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Daily Dispatches
Iran's gold imports up sixfold in six months as country evades sanctions
Submitted by admin on Thu, 2024-09-26 21:06 Section: Daily DispatchesBy Amirhadi Anvari
Iran International, London
Thursday, September 26, 2024
The head of Iran's Customs reported that approximately 43 tons of gold bullion, valued at $2.5 billion, were imported into the country during the first six months of the Iranian calendar year, from March 21-September 20.
The figure represents a sixfold increase compared to the same period last year, when only 7.3 tons, worth $466 million, were imported.
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Mike Maharrey: Israel considers joining the war on gold, silver, and cash
Submitted by admin on Thu, 2024-09-26 20:02 Section: Daily DispatchesBy Mike Maharrey
Money Metals Exchange, Eagle, Idaho
Thursday, September 26, 2024
Israel appears to be poised to take the war on cash to another level by eliminating the highest denomination of Israeli currency and limiting private ownership of gold and silver.
According to a report by YNetNews.com, Prime Minister Benjamin Netanyahu has asked high-ranking government officials to discuss the elimination of the 200-shekel banknote. Netanyahu called for the sweeping move to "curb illicit cash flows" and fight "black-market money."
China weighs injecting $142 billion of capital into top banks
Submitted by admin on Wed, 2024-09-25 23:36 Section: Daily DispatchesFrom Bloomberg News
Wednesday, September 25, 2024
China is considering injecting up to 1 trillion yuan ($142 billion) of capital into its biggest state banks to increase their capacity to support the struggling economy, according to people familiar with the matter.
Top official gold seller in first half of 2024 is big U.S. ally
Submitted by admin on Wed, 2024-09-25 15:13 Section: Daily DispatchesPhilippines Tops World Gold Sales in First Half of 2024
By Ian Laqui
Philippine Star, Manila
Thursday, September 26, 2024
MANILA -- The Bangko Sentral ng Pilipinas disclosed that it sold gold during the first half of the year, following a report identifying the central bank as the largest precious metal seller for that period.
In a statement, the central bank said the gold sales were part of an "active management strategy" of the country's gold reserves, which form a portion of the Philippines' gross international reserves.
Gold suppression policy is blown, GATA's Ed Steer tells talk radio's Dave Janda
Submitted by admin on Wed, 2024-09-25 12:46 Section: Daily Dispatches12:50p ET Wednesday, September 25, 2024
Dear Friend of GATA and Gold:
Interviewed last week by talk radio host Dave Janda on WAAM-AM1600 in Ann Arbor, Michigan, GATA board member Ed Steer, publisher of Ed Steer's Gold and Silver Digest letter, said the U.S. and international economies are in their most fragile condition ever, being supported only by frantic creation of money by governments and central banks.
Ambrose Evans-Pritchard: Groundswell builds for massive Chinese stimulus but today wasn't real thing
Submitted by admin on Tue, 2024-09-24 22:07 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, September 24, 2024
China urgently needs a stimulus of shock-and-awe proportions, backed by a deep cleansing of its broken banks along the lines of America's "TARP" (Troubled Asset Relief Program) rescue in 2008. The latest package announced today falls far short.
50 years after 'show audit,' status of U.S. gold reserve remains in doubt
Submitted by admin on Mon, 2024-09-23 22:28 Section: Daily Dispatches10:32p ET Monday, September 23, 2024
Dear Friend of GATA and Gold:
The Sound Money Defense League's policy assistant, Matthew Cortez, notes that today is the 50th anniversary of the U.S. Treasury Department's public relations stunt at Fort Knox in Kentucky, wherein a few gold bars in one of the bullion depository's 15 vault compartments were shown to members of Congress and some journalists.
Jan Nieuwenhuis: Nations in mBridge project are stockpiling gold, driving up price
Submitted by admin on Mon, 2024-09-23 19:05 Section: Daily DispatchesBy Jan Nieuwenhuis
Money Metals Exchange, Eagle, Idaho
Monday, September 23, 2024
Countries that participate in the novel cross-border payments system mBridge are each hoarding gold and are largely responsible for the bull market of the past two years.
How and when the global dollar standard will disintegrate is hard to predict, but setting up a non-dollar payments system (mBridge) and aggressively accumulating gold to replace U.S. Treasuries as the prime international reserve asset is a potent strategy to de-dollarize.
Are federally insured banks trading monetary metals derivatives for the government?
Submitted by admin on Mon, 2024-09-23 11:39 Section: Daily Dispatches11:41a ET Monday, September 23, 2024
Dear Friend of GATA and Gold:
In their report today at Wall Street on Parade, Pam and Russ Martens marvel at the increasing amount of stock, foreign exchange, and derivatives trading that has been moved into federally insured banks by Wall Street megabanks, federally insured banks that hold most deposits for ordinary Americans.
The Martenses also marvel at the explosion of monetary metals derivatives trading by federally insured banks. They write:
Financial Times discovers that the Federal Reserve serves only the banking industry
Submitted by admin on Sun, 2024-09-22 10:03 Section: Daily DispatchesFed's High-Rates Era Handed $1 Trillion Windfall to U.S. banks
By Stephen Gandel and Joshua Franklin
Financial Times, London
Sunday, September 22, 2024
U.S. banks made a $1 trillion windfall from the Federal Reserve's 2 1/2-year era of high interest rates, an analysis of official data by the Financial Times has found.
Lenders got higher yields for their deposits at the Fed but kept rates lower for many savers, the review of Federal Deposit Insurance Corp. data showed. The boost to the U.S.'s more than 4,000 banks has helped pad out profit margins.
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