Daily Dispatches

IAMGold lays off 40% of management and quits World Gold Council

Submitted by cpowell on Wed, 2014-11-12 10:49 Section: Daily Dispatches

IAMGOLD Reduces Executive Team by 40% and Takes Further Measures to Cut Costs

Company Statement via PR Newswire
Monday, November 10, 2014

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Swiss regulator says UBS tried to manipulate monetary metals fixes

Submitted by cpowell on Wed, 2014-11-12 10:27 Section: Daily Dispatches

Clear Attempt to Manipulate Precious Metals Benchmarks at UBS, FINMA Says

By Jan Harvey
Reuters
Wednesday, November 12, 2014

LONDON -- Swiss regulator FINMA said on Wednesday that it found a "clear attempt" to manipulate precious metals benchmarks during its investigation into precious metals and foreign exchange trading at UBS.

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Fines bring bank currency-rigging settlement to $4.3 billion

Submitted by cpowell on Wed, 2014-11-12 10:18 Section: Daily Dispatches

By Suzi Ring, Liam Vaughan, and Jesse Hamilton
Bloomberg News
Wednesday, November 12, 2014

Regulators in the U.S., Britain, and Switzerland ordered six banks to pay about $4.3 billion in the first wave of penalties since authorities began a global probe into the rigging of key foreign-exchange benchmarks last year.

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Gold to find solace from negative lending rate

Submitted by cpowell on Tue, 2014-11-11 20:13 Section: Daily Dispatches

By Nicholas Larkin
Bloomberg News
Tuesday, November 11, 2014

Gold at a four-year low should find solace after rates at which bullion is lent for dollars turned negative, signaling tighter supply, Natixis SA said.

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How to get the gold price up: Put gears and dials in it

Submitted by cpowell on Tue, 2014-11-11 20:04 Section: Daily Dispatches

By Stephanie Nebehay
Reuters
Tuesday, November 11, 2014

GENEVA, Switzerland -- A gold pocket watch made by Patek Philippe for a New York banker in the 1930s fetched 23.2 million Swiss francs ($24 million) at auction on Tuesday, smashing the record for a timepiece it previously set 15 years ago, Sotheby's said.

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LBMA gathers in Peru to disparage gold, discourage redemption of unbacked paper

Submitted by cpowell on Tue, 2014-11-11 19:59 Section: Daily Dispatches

Shaken Gold Bulls Learn to Accept 'New Normal'

By Clara Denina
Reuters
Tuesday, November 11, 2014

LIMA, Peru -- Blinking from sweeping reform on price benchmarks, even the most die-hard gold enthusiasts accepted that the market's glory days had faded for now, as the bullion industry's annual conference agreed prices would nurse losses over the next year.

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Russia is winning confrontation with West, Leeb tells KWN

Submitted by cpowell on Tue, 2014-11-11 19:18 Section: Daily Dispatches

7:20p ET Tuesday, November 11, 2014

Dear Friend of GATA and Gold:

Fund manager Stephen Leeb tells King World News today that Russia is winning its confrontation with the West, that China is the biggest buyer of oil on the current dip, and that he wouldn't be surprised if oil is 70 to 90 percent higher within a year. An excerpt from the interview is posted at the KWN blog here: