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Daily Dispatches
Trump tells U.S. Treasury to stop minting pennies
Submitted by admin on Mon, 2025-02-10 00:19 Section: Daily DispatchesBy Jill Colvin
Associated Press
Sunday, February 9, 2025
WASHINGTON -- President Donald Trump says he has directed the Treasury Department to stop minting new pennies, citing the rising cost of producing the one-cent coin.
"For far too long the United States has minted pennies which literally cost us more than 2 cents. This is so wasteful!," Trump wrote in a post Sunday night on his Truth Social site. "I have instructed my secretary of the U.S. Treasury to stop producing new pennies."
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By 'monetizing' U.S. assets, does Trump administration mean gold?
Submitted by admin on Sun, 2025-02-09 14:10 Section: Daily Dispatches2:12p ET Sunday, February 9, 2024
Dear Friend of GATA and Gold:
Chris Marcus of Arcadia Economics today calls attention to a remark made last Monday by Treasury Secretary Scott Bessent that the Trump administration plans to "monetize the asset side of the U.S. balance sheet":
Weekend edition of Ed Steer's Gold and Silver Digest is posted in the clear at SilverSeek
Submitted by admin on Sun, 2025-02-09 13:24 Section: Daily Dispatches1:24p ET Sunday, February 9, 2025
Dear Friend of GATA and Gold:
The weekend edition of GATA board member Ed Steer's Gold and Silver Digest letter, headlined "The Big 8 Increase Their Short Position in Silver," has been posted in the clear at GoldSeek's companion site, SilverSeek, here:
https://silverseek.com/article/big-8-increase-their-short-position-silver
What is Bank of England doing in the gold market, and why? Press again fails to ask
Submitted by admin on Sun, 2025-02-09 09:28 Section: Daily Dispatches9:36a ET Sunday, February 9, 2025
Dear Friend of GATA and Gold:
Imagine that you had more than an hour to question the governor of the Bank of England and several of his top assistants in the middle of great turmoil in the London gold market. Would you be prepared with a few critical and even inconvenient questions?
Asian purchases, not tariff fears, have drained London gold, Maguire tells LFTV
Submitted by admin on Sat, 2025-02-08 09:10 Section: Daily Dispatches9:09a ET Saturday, February 8, 2024
Dear Friend of GATA and Gold:
Long-running purchases of gold by Asian institutions, not the fear of U.S. tariffs, are the underlying cause of the gold shortage in the London market, London metals trader Andrew Maguire says on this week's edition of Kinesis Money's "Live from the Vault" program.
These purchases, Maguire says, have exposed the great imbalance between real metal and unbacked derivative claims on it.
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China starts pilot project allowing insurers to invest in gold
Submitted by admin on Fri, 2025-02-07 20:43 Section: Daily DispatchesFrom Reuters
via The Business Times, Singapore
Friday, February 7, 2025
China, the world's biggest bullion consumer, will allow some of its insurance funds to buy gold for medium- and long-term asset allocations as part of a pilot project, the country's financial regulator said today.
The project should broaden institutional demand and may provide support to gold prices in China in the longer term depending on insurance funds' appetite for participating in it, according to analysts.
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Alasdair Macleod: Now for the bull market
Submitted by admin on Fri, 2025-02-07 18:56 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Friday, February 7, 2025
The bullion bank establishment is adjusting to gold and silver going far higher, which is why they are deleveraging their balance sheets. It is a process in its early stages.
Dave Kranzler: What is driving gold and silver higher?
Submitted by admin on Fri, 2025-02-07 12:34 Section: Daily Dispatches12:33p ET Friday, February 7, 2024
Dear Friend of GATA and Gold:
Dave Kranzler of the Mining Stock Journal writes today that the Trump tariffs explanation of the run on gold at the Bank of England "is nothing more than the cover story being disseminated by the big bullion banks using the ignorant mainstream financial media as the echo chamber." He contends that the fractional-reserve gold banking system, which has used derivatives to create a huge imaginary supply of the monetary metal, is breaking down.
Suddenly even the Financial Times can muse about gold revaluation
Submitted by admin on Fri, 2025-02-07 00:42 Section: Daily DispatchesBut it's not really a new idea at all. Seventeen years ago a former member of the Federal Reserve's Board of Governors, Lyle Gramley, remarked on Canadian television that revaluing gold could quickly strengthen the U.S. government's financial position:
https://www.gata.org/node/6989
Of course the FT and the rest of the mainstream financial news organizations took no notice of it.
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Gold Glitters as the Unimaginable Becomes Imaginable
Royal Marines wouldn't need a month or two to empty Bank of England's gold vault
Submitted by admin on Wed, 2025-02-05 20:21 Section: Daily Dispatches8:25p ET Wednesday, February 5, 2024
Dear Friend of GATA and Gold:
Bloomberg News seemed surprised today as it reported that "gold in the Bank of England vault is trading at a discount to the wider market, as fears over potential Trump tariffs spark a scramble for bullion that's resulting in weeks-long queues to withdraw metal":
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