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Daily Dispatches
If bullion banks are trading for governments, their nominal cash losses don't matter
Submitted by admin on Fri, 2021-06-04 17:33 Section: Daily Dispatches5:40p ET Friday, June 4, 2021
Dear Friend of GATA and Gold:
Alasdair Macleod's weekly gold market report for GoldMoney concludes today that the bullion banks are having trouble closing their short positions on the New York Commodities Exchange and that their attack on the metal this week did not help them much, since "managed money" traders did not substantially increase their long positions.
So the banks, Macleod writes, are "deepening their losses" in gold futures.
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Ronan Manly: Central banks operate in stealth at the heart of London gold market
Submitted by admin on Thu, 2021-06-03 19:08 Section: Daily Dispatches7p ET Thursday, June 3, 2021
Dear Friend of GATA and Gold:
Bullion Star's Ronan Manly today notes that the purpose of the London gold market is to conceal everything important that happens in it so as to facilitate surreptitious control of the gold price by central banks using imaginary gold.
Alasdair Macleod: The geopolitics of gold
Submitted by admin on Thu, 2021-06-03 15:16 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, St. Helier, Jersey, Channel Islands
Thursday, June 3, 2021
A number of events are coming together that are set to push gold prices higher.
Besides a combination of continuing inflationary policies and massive future budget deficits undermining the dollar, by closing down derivative market activities new Basel 3 regulations appear set to deflect some demand into physical metals. Furthermore, liquidity in gold markets will contract, potentially making prices more volatile
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Gold remonetizer Glint interviews GATA secretary
Submitted by admin on Thu, 2021-06-03 14:37 Section: Daily Dispatches2:35p ET Thursday, June 3, 2021
Dear Friend of GATA and Gold:
Writing for Glint, a U.K.-based service helping to remonetize gold in a worldwide payments system, Gary Mead interviewed your secretary/treasurer the other day about GATA's background, the documentation of surreptitious intervention by central banks in the gold market, and the prospects for implementation of the "Basel 3" regulations on unallocated ("paper") gold.
The interview is posted at Glint's internet site here:
Russia cuts dollar holdings from wealth fund amid sanctions
Submitted by admin on Thu, 2021-06-03 13:41 Section: Daily DispatchesBy Evgenia Pismennaya
Bloomberg News
Thursday, June 3, 2021
Russia said it will eliminate the dollar from its oil fund to reduce vulnerability to Western sanctions just two weeks before President Vladimir Putin holds his first summit meeting with U.S. leader Joe Biden.
The National Wellbeing Fund will shift its dollar holdings into euros, yuan, and gold, Finance Minister Anton Siluanov said.
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Global food prices post biggest jump in decade
Submitted by admin on Thu, 2021-06-03 13:29 Section: Daily DispatchesBy Emiko Terazono
Financial Times, London
Thursday, June 3, 2021
Global food prices surged by the biggest margin in a decade in May as one closely watched index jumped 40 percent, raising fears of further food inflation later in the year.
The year-on-year leap in the U.N. Food and Agriculture Organization's monthly food price index was the largest since 2011 and signalled that inflation initially stoked by pandemic disruption is accelerating.
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India's gold revamp pushes on as spot trading draws closer
Submitted by admin on Thu, 2021-06-03 00:01 Section: Daily DispatchesBy Swansy Afonso and Ranjeetha Pakiam
Bloomberg News
Thursday, June 3, 2021
India is moving closer toward setting up spot contracts for gold, finalizing rules for trading and providing the world's second-biggest consumer a firmer grasp over setting the price of bullion.
U.S. Mint says silver shortage is only for 'blanks,' as if all forms of silver aren't fungible
Submitted by admin on Wed, 2021-06-02 21:30 Section: Daily Dispatches9:38p ET Wednesday, June 2, 2021
Dear Friend of GATA and Gold:
The U.S. Mint today issued to its customers what it called a "clarification" regarding its May 28 statement --
-- citing a "global silver shortage" as the cause of the mint's suspending orders for new silver coins.
But today's statement was more like an obfuscation than a clarification.
U.S. money market funds struggle as short-term rates near negative territory
Submitted by admin on Wed, 2021-06-02 10:45 Section: Daily DispatchesBy Colby Smith and Joe Rennison
Financial Times, London
Wednesday, June 2, 2021
A sector of the U.S. finance industry that looks after $4 trillion of savings for individuals and businesses has come under severe strain as U.S. markets flirt with negative interest rates.
Money market funds investing in short-term government debt have taken in hundreds of billions of dollars of new money from savers in recent months. But there is stiff competition to tap a dwindling supply of low-risk assets that generate positive returns.
Indonesia eyes greater financial inclusion with gold-based blockchain system
Submitted by admin on Tue, 2021-06-01 22:23 Section: Daily DispatchesBy Tracy Hu and Rebecca Isjwara
S&P Global, New York
Monday, May 31, 2021
The Indonesian government's plan to launch a blockchain-based, precious metals-backed payments and savings platform outside the banking system will likely drive financial inclusion further in a country where about 51% of adults, or 95 million citizens, are unbanked.
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