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Daily Dispatches
Barrick CEO blasts 'hysterical' fund managers chasing quick cash
Submitted by admin on Wed, 2021-05-05 12:03 Section: Daily DispatchesBy James Attwood
Bloomberg News
Wednesday, May 5, 2021
Investors are undermining the gold industry’s ability to grow by demanding a bigger share of profits from high bullion prices, according to the CEO of the world's second-largest producer.
"Fund managers just bash the table and want money -- they're not interested in this industry reinforcing its foundations," Barrick Gold Corp. Chief Executive Officer Mark Bristow said in an interview today. "Then they turn around and get hysterical when a host country demands returns."
Dollar share of global FX reserves drops to 25-year low, IMF says
Submitted by admin on Wed, 2021-05-05 10:25 Section: Daily DispatchesFrom the International Monetary Fund, Washington
Wednesday, May 5, 2021
The share of U.S. dollar reserves held by central banks fell to 59 percent -- its lowest level in 25 years -- during the fourth quarter of 2020, according to the IMF's Currency Composition of Official Foreign Exchange Reserves survey.
Richard Nachbar, coin dealer and longtime friend to GATA, dies at 66
Submitted by admin on Wed, 2021-05-05 01:17 Section: Daily Dispatches1:16a ET Wednesday, May 5, 2021
Dear Friend of GATA and Gold:
GATA's longtime friend and supporter, the veteran numismatist and coin dealer Richard Nachbar of Williamsville, New York, who was known throughout the gold and silver world by virtue of his expertise and attendance at coin shows and mining conferences, died a week ago at age 66 after a short illness.
Richard was extremely generous, helpful, and kind to GATA -- as well as to scores of others -- and will be fondly remembered.
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New York Sun: Groupthink makes the Fed look like the old Soviet central bank
Submitted by admin on Wed, 2021-05-05 01:00 Section: Daily DispatchesFrom the New York Sun
Tuesday, May 4, 2021
Economist Judy Shelton has a crackerjack column in tomorrow's Wall Street Journal on the lack of intellectual and policy diversity at the Federal Reserve.
She points out that during the entire term of Chairman Jerome Powell and his predecessor, Janet Yellen, not a single dissenting vote was recorded among the governors.
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Craig Hemke at Sprott Money: Comex gold delivery update
Submitted by admin on Wed, 2021-05-05 00:53 Section: Daily Dispatches12:50a ET Wednesday, May 5, 2021
Dear Friend of GATA and Gold:
The TF Metals Report's Craig Hemke, writing this week at Sprott Money, shows how the New York Commodities Exchange's gold futures market, previously almost entirely a derivatives operation, has been required to make huge deliveries of metal over the last year, totaling many times the amounts of gold delivered on the exchange in previous years.
Now, as a result, Hemke concludes, "Comex gold is subject to the same pressures and squeeze potential as Comex silver."
Chicago says goodbye to CME's last commodity trading pits
Submitted by admin on Wed, 2021-05-05 00:18 Section: Daily DispatchesBy Isis Almeida and Kim Chipman
Bloomberg News
Tuesday, May 4, 2021
It's the end of an era for open-outcry commodities trading, made famous by the film "Trading Places" with Eddie Murphy and Dan Aykroyd.
The CME Group Inc. said today that its last few remaining pits in Chicago, where agricultural commodities options traders still yelled their bids, will close permanently. Futures transactions had already been fully replaced by electronic trading, while options pits had been active until March 2020, when Covid-19 measures forced them to be closed. ...
Yellen sees no inflation problem after rate hike comments roil Wall Street
Submitted by admin on Wed, 2021-05-05 00:06 Section: Daily DispatchesBy David Lawder and Ann Saphir
Reuters
Tuesday, May 4, 2021
U.S. Treasury Secretary Janet Yellen said on Tuesday she sees no inflation problem brewing, downplaying earlier comments that rate hikes may be needed to stop the economy overheating as President Joe Biden’s spending plans boost growth.
The initial comments made by Yellen, a former Federal Reserve chair, deepened a sell-off in tech stocks and pushed longer-dated Treasury yields higher.
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Robert Frommer: FBI can't seize safe-deposit boxes first and ask questions later
Submitted by admin on Tue, 2021-05-04 13:42 Section: Daily DispatchesBut it did.
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By Robert Frommer
Orange County Register, Anaheim, California
Thursday, April 22, 2021
https://www.ocregister.com/2021/04/22/the-fbi-cant-seize-first-and-ask-q...
Arkansas ends sales taxes on gold and silver; more states may follow
Submitted by admin on Mon, 2021-05-03 18:09 Section: Daily DispatchesBy JP Cortez
Money Metals News Service
Money Metals Exchange, Eagle, Idado
Monday, May 3, 2021
By signing sound money legislation today, Arkansas Gov. Asa Hutchinson has officially ended sales taxation on gold, silver, platinum, and palladium bullion and coins, thereby setting an example for legislators in New Jersey, Maine, Ohio, and Tennessee, who are considering similar measures in their own states.
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Venezuela nearly triples its minimum wage as hyperinflation enforces poverty
Submitted by admin on Mon, 2021-05-03 12:06 Section: Daily DispatchesBut though we had plenty of money, there was nothing our money could buy. ...
-- http://www.kiplingsociety.co.uk/poems_copybook.htm
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Venezuela Raises Minimum Wage in Fourth Year of Hyperinflation
From Reuters
Monday, May 3, 2021
The Venezuelan government increased the monthly minimum wage by 289%, an official said on Saturday, moving from the equivalent of 64 U.S. cents to about $2.40 at the exchange rate estimated by the country's central bank.
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