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Daily Dispatches

Ambrose Evans-Pritchard: China faces double disaster, caught between virus and Putin

Section: Daily Dispatches

By Ambrose Evans-Pritchard
The Telegraph, London
Friday, April 29, 2022

China should abandon all illusions that the West is in terminal decline, or that a new world order of authoritarian regimes is dawning.

It should ditch Vladimir Putin immediately. The country should not be tainted by the retrograde adventurism of a loser. Beijing should instead seek a new concordat with Washington, acting as a conciliatory stakeholder power.

Russian central bank chief rejects linking ruble to gold, differing with Kremlin

Section: Daily Dispatches

From Bloomberg News
Friday, April 29, 2022

Bank of Russia Governor Elvira Nabiullina today dismissed the idea of pegging the ruble to gold after the Kremlin said it was a proposal under consideration.

"It is not being discussed in any way," Nabiullina told reporters at a briefing after the central bank cut the key interest rate by 300 basis points.

The ruble must continue to have a floating exchange rate, she said, though volatility of the currency will be higher amid capital controls imposed after Russia began its invasion of Ukraine.

Ronan Manly: Kremlin confirms intention to back the ruble with gold and commodities

Section: Daily Dispatches

By Ronan Manly
Bullion Star, Singapore
Thursday, April 28, 2022

On Tuesday, April 26, in an interview with newspaper Rossiyskaya Gazeta, the secretary of the Russian Federation’s Security Council, Nikolai Patrushev, said that Russian experts are working on a project to back the Russian ruble with gold and other commodities.

The interview, which is in Russian, can be seen on the newspaper's website here:

Tennessee becomes 42nd state to end sales taxes on gold and silver

Section: Daily Dispatches

By Stefan Gleason
Money Metals Exchange, Eagle, Idaho
via Coin Week, Ormond Beach, Florida
Thursday, April 28, 2022

Both houses of the Tennessee legislature yesterday overwhelmingly passed bills that would make the Volunteer State the 42nd state in the U.S. to remove sales taxes from constitutional sound money -- gold and silver).

Alasdair Macleod: Building a better banking system

Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, April 28, 2022

This article anticipates the rapidly approaching time when we might be engulfed in a combined currency, asset, and banking crisis. It is becoming clear that such an event can no longer be ruled out.

Ed Steer: The nearly comprehensive complicity in monetary metals price suppression

Section: Daily Dispatches

Canadian mining and media mogul and zillionaire Frank Giustra, quoted below in an excerpt from GATA board member Ed Steer's market letter today, has declined over the years several requests to help GATA or just acknowledge its work. But then as a respectable figure in the world's financial establishment and a pal and major financial benefactor of former President Bill Clinton --

Pam and Russ Martens: Mega-banks are tanking, the same ones Fed rescued in 2019

Section: Daily Dispatches

By Pam and Russ Martens
Wall Street on Parade
Wednesday, April 27, 2022

As long-term readers of Wall Street On Parade know well, we have regularly warned that the failure of Congress to meaningfully reform Wall Street by restoring the Glass-Steagall Act poses a security threat to our nation in times of crisis.

Craig Hemke at Sprott Money: Where are stocks and gold going?

Section: Daily Dispatches

By Craig Hemke
Sprott Money, Toronto
Tuesday, April 26, 2022

Two weeks ago we wrote a post that warned against a pending drop in the stock market. Two weeks later, it's probably a good idea to update that theme.

The post from two weeks ago mainly focused upon remarks from Fed goons Dudley and Bullard, and it followed a sort of "don't fight the Fed" narrative. To wit, if the Fed is intent upon "inflicting more losses upon stock market investors," you might want to take that into your investment considerations. Here's the link:

Swiss gold exports to U.S. rocketed in March

Section: Daily Dispatches

From Reuters
Tuesday, April 26, 2022

LONDON -- Swiss shipments of gold to the United States surged in March to their highest since May 2020, Swiss customs data showed, as investors spooked by Russia's invasion of Ukraine and the threat of a global economic slowdown stocked up on bullion.

Switzerland's exports to Britain, which like the United States is a centre for gold investment and trading, also rose, while shipments of gold to China and India, the biggest consumer markets, fell sharply.

Toronto-based Kinross Gold to exit Ghana mine in US$225-million deal

Section: Daily Dispatches

By Niall McGee
The Globe and Mail, Toronto
Monday, April 25, 2022

Kinross Gold Corp. plans to sell its Ghana gold mine, as it continues on its quest to unload problem assets and reinvent itself as a less risky investment among the giants of the global gold sector.

Kinross, Canada’s second-biggest gold miner by production, said on Monday that it plans to sell its 90-per-cent stake in the Chirano mine for US$225-million to Asante Gold Corp., a Vancouver-based junior development company.