GATA

Joseph Adinolfi: Reports of the petrodollar system's demise are 'fake news,' and here's why

Section: Daily Dispatches

By Joseph Adinolfi
Dow Jones News Service
via Morningstar.com, Chicago
Saturday, June 15, 2024

Stories about the collapse of a longstanding "petrodollar" agreement between the United States and Saudi Arabia spread like wildfire on social media this week. But the agreement never existed.

It seemed like big news, and many wondered why the mainstream media had seemingly ignored it. Turns out there was a very good reason.

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Hit by new U.S. sanctions, Russia halts dollar and euro trade on main bourse

Section: Daily Dispatches

By Alexander Marrow and Mark Trevelyan
Reuters
via Yahoo News, Sunnyvale, California
Wednesday, June 12, 2024

New U.S. sanctions against Russia have forced an immediate suspension of trading in dollars and euros on its leading financial marketplace, the Moscow Exchange.

The exchange and the central bank rushed out statements today -- a public holiday in Russia -- within an hour of Washington announcing a new round of sanctions aimed at cutting the flow of money and goods to sustain Russia's war in Ukraine.

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The world will never be free if it believes official gold data

Section: Daily Dispatches

11:52p ET Tuesday, June 11, 2024

Dear Friend of GATA and Gold:

Headlines like this have been pummeling the monetary metals sector in recent days: "Gold Is Getting So Expensive That Even China's Central Bank Stopped Buying."

Singapore to lead gold market as it shifts east, World Gold Council says

Section: Daily Dispatches

By Lee Ying Shan
CNBC, New York
Monday, June 10, 2024

SINGAPORE -- Singapore is set to become a leading gold hub as trading shifts east, according to the World Gold Council.

One key reason is that gold consumption in major emerging economies is rising, and a majority of these markets are concentrated in Asia, said Shaokai Fan, head of Asia-Pacific and global head of central banks.

Singapore's proximity to these central banks, which are snapping up gold, is another factor, he added. 

Vietnam expected to start allowing private companies to import gold again

Section: Daily Dispatches

By Ashitha Shivaprasad and Brijesh Patel
Reuters
Tuesday, June 11, 2024

SINGAPORE -- Vietnam is expected to allow companies to import gold for the first time in over a decade, as it aims to bridge the widening gap between local prices and international benchmarks, an industry official told Reuters.

The Vietnam Gold Traders Association has been in protracted talks with the government over measures to correct the imbalance in supply and demand of gold, Huynh Trung Khanh, the association's vice chair said.

Asante