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Daily Dispatches
With Wednesday's gold smash, U.S. government advertised its weakness
Submitted by admin on Thu, 2021-06-17 00:36 Section: Daily Dispatches12:42a ET Thursday, June 17, 2021
Dear Friend of GATA and Gold:
In his commentary a few hours ago at Investment Research Dynamics in Denver, Dave Kranzler wrote it's unlikely that anyone either bought or sold real gold at the smashed prices reported on the New York Commodities Exchange Wednesday afternoon after the Federal Reserve made its latest announcement about the U.S. economy. The smash was entirely a matter of derivatives:
China pledges to release metal reserves to tackle price and shortage fears
Submitted by admin on Wed, 2021-06-16 10:42 Section: Daily DispatchesBy Thomas Hale, Neil Hume, and Henry Sanderson
Financial Times, London
Wednesday, June 16, 2021
Industrial metals are in the spotlight after Chinese authorities made a pledge to release government reserves to tackle concerns over shortages and high prices.
The National Food and Strategic Reserves Administration said in a statement today that it would release batches of metals, including copper, aluminium and, zinc, making them available to manufacturers.
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Tom Luongo: Killing all the birds with one pile of gold
Submitted by admin on Wed, 2021-06-16 00:49 Section: Daily Dispatches12:45a ET Wednesday, June 16, 2021
Dear Friend of GATA and Gold:
Financial writer Tom Luongo tonight posted a long and complicated speculation about what he thinks the "Davod Crowd" means to do with the world financial system. It involves selling some national gold reserves through the International Monetary Fund in the name of helping poor countries -- a ruse that was undertaken years ago to help bullion banks and central banks cover short positions -- and giving the IMF supervision of world currency creation.
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Craig Hemke at Sprott Money: Untrustworthy unallocated gold, Part Umpteen
Submitted by admin on Tue, 2021-06-15 21:44 Section: Daily Dispatches9:41p ET Tuesday, June 16, 2021
Dear Friend of GATA and Gold:
The TF Metals Report' Craig Hemke today calls attention to the latest review of the Perth Mint's financial statement by Rob Kientz of Gold/Silver Pros and London-based accountant Dan Vigario, who conclude again that the Perth Mint is operating a fractional-reserve gold and silver bank and that, contrary to the mint's claims, the mint does not hold enough metal to back all its obligations to customers.
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Producer prices climb 6.6% in May on annual basis -- and gold futures go down
Submitted by admin on Tue, 2021-06-15 11:30 Section: Daily DispatchesBy Jeff Cox
CNBC, New York
Tuesday, June 15, 2021
Producer prices rose at their fastest annual clip in nearly 11 years in May as inflation continued to build in the U.S. economy, the Labor Department reported today.
The 6.6% surge was the biggest 12-month rise in the final demand index since the Bureau of Labor Statistics began tracking the data in November 2010.
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Negative money-market rates are more reason for U.S. to push gold down
Submitted by admin on Tue, 2021-06-15 11:11 Section: Daily DispatchesFed Urged to Aid Money-Market Funds as Negative Rates Loom
By Michael Mackenzie and Colby Smith
Financial Times, London
Tuesday, June 15, 2021
A growing chorus of investors is urging the Federal Reserve to act to prevent negative rates taking hold in parts of the U.S. financial markets, as a wall of cash drives down yields on short-term debt and threatens to overwhelm the $4 trillion money market fund industry.
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Central banks can be beaten with gold and silver, Turk tells KWN
Submitted by admin on Mon, 2021-06-14 13:43 Section: Daily Dispatches1:40p ET Monday, June 14, 2021
Dear Friend of GATA and Gold:
Central banks have been beaten when they go too far, GoldMoney founder and GATA consultant James Turk tells King World News today, and with gold and silver this is one of those times when investors can "fight City Hall." Turk's comments are posted at KWN here:
https://kingworldnews.com/turk-at-last-gold-silver-prices-are-going-to-break-free-from-manipulation/
Tanzania to add gold to reserves, resume $3 billion iron project
Submitted by admin on Sun, 2021-06-13 15:06 Section: Daily DispatchesBy Fumbuka Ng'Wanakilala
Bloomberg News
Sunday, June 13, 2021
Tanzania launched a new gold refinery as its central bank plans to start buying the metal to diversify its reserves.
The Mwanza Precious Metal Refinery Ltd. is able to process 480 kilogrammes of gold per day, and plans to double the capacity in a few months, Tanzanian President Samia Suluhu Hassan said in a televised speech today.
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Robert Lambourne: BIS gold swaps rose in May despite approach of Basel 3 rules
Submitted by admin on Sat, 2021-06-12 11:39 Section: Daily DispatchesBy Robert Lambourne
Saturday, June 12, 2021
The recently released May statement of account of the Bank for International Settlements reports an increase of 45 tonnes in the bank's gold swaps to 517 tonnes. This follows declines in March and April 2021 from the record high estimated at 552 tonnes as of February 25, 2021.
The BIS seemingly remains an active trader of significant amounts of gold swaps on a regular basis.
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Congressman presses Treasury secretary to disclose U.S. gold activities
Submitted by admin on Thu, 2021-06-10 21:42 Section: Daily DispatchesFrom Money Metals News Service, Eagle, Idaho
Thursday, June 10, 2021
WASHINGTON -- As foreign governments reportedly accumulate gold and de-dollarize their sovereign wealth funds, a Republican congressman is asking tough questions of the U.S. Treasury about its secretive gold activities.
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