Swiss central bank cuts rates to zero, won't rule out going negative
Submitted by admin on Thu, 2025-06-19 09:42 Section: Daily DispatchesBy John Revill
Reuters
Thursday, June 19, 2025
ZURICH -- The Swiss National Bank today cut its interest rate to zero and did not rule out returning borrowing costs to negative territory in future, although it stressed this was not a step it would take lightly.
The bank reduced its policy rate by 25 basis points from 0.25%, as expected by markets and a Reuters poll, to stand on the brink of negative rates for the first time since 2022.
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Former depository operator gets 65 years, huge fine for biggest gold and silver theft
Submitted by admin on Wed, 2025-06-18 10:31 Section: Daily DispatchesBy Joseph N. DiStefano
Philadelphia Inquirer
Tuesday, June 17, 2025
WILMINGTON, Delaware -- Robert Leroy Higgins, 69, the West Chester, Pennsylvania, gold and silver dealer found guilty by a federal jury of fraud and tax evasion last fall, was sentenced today to 65 years in prison by U.S. District Judge Maryellen Noreika.
China's central bank chief expects new currency order will challenge dollar
Submitted by admin on Wed, 2025-06-18 10:21 Section: Daily DispatchesThomas Hale and Cheng Leng
Financial Times, London
Wednesday, June 18, 2025
China's central bank governor has said he expects a new global currency order to emerge after decades of dominance by the U.S. dollar, with the renminbi competing in a "multi-polar international monetary system."
Speaking at China's flagship financial forum in Shanghai, Pan Gongsheng said the U.S. dollar had "established its dominance" after the second world war and "retained its status up till now." He warned of "excessive reliance" on a single currency.
With new refinery, Mali aims to process all locally mined gold domestically
Submitted by admin on Tue, 2025-06-17 09:28 Section: Daily DispatchesMali Starts Construction of Russia-Backed Gold Refinery
By Tiemoko Diallo and Idrissa Sangare
Reuters
Tuesday, June 17, 2025
BAMAKO, Mali -- Mali began on Monday construction of a new Russia-backed gold refinery, which the West African country's military leader said would take it closer to asserting control over its natural resources.
The 200-ton capacity facility, in which Mali has a controlling stake, will be built in partnership with Russia's Yadran Group and a Swiss investment company.
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Many exporters no longer want dollars, U.S. bank executive says
Submitted by admin on Tue, 2025-06-17 09:18 Section: Daily DispatchesBy Cater Johnson
Bloomberg News
via The Edge, Petaling Jaya, Malaysia
Tuesday, June 17, 2025
When Paula Comings, the head of currency sales for U.S. Bancorp, talks to U.S. importers, she increasingly hears the same message: Their foreign counterparties no longer want to be paid in dollars.
Instead, they ask for settlement in euros, Chinese renminbi, the Mexican peso, or the Canadian dollar, looking to limit their exposure to further swings in the greenback.
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Central banks favor gold over dollar for reserves, survey finds
Submitted by admin on Tue, 2025-06-17 09:06 Section: Daily DispatchesFrom Reuters
Tuesday, June 17, 2025
LONDON -- Central banks expect their gold holdings as a proportion of their reserves to increase over the next five years while expecting their dollar reserves to be lower, a survey by the World Gold Council showed.
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