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Daily Dispatches
Ronan Manly: LBMA and Comex running out of silver fast
Submitted by admin on Mon, 2022-10-24 19:51 Section: Daily Dispatches7:50p ET Monday, October 24, 2022
Dear Friend of GATA and Gold:
Bullion Star monetary metals analyst Ronan Manly writes today that silver inventories in the London Bullion Market Association system are at a record low, having fallen for 10 months straight, and that silver inventories at the New York Commodities Exchange are at a five-year low.
His analysis is headlined "Comex Deliverable Silver Far Less than Imagined as 50% of 'Eligible' Is Not Available" and it's posted at Bullion Star here:
With Shanghai stockpile gone, copper market 'like a room full of gunpowder'
Submitted by admin on Mon, 2022-10-24 09:35 Section: Daily DispatchesChina's Billion-Dollar Cash-for-Copper Trade Grinds to a Halt
Alfred Cang and Jack Farchy
Bloomberg News
via Yahoo News, Sunnyvale, California
Sunday, October 23, 2022
For the past 15 years the center of gravity of the global copper market has been a row of warehouses in Shanghai's free-trade zone where the Yangtze River meets the Pacific.
Egypt's new currency gauge might be based on gold, central bank boss says
Submitted by admin on Sun, 2022-10-23 20:28 Section: Daily DispatchesEgypt to develop New Currency Indicator to Wean People Off U.S. Dollar
By Patrick Werr, Mahmoud Murad, and Nayera Abdallah
Reuters
Sunday, October 23, 1011
CAIRO -- Egypt will develop a new currency indicator partly to wean people off the idea that the Egyptian pound should be pegged to the U.S. dollar, the new central bank governor said today.
Hassan Abdalla, appointed in August, told an economic conference that the central bank was also working to introduce currency hedging and had already finished futures contracts as it revamps its currency trading system.
'Strikingly tight' copper market belies price drop, miner says
Submitted by admin on Sun, 2022-10-23 11:17 Section: Daily DispatchesBy Yvonne Yue Li and James Attwood
Bloomberg News
Thursday, October 20, 2022
Copper prices don’t reflect a "strikingly tight" physical market, according to the world's largest publicly-traded producer of the metal used in everything from computer chips to electric vehicles.
Macroeconomic headwinds have pushed copper futures down almost 30% from a peak in March, despite brisk demand and shrinking inventories that are nearing historical lows.
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GLD and SLV are 'illusions' as metal drains away, Maguire says
Submitted by admin on Sat, 2022-10-22 19:31 Section: Daily Dispatches7:31p ET Saturday, October 22, 2022
Dear Friend of GATA and Gold:
In this week's episode of Kinesis Money's "Live from the Vault" program, London metals trader Andrew Maguire calls the exchange-traded gold and silver funds GLD and SLV "purely illusions."
The gap between futures prices and prices of real metal has become so extreme, Maguire says, that little real metal is available at the futures price and the New York Commodities Exchange is quickly being drained of real metal.
Alasdair Macleod: The last stand for free markets
Submitted by admin on Thu, 2022-10-20 11:29 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, October 20, 2022
The British government's desperate dash toward free markets has failed, badly bungled. The establishment in Whitehall and Westminster is back and realigned with the international government consensus. The socialist wealth redistributors, the interventionists, and the anti-Brexit Remainers now formulate government policy. In Britain, free markets are dead.
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Swiss gold exports to China and India rise as prices fall
Submitted by admin on Thu, 2022-10-20 09:18 Section: Daily DispatchesFrom Reuters
Thursday, October 20, 2022
LONDON -- Swiss gold exports to top markets China and India increased in September, while shipments to Turkey rose to the highest since April 2013, Swiss customs data showed on Thursday.
A decline in gold prices from more than $2,000 an ounce in March to around $1,650 has boosted demand for gold bars, coins and jewellery in Asia, where buyers typically take advantage of low prices.
Economic turbulence in Turkey has also encouraged buying of the metal, which is often seen by investors as a safe way to store more money....
Swiss banks seek most dollars since 2008 in bid for easy profit
Submitted by admin on Wed, 2022-10-19 20:06 Section: Daily DispatchesWhy is the Federal Reserve running a scheme to enrich Swiss banks?
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By Bastian Benrath
Bloomberg News
Wednesday, October 19, 2022
Banks in Switzerland sought the most dollars since 2008 using an emergency dollar swap facility provided by the Federal Reserve in what is likely to be a bid for easy profits.
In today's auction conducted by the Swiss National Bank, 17 institutions took up $11.09 billion. That's the most since October 2008, when the Global Financial Crisis was raging in the wake of Lehman Brothers' collapse.
Russian central bank sees no need to raise gold holdings
Submitted by admin on Wed, 2022-10-19 09:06 Section: Daily DispatchesBy Anastasia Lyrchikova and Elena Fabrichnaya
Reuters
via Nasdaq.com
Tuesday, October 18, 2022
MOSCOW -- Russia's central bank sees no need to raise gold holdings in its gold and foreign exchange reserves, its deputy governor, Alexei Zabotkin, said Tuesday, shrugging off a plea from gold miners to increase state purchases amid Western sanctions.
China's Zijin Mining buys Iamgold's Rosebel gold mine in Suriname
Submitted by admin on Tue, 2022-10-18 21:14 Section: Daily DispatchesIamgold Shares Surge on Sale of Suriname Mine to China's Zijin Mining
By Ruhi Soni
Reuters
via Nasdaq.com
Tuesday, October 18, 2022
Canadian gold miner Iamgold Corp. shares surged 16% today after it decided to sell 95% stake in Rosebel Gold Mines unit in northeastern Suriname to China's Zijin Mining Group Co. Ltd. for about $401 million.
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