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Daily Dispatches
Central bank suppression of monetary metals can't last much longer, Sprott says
Submitted by admin on Wed, 2022-12-21 20:59 Section: Daily Dispatches9:04 p ET Wednesday, December 21, 2022
Dear Friend of GATA and Gold (and Silver):
In his year-end interview with Craig Hemke of the TF Metals Report for Sprott Money, mining entrepreneur Eric Sprott says he is most enthusiastic about silver and that central bank suppression of gold and silver prices can't last much longer under the pressure of rising demand for real metal.
Ronan Manly: GLD conceals its gold dealings with Bank of England
Submitted by admin on Tue, 2022-12-20 11:38 Section: Daily Dispatches11:44a ET Tuesday, December 20, 2022
Dear Friend of GATA and Gold:
Bullion Star researcher Ronan Manly reports today that the SPDR Gold Trust, the exchange-traded fund better known as GLD, and its sponsor, the World Gold Council, are obscuring data in GLD's financial reports in violation of U.S. Securities and Exchange Commission rules, making it impossible for the public and investors to determine how much GLD gold is going into and out of the vaults of the Bank of England, a subcustodian of the fund's metal.
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Jan Nieuwenhuijs: The West-East ebb and flow of gold revisited
Submitted by admin on Mon, 2022-12-19 20:24 Section: Daily DispatchesBy Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Thursday, December 16, 2022
Gold trade between West and East still follows a 90-year-old pattern.
The price of gold is mainly set by Western institutional supply and demand, while countries in the East take the other side of the trade.
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Australia’s sovereign wealth fund buys gold, commodities as shadow of 1970s looms
Submitted by admin on Mon, 2022-12-19 06:58 Section: Daily DispatchesBy Lewis Jackson
Reuters
via WTVB-1590AM
Sunday, December 18, 2022
SYDNEY -- Australia's A$200 billion ($134.28 billion) sovereign wealth fund is increasing exposure to gold, commodities, private equity, and infrastructure as it warns the future will echo the low-growth, high-inflation era of the 1970s.
Record central bank gold rush has been triggered by fears of Western sanctions
Submitted by admin on Sun, 2022-12-18 15:54 Section: Daily DispatchesBy Tom Rees
The Telegraph, London
Sunday, December 18, 2022
A record central bank gold rush has been triggered by fears of Western sanctions after Russia was made a pariah state in the wake of its invasion of Ukraine, according to the World Gold Council.
Officials in many countries outside the West are rethinking their foreign currency reserves after the sanctions meant Russia’s central bank lost the use of its war chest, hampering its ability to protect the ruble and its banking system.
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November spike in BIS gold swaps was an emergency intervention, Maguire says
Submitted by admin on Fri, 2022-12-16 20:38 Section: Daily Dispatches8:30p ET Friday, December 16, 2022
Dear Friend of GATA and Gold:
Speaking on Kinesis Money's "Live from the Vault" program this week, London bullion trader Andrew Maguire says the Bank for International Settlements' nearly 100-tonne increase in its gold swap position in November --
-- likely was part of an emergency intervention to contain the monetary metal's sharply rising price.
Goldman Sachs prepares to lay off almost 4,000 employees
Submitted by admin on Fri, 2022-12-16 19:45 Section: Daily DispatchesBy Brooke Masters and Stephen Morris
Financial Times, London
Friday, December 16, 2022
Goldman Sachs is preparing to lay off as many as 3,900 employees starting in January as chief executive David Solomon seeks to boost the bank's profitability amid economic headwinds.
The plans are still being drawn up, and it is possible that the current target for a cull of "up to 8%" of its 49,000 global workforce will be slimmed down if the business outlook improves, according to three people familiar with the discussions.
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India's government keeps getting more favorable toward gold as money
Submitted by admin on Thu, 2022-12-15 17:36 Section: Daily DispatchesIndia to Invite Bids for Extracting Gold from Dumps at Colonial-Era Mines
By Neha Arora and Mayank Bhardwaj
Reuters
Thursday, December 15, 2022
NEW DELHI -- India plans to invite bids to extract gold from 50 million tonnes of processed ore in a cluster of colonial-era mines in the southern state of Karnataka, a senior government official with direct knowledge of the matter said today.
The Kolar fields, located about 65 kilometres (40 miles) northeast of India's technology hub of Bengaluru, are among the country's oldest gold mines.
Alasdair Macleod: Rising rates lead to financial accidents
Submitted by admin on Thu, 2022-12-15 11:53 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, December 15, 2022
A recent Bank for International Settlements paper warning of unappreciated risks in foreign exchange markets echoes my earlier warning in an article for Goldmoney published over a month ago describing derivative risks in FX markets.
Inflation, uncertainty fuel new gold rush at ancient Austrian Mint
Submitted by admin on Wed, 2022-12-14 19:33 Section: Daily DispatchesBy Francois Murphy
Reuters
Wednesday, December 14, 2022
VIENNA, Austria -- The Austrian Mint, one of the world's oldest and biggest producers of gold bullion coins, is unable to keep up with demand as people rush to find a safe haven for their money amid surging inflation and economic fears caused by war in Ukraine.
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