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Daily Dispatches
Tanzania orders gold miners and dealers to reserve 20% for central bank to buy
Submitted by admin on Sat, 2024-09-28 22:42 Section: Daily DispatchesBy Nuzulack Dausen
Reuters
Saturday, September 28, 2024
DAR ES SALAAM, Tanzania -- Tanzania's mining regulator has ordered all mining firms and traders exporting gold to allocate at least 20% of the commodity for sale to the central bank to bolster the bank's move to diversify its foreign reserves.
The central bank, the Bank of Tanzania, began buying gold from local traders and miners in the last financial year that ended in June to boost its reserves amid depreciation pressure on the local currency, the shilling.
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Ghana central bank launches gold coin to boost savings
Submitted by admin on Sat, 2024-09-28 13:49 Section: Daily DispatchesBy Ekow Dontoh
Bloomberg News
Friday, September 27, 2024
Ghana has launched a new gold coin to help it manage money-market liquidity while boosting domestic savings.
Rick Mills: Gold repatriation shifting from north to south
Submitted by admin on Sat, 2024-09-28 13:41 Section: Daily DispatchesBy Rick Mills
Ahead of the Herd, Prince George, British Columbia, Canada
Saturday, September 28, 2024
In 2017 Germany brought home nearly $31 billion of gold bars that had been stored in New York and Paris after World War II. The Financial Times gives a good account of how Germany amassed, lost and then got its gold back:
https://www.ft.com/content/4edf00ee-a43c-11e7-8d56-98a09be71849
Zimbabwe devalues ZiG as latest bid for stable currency founders
Submitted by admin on Fri, 2024-09-27 18:41 Section: Daily DispatchesBy Godfrey Marawanyika and Ray Ndlovu
Bloomberg News
Friday, September 27, 2024
Zimbabwe raised interest rates and devalued its gold-backed currency by 43%, following persistent weakness in the ZiG amid deep skepticism that the nation's latest bid to create a viable local unit would succeed.
The Reserve Bank of Zimbabwe lifted the benchmark policy rate to 35% from 20%, it said in a statement today. Prices on its website separately showed the ZiG, short for Zimbabwe Gold, quoted at 24.4 per dollar from 14 per dollar earlier in the day.
Iran's gold imports up sixfold in six months as country evades sanctions
Submitted by admin on Thu, 2024-09-26 21:06 Section: Daily DispatchesBy Amirhadi Anvari
Iran International, London
Thursday, September 26, 2024
The head of Iran's Customs reported that approximately 43 tons of gold bullion, valued at $2.5 billion, were imported into the country during the first six months of the Iranian calendar year, from March 21-September 20.
The figure represents a sixfold increase compared to the same period last year, when only 7.3 tons, worth $466 million, were imported.
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Mike Maharrey: Israel considers joining the war on gold, silver, and cash
Submitted by admin on Thu, 2024-09-26 20:02 Section: Daily DispatchesBy Mike Maharrey
Money Metals Exchange, Eagle, Idaho
Thursday, September 26, 2024
Israel appears to be poised to take the war on cash to another level by eliminating the highest denomination of Israeli currency and limiting private ownership of gold and silver.
According to a report by YNetNews.com, Prime Minister Benjamin Netanyahu has asked high-ranking government officials to discuss the elimination of the 200-shekel banknote. Netanyahu called for the sweeping move to "curb illicit cash flows" and fight "black-market money."
China weighs injecting $142 billion of capital into top banks
Submitted by admin on Wed, 2024-09-25 23:36 Section: Daily DispatchesFrom Bloomberg News
Wednesday, September 25, 2024
China is considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy, according to people familiar with the matter.
Top official gold seller in first half of 2024 is big U.S. ally
Submitted by admin on Wed, 2024-09-25 15:13 Section: Daily DispatchesPhilippines Tops World Gold Sales in First Half of 2024
By Ian Laqui
Philippine Star, Manila
Thursday, September 26, 2024
MANILA -- The Bangko Sentral ng Pilipinas disclosed that it sold gold during the first half of the year, following a report identifying the central bank as the largest precious metal seller for that period.
In a statement, the central bank said the gold sales were part of an "active management strategy" of the country's gold reserves, which form a portion of the Philippines' gross international reserves.
Gold suppression policy is blown, GATA's Ed Steer tells talk radio's Dave Janda
Submitted by admin on Wed, 2024-09-25 12:46 Section: Daily Dispatches12:50p ET Wednesday, September 25, 2024
Dear Friend of GATA and Gold:
Interviewed last week by talk radio host Dave Janda on WAAM-AM1600 in Ann Arbor, Michigan, GATA board member Ed Steer, publisher of Ed Steer's Gold and Silver Digest letter, said the U.S. and international economies are in their most fragile condition ever, being supported only by frantic creation of money by governments and central banks.
Ambrose Evans-Pritchard: Groundswell builds for massive Chinese stimulus but today wasn't real thing
Submitted by admin on Tue, 2024-09-24 22:07 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, September 24, 2024
China urgently needs a stimulus of shock-and-awe proportions, backed by a deep cleansing of its broken banks along the lines of America's "TARP" (Troubled Asset Relief Program) rescue in 2008. The latest package announced today falls far short.
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