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Daily Dispatches
Barrick eyes Nevada gold mines, won't bid for Newcrest
Submitted by admin on Wed, 2023-02-15 11:55 Section: Daily DispatchesBy Divya Rajagopal and Helen Reid
Reuters
Wednesday, February 15, 2023
Barrick Gold Corp. would be open to taking over Newmont's stake in its Nevada Gold Mines joint venture, CEO Mark Bristow said today, after Newmont's $16.9-billion bid for Newcrest ramped up pressure on gold miners to do deals.
The Newcrest acquisition by Newmont, if successful, could result in the enlarged company shedding some assets.
Turkey to temporarily suspend some gold imports after quakes
Submitted by admin on Tue, 2023-02-14 22:24 Section: Daily DispatchesBy Firat Kozok
Bloomberg News
Tuesday, February 14, 2023
Turkey will suspend some gold imports as part of an emergency plan to mitigate the economic fallout from twin earthquakes that hit the country’s southeast last week, according to an official with direct knowledge of the matter.
The Treasury and Finance Ministry has finalized the regulation that will force a pause in gold purchases from abroad that fall into the category of "cash against goods," the official said, asking not to be identified as the decision has not been made public.
Clint Siegner: Choose your bullion dealer carefully
Submitted by admin on Tue, 2023-02-14 13:14 Section: Daily DispatchesBy Clint Siegner
Money Metals News Service, Eagle, Idaho
Monday, February 13, 2023
Regal Assets, a somewhat prominent gold and silver dealer in southern California, is in serious trouble based on news released last week. Tyler Gallagher, the firm's high-flying owner, has reportedly vanished -- perhaps to avoid arrest and prosecution.
Regal clients are now talking to the press about their inability to get delivery of the metal they bought and paid for. The Regal website has been taken offline.
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On 'Live from the Vault,' Maguire and Macleod discuss Russia's weaponizing gold
Submitted by admin on Sun, 2023-02-12 10:10 Section: Daily Dispatches10:09a ET Sunday, February 12, 2023
Dear Friend of GATA and Gold:
On Kinesis Money's "Live from the Vault" program this week, London metals trader Andrew Maguire and GoldMoney research director Alasdair Macleod discuss the plans of Russia and other countries to develop a gold-based trade settlement currency. As Russia weaponizes gold, Macleod sees the U.S. dollar as being extremely vulnerable in the foreign exchange markets.
The discussion is an hour and 18 minutes long and can be viewed at YouTube here:
Egypt says it ranks third in growth of gold reserves
Submitted by admin on Sun, 2023-02-12 10:01 Section: Daily DispatchesBy Al-Masry Al-Youm
Egypt Independent, Cairo
Saturday, February 11, 2023
The adviser to the minister of supply and internal trade for gold industry affairs, Nagy Farag, announced Friday that Egypt ranks third globally in the growth of gold reserves.
He specified that Egypt does not rank third in total gold reserves but in terms of the strategic growth of its reserves.
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Robert Lambourne: In January BIS gold swaps bounced up sharply from zero
Submitted by admin on Sun, 2023-02-12 09:40 Section: Daily DispatchesBy Robert Lambourne
Sunday, February 12, 2023
While the December statement of account of the Bank for International Settlements, the central bank of the central banks and their gold broker, showed its gold swap position had fallen to zero at the end of 2022, the bank has not gotten out of the gold swap business.
The BIS' January statement of account, published this week --
South Sudan abandons U.S. dollar for local currency
Submitted by admin on Sat, 2023-02-11 19:31 Section: Daily DispatchesBy James Anyanzwa
The East African, Nairobi, Kenya
Saturday, February 11, 2023
South Sudan's government has suspended the use of the U.S. dollar and instead directed all transactions be executed in the local currency, the South Sudanese pound, in a move feared to stifle economic activity in the war-ravaged economy.
Most transactions in the country are carried out using the dollar, largely due to hyperinflation and the volatility of the local currency.
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Barrick's ties to Canada dwindle as other miners secure access to country's rich gold belt
Submitted by admin on Sat, 2023-02-11 11:35 Section: Daily DispatchesBy Gabriel Friedman
National Post / Financial Post, Toronto
Friday, February 10, 2023
Toronto-based Barrick Gold Corp. has long been one of the largest, most recognizable names in Canada's sizeable mining industry, but its ties to the country are narrowing, especially now that its longtime rival, Colorado's Newmont Corp., is closing in on a US$17-billion purchase of Australia's Newcrest Mining Ltd.
Missouri Senate votes to end income taxes on gold and silver and to hold the metals in reserve
Submitted by admin on Sat, 2023-02-11 11:11 Section: Daily DispatchesBy JP Cortez
Money Metals News Service, Eagle, Idaho
Thursday, February 9, 2023
JEFFERSON CITY, Missouri -- The Missouri Senate today passed legislation that would prompt the state treasurer to hold at least 1% of state funds in gold and silver while eliminating all state income taxes on monetary metals.
In a growing national backlash to the rampant inflation caused by massive federal spending, debt, and central bank money printing, more than a dozen states are already moving forward on sound money bills during their 2023 legislative sessions.
Why metals keep going missing in commodity trading
Submitted by admin on Sat, 2023-02-11 11:03 Section: Daily DispatchesGood thing that Bloomberg and other mainstream financial news organizations never examine rehypothecation in the monetary metals markets.
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From Bloomberg News
via The Washington Post
Friday, February 10, 2023
Trader Trafigura Group is facing more than half a billion dollars in losses after realizing that cargoes it bought didn't contain the nickel they were supposed to, sending fresh shockwaves through an industry that has been rocked by several high-profile frauds in recent years.
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