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Daily Dispatches
Hungary's central bank boosts gold reserves to a record high 110 tons
Submitted by admin on Wed, 2024-10-02 11:21 Section: Daily DispatchesHungary now claims the highest per-capita official gold reserves in central and eastern Europe.
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From the Hungarian National Bank, Budapest
Monday, September 30, 2024
Gold overtakes euro to become second-largest central bank reserve asset
Submitted by admin on Tue, 2024-10-01 11:08 Section: Daily DispatchesBy Mike Maharrey
Money Metals Exchange, Eagle, Idaho
Tuesday, October 1, 2024
According to Bank of America, gold has overtaken the euro to become the world's second-largest central bank reserve asset.
With the central bank gold buying spree over the last several years, along with the rapid rise in price in 2024, the yellow metal now makes up about 16% of total reserve assets, just ahead of the euro.
The dollar’s share of reserves has dropped to 58 percent.
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Weekend edition of Ed Steer's Gold and Silver Digest is up at SilverSeek
Submitted by admin on Mon, 2024-09-30 12:27 Section: Daily Dispatches12:27p ET Monday, September 30, 2024
Dear Friend of GATA and Gold:
The weekend edition of GATA board member Ed Steer's Gold and Silver Digest letter is headlined "The Short Positions in Gold and Silver Increase Further" and is posted in the clear at GoldSeek's companion site, SilverSeek, here:
https://silverseek.com/article/short-positions-gold-silver-increase-further
Fed seen cutting rates another half percent in November
Submitted by admin on Sun, 2024-09-29 11:15 Section: Daily DispatchesBy Ann Saphir
Reuters
Friday, September 27, 2024
The Federal Reserve is likelier than not to deliver a second 50-basis-point interest rate cut in November, traders bet today, after a government report showed U.S. inflation has cooled to a pace nearer to the central bank's 2% goal.
Inflation by the Fed's targeted measure, the year-over-year rise in the personal consumption expenditures price index, was 2.2% in August, the Commerce Department reported.
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Tanzania orders gold miners and dealers to reserve 20% for central bank to buy
Submitted by admin on Sat, 2024-09-28 22:42 Section: Daily DispatchesBy Nuzulack Dausen
Reuters
Saturday, September 28, 2024
DAR ES SALAAM, Tanzania -- Tanzania's mining regulator has ordered all mining firms and traders exporting gold to allocate at least 20% of the commodity for sale to the central bank to bolster the bank's move to diversify its foreign reserves.
The central bank, the Bank of Tanzania, began buying gold from local traders and miners in the last financial year that ended in June to boost its reserves amid depreciation pressure on the local currency, the shilling.
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Ghana central bank launches gold coin to boost savings
Submitted by admin on Sat, 2024-09-28 13:49 Section: Daily DispatchesBy Ekow Dontoh
Bloomberg News
Friday, September 27, 2024
Ghana has launched a new gold coin to help it manage money-market liquidity while boosting domestic savings.
Rick Mills: Gold repatriation shifting from north to south
Submitted by admin on Sat, 2024-09-28 13:41 Section: Daily DispatchesBy Rick Mills
Ahead of the Herd, Prince George, British Columbia, Canada
Saturday, September 28, 2024
In 2017 Germany brought home nearly $31 billion of gold bars that had been stored in New York and Paris after World War II. The Financial Times gives a good account of how Germany amassed, lost and then got its gold back:
https://www.ft.com/content/4edf00ee-a43c-11e7-8d56-98a09be71849
Zimbabwe devalues ZiG as latest bid for stable currency founders
Submitted by admin on Fri, 2024-09-27 18:41 Section: Daily DispatchesBy Godfrey Marawanyika and Ray Ndlovu
Bloomberg News
Friday, September 27, 2024
Zimbabwe raised interest rates and devalued its gold-backed currency by 43%, following persistent weakness in the ZiG amid deep skepticism that the nation's latest bid to create a viable local unit would succeed.
The Reserve Bank of Zimbabwe lifted the benchmark policy rate to 35% from 20%, it said in a statement today. Prices on its website separately showed the ZiG, short for Zimbabwe Gold, quoted at 24.4 per dollar from 14 per dollar earlier in the day.
Iran's gold imports up sixfold in six months as country evades sanctions
Submitted by admin on Thu, 2024-09-26 21:06 Section: Daily DispatchesBy Amirhadi Anvari
Iran International, London
Thursday, September 26, 2024
The head of Iran's Customs reported that approximately 43 tons of gold bullion, valued at $2.5 billion, were imported into the country during the first six months of the Iranian calendar year, from March 21-September 20.
The figure represents a sixfold increase compared to the same period last year, when only 7.3 tons, worth $466 million, were imported.
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Mike Maharrey: Israel considers joining the war on gold, silver, and cash
Submitted by admin on Thu, 2024-09-26 20:02 Section: Daily DispatchesBy Mike Maharrey
Money Metals Exchange, Eagle, Idaho
Thursday, September 26, 2024
Israel appears to be poised to take the war on cash to another level by eliminating the highest denomination of Israeli currency and limiting private ownership of gold and silver.
According to a report by YNetNews.com, Prime Minister Benjamin Netanyahu has asked high-ranking government officials to discuss the elimination of the 200-shekel banknote. Netanyahu called for the sweeping move to "curb illicit cash flows" and fight "black-market money."
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