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Daily Dispatches
U.S. dollar share of world currency reserves stays flat in second quarter, IMF says
Submitted by admin on Sat, 2023-09-30 12:56 Section: Daily DispatchesBy Gertrude Chavez-Dreyfuss
Reuters
Friday, September 29, 2023
NEW YORK -- The U.S. dollar's share of global currency reserves reported to the International Monetary Fund was 58.9% in the second quarter, unchanged from the first three months of the year, IMF data showed today.
Claims in U.S. dollars rose 0.8% to $6.576 trillion in the second quarter, but were down 1% from a year earlier.
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Chinese gold premiums ease but remain high
Submitted by admin on Fri, 2023-09-29 19:35 Section: Daily DispatchesChinese Gold Demand Robust But Indian Buyers Unimpressed by Price Dip
By Rajendra Jadhav and Deep Kaushik Vakil
Reuters
Friday, September 29, 2023
Physical gold premiums eased slightly in top consumer China this week but remained elevated on high investor demand amid a broadly weaker yuan and economic worries, while lower prices in India failed to boost retail purchases.
Chinese dealers charged premiums of between $80 and $100 an ounce over global spot prices, compared with $60-$130 last week.
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Turk describes the connection between liberty and gold as money
Submitted by admin on Thu, 2023-09-28 22:33 Section: Daily Dispatches10:53p Thursday, September 28, 2023
Dear Friend of GATA and Gold:
Interviewed this week by Jon Little of the Silver Degen Club, GoldMoney founder and GATA consultant James Turk reminds us that liberty disappears when government removes gold from the monetary system, confiscates it from the people, and refuses to let them have their own independent money.
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China gold prices plunge the most since 2020, curbing record premium
Submitted by admin on Thu, 2023-09-28 20:47 Section: Daily DispatchesBy Eddie Spence and Sybilla Gross
Bloomberg News
Thursday, September 28, 2023
Gold in China dropped the most in three years after Beijing permitted more imports, all but closing the gap with international prices that has persisted for weeks.
The precious metal fell 3.8% on the Shanghai Gold Exchange, with losses accelerating toward the end of the trading day. This follows a months-long rally in local prices, which created a record premium to gold outside the country.
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Alasdair Macleod: The end of the road for the dollar
Submitted by admin on Thu, 2023-09-28 12:14 Section: Daily DispatchesBy Alasdair Macleod
Head of Research, GoldMoney
via Schiff Gold, White Plains, New York
Thursday, September 28, 2023
With the Asian hegemons undoubtedly able to introduce gold standards, where does that leave the dollar?
This article describes just how precarious the fiat dollar's position has become. For now the dollar appears to be buoyed up by rising bond yields. However, as they rise further, portfolio losses for foreign investors are likely to increase, leading to dollar liquidation.
Maybe Costco should stock gold futures contracts as well
Submitted by admin on Wed, 2023-09-27 15:28 Section: Daily DispatchesCostco Is Selling Out of Small Gold Bars 'Within a Few Hours'
By Bill Peters
MarketWatch, New York
Wednesday, September 27, 2023
Costco Wholesale Corp. sells lots of things you wouldn't expect from a big-box retailer: caskets, caviar, six-pound tubs of Nutella. Add to that list 1-ounce bars of gold, which the company said today were selling out within a matter of hours.
China's gold prices surge, hitting a record against the world
Submitted by admin on Wed, 2023-09-27 00:39 Section: Daily DispatchesBy Sybilla Gross
Bloomberg News
via Yahoo News, Sunnyvale, California
Tuesday, September 26, 2023
China is suddenly full of gold bugs.
It's a flight to safety familiar to students of economic stress.
"With the yuan falling, the property market slumping and capital controls keeping money from leaving the country, investors are buying gold," Bloomberg economists David Qu and Chang Shu wrote in a report.
Pam and Russ Martens: Bank of America's unrealized debt losses are 34% of all such losses among U.S. banks
Submitted by admin on Tue, 2023-09-26 11:41 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Tuesday, September 26, 2023
According to Bank of America's federal regulatory filing known as the Call Report, for the quarter ending June 30, 2023, it had $105.79 billion in unrealized losses on its held-to-maturity securities.
Why a weak yuan is spurring a retail gold rush in China
Submitted by admin on Mon, 2023-09-25 22:33 Section: Daily DispatchesThe spread between the domestic and international price for the precious metal is at a decade high; Chinese consumers are racing for safety as they see their assets dwindle
By He Huifeng
South China Morning Post, Hong Kong
Tuesday, September 26, 2023
With the yuan weak, housing in the doldrums and stocks as insecure as ever, China's working and middle class are turning to one investment option that is regaining some shine: gold.
Tanzania has started domestic gold purchases to boost forex reserves
Submitted by admin on Mon, 2023-09-25 20:08 Section: Daily DispatchesBy Nuzulack Dausen
Reuters
Monday, September 25, 2023
DAR ES SALAAM, Tanzania -- Tanzania has started buying gold locally as a way of boosting its foreign exchange reserves, the central bank said today.
The central bank announced its intention of buying gold in late August.
"The bank is therefore purchasing gold from domestic miners and traders, in Tanzanian shillings," Bank of Tanzania said in a statement.
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