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Daily Dispatches
Singapore to lead gold market as it shifts east, World Gold Council says
Submitted by admin on Tue, 2024-06-11 10:25 Section: Daily DispatchesBy Lee Ying Shan
CNBC, New York
Monday, June 10, 2024
SINGAPORE -- Singapore is set to become a leading gold hub as trading shifts east, according to the World Gold Council.
One key reason is that gold consumption in major emerging economies is rising, and a majority of these markets are concentrated in Asia, said Shaokai Fan, head of Asia-Pacific and global head of central banks.
Singapore's proximity to these central banks, which are snapping up gold, is another factor, he added.
Vietnam expected to start allowing private companies to import gold again
Submitted by admin on Tue, 2024-06-11 10:09 Section: Daily DispatchesBy Ashitha Shivaprasad and Brijesh Patel
Reuters
Tuesday, June 11, 2024
SINGAPORE -- Vietnam is expected to allow companies to import gold for the first time in over a decade, as it aims to bridge the widening gap between local prices and international benchmarks, an industry official told Reuters.
The Vietnam Gold Traders Association has been in protracted talks with the government over measures to correct the imbalance in supply and demand of gold, Huynh Trung Khanh, the association's vice chair said.
Utah Sen. Mike Lee introduces bill to end the Fed
Submitted by admin on Mon, 2024-06-10 13:35 Section: Daily DispatchesBy Jeffrey Gogo
Cryptopolitan, London
Sunday, June 9, 2024
U.S. Sen. Mike Lee has introduced a bill calling for the abolition of the Federal Reserve system, including the Board of Governors. Dubbed the "Abolition Act," the proposed law also seeks to repeal the foundational 1913 Federal Reserve Act.
Lee, a Republican senator from Utah, said the U.S. central bank, "overstepped" its mandate and failed to control key economic variables like inflation and public debt.
Sound Money Defense League celebrates 10 years of advocacy for gold and silver
Submitted by admin on Sun, 2024-06-09 19:36 Section: Daily DispatchesFrom Money Metals News Service, Eagle, Idaho
Friday, June 7, 2024
The Sound Money Defense League is celebrating its 10th anniversary in 2024, marking a decade of relentless advocacy for the remonetization of gold and silver as legitimate currency.
Jp Cortez, executive director of the league, joined Mike Maharrey on the Money Metals Exchange podcast to discuss the organization's mission, achievements, and the ongoing fight against taxes on precious metals.
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Ed Steer: A premeditated and collusive commercial bear raid on gold and silver
Submitted by admin on Sun, 2024-06-09 19:32 Section: Daily Dispatches7:30p ET Sunday, June 10, 2024
Dear Friend of GATA and Gold (and Silver):
The weekend edition of Ed Steer's Gold and Silver Digest, published by GATA board member Ed Steer, is headlined "A Premeditated and Collusive Commercial Bear Raid" and it's posted in the clear at GoldSeek's companion site, SilverSeek, here:
https://silverseek.com/article/premeditated-collusive-commercial-bear-raid
Robert Lambourne: BIS gold swaps rose substantially in May
Submitted by admin on Sun, 2024-06-09 11:37 Section: Daily DispatchesBy Robert Lambourne
Sunday, June 9, 2024
Gold swaps undertaken by the Bank for International Settlements, the central bank of the world's central banks, rose by a substantial 31 tonnes in May over the 78 tonnes reported in April, reaching 109 tonnes, an increase of 40%.
The bank's statement of account of May, from which the gold swaps can be estimated, was published last week:
Putin's wartime central banker tells him what he doesn't want to hear
Submitted by admin on Fri, 2024-06-07 10:26 Section: Daily DispatchesFrom Bloomberg News
via Yahoo News, Sunnyvale, California
Friday, June 7, 2024
Russian President Vladimir Putin has cycled through ministers and battlefield generals since he first invaded Ukraine a decade ago. Through it all, one constant has been Elvira Nabiullina, a central bank governor he can't do without.
Her bond with Putin, and whether it can endure for longer, may well come to define the economy that emerges from the largest armed conflict in Europe since World War II.
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DR Congo seeks to advance national currency over U.S. dollar
Submitted by admin on Fri, 2024-06-07 10:11 Section: Daily DispatchesFrom AfricaNews.com, Lyon, France
Thursday, June 6, 2024
The Central Bank of Congo has mandated that all electronic payment terminals in the Democratic Republic of Congo accept only Congolese francs. This move aims to boost the use of the national currency and reduce reliance on the U.S. dollar, which weakens the franc.
Gold drops as jobs data dashes Fed rate-cut hopes, China pauses buying
Submitted by admin on Fri, 2024-06-07 09:55 Section: Daily DispatchesYvonne Yue Li and Sybilla Gross
Bloomberg News
via Yahoo News, Sunnyvale, California
Friday, June 7, 2024
Gold fell the most since April as surprise strength in a key U.S. jobs report dashed hopes that the Federal Reserve will be able to start lowering borrowing costs soon.
Billion slumped as much as 2.6% while Treasury yields and the dollar surged after the U.S. government's May employment report showed job growth exceeded expectations and wages were hot.
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LBMA reviews gold purity concerns about Indonesian state miner
Submitted by admin on Thu, 2024-06-06 10:03 Section: Daily DispatchesBy Swati Verma and Fransiska Nangoy
Reuters
Thursday, June 6, 2024
The London Bullion Market Association said it is reviewing allegations involving Indonesian state miner Aneka Tambang over the purity of its gold products.
Indonesia's attorney general's office has named six former general managers at Antam's precious metal processing and refining business unit as suspects for alleged misuse of Antam's stamping service.
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