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Daily Dispatches
Zimbabwe pledges to limit its circulating currency value to the value of its gold reserves
Submitted by admin on Fri, 2024-04-05 12:10 Section: Daily DispatchesZimbabwe launches new gold-backed currency, the ZiG
By Singai Nyoka
British Broadcasting Corp.
Friday, April 5, 2024
Zimbabwe has introduced a new gold-backed currency called ZiG. The name stands for "Zimbabwe Gold."
It is the latest attempt to stabilise an economy that has lurched from crisis to crisis for the past 25 years.
Unveiling the new notes, central bank governor John Mushayavanhu said the ZiG would be structured and set at a market-determined exchange rate.
Alasdair Macleod: Why are gold and bond yields rising together?
Submitted by admin on Fri, 2024-04-05 11:36 Section: Daily DispatchesBy Alasdair Macleod
Friday, April 5, 2024
... The answer can only be that the big, mainly Asian wealth funds look at the U.S. government's finances and see deep trouble.
The only way the U.S. government can satisfy its voracious appetite for debt is at higher interest rates and bond yields. And if interest rates go higher, they will crash financial markets, bring about commercial property and corporate insolvencies, and threaten the entire banking system.
... Dispatch continues below ...
India's central bank builds gold reserves for 'reserve deployment'
Submitted by admin on Fri, 2024-04-05 11:10 Section: Daily DispatchesFrom the Press Trust of India
via Business Standard, New Delhi
Friday, April 5, 2024
Reserve Bank Governor Shaktikanta Das said today India has been building up gold reserves as part of its forex deployment.
"We are building up gold reserves. That is a part of our reserve deployment," Das told reporters at the customary post-policy review press conference here.
... Dispatch continues below ...
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Asia pushes Western gold price riggers out of the way, Giustra says
Submitted by admin on Thu, 2024-04-04 20:32 Section: Daily Dispatches8:30p ET Thursday, April 4, 2024
Dear Friend of GATA and Gold:
Interviewed today by Michelle Makori of Kitco News, gold mining and movie entrepreneur Frank Giustra says the longtime Western suppressors of the gold price seem to have been suddenly pushed out of the way by Asian buyers.
The interview is not quite 10 minutes long and can be viewed at YouTube here:
China moves again to restrain public's demand for gold
Submitted by admin on Sun, 2024-03-31 20:25 Section: Daily DispatchesChinese Banks Raise Purchase Thresholds for Gold Products in Warning to Retail Investors
By Xia Yining and Kelsey Cheng
Caixin Global, Beijing
Saturday, March 30, 2024
At least six Chinese banks have raised investment thresholds for their gold savings accounts, in an attempt to warn retail investors of potential risks amid a price rally and growing demand for the safe-haven asset.
Daniel Moss: Only the United States can destroy the dollar
Submitted by admin on Sun, 2024-03-31 20:14 Section: Daily DispatchesBy Daniel Moss
Bloomberg News
via Mint / Hindustan Times, New Delhi
Sunday, March 31, 2024
There's just no getting past the supremacy of the dollar, much as skeptics of American influence wish for it or lonely yen bulls cry for relief.
The greenback has been frequently tipped to retreat, only for it to blow away everything in front of it. This resilience might not last, but as long as it does, it reminds a world once in thrall to China's ascent that the United States is the essential economic force.
... Dispatch continues below ...
Calls to exclude U.S. Treasuries from leverage ratio imply fear of their rising risk
Submitted by admin on Sun, 2024-03-31 19:44 Section: Daily DispatchesBy Antonio Carlos Fernandes
via Medium, San Francisco
Thursday, March 7, 2024
A recent letter from the International Swaps and Derivatives Association Inc. (ISDA) to the Board of Governors of the Federal Reserve System highlights a larger risk in the United States and international banking sector than what is commonly perceived by the market.
India's March gold imports to drop 90% as prices surge, sources tell Reuters
Submitted by admin on Thu, 2024-03-28 10:55 Section: Daily DispatchesBy Rajendra Jadhav
Reuters
Wednesday, March 27, 2024
MUMBAI -- India's gold imports are set to plunge by more than 90% in March from the previous month to hit their lowest level since the COVID pandemic as banks cut imports after record-high prices hit demand, a government official and two bank dealers told Reuters.
Lower imports by India, the world's second biggest consumer of the precious metal, could limit a rally in global prices that hit a record high earlier this month on expectations that the Federal Reserve will cut interest rates this year.
Jim Rickards: Why gold is the everything hedge
Submitted by admin on Wed, 2024-03-27 19:32 Section: Daily DispatchesBy James G. Rickards
The Daily Reckoning, Baltimore
Wednesday, March 27, 2024
Excerpted from his commentary tonight at The Daily Reckoning, "Gold Is the Everything Hedge":
https://dailyreckoning.com/goldilocks-is-gonna-get-it/
* * *
Gold prices are being driven higher by U.S. threats to steal $300 billion in U.S. Treasury securities from the Russian Federation. Those assets were legally purchased by the Central Bank of Russia as part of their reserve position.
Federal Reserve refuses to provide records of foreign gold holdings
Submitted by admin on Wed, 2024-03-27 15:41 Section: Daily DispatchesBy Ken Silva
Headline USA, Charlotte, North Carolina
Wednesday, March 27, 2024
Weeks after Federal Reserve Chairman Jerome Powell evaded a congressman's questions about the central bank's foreign gold holdings, the Fed has also declined to comply with a Freedom of Information Act request for records about such holdings.
The Federal Reserve's lack of transparency comes amid reports that countries are removing their gold and other assets from the U.S. in the wake of the unprecedented Western sanctions imposed on Russia over its invasion of Ukraine.
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