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Daily Dispatches

Craig Hemke at Sprott Money: Looking for a low in gold and silver

Section: Daily Dispatches

9:07p ET Tuesday, July 11, 2023

Dear Friend of GATA and Gold:

Writing at Sprott Money tonight, Craig Hemke of the TF Metals Report sees signs that monetary metals prices are bottoming along with shares of gold and silver mining companies.

Hemke's analysis is headlined "Looking for a Low" and it's posted at Sprott Money here:

Bangladesh and India to begin bilateral trade in rupees tomorrow

Section: Daily Dispatches

By AKM Zamir Uddin
The Daily Star, Dhaka, Bangladesh
Sunday, July 9, 2023

Bangladesh is set to join a global effort that is seeking to cut over-dependence on the U.S. dollar when it comes to settling foreign trades as the country commences to use the rupee to carry out bilateral transactions with India from July 11. 

The move may extend some respite to importers since they will be able to open letters of credit in the rupee to source a portion of the products from the neighbouring country, thus cutting the use of the U.S. dollar to some extent. 

More than 700 Civil War-era gold coins discovered in Kentucky cornfield

Section: Daily Dispatches

By Chris Knight
National Post, Toronto
Monday, July 10, 2023

A man in Kentucky has harvested a fortune in gold from his cornfield, after stumbling across a cache of more than 700 gold coins dating back to the U.S. Civil War era.

The man, whose name and location have not been revealed, can be heard on a short video breathlessly exclaiming "this is the most insane thing ever" while digging the coins out of the dirt.

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Ed Steer: Precious metals jump but are capped again

Section: Daily Dispatches

6:25p ET Monday, July 10, 2023

Dear Friend of GATA and Gold (and Silver):

The weekend edition of Ed Steer's Gold and Silver Digest, published by GATA board member Ed Steer, is headlined "The Precious Metals Jump Higher But Are Capped Once Again" and it's posted in the clear at GoldSeek's companion site, SilverSeek, here:

Gold swaps and Bank of England's custodial gold inventory decline

Section: Daily Dispatches

A little more journalism would ask the New York Fed about any changes in its own custodial gold inventory -- not that any answer would necessarily be truthful.

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Central Banks Move Gold Back Home After Freeze on Russian Assets

By Arjun Neil Alim and Harry Dempsey
Financial Times, London
Monday, July 10, 2023

Countries are repatriating gold in response to sanctions against Russia, study finds

Section: Daily Dispatches

By Marc Jones
Monday, July 10, 2023

LONDON -- More countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published today.

The financial market rout last year caused widespread losses for sovereign money managers who are "fundamentally" rethinking their strategies on the belief that higher inflation and geopolitical tensions are here to stay.

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Sound Money Defense League's successes discussed on Palisades Gold Radio

Section: Daily Dispatches

7:10p ET Friday, July 7, 2023

Dear Friend of GATA and Gold:

Stefan Gleason of the Sound Money Defense League (and coin and bullion dealer Money Metals Exchange) today explains to Tom Bodrovics of Palisades Gold Radio the league's increasingly successful work to exempt the purchase and sale of the monetary metals from state taxes in the United States.

China boosts gold reserves for eighth month

Section: Daily Dispatches

By Sybilla Gross
Bloomberg News
Friday, July 7, 2023

China added to its gold reserves for an eighth consecutive month, with economic and geopolitical risks as well as a desire to move away from the U.S. dollar driving the purchases.

People's Bank of China holdings of bullion rose by 680,000 troy ounces last month, according to official data released today. That's equivalent to 23 tons. Total stockpiles now sit at 2,330 tons, with around 183 tons added in the run of buying from November.

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More states consider sales tax exemptions for monetary metals as Mississippi law takes effect

Section: Daily Dispatches

By Stefan Gleason
Money Metals News Service, Eagle, Idaho
Thursday, July 6, 2023

Assessing a state sales tax on the purchase of gold and silver is becoming an outmoded, indeed outrageous, practice -- but a small number of U.S. states still engage in it.

Several of the remaining seven states that tax all precious metals purchases are considering enacting their own exemptions, and just this week Mississippi bureaucrats formally stopped slapping these taxes on citizens.

Alasdair Macleod: The real determinants of currency value

Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, July 6, 2023

There are two components to the inflation story: the cycle of bank credit, which left to itself is self-cancelling, and the longer-term erosion of currency values. In examining the causes, this article goes back to monetary basics to explain what is required to make a currency's purchasing power stable.