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Daily Dispatches
Craig Hemke: The second London gold pool is breaking down, just as the first one did
Submitted by admin on Mon, 2025-02-03 20:05 Section: Daily Dispatches8:04p ET Monday, February 3, 2024
Dear Friend of GATA and Gold:
Writing tonight at Sprott Money, the TF Metals Report's Craig Hemke says he doesn't believe that the turmoil in the London gold market has much to do with the threat of U.S. tariffs against Canada, Mexico, and China. Rather, Hemke writes, it's more likely that the second iteration of the London Gold Pool is running out of gold, just as the first iteration did.
Hemke's analysis is headlined "On Tariffs and Gold Prices" and it's posted at Sprott Money here:
Larry Lepard's 'The Big Print' says fix the money to fix the world
Submitted by admin on Mon, 2025-02-03 19:08 Section: Daily Dispatches7:07p ET Monday, February 3, 2025
Dear Friend of GATA and Gold:
Gold- and bitcoin-friendly fund manager Lawrence Lepard's new book, "The Big Print," has just been published, arguing that fixing the world requires fixing what it uses for money.
The introduction to the book at Amazon.com is appended with a link to the Amazon page where it may be purchased in hardcover, paperback or Kindle versions.
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Clint Siegner: Will the Fed's waste and abuse finally get some attention too?
Submitted by admin on Mon, 2025-02-03 18:24 Section: Daily DispatchesBy Clint Siegner
Money Metals Exchange
Monday, February 3, 2025
Americans last week got an eyeful of the waste and fraud that has been rampant in federal spending.
A barrage of announcements by the Trump administration included putting the brakes on a $50 million program to buy and supply condoms to people in Gaza.
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USA Gold: Coins and Bullion Since 1973
Banks fly bullion from Asian hubs to U.S. to benefit from premium
Submitted by admin on Mon, 2025-02-03 17:43 Section: Daily DispatchesBy Rajendra Jadhav
Reuters
Monday, February 3, 2025
MUMBAI -- Global bullion banks are flying gold into the United States from trading hubs catering to Asian consumers, including Dubai and Hong Kong, to capitalize on the unusually high premium that U.S. gold futures are enjoying over spot prices.
Traditionally, bullion banks transport gold eastward from the West to meet demand from China and India, the world's two largest consumers, accounting for almost half of global consumption.
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Paul Brownstein: LBMA, Bank of England gold delivery delays constitute default
Submitted by admin on Mon, 2025-02-03 12:25 Section: Daily Dispatches12:26p ET Monday, February 3, 2025
Dear Friend of GATA and Gold:
Market analyst Paul Brownstein's "Charts and Parts" letter today calls things by their right name. That is, the London Bullion Market Association and Bank of England have essentially defaulted with gold.
Brownstein writes: "The Bank of England -- custodian for the LBMA's biggest players -- is now delaying gold withdrawals for four to eight weeks. If they can't deliver, what does that say about the system?" He says it's "a de-facto default."
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BIS December report appears belatedly, shows slight decline in gold swaps
Submitted by admin on Mon, 2025-02-03 11:37 Section: Daily Dispatches11:37a ET Monday, February 3, 2025
Dear Friend of GATA and Gold:
The December statement of account of the Bank for International Settlements, due for publication last Friday, January 31, was posted at about 8:40a U.S. Eastern time today, showing, according to GATA consultant Robert Lambourne, a slight decline in the bank's gold swaps over the November level, from 81 tonnes to 78 tonnes:
Ronan Manly: LBMA, Comex work together to keep gold price down amid shortage
Submitted by admin on Mon, 2025-02-03 10:32 Section: Daily Dispatches10:33a ET Monday, February 3, 2025
Dear Friend of GATA and Gold:
Bullion Star's Ronan Manly writes today about the gold shortage in London and wonders why the London Bullion Market Association and the New York Commodities Exchange say they are working together to alleviate it if their objective isn't to suppress prices.
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Should central banking be made more democratic?
Submitted by admin on Sun, 2025-02-02 10:58 Section: Daily DispatchesBy Enda Curran
Bloomberg News
Friday, January 31, 2025
The 2008 financial crisis and its aftermath vaulted central bankers from obscure technocrats to leading actors in the global economy.
Institutions that had been known for a behind-the-scenes role mostly tweaking interest rates took on the mantle of Marvel-style first responders.
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Wyoming Senate approves bill to hold $10 million in physical gold
Submitted by admin on Sat, 2025-02-01 17:05 Section: Daily DispatchesBy Jp Cortez
Money Metals Exchange, Eagle, Idaho
Friday, January 31, 2025
CHEYENNE, Wyoming -- With an overwhelming majority, the Wyoming state Senate has voted favorably on legislation that would establish a stockpile of gold for the Cowboy State.
Sponsored by sound-money champion Sen. Bob Ide and backed by Money Metals Exchange and the Sound Money Defense League, Senate File 96 mandates the state treasurer to invest $10 million of state funds in securely stored physical gold and silver.
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Indian government discontinues sovereign gold bond scheme due to high cost of borrowing
Submitted by admin on Sat, 2025-02-01 14:40 Section: Daily DispatchesWhat a pity. Indians will have to keep accumulating actual metal instead of government paper.
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By Meghna Mittal
Moneycontrol, Mumbai, India
Saturday, February 1, 2025
India's government has decided to discontinue the sovereign gold bond scheme, citing the high cost of borrowing associated with the instrument.
Finance Minister Nirmala Sitharaman confirmed the decision today during the post-budget media briefing when asked about the future of the scheme.
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