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Daily Dispatches
Nigerian lawmakers want central bank to fight inflation with gold
Submitted by admin on Tue, 2024-07-09 11:00 Section: Daily DispatchesBy Nduka Orjinmo
Bloomberg News
Tuesday, July 9, 2024
Nigerian lawmakers are proposing a dramatic increase in the central bank's power to use gold to shore up the nation's reserves in defense of the economy.
A draft bill before the Senate puts forward a raft of policies that would enshrine the bank as the automatic off-taker for all the gold produced in the country, alongside a goal to make the precious metal at least 30% of Nigeria's external reserves.
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Ed Steer: Silver -- A weapon of mass financial destruction?
Submitted by admin on Mon, 2024-07-08 18:55 Section: Daily Dispatches6:54p ET Monday, July 8, 2024
Dear Friend of GATA and Gold:
The weekend edition of Ed Steer's Gold and Silver Digest, published by GATA board member Ed Steer, is headlined "Silver: A Weapon of Mass Financial Destruction?" and is posted in the clear at SilverSeek here:
https://silverseek.com/article/silver-weapon-mass-financial-destruction
Jan Nieuwenhuijs: A deep dive into the gold swaps, leases, and forwards market
Submitted by admin on Mon, 2024-07-08 17:44 Section: Daily Dispatches5:44p ET Monday, July 8, 2024
Dear Friend of GATA and Gold:
Gold researcher Jan Nieuwenhuijs today provides a primer about the gold lending business -- swaps, leases, and forwards. It explains how bullion banks can make money in the business, but not so much why central banks sometimes assist the business by putting their metal in play. That's GATA's job.
Nieuwenhuijs' analysis is headlined "Swaps, Leases, and Forwards -- A Deep Dive into the Gold Wholesale Market" and it's posted at the Gainesville Coins internet site here:
China's central bank keeps gold buying on hold for second month
Submitted by admin on Sun, 2024-07-07 10:01 Section: Daily DispatchesBloomberg doesn't really know what its headline says. What Bloomberg knows and should mean is that the People's Bank of China didn't report buying gold for a second month. Central bank gold data is often misleading or false -- https://www.gata.org/node/23251 -- just like mainstream financial journalism about gold and other topics that are inconvenient for central banking.
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From Bloomberg News
via Yahoo News, Sunnyvale, California
Saturday, July 6, 2024
Peter Grandich tells 'Live from the Vault' that developments keep favoring gold
Submitted by admin on Fri, 2024-07-05 22:18 Section: Daily Dispatches10:23p ET Friday, July 5, 2024
Dear Friend of GATA and Gold:
Kinesis Money's "Live from the Vault" program this week has London metals trader Andrew Maguire in a discussion with gold advocate and mining analyst Peter Grandich, who admits being surprised by the dichotomy between elevated metals prices and depressed prices for mining shares.
Tanzania starts buying domestic gold production to boost FX reserves
Submitted by admin on Fri, 2024-07-05 12:45 Section: Daily DispatchesBy Beatrice Materu
The East African, Nairobi, Kenya
via MSN.com, Redmond, Washington
Saturday, June 29, 2024
The Bank of Tanzania has started a large gold-buying initiative as part of a strategic drive to support the expansion of the mining industry and strengthen foreign exchange reserves.
The information was made public by Emmanuel Tutuba, the governor of the Bank of Tanzania, during his visit to the Geita Gold Refinery and the Mwanza Precious Metals Refinery Co. Ltd.
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Netherlands is ready to rebuild its financial system with gold
Submitted by admin on Wed, 2024-07-03 11:55 Section: Daily Dispatches11:54a ET Wednesday, July 3, 2024
Dear Friend of GATA and Gold:
Our friend the Dutch gold researcher Jaco Schipper today calls attention to a May 15 report from the public broadcasting service in the Netherlands, NOS, about the government's new fortress gold vault in the town of Zeist:
https://nos.nl/artikel/2475275-hoe-verplaats-je-in-het-geheim-15-miljard-aan-goudstaven-en-geld
Ross Norman: Gold is defying gravity
Submitted by admin on Tue, 2024-07-02 19:12 Section: Daily Dispatches7:13p ET Tuesday, July 2, 2024
Dear Friend of GATA and Gold:
Ross Norman, former proprietor of London bullion dealer Sharps Pixley, now CEO of Metals Daily, writes today that the price of gold has been rising not because of genuine physical demand but because of options buying on the Shanghai Futures Exchange.
India, four Southeast Asia countries plan instant retail cross-border payments
Submitted by admin on Tue, 2024-07-02 17:55 Section: Daily DispatchesBy Jaspreet Kalra
Reuters
via Yahoo Finance, Sunnyvale, California
Monday, July 1, 2024
https://finance.yahoo.com/news/india-four-se-asia-countries-082944639.html
MUMBAI -- The central banks of India, Malaysia, Thailand, Singapore, and the Philippines are working together to start an instant cross-border retail payments platform by 2026, the Bank of International Settlements said today.
New Jersey legislature again votes unanimously to end taxes on gold and silver
Submitted by admin on Mon, 2024-07-01 21:24 Section: Daily DispatchesBy Jp Cortez
Money Metals News Service, Eagle, Idaho
Monday, July 1, 2024
For the second time in less than a year, the New Jersey legislature has voted to end the sales tax on purchases of gold and silver coins, bars, and rounds without a single dissenting vote.
A2812 and S721, carried by Sens. Steinhardt and Sarlo and Asms. Greenwald, Swain, and Egan, enjoyed overwhelming support, passing the Senate by a vote of 40-0 and the Assembly with a 71-0 vote.
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