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Daily Dispatches
A bank China built to challenge the dollar now needs it
Submitted by admin on Fri, 2023-06-16 11:10 Section: Daily DispatchesBy Alexander Saeedy and Lingling Wei
The Wall Street Journal
Friday, June 16, 2023
A development bank China launched with its fellow Brics countries was supposed to reshape international finance. Russia's invasion of Ukraine now risks turning it into a zombie bank.
Robert Lambourne: BIS gold swaps rose 39% in May amid U.S. debt turmoil
Submitted by admin on Wed, 2023-06-14 15:12 Section: Daily DispatchesBy Robert Lambourne
Wednesday, June 14, 2023
Gold swaps by the Bank for International Settlements rose markedly in May, according to the bank's monthly account statement, published this week:
https://www.bis.org/banking/balsheet/statofacc230531.pdf
The bank’s gold swaps are estimated to be 188 tonnes as of May 31, a 39% increase over the 135 tonnes reported as of April 30. As shown in Table B below, recent months have brought much volatility in the level of swaps.
North Carolina House Republicans want state savings held as gold bullion
Submitted by admin on Tue, 2023-06-13 20:33 Section: Daily DispatchesBy Lynn Bonner
NCNewsline.com, Raleigh, North Carolina
Tuesday, June 13, 2023
North Carolina House Republicans want the state to use some of its savings to buy gold bullion and bury it in Texas.
A group of House Republicans filed a bill in mid-April that would have the state use $2 billion from its savings reserve to buy gold bullion. The bill sat idle in the House Appropriations Committee until Thursday, when it was sent to the Committee on State Government. It's set for a committee hearing tomorrow.
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Ed Steer: Another decrease in SLV's short position
Submitted by admin on Mon, 2023-06-12 19:31 Section: Daily Dispatches7:29p ET Monday, June 12, 2023
Dear Friend of GATA and Gold (and Silver):
The weekend edition of Ed Steer's Gold and Silver Digest, published by GATA board member Ed Steer, is headlined "Another Decrease in SLV's Short Position" and it's posted in the clear at SilverSeek here:
https://silverseek.com/article/another-decrease-slvs-short-position
Ghana regains top gold spot in Africa as output jumps 32%
Submitted by admin on Fri, 2023-06-09 19:50 Section: Daily DispatchesBy Christian Akorlie
Reuters
Friday, June 9, 2023
ACCRA, Ghana -- Ghana recorded a 32% increase in gold production last year, enabling it to win back the top spot from South Africa as the largest gold producer on the continent, the president of the mines chamber said today.
Ghana lost the position to South Africa in 2021 after a drastic fall in output.
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Jan Nieuwenhuijs: The Shanghai International Gold Exchange and de-dollarization
Submitted by admin on Fri, 2023-06-09 16:46 Section: Daily DispatchesBy Jan Nieuwenhuijs
Gainsville Coins, Lutz, Florida
Friday, June 9, 2023
This article is a primer on the Chinese gold market, more specifically the Shanghai International Gold Exchange (SGEI).
The SGEI facilitates "offshore" gold trading in renminbi and can play a crucial role in de-dollarization, as it allows countries to use renminbi as a trade currency that can be converted into gold without affecting China's balance of payments.
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Ambrose Evans-Pritchard: Forget inflation, for deflation is the real danger now
Submitted by admin on Fri, 2023-06-09 10:36 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
via MSN Money, Redmond, Washington
Thursday, June 8, 2023
The global inflation shock of the last two years is over except for the shouting. Legacy effects will generate much noise for a few months but the one-off spike is reversing almost everywhere with an elegant symmetry.
Alasdair Macleod: The entire euro system faces failure
Submitted by admin on Thu, 2023-06-08 15:26 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, June 8, 2023
In these dog days of summer, there is a new complacency over the financial and economic status of the Eurozone. Inflation is down, bank shares have rallied, and the end of rises in interest rates is in sight.
Will Argentina ditch its peso for the dollar?
Submitted by admin on Thu, 2023-06-08 10:04 Section: Daily DispatchesLeading presidential candidate says he'd "blow up" the central bank.
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By Ignacio Olivera Doll
Bloomberg News
Thursday, June 8, 2023
The Argentine peso has had a tumultuous life. In the 1980s it was temporarily dethroned by a new currency called the austral. An arranged marriage with the dollar in 1991 produced some years of bliss but ended in a ruinous divorce. More recently, the peso has suffered the humiliation of being tagged the worst-performing currency in emerging markets.
India's gold reserve up more than 40% in five years
Submitted by admin on Thu, 2023-06-08 09:41 Section: Daily DispatchesBy Gayatri Nayak
The Times of India, Mumbai
Thursday, June 8, 2023
The Reserve Bank of India's gold reserves have risen by more than 40% since it resumed the purchase of the yellow metal over five years ago. This shows gold has emerged as a strong hedge against inflation and has helped reduce dependence on the dollar to an extent.
India's central bank, unlike others, never sells its gold.
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