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Daily Dispatches

U.S. home prices rise at fastest pace in more than 30 years

Section: Daily Dispatches

By Mamta Badkar
Financial Times, London
Tuesday, June 28, 2021

U.S. home price growth accelerated in April at the fastest pace in more than three decades as strong housing demand continued to come up against a shortage of residential properties.

The S&P Case-Shiller national home price index, which covers all nine U.S. census divisions, rose 14.6 per cent year on year in April, data today showed. That followed a 13.3 per cent annual jump in March, and was "the highest reading in more than 30 years," according to the report.

Second former Deutsche Bank 'spoof' trader gets a year in prison

Section: Daily Dispatches

From Bloomberg Law, New York
Monday, June 28, 2021

A second former Deutsche Bank precious-metals trader was ordered to serve a year and a day in prison for manipulating gold and silver prices with bogus "spoof" trade orders between 2008 and 2013.

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USA Gold: Coins and Bullion Since 1973

Allocated beer meets unallocated gold in Scotland

Section: Daily Dispatches

Winner of BrewDog's 'Solid Gold" Beer Can Finds Prize is Mainly Brass

By Rob Davies
The Guardian, London
Monday, June 28, 2021

A man who won a "solid gold" can of BrewDog beer has been left disappointed after the prize, which the Scottish brewery claims is worth L15,000, turned out to be largely made of brass.

BrewDog and its chief executive, James Watt, advertised the chance to win the can across multiple media platforms between November 2020 and March 2021 as part of a promotional competition.

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Fed’s Quarles says 'digital dollar' could pose considerable risks to financial system

Section: Daily Dispatches

By Greg Robb
WarketWatch, New York
Monday, June 28, 2021

Talk that the Federal Reserve should develop a "digital dollar" is everywhere, but a top U.S. central banker today signaled he isn't on board.

The Fed's top overseer of the banking system -- Fed Vice Chairman Randal Quarles -- said he doesn't see the benefits for a digital dollar and that the new product would "pose considerable risks" to the financial system.

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China's net gold imports via Hong Kong slump nearly 59% in May

Section: Daily Dispatches

By Eileen Soreng
Monday, June 28, 2021

China's net gold imports via Hong Kong more than halved in May from the previous month, when they touched the highest level in nearly three years, as demand for the precious metal faltered amid fresh coronavirus-led restrictions.

By product value, bitcoin produces 15 times the carbon emissions of gold mining

Section: Daily Dispatches

From Prospector Portal, Fort Lauderdale, Florida
via Visual Capitalist, Vancouver, British Columbia, Canada
Monday, June 28, 2021

bitcoin mining is nearly 15X more carbon intensive than mining an equivalent amount of gold (in dollar terms). The carbon footprint of a single mined bitcoin (including fees) amounts to 191 tonnes of carbon dioxide while to mine the equivalent value in gold, it would only take 13 tonnes of carbon dioxide.

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Something may be up at IMF: Chinese central banker to become deputy director

Section: Daily Dispatches

IMF Managing Director Kristalina Georgieva Proposes Appointment of Mr. Bo Li as Deputy Managing Director

Frpm the International Monetary Fund
Washington, D.C.
Sunday, June 28, 2021

WASHINGTON -- Kristalina Georgieva, managing director of the International Monetary Fund, announced today to the Executive Board of the IMF her proposal to appoint Mr. Bo Li as deputy managing Director, effective August 23, 2021. Mr. Li is currently deputy governor of the People's Bank of China. He will succeed Mr. Tao Zhang, who, as previously announced, steps down on August 22.

Indonesia and China to reduce U.S. dollar in bilateral trade

Section: Daily Dispatches

By Vincent Fabian Thomas
The Jakarta Post
Monday, June 28, 2021

Indonesia and China are closer to reducing their reliance on the U.S. dollar as they plan to start using their own currencies for bilateral trade and investment within weeks. 

The switch to local currency settlement (LCS) is expected to take place in the third quarter of this year. Bank Indonesia's head of financial market development, Donny Hutabarat, said the move was part of Indonesia's effort to diversify currencies used in trade and investment with bilateral partners.

Ronan Manly: Thai central bank buys 90 tonnes of gold in April and May

Section: Daily Dispatches

By Ronan Manly
Bullion Star, Singapore
Sunday, June 27, 2021

In early April this year the Hungarian central bank stunned gold markets with the surprise announcement that it had purchased a massive 63 tonnes of gold during March, and in doing so tripled its gold reserves from 31.5 tonnes to 94.5 tonnes.

At the time, this 63.5 tonnes purchase (the details of which we covered) was the largest year-to-date gold purchase by a central bank during 2021.

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Bitcoin exchange Binance banned from UK as crypto frauds double

Section: Daily Dispatches

Government keeps protecting people against ... government's own competitors.

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By Will Kirkman and Matthew Field
The Telegraph, London
Sunday, June 27, 2021

The City watchdog has banned one of the world's largest Bitcoin exchanges from operating in Britain amid mounting fears over the rise of cryptocurrency crime.

The Financial Conduct Authority ordered Binance Markets Ltd. to remove all advertising and financial promotions by Wednesday and told the firm it must not carry out any regulated activities in Britain without prior consent.