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Daily Dispatches
GATA's Steer discusses default in London Metals Exchange nickel contract
Submitted by admin on Tue, 2022-03-15 16:01 Section: Daily Dispatches4p ET Tuesday, March 15, 2022
Dear Friend of GATA and Gold:
GATA board member Ed Steer, interviewed by Jim Goddard for "This Week in Money" at HoweStreet.com, discusses the default of the nickel contract on the London Metals Exchange, as well as the action in the monetary metals. The interview starts at the 10:35 mark at HoweStreet.com here:
Saudi Arabia considers accepting yuan instead of dollars for Chinese oil sales
Submitted by admin on Tue, 2022-03-15 10:08 Section: Daily DispatchesBy Summer Said and Stephen Kalin
The Wall Street Journal
Tuesday, March 15, 2022
Gold demand surges across the world as Ukraine war flares
Submitted by admin on Sun, 2022-03-13 23:32 Section: Daily DispatchesBy Eddie Spence and Yvonne Yue Li
Bloomberg News
via the Irish Examiner, Cork, Ireland
Sunday, March 13, 2022
Gold is playing its age-old role as a safe haven in times of wars and crises, and people all over the world are piling in.
Russia's invasion of Ukraine has sent the price of everything from oil and gas to wheat and metals skyrocketing, sparking inflation fears and threatening global growth.
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'Soviet Metals Exchange': LME irks traders by freezing nickel market, reversing $4 billion in trades
Submitted by admin on Sun, 2022-03-13 12:07 Section: Daily DispatchesAre idiot Comex gold and silver futures traders paying attention?
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Philip Stafford and Robin Wigglesworth
Financial Times, London
Saturday, March 12, 2022
The London Metal Exchange has enraged some of the world's most influential electronic traders after it shut down its nickel market and unwound thousands of deals in response to a spike in the price of the metal.
Russia says sanctions have frozen nearly half its financial reserves
Submitted by admin on Sun, 2022-03-13 11:42 Section: Daily DispatchesBy Mark Trevelyan
Reuters
Sunday, March 13, 2022
LONDON -- Russia said today it was counting on China to help it withstand the blow to its economy from Western sanctions, which it said had frozen nearly half of its gold and foreign currency reserves.
“We have part of our gold and foreign exchange reserves in the Chinese currency, in yuan. And we see what pressure is being exerted by Western countries on China in order to limit mutual trade with China. Of course, there is pressure to limit access to those reserves," Finance Minister Anton Siluanov said.
Robert Lambourne: Small decline in BIS gold swaps in February
Submitted by admin on Sat, 2022-03-12 09:34 Section: Daily DispatchesBy Robert Lambourne
Saturday, March 12, 2022
The recently released February 2022 statement of account of the Bank for International Settlements --
https://www.bis.org/banking/balsheet/statofacc220228.pdf
-- contains information suggesting a decrease of about 29 tonnes in the bank's gold swaps, from 501 tonnes as at the end of January to 472 tonnes at the end of February.
Sanctions against Russia threaten London gold and silver markets, Maguire says
Submitted by admin on Sat, 2022-03-12 09:21 Section: Daily Dispatches9:16a ET Saturday, March 12, 2022
Dear Friend of GATA and Gold:
Russia, like China, has much more official gold than it has reported and the two nations are considering using the "nuclear option" against the petrodollar, London gold trader Andrew Maguire claims in his weekly interview with Shane Morand for Kinesis Money.
That is, Maguire says, Russia would demand gold as payment for its oil exports.
Looks like the U.S. government also wanted nickel shorted
Submitted by admin on Fri, 2022-03-11 14:05 Section: Daily DispatchesJPMorgan being pretty much the U.S. government.
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JPMorgan Is Biggest Counterparty for Nickel Tycoon's Short Bets
By Jack Farchy and Alfred Cang
Bloomberg News
Friday, March 11, 2022
JPMorgan Chase & Co. is the largest counterparty to the nickel trades of the Chinese tycoon caught in an unprecedented short squeeze, putting the bank at the center of one of the most dramatic moments in metals market history.
Russia is suspended from the Bank for International Settlements
Submitted by admin on Fri, 2022-03-11 13:34 Section: Daily DispatchesBy Caitlin Ostroff
The Wall Street Journal
Friday, March 11, 2022
The Bank for International Settlements, known as the central bank for central banks, has suspended Russia from using its services following Western sanctions.
Jim Rickards: Sanctions damage won't be confined to Russia
Submitted by admin on Fri, 2022-03-11 12:12 Section: Daily DispatchesBy James G. Rickards
The Daily Reckoning, Baltimore
Tuesday, March 8, 2022
There's no doubt that the financial sanctions put on Russia by the U.S., the U.K., EU members, and others are the most severe ever imposed. The U.S. Treasury has announced 15 sanctions programs in recent days and no doubt more are on the way.
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