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Daily Dispatches
China reveals gold buying after quarter of mystery purchases
Submitted by admin on Wed, 2022-12-07 21:16 Section: Daily DispatchesThis is so silly and pathetic. How much gold did Chinese state banks and other enterprises purchase in the last three years, holding it off the books of the People's Bank of China? None? Does Bloomberg really think that China (or any rival of the United States) will be honest about its gold investories with the International Monetary Fund, the compiler of official gold reserve data and an instrument of U.S. dollar imperialism? At least Bloomberg could raise the question of unreported gold purchases by Chinese state agencies -- if the news agency ever wanted to get real.
Dave Kranzler: Why is gold a good inflation hedge?
Submitted by admin on Wed, 2022-12-07 15:36 Section: Daily DispatchesBy Dave Kranzler
Investment Research Dynamics, Denver
via Kinesis Money, London
Wednesday, December 7, 2022
With inflation raging and the price of gold seemingly not keeping pace with rising rates, articles suggesting that gold is no longer a valid hedge against inflation or preservation of wealth assets have proliferated in the mainstream financial media.
Robert Lambourne: BIS gold swaps reverse sharply upward as metal's price rises
Submitted by admin on Wed, 2022-12-07 15:09 Section: Daily DispatchesBy Robert Lambourne
Wednesday, December 7, 2022
On November 10 my most recent commentary on the gold swaps of the Bank for International Settlements noted that "after 12 years in the gold swap business, the BIS seems to have just about gotten out":
It goes to show how wrong you can be, since the bank's November statement of account, just published --
Craig Hemke at Sprott Money: Finding order in chaos
Submitted by admin on Wed, 2022-12-07 10:53 Section: Daily DispatchesBy Craig Hemke
Sprott Money,Toronto
Wednesday, December 7, 2022
It's that time of year when analysts and prognosticators begin issuing their forecasts for the year to come. This is always challenging business, and predicting 2023 promises to be even more difficult than usual.
'Huge, missing, and growing': $65 trillion in dollar debt sparks concern
Submitted by admin on Tue, 2022-12-06 08:56 Section: Daily DispatchesBy Greg Ritchie
Bloomberg News
via Yahoo News, Sunnyvale, California
Monday, December 5, 2022
There's a hidden risk to the global financial system embedded in the $65 trillion of dollar debt being held by non-US institutions via currency derivatives, according to the Bank for International Settlements.
India's trade ministry seeks to cut gold tariff to curb smuggling
Submitted by admin on Mon, 2022-12-05 21:17 Section: Daily DispatchesBy Ruchi Bhatia and Adrija Chatterjee
Bloomberg News
Monday, December 5, 2022
India’s trade ministry is discussing a reduction in import taxes on gold to rein in illegal shipments, according to people familiar with the matter.
Crypto broker Genesis owes Winklevoss exchange's customers $900 million
Submitted by admin on Sun, 2022-12-04 11:19 Section: Daily DispatchesBy Nikou Asgeri and Joshua Oliver
Financial Times, London
Saturday, December 3, 2022
Digital asset trading group Genesis and its parent company Digital Currency Group owe customers of the Winklevoss twins' crypto exchange $900 million as the collapse of FTX reverberates across the market.
New York crypto exchange Gemini, run by Tyler and Cameron Winklevoss, is trying to recover the funds after Genesis was wrongfooted by last month's failure of Sam Bankman-Fried's FTX crypto group, according to people familiar with the matter.
Silver rally stops TD Securities out of tactical short
Submitted by admin on Sat, 2022-12-03 19:23 Section: Daily DispatchesBy Neils Christensen
Kitco News, Montreal
Friday, December 2, 2022
After a dismal summer, the silver market appears to be making up for last ground as prices end the week at their highest level since June.
March silver futures have rallied more than 9% this past week, last trading at $23.40 an ounce. Silver is seeing its best weekly performance since August 2020. The week also caps silver's 22% gain since November.
... Dispatch continues below ...
How a corrupt Dominican senator is blocking a Canadian company's gold mine
Submitted by admin on Sat, 2022-12-03 11:15 Section: Daily DispatchesBy Tom Blackwell
National Post, Toronto
Wednesday, November 30, 2022
The Canadian mining company Goldquest had just enough money left in 2012 to sink two more boreholes in the southwestern hills of the Dominican Republic. If they turned up nothing, exhaustive exploration efforts would be for naught, similar to the vast majority of such searches worldwide.
... Dispatch continues below ...
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LBMA creates Russian bullion bars database for customs authority use
Submitted by admin on Sat, 2022-12-03 11:03 Section: Daily DispatchesBy Peter Hobson
Reuters
Friday, December 2, 2022
LONDON -- The London Bullion Market Association is creating a database of Russian gold bars held by banks in London to help prevent sanctions evasion by Russian companies or the Russian central bank, the industry group said.
Banks and the LBMA are reluctant to say how much Russian gold is held in vaults.
But disclosures by gold-owning investment funds show that hundreds of tonnes accumulated in London, Zurich, and New York before Russia invaded Ukraine in February.
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