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Daily Dispatches
Robert Lambourne: BIS gold swaps fall sharply in February, hinting at price reset
Submitted by admin on Sun, 2024-03-10 13:24 Section: Daily DispatchesBy Robert Lambourne
Sunday, March 10, 2024
Gold swaps undertaken by the Bank for International Settlements appear to have fallen sharply in February, according to the bank's monthly statement of account published last week:
https://www.bis.org/banking/balsheet/statofacc240229.pdf
The new statement allows an estimate of 68 tonnes of gold swaps at month's end, a 49-tonne reduction from January, when the estimated swaps were 117 tonnes.
Dubai's gold shops take a hit as record prices deter buyers
Submitted by admin on Sun, 2024-03-10 11:27 Section: Daily DispatchesBy Leen Al-Rashdan
Bloomberg News
Sunday, March 10, 2024
The ever-higher prices reached by gold are turning Dubai's traditional bazaar into more of a window-shopping experience.
Purchases are plummeting at the Gold Souk, according to salespeople at numerous shops, as bullion goes on a record run that's now approaching $2,200 an ounce. Most locals are just browsing, leaving the majority of buying to tourists who are willing to pay more while they're on vacation.
... Dispatch continues below ...
Canada's Gabriel Resources loses damage claim against Romania for failed gold mine project
Submitted by admin on Sat, 2024-03-09 11:40 Section: Daily DispatchesBy Luiza Ilie
Reuters
Saturday, March 9, 2024
BUCHAREST, Romania -- The Romanian government said Friday it won an arbitrage trial filed by Canada's Gabriel Resources, which wanted compensation after its plan to build Europe's largest open-cast gold mine in the western Romanian town of Rosia Montana failed.
Gabriel Resources had sought at least $4.4 billion in damages from Romania when it filed its claim at the World Bank's International Centre for Settlement of Investment Disputes in 2015 for losses related to its stalled project.
Comex nears gold and silver defaults, London trader Maguire says
Submitted by admin on Fri, 2024-03-08 13:50 Section: Daily Dispatches1:51p ET Friday, March 8, 2024
Dear Friend of GATA and Gold (and Silver):
The New York Commodities Exchange is in danger of defaulting on its gold and silver contracts as demand for delivery of metal increasingly is directed there, London metals trader Andrew Maguire tells this week's "Live from the Vault" program from Kinesis Money.
Short futures positions in the metals, Maguire says, are being destroyed by their excessive leverage amid central bank demand for gold and the realization that silver is grossly underpriced compared to gold.
China splurges on gold for a 16th month as price hits record
Submitted by admin on Thu, 2024-03-07 21:58 Section: Daily DispatchesBy Sybilla Gross
Bloomberg News
Thursday, March 7, 2024
China's central bank added gold to its reserves for a 16th straight month in February, extending a long buying spree that’s helped to support the precious metal’s surge to a record high.
Bullion held by the People's Bank of China rose by about 390,000 troy ounces last month, according to official data released today. That takes total holdings to 72.58 million troy ounces, equivalent to about 2,257 tons. ...
... For the remainder of the report:
Romania still wants its century-old gold back from Russia
Submitted by admin on Tue, 2024-03-05 21:03 Section: Daily DispatchesThe Gold Treasure of National Bank of Romania That Was Sent to Moscow
By the National Bank of Romania
via Politico.Eu, Brussels
Tuesday, March 5, 2024
The troubled story of the evacuation to Moscow of the National Bank of Romania treasure began during the First World War.
Russia, China, BRICs team up against the dollar with blockchain payment system
Submitted by admin on Tue, 2024-03-05 17:19 Section: Daily DispatchesBy Michael Dorgan
Fox News, New York
Tuesday, March 5, 2024
The BRICs bloc of countries led by China and Russia are moving ahead with their efforts to move away from the U.S. dollar with an announcement that they plan to create a payment system based on blockchain.
The five-nation BRICs group, which also consists of Brazil, India, and South Africa, will work on creating a payment system based on blockchain and digital technologies, Kremlin aide Yury Ushakov said in an interview with Russian agency TASS late Monday.
Why Britain is still paying the price for Gordon Brown's gold bullion blunder
Submitted by admin on Tue, 2024-03-05 16:58 Section: Daily DispatchesNothing that seemed as stupid and sure to be as loss-making as the Bank of England's gold sales that began in 1999 would have been undertaken unless it accomplished an important objective that couldn't be admitted without causing financial turmoil and scandal.
That is, the Bank of England's gold sales rescued the big UK and U.S. bullion banks from their uncoverable but central bank-instigated short positions as the gold market bounced off the bottom. Saving the banks was deemed necessary to protecting the world financial system.
Ted Butler: The CFTC's (non)response
Submitted by admin on Mon, 2024-03-04 19:45 Section: Daily DispatchesBy Ted Butler
SilverSeek.com
Monday, March 4, 2024
The long-awaited response from the U.S. Commodity Futures Trading Commission to my congressman's office about my concerns about the possible double-counting of publicly reported silver inventories, originally sent to the agency in mid-November, was received by me Friday morning, March 1.
The questions CFTC and Fed won't answer expose gold price suppression policy
Submitted by admin on Wed, 2024-02-28 21:24 Section: Daily Dispatches9:44p ET Wednesday, February 28, 2024
Dear Friend of GATA and Gold:
If mainstream financial news organizations ever work up the courage to report honestly about monetary gold, the commanding heights of the issue will have been mapped out for them by U.S. Rep. Alex X. Mooney, R-West Virginia.
After all, where can investigative journalism start better than with questions that already have been shown to be too politically sensitive for the highest government officials to answer, even when a member of Congress is asking?
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