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Daily Dispatches
Ed Steer: Precious metals jump but are capped again
Submitted by admin on Mon, 2023-07-10 18:25 Section: Daily Dispatches6:25p ET Monday, July 10, 2023
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 "The Precious Metals Jump Higher But Are Capped Once Again" and it's posted in the clear at GoldSeek's companion site, SilverSeek, here:
https://silverseek.com/article/precious-metals-jump-higher-are-capped-once-again
Gold swaps and Bank of England's custodial gold inventory decline
Submitted by admin on Mon, 2023-07-10 10:45 Section: Daily DispatchesA little more journalism would ask the New York Fed about any changes in its own custodial gold inventory -- not that any answer would necessarily be truthful.
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Central Banks Move Gold Back Home After Freeze on Russian Assets
By Arjun Neil Alim and Harry Dempsey
Financial Times, London
Monday, July 10, 2023
Countries are repatriating gold in response to sanctions against Russia, study finds
Submitted by admin on Sun, 2023-07-09 22:51 Section: Daily DispatchesBy Marc Jones
Reuters
Monday, July 10, 2023
LONDON -- More countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published today.
The financial market rout last year caused widespread losses for sovereign money managers who are "fundamentally" rethinking their strategies on the belief that higher inflation and geopolitical tensions are here to stay.
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Sound Money Defense League's successes discussed on Palisades Gold Radio
Submitted by admin on Fri, 2023-07-07 19:10 Section: Daily Dispatches7:10p ET Friday, July 7, 2023
Dear Friend of GATA and Gold:
Stefan Gleason of the Sound Money Defense League (and coin and bullion dealer Money Metals Exchange) today explains to Tom Bodrovics of Palisades Gold Radio the league's increasingly successful work to exempt the purchase and sale of the monetary metals from state taxes in the United States.
China boosts gold reserves for eighth month
Submitted by admin on Fri, 2023-07-07 17:56 Section: Daily DispatchesBy Sybilla Gross
Bloomberg News
Friday, July 7, 2023
China added to its gold reserves for an eighth consecutive month, with economic and geopolitical risks as well as a desire to move away from the U.S. dollar driving the purchases.
People's Bank of China holdings of bullion rose by 680,000 troy ounces last month, according to official data released today. That's equivalent to 23 tons. Total stockpiles now sit at 2,330 tons, with around 183 tons added in the run of buying from November.
... Dispatch continues below ...
More states consider sales tax exemptions for monetary metals as Mississippi law takes effect
Submitted by admin on Thu, 2023-07-06 21:50 Section: Daily DispatchesBy Stefan Gleason
Money Metals News Service, Eagle, Idaho
Thursday, July 6, 2023
Assessing a state sales tax on the purchase of gold and silver is becoming an outmoded, indeed outrageous, practice -- but a small number of U.S. states still engage in it.
Several of the remaining seven states that tax all precious metals purchases are considering enacting their own exemptions, and just this week Mississippi bureaucrats formally stopped slapping these taxes on citizens.
Alasdair Macleod: The real determinants of currency value
Submitted by admin on Thu, 2023-07-06 12:43 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, July 6, 2023
There are two components to the inflation story: the cycle of bank credit, which left to itself is self-cancelling, and the longer-term erosion of currency values. In examining the causes, this article goes back to monetary basics to explain what is required to make a currency's purchasing power stable.
China is in default on a trillion dollars in debt to U.S. bondholders
Submitted by admin on Tue, 2023-07-04 22:39 Section: Daily DispatchesBy Andrew Hale
The Hill, Washington
Tuesday, July 4, 2023
Every country should pay its sovereign debt. Default, we are told, is not an option.
But has anyone told China?
The United States pays interest on approximately $850 billion in debt held by the People's Republic of China. China, however, is currently in default on its sovereign debt held by American bondholders.
Curb use of central bank alternatives to Libor, watchdog says
Submitted by admin on Tue, 2023-07-04 11:08 Section: Daily DispatchesBy Huw Jones
Reuters
Monday, July 3, 2023
LONDON -- The use of four dollar-denominated alternatives to the now-scrapped Libor interest rate need restrictions to avoid threatening financial stability, a global securities watchdog said today.
IOSCO, a global securities watchdog group that includes the U.S. Securities and Exchange Commission as a member, said a review has identified "varying degrees of vulnerability" in these four unnamed rates.
The final dollar-denominated London Interbank Offered Rate or Libor was published last Friday.
Jan Nieuwenhuijs: Despite its declining price, gold is strengthening
Submitted by admin on Mon, 2023-07-03 19:26 Section: Daily DispatchesBy Jan Nieuwenhuijs
Gainsville Coins, Lutz, Florida
Monday, July 3, 2023
The U.S. dollar price of gold has been declining in the past two months, though it continues to show significant strength against the 10-year TIPS yield, to which it was tightly correlated from 2006 until 2021. Gold's performance since early 2022 must be seen as bullish.
A big change has occurred in the gold market since Russia invaded Ukraine and the West seized the euro and dollar denominated assets from Russia’s central bank.
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