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Daily Dispatches
Supreme Court rejects appeals of ex-Deutsche Bank traders in metals spoofing
Submitted by admin on Mon, 2023-01-23 11:05 Section: Daily DispatchesBy Greg Stohr
Bloomberg News
Monday, January 23, 2023
The U.S. Supreme Court has refused to review the convictions of two former Deutsche Bank precious-metals traders for manipulating gold and silver prices with "spoof" trade orders.
The nation's highest court without comment turned away appeals from James Vorley and Cedric Chanu, who were each sentenced to one year and one day in prison for wire fraud.
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Brazil and Argentina to plan for a common currency, less dollar use
Submitted by admin on Sun, 2023-01-22 11:25 Section: Daily DispatchesBy Michael Stott and Lucinda Elliott
Financial Times, London
Sunday, January 22, 2023
Brazil and Argentina will this week announce that they are starting preparatory work on a common currency, in a move that could eventually create the world's second-largest currency bloc.
South America's two biggest economies will discuss the plan at a summit in Buenos Aires this week and will invite other Latin American nations to join.
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Alasdair Macleod: Say's Law and macroeconomic ignorance
Submitted by admin on Thu, 2023-01-19 11:03 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, January 19, 2023
Probably the greatest error in modern economics was the abandonment of Say’s Law, otherwise known as the law of the markets. In a nutshell, it demonstrated that through the division of labour, production is firmly linked to consumption, and the former is tied to the latter through the medium of money and credit.
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Silver futures market is 'ready to bust,' GATA's Steer says
Submitted by admin on Tue, 2023-01-17 22:42 Section: Daily Dispatches10:35p ET Tuesday, January 17, 2023
Dear Friend of GATA and Gold:
GATA board member Ed Steer, publisher of Ed Steer's Gold and Silver Digest letter, tells Jim Goddard of HoweStreet.com that trader positioning in the U.S. silver futures market shows that it is "ready to bust."
The interview is 18 minutes long and can be heard at YouTube here:
Saudi Arabia open to settling trade without U.S. dollars
Submitted by admin on Tue, 2023-01-17 22:29 Section: Daily DispatchesBy Abeer Abu Omar and Manus Cranny
Bloomberg News
Tuesday, January 17, 2023
Saudi Arabia is open to discussions about trade in currencies other than the US dollar, according to the kingdom’s finance minister.
"There are no issues with discussing how we settle our trade arrangements, whether it is in the U.S. dollar, whether it is the euro, whether it is the Saudi riyal," Mohammed Al-Jadaan told Bloomberg TV today in an interview in Davos, Switzerland.
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Trafigura plans to take large amounts of LME copper, sources tell Reuters
Submitted by admin on Tue, 2023-01-17 21:56 Section: Daily DispatchesHow rude not to trust the London Metals Exchange!
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By Pratima Desai
Reuters
Tuesday, January 17, 2023
LONDON -- Commodity trader Trafigura is planning to take large amounts of copper from London Metal Exchange registered warehouses, two people familiar with the matter said, adding that the metal was likely to remain in Europe.
Barrick misses gold guidance as output sinks to 22-year low
Submitted by admin on Tue, 2023-01-17 21:35 Section: Daily DispatchesBy Jacob Lorine
Bloomberg News
Tuesday, January 17, 2023
Barrick Gold Corp.'s bullion output slid last year to its lowest level since 2000, missing analysts' expectations and its own target as operational woes curbed production.
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Craig Hemke at Sprott Money: No hedge fund interest in Comex silver
Submitted by admin on Tue, 2023-01-17 21:19 Section: Daily DispatchesBy Craig Hemke
Sprott Money, Toronto
Tuesday, January 17, 2023
What a curious start to the year in Comex Digital Gold and Comex Digital Silver. The pair usually trade in tandem but, so far in 2023, prices have been moving in opposite directions. And it's not just price. As you'll see in this post, it's also sentiment and interest as measured by the total amount of silver contracts floating around on the Comex.
Sound money legislation introduced in Mississippi
Submitted by admin on Mon, 2023-01-16 21:57 Section: Daily DispatchesFrom Money Metals News Service
Eagle, Idaho
Monday, January 16, 2023
Lawmakers in Jackson, Mississippi, have just introduced legislation to exempt gold and silver coins, bars, and rounds from the state's sales tax.
Rep. Jill Ford has reintroduced House Bill 508 at the beginning of the 2023 session.
This year's legislative effort seeks to build on last year's momentum. Last year Ford's sales tax exemption bill passed out of the Mississippi House of Representatives overwhelmingly but it missed a deadline in the Senate needed to receive a hearing.
41,000 metric tonnes of fuel delivered to Ghana in exchange for gold
Submitted by admin on Mon, 2023-01-16 14:15 Section: Daily DispatchesBy Donald Ato Dapatem
Graphic Online, Accra, Ghana
Monday, January 16, 2023
The first consignment from the gold-for-oil policy of the government to stem the increasing depreciation of the cedi against the major currencies has arrived at the Tema Port and been discharged into the receptacles of Bulk Oil Storage and Transportation Co. (BOST), Graphic Online has gathered.
The 41,000 metric tonnes of the petroleum products delivered by SCF YENISEI would be sold by BOST to bulk distributing companies (BDCs) around Ghana, a source has told Graphic Online.
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