clients were panicking.
"Should I buy gold?" one asked her. "If worse comes to worst, at least I can bury it."
That attitude was shared by many -- and turned Russia into an unexpected nation of gold bugs almost overnight.
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Pam and Russ Martens: Credit Suisse tanks as it acknowledges bank run
Submitted by admin on Fri, 2023-02-10 10:32 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Friday, February 10, 2023
Credit Suisse continued its long death spiral yesterday, losing 15.64% of its market value in one trading session to close at $3.02 on the New York Stock Exchange. The trading action came on the heels of an earnings report that was excruciatingly bad -- even for Credit Suisse.
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