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Daily Dispatches
India to withdraw 2,000-rupee notes from circulation
Submitted by admin on Sat, 2023-05-20 09:18 Section: Daily DispatchesBy Ira Dugal and Aftab Ahmed
Reuters
Saturday, May 20, 2023
MUMBAI -- India will start withdrawing its highest value currency notes from circulation, the central bank said on Friday, in a move that economists said could boost bank deposits at a time of high credit growth.
The withdrawal of 2,000-rupee ($24.5) notes -- which the finance ministry's top official, T.V Somanathan, said would not cause disruption "either in normal life or in the economy" - also comes ahead of elections in four large states at the end of the year and a national ballot in spring 2024.
Except for Fed, central banks prepare for gold revaluation, Maguire says
Submitted by admin on Sat, 2023-05-20 09:00 Section: Daily Dispatches9a ET Saturday, May 20, 2023
Dear Friend of GATA and Gold:
London metals trader Andrew Maguire, speaking with Shane Morand on this week's "Live from the Vault" program from Kinesis Money, says central banks, excepting the Federal Reserve, are positioning themselves for an upward revaluation of gold, that the price for physical gold in China is already substantially higher than the nominal price in the West, and that suppression of gold prices on the New York Commodities Exchange is being exploited to drain gold out of London.
Alasdair Macleod: Now we're all working for the state
Submitted by admin on Thu, 2023-05-18 13:09 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, May 18, 2023
A consequence of increasing economic intervention by the state is that we are now expected to breed more taxpayers in future and draw down on our state pensions for less time. Our productivity must be improved as well, thereby maximising our state's tax revenues.
With respect to the democratic process, is this really what we have signed up for? It is hardly surprising that we are losing individual freedom. We are now working for the state, instead of the state working for us.
GoldSeek's Waltzek and GATA's Murphy await blastoff for monetary metals
Submitted by admin on Mon, 2023-05-15 20:52 Section: Daily Dispatches8:52p ET Monday, May 15, 2023
Dear Friend of GATA and Gold (and Silver):
GoldSeek Radio's Chris Waltzek and GATA Chairman Bill Murphy today discuss the strength of gold and silver prices despite constant raids by what Murphy calls the gold cartel. But Murphy says he is tired of the frequent reports that silver supply is extremely tight, since such reports have been circulating for years without result.
Waltzek and Murphy also discuss the instability of the U.S. banking system.
The discussion is 11 minutes long and can be heard at GoldSeek here:
Pam and Russ Martens: FDIC seizure of foreign deposits at SVB opens Pandora's box at JPM and Citi
Submitted by admin on Mon, 2023-05-15 11:14 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Monday, May 15, 2023
If you have been following the banking crisis, you have likely read at least a dozen times that on March 12 federal banking regulators, with the consent of the U.S. Treasury Secretary Janet Yellen, invoked the "systemic risk exception" in order to protect both insured and uninsured depositors at the two banks that failed in March -- Silicon Valley Bank and Signature Bank.
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'Genuinely worried' Asian investors flock to safe haven gold amid U.S. dollar woes
Submitted by admin on Mon, 2023-05-15 09:25 Section: Daily DispatchesBy Biman Mukherji
South China Morning Post, Hong Kong
Monday, May 15, 2023
Canadian investor Brian Foster (a pseudonym) started buying gold a year ago, picking up a little more of the precious metal every time he visited Hong Kong -- about once every three months -- Singapore or Switzerland, until he’d accumulated some US$120,000 worth.
Australian gold miner Newcrest endorses Newmont's raised offer
Submitted by admin on Sun, 2023-05-14 20:14 Section: Daily DispatchesBy Scott Murdoch and Melanie Burton
Reuters
Sunday, May 14, 2023
Australian gold miner Newcrest Mining said it would back Newmont Corp's A$26.2 billion ($17.8 billion) takeover offer in one of the world's largest buyouts so far this year.
The deal, subject to approval from shareholders of both companies and other regulatory hurdles, would lift Newmont's gold output to nearly double its nearest rival, Barrick Gold Corp., and catapult the miner past Freeport McMoRan to become the largest U.S. gold and copper producer by market capitalisation.
Gold jumps above stocks as Americans' preferred long-term investment while real estate plunges
Submitted by admin on Sat, 2023-05-13 09:00 Section: Daily DispatchesBy Filip De Mott
Insider, New York
Friday, May 12, 2023
American investment preferences have shifted in response to ongoing economic insecurities, according to a new Gallup poll.
When asked what is the best long-term investment, a plurality of respondents still said real estate, but the share sank to 34% this year from 45% last year.
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U.S. Treasury has just $88 billion of measures left to avoid debt cap
Submitted by admin on Fri, 2023-05-12 23:34 Section: Daily DispatchesBy Benjamin Purvis and Michael Mackenzie
Bloomberg News
Friday, May 12, 2023
The U.S. Treasury Department said in a statement today that it had just $88 billion of extraordinary measures to help keep the government's bills paid as of May 10.
That's down from around $110 billion a week earlier and means that just over a quarter of the $333 billion of authorized measures are still available to keep the U.S. government from running out of borrowing room under the statutory debt limit.
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Alaska House passes bill to make gold and silver legal tender
Submitted by admin on Fri, 2023-05-12 23:10 Section: Daily DispatchesBy Sean Maguire
Anchorage Daily News
Thursday, May 11, 2023
JUNEAU -- In the final days of the legislative session, the Alaska House passed a bill that would allow gold and silver to be used as legal tender.
House Bill 3, introduced by Big Lake Republican Rep. Kevin McCabe, would allow business owners to decide if they want to accept the precious metals as currency. The coin or bar would need to be refined and its value would need to be authenticated, so gold dust or nuggets could not be used.
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