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Daily Dispatches

3 reasons why China doesn't want yuan to replace dollar as world's reserve currency

Section: Daily Dispatches

By Huileng Tan
Insider, New York
Sunday, May 28, 2023

The Chinese currency is having its moment in the sun as a potential challenger to the U.S. dollar-dominated global payments system. As it looks to broaden the use of its currency internationally, China has forged deals with countries including Russia. And while the currency isn't the only greenback challenger, it is the most high-profile contender, against the backdrop of US-China tensions and Beijing's alliance with Russia amid the war.

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Iraq boosts gold reserves by 2% in a day as it undertakes gradual buildup

Section: Daily Dispatches

By Khalid Al Ansary
Bloomberg News
Monday, May 29, 2023

Iraq's central bank boosted its gold reserves by about 2% in a single day last week as part of what it calls a gradual plan to stock up on the precious metal that's seen as a traditional haven in times of economic distress.

Iraq bought 2.5 tons of bullion on Thursday to bring its reserves to 132.73 tons, Mazin Sabah, director general of the central bank's investments department, said in an interview in Baghdad. The strategy is to acquire more gold in the second half of the year, Sabah said. 

President and House speaker reach deal to raise debt ceiling

Section: Daily Dispatches

By Jim Tankersley, Catie Edmondson, and Luke Broadwater
The New York Times
Saturday, May 27, 2023

President Biden and House Speaker Kevin McCarthy tonight reached an agreement in principle to raise the debt limit for two years while cutting and capping some government spending over the same period, a breakthrough after a marathon set of crisis talks that has brought the nation within days of its first default in history.

The man who invented the trillion-dollar coin

Section: Daily Dispatches

By Alex Carp
New York Magazine
May 1, 2023

About a dozen years ago, a pseudonymous commenter on a financial website, writing under the name Beowulf, presented an unusual solution for a debt-ceiling standoff: If the federal government was at risk of default, and Congress couldn't agree to either cut spending or raise the borrowing limit cleanly, couldn't it simply mint a trillion-dollar coin?

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Grandich's discussion with Maguire goes from gold to spirituality on 'Live from the Vault'

Section: Daily Dispatches

10:15p ET Friday, May 26, 2023

Dear Friend of GATA and Gold:

GATA's old friend, the market analyst and financial adviser Peter Grandich, is London metals trader Andrew Maguire's guest on this week's edition of Kinesis Money's "Live from the Vault" program. Among other things, they discuss the battle between real metal and "paper" gold, the move of the gold market from West to East, the vulnerability of the United States to financial collapse, the country's decline in spirituality and morality, and the Bible's warning about debt.

New 'In Gold We Trust Report' explains again why gold should be going up

Section: Daily Dispatches

11:19a ET Friday, May 26, 2023

Dear Friend of GATA and Gold:

The annual "In Gold We Trust" report from Ronald-Peter Stoeferle and Mark J. Valek of Incrementum AG in Liechtenstein has just been published and as usual it provides a thousand reasons why gold should be soaring in price but no explanation of why it isn't. Apparently that job is too sensitive, risking the ire of governments, major banks, establishment news organizations, and fearful mining companies, and so must be left to GATA:

UAE cashes in with Russian gold as sanctions bite

Section: Daily Dispatches

By Peter Hobson
Thursday, May 25, 2023

LONDON -- he United Arab Emirates has become a key trade hub for Russian gold since Western sanctions over Ukraine cut Russia's more traditional export routes, Russian customs records show.

The records, which contain details of nearly a thousand gold shipments in the year since the Ukraine war started, show the Gulf state imported 75.7 tonnes of Russian gold worth $4.3 billion -- up from just 1.3 tonnes during 2021.

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India's withdrawal of 2000-rupee note spurs purchases of gold and silver

Section: Daily Dispatches

From the Hindustan Times, Delhi
Monday, May 22, 2023

The demand for bullion saw a sudden jump on Saturday, which dealers in various parts of the country said was expected to continue until people offloaded a bulk of their R2,000 banknotes for gold and silver, even as a rush to exchange the high-value currency notes is expected at banks from Monday.

The Reserve Bank of India on Friday said it was withdrawing from circulation ₹2,000 currency notes introduced seven years ago after demonetisation, resulting in a rush to use the banknotes. 

Banks win dismissal of U.S. silver price-fixing suit

Section: Daily Dispatches

By Jonathan Stempel
Monday, May 22, 2023

NEW YORK -- A U.S. judge on Monday dismissed long-running litigation by investors who accused HSBC Holdings and Bank of Nova Scotia of conspiring to fix silver prices.

U.S. District Judge Valerie Caproni in Manhattan said the investors lacked legal standing to pursue federal antitrust claims under the Sherman Act, or claims under the federal Commodity Exchange Act.

BBC: Interest rate rigging evidence was covered up by banks in 2008

Section: Daily Dispatches

The rest of the story -- the much bigger part of it -- can be found here:

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By Andy Verity
British Broadcasting Corp., London
Monday, May 22, 2023

UK and US regulators were told of a state-led drive to "rig" interest rates in the 2008 financial crisis, but covered it up, evidence indicates.

Documents suggest lenders sharply dropped their interest-rate estimates after pressure from central banks.