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Daily Dispatches
Russian banks run low on gold amid surging demand
Submitted by admin on Wed, 2022-10-26 19:46 Section: Daily DispatchesFrom Russia Today, Moscow
Tuesday, October 25, 2022
Banks in Russia are facing a shortage of gold bars after demand for the precious metal increased sharply, the Vedomosti newspaper reported, citing experts.
The executive director of precious metals operations at Uralsib Bank, Andrey Vasiliev, told the media outlet that supply disruptions arose due to the limited production capacity of refineries and growing demand for gold bars from citizens.
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Craig Hemke at Sprott Money: All eyes on the dollar index
Submitted by admin on Tue, 2022-10-25 20:56 Section: Daily Dispatches8:56p ET Tuesday, October 25, 2022
Dear Friend of GATA and Gold:
Craig Hemke of the TF Metals Report, writing tonight at Sprott Money,argues that the U.S. dollar index will anticipate the ending of the Federal Reserve's interest-rate-raising cycle, breaking below its moving averages. Hemke's writes that such a point has not yet arrived but it will. His analysis is headlined "All Eyes on the Dollar Index" and it's posted at Sprott Money here:
New gold exchange may transform India from price taker to price maker
Submitted by admin on Tue, 2022-10-25 09:12 Section: Daily DispatchesBSE Launches Electronic Gold Receipts
From the Press Trust of India
via The Times of India, Mumbai
Tuesday, October 25, 2022
NEW DELHI -- Leading stock exchange BSE has launched its electronic gold receipts on its platform, a move that will help in efficient and transparent price discovery of the yellow metal.
The exchange has introduced two new products of .995 and .999 purity during the Muhurat trading on Diwali and trading will be in multiples of 1 gram and deliveries in multiples of 10 grams and 100 grams, the exchange said in a statement.
U.S. mining sanctions take aim at Nicaragua's gold
Submitted by admin on Mon, 2022-10-24 21:17 Section: Daily DispatchesBy Tyler Clifford and Susan Heavey
Reuters
Monday, October 24, 2022
U.S. President Joe Biden's administration today ratcheted up economic pressure on Nicaraguan President Daniel Ortega's government through a series of steps targeting the country's mining, gold, and other sectors.
Ronan Manly: LBMA and Comex running out of silver fast
Submitted by admin on Mon, 2022-10-24 19:51 Section: Daily Dispatches7:50p ET Monday, October 24, 2022
Dear Friend of GATA and Gold:
Bullion Star monetary metals analyst Ronan Manly writes today that silver inventories in the London Bullion Market Association system are at a record low, having fallen for 10 months straight, and that silver inventories at the New York Commodities Exchange are at a five-year low.
His analysis is headlined "Comex Deliverable Silver Far Less than Imagined as 50% of 'Eligible' Is Not Available" and it's posted at Bullion Star here:
With Shanghai stockpile gone, copper market 'like a room full of gunpowder'
Submitted by admin on Mon, 2022-10-24 09:35 Section: Daily DispatchesChina's Billion-Dollar Cash-for-Copper Trade Grinds to a Halt
Alfred Cang and Jack Farchy
Bloomberg News
via Yahoo News, Sunnyvale, California
Sunday, October 23, 2022
For the past 15 years the center of gravity of the global copper market has been a row of warehouses in Shanghai's free-trade zone where the Yangtze River meets the Pacific.
Egypt's new currency gauge might be based on gold, central bank boss says
Submitted by admin on Sun, 2022-10-23 20:28 Section: Daily DispatchesEgypt to develop New Currency Indicator to Wean People Off U.S. Dollar
By Patrick Werr, Mahmoud Murad, and Nayera Abdallah
Reuters
Sunday, October 23, 1011
CAIRO -- Egypt will develop a new currency indicator partly to wean people off the idea that the Egyptian pound should be pegged to the U.S. dollar, the new central bank governor said today.
Hassan Abdalla, appointed in August, told an economic conference that the central bank was also working to introduce currency hedging and had already finished futures contracts as it revamps its currency trading system.
'Strikingly tight' copper market belies price drop, miner says
Submitted by admin on Sun, 2022-10-23 11:17 Section: Daily DispatchesBy Yvonne Yue Li and James Attwood
Bloomberg News
Thursday, October 20, 2022
Copper prices don’t reflect a "strikingly tight" physical market, according to the world's largest publicly-traded producer of the metal used in everything from computer chips to electric vehicles.
Macroeconomic headwinds have pushed copper futures down almost 30% from a peak in March, despite brisk demand and shrinking inventories that are nearing historical lows.
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GLD and SLV are 'illusions' as metal drains away, Maguire says
Submitted by admin on Sat, 2022-10-22 19:31 Section: Daily Dispatches7:31p ET Saturday, October 22, 2022
Dear Friend of GATA and Gold:
In this week's episode of Kinesis Money's "Live from the Vault" program, London metals trader Andrew Maguire calls the exchange-traded gold and silver funds GLD and SLV "purely illusions."
The gap between futures prices and prices of real metal has become so extreme, Maguire says, that little real metal is available at the futures price and the New York Commodities Exchange is quickly being drained of real metal.
Alasdair Macleod: The last stand for free markets
Submitted by admin on Thu, 2022-10-20 11:29 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, October 20, 2022
The British government's desperate dash toward free markets has failed, badly bungled. The establishment in Whitehall and Westminster is back and realigned with the international government consensus. The socialist wealth redistributors, the interventionists, and the anti-Brexit Remainers now formulate government policy. In Britain, free markets are dead.
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