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Daily Dispatches
Surge in nickel prices threatened to blow $2.6 billion hole in key LME entity
Submitted by admin on Thu, 2022-12-01 11:33 Section: Daily DispatchesBy Harry Dempsey and Philip Stafford
Financial Times, London
Thursday, December 1, 2022
A surge in nickel prices in March threatened to topple a London Metal Exchange entity designed to keep troubles in a single market from infecting the financial system, according to the fullest accounting to date of a crisis that has shaken confidence the 145-year-old venue.
Pam and Russ Martens: Credit default swaps explode on Credit Suisse as its stock price hits record low
Submitted by admin on Thu, 2022-12-01 10:22 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Thursday, December 1, 2022
That $4 billion capital raise that was supposed to shore up confidence in global banking behemoth Credit Suisse turns out to have been too little, too late. Yesterday, five-year credit default swaps (CDS) on Credit Suisse blew out to 446 basis points. That's up from 55 basis points in January and more than five times where CDS on its peer Swiss bank, UBS, are trading.
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Gold market riggers call for reinforcements
Submitted by admin on Thu, 2022-12-01 09:31 Section: Daily DispatchesJPMorgan Joins HSBC as Vault Custodian for Top Gold ETF
By Eddie Spence
Bloomberg News
Thursday, December 1, 2022
JPMorgan Chase & Co. will store gold held by the world’s biggest exchange-traded fund in its vaults, a major coup for the bank’s bullion business.
The lender will now act as an additional custodian for the SPDR Gold Trust, according to a statement from the World Gold Council, which launched the fund. Previously HSBC Holdings Plc had sole responsibility for holding the bullion.
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Ronan Manly: LBMA is a fractional-reserve banking fraud like FTX
Submitted by admin on Wed, 2022-11-30 12:58 Section: Daily Dispatches12:57p ET Wednesday, November 30, 2022
Dear Friend of GATA and Gold:
USA Gold's 'News & Views' letter for December
Submitted by admin on Wed, 2022-11-30 12:35 Section: Daily Dispatches12:37p ET Wednesday, November 30, 2022
Dear Friend of GATA and Gold:
At LBMA conference, BIS exec shows off his experience secretly intervening in gold
Submitted by admin on Mon, 2022-11-28 22:26 Section: Daily Dispatches10:33p ET Monday, November 28, 2022
Dear Friend of GATA and Gold:
Along with mining entrepreneur Pierre Lassonde and professional nihilist Doug Casey, some bigshots in the monetary metals sector still contend that central banks don't care much about gold.
Ghana in talks with Dubai oil refiner to barter gold for fuel
Submitted by admin on Mon, 2022-11-28 10:18 Section: Daily DispatchesBy Ekow Dontoh and Moses Mozart Dzawu
Bloomberg News
Monday, November 28, 2022
Ghana is in talks with Emirates National Oil Co. for a barter arrangement that will enable the West African nation to buy fuel with gold.
Ambrose Evans-Pritchard: Putin plots Europe's deindustrialization
Submitted by admin on Fri, 2022-11-25 11:13 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Thursday, November 24, 2022
Vladimir Putin lost his energy war this year. He may still win it next year by exhausting Europe’s will to resist through another gas and power crunch.
The secondary target of his bombing blitz on Ukraine’s energy infrastructure is the EU itself. The damage deprives Europe of crucial electricity imports from Ukrainian plants. Power will have to flow in the opposite direction to prevent a humanitarian disaster in Ukrainian cities.
Gold miners odered to sell 20% of refined bullion to Ghana
Submitted by admin on Fri, 2022-11-25 10:50 Section: Daily DispatchesBy Ekow Dontoh
Bloomberg News
Friday, November 25, 2022
Ghana ordered large gold-mining companies to sell 20% of the metal they refine to the nation's central bank, as the government embarks on a plan to barter bullion for fuel.
The directive will be effective Jan. 1, Minister for Lands and Natural Resources Samuel Jinapor said in a notice posted on Vice President Mahamudu Bawumia's Facebook page. The government also ordered small-scale miners to sell their gold to the state-owned Precious Minerals Marketing Co.
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Ghana plans to buy oil with gold instead of U.S. dollars
Submitted by admin on Thu, 2022-11-24 16:55 Section: Daily DispatchesBy Cooper Inveen, Christian Akorlie, and Sofia Christensen
Reuters
Thursday, November 24, 2022
ACCRA, Ghana -- Ghana's government is working on a new policy to buy oil products with gold rather than U.S. dollar reserves, Vice President Mahamudu Bawumia said on Facebook today.
The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs.
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