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Daily Dispatches

Biggest buyer of Treasuries outside U.S. is quietly selling billions

Section: Daily Dispatches

By Michael Mackenzie and Chikako Mogi
Bloomberg News
Monday, May 2, 2022

In times of Treasury turmoil, the biggest investor outside American soil has historically lent a helping hand. Not this time round. 

Japanese institutional managers -- known for their legendary U.S. debt-buying sprees in recent decades -- are now fueling the great bond selloff just as the Federal Reserve pares its $9 trillion balance sheet.

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Stress emerges again in Treasuries market

Section: Daily Dispatches

By John Dizard
Financial Times, London
Saturday, April 30, 2022

When the world's biggest and most liquid market shows signs of stress, investors should take note.

At the beginning of this month, major financial market participants trading in the U.S. Treasury bond market had difficulty meeting the demands for collateral made by their counterparties.

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Dollar's surge leaves a trail of destruction

Section: Daily Dispatches

By Saikat Chatterjee and Sujata Rao
Friday, April 29, 2022

LONDON -- The dollar's race to two-decade highs is leaving a trail of destruction in its wake, exacerbating inflation in other countries and tightening financial conditions just as the world economy confronts the prospect of a slowdown in growth.

Maguire and Macleod discuss defections from Western financial system

Section: Daily Dispatches

11:08p ET Friday, April 29, 2022

Dear Friend of GATA and Gold:

London metals trader Andrew Maguire interviews GoldMoney research director Alasdair Macleod on this week's edition of Kinesis Money's "Live from the Vault" program, discussing the defection of China, Russia, and other countries from the Western financial system.

Macleod and Maguire see a "commodification" of currencies as the Western system collapses, leading to a revaluation of gold.

The discussion is 57 minutes long and can be seen at YouTube here:

Ambrose Evans-Pritchard: China faces double disaster, caught between virus and Putin

Section: Daily Dispatches

By Ambrose Evans-Pritchard
The Telegraph, London
Friday, April 29, 2022

China should abandon all illusions that the West is in terminal decline, or that a new world order of authoritarian regimes is dawning.

It should ditch Vladimir Putin immediately. The country should not be tainted by the retrograde adventurism of a loser. Beijing should instead seek a new concordat with Washington, acting as a conciliatory stakeholder power.

Russian central bank chief rejects linking ruble to gold, differing with Kremlin

Section: Daily Dispatches

From Bloomberg News
Friday, April 29, 2022

Bank of Russia Governor Elvira Nabiullina today dismissed the idea of pegging the ruble to gold after the Kremlin said it was a proposal under consideration.

"It is not being discussed in any way," Nabiullina told reporters at a briefing after the central bank cut the key interest rate by 300 basis points.

The ruble must continue to have a floating exchange rate, she said, though volatility of the currency will be higher amid capital controls imposed after Russia began its invasion of Ukraine.

Ronan Manly: Kremlin confirms intention to back the ruble with gold and commodities

Section: Daily Dispatches

By Ronan Manly
Bullion Star, Singapore
Thursday, April 28, 2022

On Tuesday, April 26, in an interview with newspaper Rossiyskaya Gazeta, the secretary of the Russian Federation’s Security Council, Nikolai Patrushev, said that Russian experts are working on a project to back the Russian ruble with gold and other commodities.

The interview, which is in Russian, can be seen on the newspaper's website here:

Tennessee becomes 42nd state to end sales taxes on gold and silver

Section: Daily Dispatches

By Stefan Gleason
Money Metals Exchange, Eagle, Idaho
via Coin Week, Ormond Beach, Florida
Thursday, April 28, 2022

Both houses of the Tennessee legislature yesterday overwhelmingly passed bills that would make the Volunteer State the 42nd state in the U.S. to remove sales taxes from constitutional sound money -- gold and silver).

Alasdair Macleod: Building a better banking system

Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, April 28, 2022

This article anticipates the rapidly approaching time when we might be engulfed in a combined currency, asset, and banking crisis. It is becoming clear that such an event can no longer be ruled out.

Ed Steer: The nearly comprehensive complicity in monetary metals price suppression

Section: Daily Dispatches

Canadian mining and media mogul and zillionaire Frank Giustra, quoted below in an excerpt from GATA board member Ed Steer's market letter today, has declined over the years several requests to help GATA or just acknowledge its work. But then as a respectable figure in the world's financial establishment and a pal and major financial benefactor of former President Bill Clinton --