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Daily Dispatches
Ronan Manly: Most of Portugal's gold is being leased or swapped through the Bank of England
Submitted by admin on Fri, 2022-05-20 12:06 Section: Daily Dispatches12:07p ET Friday, May 20, 2022
Dear Friend of GATA and Gold:
Bullion Star's Ronan Manly notes today that the grand tour of its gold vault given this week by Portugal's central bank only concealed the important information of the day, information not extracted by the starry-eyed journalists invited.
That is, Manly writes, the Portuguese central bank's accounts show that most of Portugal's gold, largely held in London, is being leased or swapped through the Bank of England.
Gold vaulted at Bank of England trades at rare discount in hint of central bank selling
Submitted by admin on Thu, 2022-05-19 10:59 Section: Daily DispatchesBy Eddie Spence and Ranjeetha Pakiam
Bloomberg News
Wednesday, May 18, 2022
Gold stored at the Bank of England has been trading at an unusually low price, in a sign that central banks may be shedding some of their holdings.
The Bank of England’s vaults contain 5,676 tons of bullion, one of the largest stockpiles in the world, which it holds on behalf of other central and commercial banks. Gold held by central banks is typically bought and sold between large institutions in bilateral trades at prices usually within a few cents of the market rate.
Swiss gold refiner MKS PAMP plans to try to become environmental enforcer
Submitted by admin on Wed, 2022-05-18 20:34 Section: Daily DispatchesMaybe countries that want to remain independent will have to open their own refineries and take charge of their own carbon-emission standards.
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Gold Refiner to Stop Working With Mines That Miss Carbon Goals
By Eddie Spence
Bloomberg News
Wednesday, May 18, 2022
One of the biggest gold refineries will look to stop sourcing metal from mines that fail to meet standards on carbon emissions.
Portugal says more than half of its gold is at Bank of England
Submitted by admin on Wed, 2022-05-18 20:18 Section: Daily DispatchesSo why doesn't the country's central bank try showing it off there instead?
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Portugal's Central Bank Opens Its Vaults for Rare Glimpse of Gold Bars
By Sergio Goncalves and Pedro Nunes
Reuters
Wednesday, May 18, 2022
LISBON -- Portugal's central bank has opened up its heavily guarded vaults in a small commuter town near Lisbon, giving a rare glimpse of where some of the country's gold reserves are kept.
GATA's Ed Steer discusses metals market manipulation with Dave Janda
Submitted by admin on Wed, 2022-05-18 12:44 Section: Daily Dispatches12:42p ET Wednesday, May 18, 2022
Dear Friend of GATA and Gold:
GATA board member Ed Steer, publisher of Ed Steer's Gold and Silver Digest, was interviewed a few days ago by talk-show host Dave Janda of WAAM-AM1600 in Ann Arbor, Michigan, discussing, among other things, manipulation of the monetary metals markets.
The interview is 24 minutes long and can be heard here:
When buying gold and silver, consider the dealers who support GATA
Submitted by admin on Wed, 2022-05-18 12:07 Section: Daily Dispatches12:06p Wednesday, May 18, 2022
Dear Friend of GATA and Gold:
Being the only forms of money without counterparty risk, at least when held directly by their owners, gold and silver are often seen as the foundation of a sound investment portfolio.
Surging dollar stirs market buzz of a 1980s-style Plaza Accord
Submitted by admin on Wed, 2022-05-18 12:04 Section: Daily DispatchesBy Ruth Carson and Amelia Pollard
Bloomberg News
Wednesday, May 18, 2022
The dollar's skyrocketing rise has some contemplating a rare, if not unthinkable, action: major nations agreeing to manipulate the US currency until it falls.
UK inflation hits 40-year high of 9%, squeezing households harder
Submitted by admin on Wed, 2022-05-18 11:49 Section: Daily DispatchesBy Andy Bruce and William Schomberg
Reuters
Wednesday, May 18, 2022
LONDON -- British inflation surged last month to its highest annual rate since 1982, pressuring finance minister Rishi Sunak to offer more help for households and the Bank of England to keep raising interest rates despite a risk of recession.
Consumer price inflation hit 9% in April, the Office for National Statistics said today, surpassing the peaks of the early 1990s recession that many Britons remember for sky-high interest rates and widespread mortgage defaults.
Ghana starts gold purchase program to strengthen currency
Submitted by admin on Wed, 2022-05-18 10:13 Section: Daily DispatchesBy Cooper Inveen and Nellie Peyton
Reuters
Tuesday, May 17, 2022
ACCRA, Ghana -- Ghana has started a bulk purchase programme to buy gold locally to raise the gold component of its reserves, Central Bank Governor Ernest Addison said on Tuesday, in a bid to strengthen the cedi currency without increasing inflation.
"We have started a bulk purchase program, domestic, where we buy gold locally and try to raise the gold component in our level of reserves. This is where the currency focus is," Addison said at a conference.
... Dispatch continues below ...
Craig Hemke at Sprott Money: Comex trade-at-settlement games continue
Submitted by admin on Tue, 2022-05-17 21:54 Section: Daily Dispatches9:54p ET Tuesday, May 17, 2022
Dear Friend of GATA and Gold:
The "trade at settlement" mechanism of controlling gold futures prices by massive legging into and out of the market is operating at full bore again, the TF Metals Report's Craig Hemke writes tonight at Sprott Money.
Hemke concludes: "There continue to be malevolent forces that manage and manipulate the Comex gold price, primarily for their own profit. This monthly trade-at-settlement abuse is simply the latest weapon they have put in their arsenal."
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