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Daily Dispatches

Rep. Mooney introduces bill to end federal taxes on gold and silver coins and bullion

Section: Daily Dispatches

By JP Corez
Money Metals News Service, Eagle, Idaho
Tuesday, March 30, 2021

U.S. Rep. Alex Mooney, R-West Virginia, today re-introduced sound money legislation to remove all federal income taxation from gold and silver coins and bullion.

The Monetary Metals Tax Neutrality Act (H.R. 2284), backed by the Sound Money Defense League and free-market activists, would clarify that the sale and exchange of precious metals bullion and coins are not to be included in capital gains, losses, or any other type of federal income calculation.

Dollar's share of global reserves sinks to lowest since 1995

Section: Daily Dispatches

By Susanne Barton and Daniela Sirtori-Cortina
Bloomberg News
Wednesday, March 31, 2021

The dollar's share of global currency reserves dropped in the fourth quarter to around 59%, the lowest in 25 years, according to International Monetary Fund data.

The slide came in a quarter when a gauge of the greenback fell the most since 2010, and amid questions about how long the dollar can maintain its status as the pre-eminent reserve currency. 

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Kenneth Rogoff: The dollar's fragile hegemony

Section: Daily Dispatches

By Kenneth Rogoff
Project Syndicate, New York
Tuesday, March 30, 2021

The mighty U.S. dollar continues to reign supreme in global markets. But the greenback's dominance may well be more fragile than it appears, because expected future changes in China's exchange-rate regime are likely to trigger a significant shift in the international monetary order.

GoldCore's Dave Russell asks GATA secretary: Are central banks any good at gold suppression?

Section: Daily Dispatches

From GoldCore, Dublin, Ireland
Tuesday, March 30, 2021

Chris Powell is a director of GATA, the Gold Anti-Trust Action Committee. Formed in 1998, GATA’s mission is to expose, oppose, and litigate against collusion to control the price and supply of gold and related financial instruments. 

Frank Holmes: Gold miners had record high profit margins in 2020

Section: Daily Dispatches

By Frank Holmes
U.S. Global Investors, San Antonio, Texas
Tuesday, March 30, 2021

Gold producers had their most profitable year ever in 2020, based on one metric. 

The average all-in sustaining cost (AISC) margin, which is the gold price minus the cost to produce the metal, hit a record $828 per ounce, according to Metals Focus. 

What this means is that for every ounce of gold a mining company produced in 2020, it got to pocket $828 on average. This is comfortably higher than the previous record of $666 set in 2011. ...

Africa's biggest fund manager wants to see local interest for any gold mining mergers

Section: Daily Dispatches

Felix Njini and Loni Prinsloo
Bloomberg News
via Yahoo Finance, Sunnyvale, California
Tuesday, March 30, 2021

Africa's biggest fund manager and a key investor in South African gold companies said any consolidation in the sector must benefit the country as well as shareholders.

U.S. companies sound inflation alarm

Section: Daily Dispatches

By Aziza Kasumov, Colby Smith, and Eric Platt 
Financial Times, London
Monday, March 29, 2021

Investors are fretting over inflation. Scores of U.S. companies are saying they are right to.

A growing number of businesses are warning that supply-chain bottlenecks, increasing raw material costs, and higher labour expenses are beginning to bite.

Manufacturing behemoth 3M has flagged rising air and freight costs to ship its goods, while Walmart has warned on the congestion in U.S. ports. 

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Wall Street Silver interviews GATA secretary on defeating gold and silver price suppression

Section: Daily Dispatches

11:15p ET Sunday, March 28, 2021

Dear Friend of GATA and Gold:

Your secretary/treasurer was interviewed for a half hour Friday by Wall Street Silver founders Ivan Bayoukhi and Lee Justo, discussing the documentation of surreptitious intervention by governments and central banks in the gold and silver markets and how the price suppression can be defeated. 

Rare 1822 gold coin fetches $8.4 million at auction, a record for a U.S. coin

Section: Daily Dispatches

By Ken Ritter
Associated Press
via The Day, New London, Connecticut
Saturday, March 27, 2021

LAS VEGAS -- The coin trading world has a new gold standard, after the only known 1822 half eagle $5 piece in private hands sold at auction in Las Vegas for $8.4 million, experts said Friday.

Douglas Mudd, curator and director of the Edward C. Rochette Money Museum in Colorado Springs, Colo., confirmed the coin is one of three of its kind in existence and the auction price Thursday was the highest for a U.S. gold coin struck by the U.S. Mint.

Dalio sees 'good probability' bitcoin gets outlawed

Section: Daily Dispatches

By Julia La Roche
Yahoo News, Sunnyvale, California
Wednesday, March 24, 2021

Billionaire investor Ray Dalio, the founder of the $150 billion hedge fund Bridgewater Associates -- the world's largest -- made a case that there's a "good probability" bitcoin could be outlawed, similar to when the U.S. government made it illegal to privately own gold.