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Daily Dispatches
Crypto investors withdraw record amounts from exchanges
Submitted by admin on Sun, 2022-12-11 09:42 Section: Daily DispatchesBy Nikou Asgari
Financial Times, London
Sunday, December 11, 2022
Investors are pulling record levels of bitcoin from crypto exchanges as the collapse of Sam Bankman-Fried's FTX stirs fears over the safety of their assets.
FTX, once the darling of the crypto industry, filed for bankruptcy protection in mid-November after an $8 billion hole emerged in its balance sheet.
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Gold-buying mania in Egypt as national currency loses value
Submitted by admin on Sat, 2022-12-10 12:20 Section: Daily DispatchesFrom Middle East Eye, London
Saturday, December 10, 2022
Egyptians are hoarding as much gold as they can, trying to protect their savings, as their national currency continues to lose value against foreign currencies.
The stampede for gold has raised its price in the local market sharply, enticing specialists to warn against what might turn into a gold price bubble.
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China boosts yuan in energy markets as Xi ends Saudi visit
Submitted by admin on Sat, 2022-12-10 08:00 Section: Daily DispatchesBy Teddy Ng
South China Morning Post, Hong Kong
Saturday, December 10, 2022
China pledged to step up development aid and ramped up its efforts to promote the use of the Chinese yuan in energy markets as Chinese President Xi Jinping wrapped up his trip to Saudi Arabia.
Beijing also offered to train 1,500 police and cybersecurity officials as part of its efforts to expand security cooperation and to increase the Gulf states' participation in Chinese space projects.
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Deutsche Bank seeks to rejoin key gold trading club in London
Submitted by admin on Fri, 2022-12-09 21:26 Section: Daily DispatchesBy Eddie Spence and Steven Arons
Bloomberg News
Friday, December 9, 2022
Deutsche Bank has applied to rejoin the London Bullion Market Association -- the world's foremost standard setter for gold trading -- as the German lender seeks to expand its trading unit.
The LBMA application "brings us into line with other banks that offer precious metal services," Deutsche Bank said in a statement today. "It reflects the careful growth of our precious metals business in recent years, and growing client demand for our services."
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Ex-JPMorgan gold trader found guilty in spoofing trial
Submitted by admin on Fri, 2022-12-09 17:22 Section: Daily DispatchesBy Joe Deaux and Kim Chipman
Bloomberg News
Friday, December 9, 2022
Former JPMorgan Chase & Co. gold and silver trader Christopher Jordan today was convicted of wire fraud affecting a financial institution by a federal jury in Chicago, the latest win for U.S. prosecutors in their crackdown on illegal "spoofing" trades and market manipulation.
Alasdair Macleod: The debate between gold and bitcoin in 2023
Submitted by admin on Fri, 2022-12-09 10:49 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Friday, December 9, 2022
The FTX scandal has thrown the future of cryptocurrencies into doubt. Supporters of bitcoin, which has proved to be remarkably robust at a time when the whole cryptocurrency ecosystem is threatened by scandal and systemic collapse, are still asserting that it is the future money.
Gold hits record in Pakistan as economic woes spur buying frenzy
Submitted by admin on Thu, 2022-12-08 08:44 Section: Daily DispatchesBy Faseeh Mangi and Ismail Dilawar
Bloomberg News
Wednesday, December 7, 2022
Gold prices in Pakistan surged to a record as people took refuge in the safe-haven metal on mounting concerns that the nation’s economic conditions will deteriorate further.
China reveals gold buying after quarter of mystery purchases
Submitted by admin on Wed, 2022-12-07 21:16 Section: Daily DispatchesThis is so silly and pathetic. How much gold did Chinese state banks and other enterprises purchase in the last three years, holding it off the books of the People's Bank of China? None? Does Bloomberg really think that China (or any rival of the United States) will be honest about its gold investories with the International Monetary Fund, the compiler of official gold reserve data and an instrument of U.S. dollar imperialism? At least Bloomberg could raise the question of unreported gold purchases by Chinese state agencies -- if the news agency ever wanted to get real.
Dave Kranzler: Why is gold a good inflation hedge?
Submitted by admin on Wed, 2022-12-07 15:36 Section: Daily DispatchesBy Dave Kranzler
Investment Research Dynamics, Denver
via Kinesis Money, London
Wednesday, December 7, 2022
With inflation raging and the price of gold seemingly not keeping pace with rising rates, articles suggesting that gold is no longer a valid hedge against inflation or preservation of wealth assets have proliferated in the mainstream financial media.
Robert Lambourne: BIS gold swaps reverse sharply upward as metal's price rises
Submitted by admin on Wed, 2022-12-07 15:09 Section: Daily DispatchesBy Robert Lambourne
Wednesday, December 7, 2022
On November 10 my most recent commentary on the gold swaps of the Bank for International Settlements noted that "after 12 years in the gold swap business, the BIS seems to have just about gotten out":
It goes to show how wrong you can be, since the bank's November statement of account, just published --
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