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Daily Dispatches
Switzerland sent 524 tonnes of gold to China last year, most since 2018
Submitted by admin on Tue, 2023-01-24 14:55 Section: Daily DispatchesBy Peter Hobson
Reuters
via Nasdaq.com, New York
Tuesday, January 24, 2023
LONDON -- Swiss exports of gold to countries including China, Turkey, Singapore, and Thailand surged to multi-year highs last year, Swiss customs data showed today, as low prices boosted demand from consumers in Asia and the Middle East.
Rising interest rates caused many financial investors in Europe and North America to sell gold in 2022, releasing large amounts of metal from storage and pushing down prices.
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Jim Rickards: Gold's breakout is central banking's doing, not inflation's
Submitted by admin on Tue, 2023-01-24 11:51 Section: Daily DispatchesBy James G. Rickards
The Daily Reckoning, Baltimore
Monday, January 23, 2023
Most assets have a poor record over the past year. Gold is one of the few assets that posted a gain -- not a major gain, but a gain.
Gold has really taken off since late October, from below $1,630 to almost $1,930 today. That's a major move. What's going on?
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Supreme Court rejects appeals of ex-Deutsche Bank traders in metals spoofing
Submitted by admin on Mon, 2023-01-23 11:05 Section: Daily DispatchesBy Greg Stohr
Bloomberg News
Monday, January 23, 2023
The U.S. Supreme Court has refused to review the convictions of two former Deutsche Bank precious-metals traders for manipulating gold and silver prices with "spoof" trade orders.
The nation's highest court without comment turned away appeals from James Vorley and Cedric Chanu, who were each sentenced to one year and one day in prison for wire fraud.
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Brazil and Argentina to plan for a common currency, less dollar use
Submitted by admin on Sun, 2023-01-22 11:25 Section: Daily DispatchesBy Michael Stott and Lucinda Elliott
Financial Times, London
Sunday, January 22, 2023
Brazil and Argentina will this week announce that they are starting preparatory work on a common currency, in a move that could eventually create the world's second-largest currency bloc.
South America's two biggest economies will discuss the plan at a summit in Buenos Aires this week and will invite other Latin American nations to join.
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Alasdair Macleod: Say's Law and macroeconomic ignorance
Submitted by admin on Thu, 2023-01-19 11:03 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, January 19, 2023
Probably the greatest error in modern economics was the abandonment of Say’s Law, otherwise known as the law of the markets. In a nutshell, it demonstrated that through the division of labour, production is firmly linked to consumption, and the former is tied to the latter through the medium of money and credit.
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Silver futures market is 'ready to bust,' GATA's Steer says
Submitted by admin on Tue, 2023-01-17 22:42 Section: Daily Dispatches10:35p ET Tuesday, January 17, 2023
Dear Friend of GATA and Gold:
GATA board member Ed Steer, publisher of Ed Steer's Gold and Silver Digest letter, tells Jim Goddard of HoweStreet.com that trader positioning in the U.S. silver futures market shows that it is "ready to bust."
The interview is 18 minutes long and can be heard at YouTube here:
Saudi Arabia open to settling trade without U.S. dollars
Submitted by admin on Tue, 2023-01-17 22:29 Section: Daily DispatchesBy Abeer Abu Omar and Manus Cranny
Bloomberg News
Tuesday, January 17, 2023
Saudi Arabia is open to discussions about trade in currencies other than the US dollar, according to the kingdom’s finance minister.
"There are no issues with discussing how we settle our trade arrangements, whether it is in the U.S. dollar, whether it is the euro, whether it is the Saudi riyal," Mohammed Al-Jadaan told Bloomberg TV today in an interview in Davos, Switzerland.
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Trafigura plans to take large amounts of LME copper, sources tell Reuters
Submitted by admin on Tue, 2023-01-17 21:56 Section: Daily DispatchesHow rude not to trust the London Metals Exchange!
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By Pratima Desai
Reuters
Tuesday, January 17, 2023
LONDON -- Commodity trader Trafigura is planning to take large amounts of copper from London Metal Exchange registered warehouses, two people familiar with the matter said, adding that the metal was likely to remain in Europe.
Barrick misses gold guidance as output sinks to 22-year low
Submitted by admin on Tue, 2023-01-17 21:35 Section: Daily DispatchesBy Jacob Lorine
Bloomberg News
Tuesday, January 17, 2023
Barrick Gold Corp.'s bullion output slid last year to its lowest level since 2000, missing analysts' expectations and its own target as operational woes curbed production.
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Craig Hemke at Sprott Money: No hedge fund interest in Comex silver
Submitted by admin on Tue, 2023-01-17 21:19 Section: Daily DispatchesBy Craig Hemke
Sprott Money, Toronto
Tuesday, January 17, 2023
What a curious start to the year in Comex Digital Gold and Comex Digital Silver. The pair usually trade in tandem but, so far in 2023, prices have been moving in opposite directions. And it's not just price. As you'll see in this post, it's also sentiment and interest as measured by the total amount of silver contracts floating around on the Comex.
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