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Daily Dispatches

Alasdair Macleod: Inflation, recession, and declining U.S. hegemony

Section: Daily Dispatches

By Alasdair Macleod
GoldMoney, Toronto
Thursday, December 22, 2022

In the distant future we might look back on 2022 and 2023 as pivotal years. 

So far we have seen the conflict between America and the two Asian hegemons emerge into the open, leading to a self-inflicted energy crisis on the western alliance. The 40-year trend of declining interest rates has ended, replaced by a new rising trend, the full consequences and duration of which are as yet unknown.

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Russian gold was removed from some Western funds after Ukraine war

Section: Daily Dispatches

By Peter Hobson
Wednesday, December 21, 2022

LONDON -- Hidden inside high-security bank vaults in London, Zurich, and New York, billions of dollars' worth of gold of Russian origin has quietly changed hands in recent months in response to Moscow's invasion of Ukraine.

Data from 11 Western investment funds show that Russian bullion worth a total of $2.2 billion at current prices was removed from their accounts between July and November.

Funds storing gold have shrunk in recent months as rising interest rates triggered disinvestment from bullion.

Suddenly everyone is hunting for alternatives to the U.S. dollar

Section: Daily Dispatches

Didn't the world once use some kind of metal with monetary properties? Is that still around?

* * *

By Michelle Jamrisko and Ruth Carson
Bloomberg News
via Yahoo News, Sunnyvale, California
Wednesday, December 21, 2022

King Dollar is facing a revolt. 

Tired of a too-strong and newly weaponized greenback, some of the world’s biggest economies are exploring ways to circumvent the US currency. 

Central bank suppression of monetary metals can't last much longer, Sprott says

Section: Daily Dispatches

9:04 p ET Wednesday, December 21, 2022

Dear Friend of GATA and Gold (and Silver):

In his year-end interview with Craig Hemke of the TF Metals Report for Sprott Money, mining entrepreneur Eric Sprott says he is most enthusiastic about silver and that central bank suppression of gold and silver prices can't last much longer under the pressure of rising demand for real metal.

Ronan Manly: GLD conceals its gold dealings with Bank of England

Section: Daily Dispatches

11:44a ET Tuesday, December 20, 2022

Dear Friend of GATA and Gold:

Bullion Star researcher Ronan Manly reports today that the SPDR Gold Trust, the exchange-traded fund better known as GLD, and its sponsor, the World Gold Council, are obscuring data in GLD's financial reports in violation of U.S. Securities and Exchange Commission rules, making it impossible for the public and investors to determine how much GLD gold is going into and out of the vaults of the Bank of England, a subcustodian of the fund's metal.

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Jan Nieuwenhuijs: The West-East ebb and flow of gold revisited

Section: Daily Dispatches

By Jan Nieuwenhuijs
Gainesville Coins, Lutz, Florida
Thursday, December 16, 2022

Gold trade between West and East still follows a 90-year-old pattern. 

The price of gold is mainly set by Western institutional supply and demand, while countries in the East take the other side of the trade.

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Buy, Sell, or Store Precious Metals with Money Metals Exchange

Australia’s sovereign wealth fund buys gold, commodities as shadow of 1970s looms

Section: Daily Dispatches

By Lewis Jackson
via WTVB-1590AM
Sunday, December 18, 2022

SYDNEY -- Australia's A$200 billion ($134.28 billion) sovereign wealth fund is increasing exposure to gold, commodities, private equity, and infrastructure as it warns the future will echo the low-growth, high-inflation era of the 1970s.

Record central bank gold rush has been triggered by fears of Western sanctions

Section: Daily Dispatches

By Tom Rees
The Telegraph, London
Sunday, December 18, 2022

A record central bank gold rush has been triggered by fears of Western sanctions after Russia was made a pariah state in the wake of its invasion of Ukraine, according to the World Gold Council.

Officials in many countries outside the West are rethinking their foreign currency reserves after the sanctions meant Russia’s central bank lost the use of its war chest, hampering its ability to protect the ruble and its banking system. 

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November spike in BIS gold swaps was an emergency intervention, Maguire says

Section: Daily Dispatches

8:30p ET Friday, December 16, 2022

Dear Friend of GATA and Gold:

Speaking on Kinesis Money's "Live from the Vault" program this week, London bullion trader Andrew Maguire says the Bank for International Settlements' nearly 100-tonne increase in its gold swap position in November --

-- likely was part of an emergency intervention to contain the monetary metal's sharply rising price.

Goldman Sachs prepares to lay off almost 4,000 employees

Section: Daily Dispatches

By Brooke Masters and Stephen Morris
Financial Times, London
Friday, December 16, 2022

Goldman Sachs is preparing to lay off as many as 3,900 employees starting in January as chief executive David Solomon seeks to boost the bank's profitability amid economic headwinds.

The plans are still being drawn up, and it is possible that the current target for a cull of "up to 8%" of its 49,000 global workforce will be slimmed down if the business outlook improves, according to three people familiar with the discussions.

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