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Daily Dispatches
Alasdair Macleod: Designing a new currency is impractical
Submitted by admin on Fri, 2022-03-25 12:29 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Friday, March 25, 2022
Rising interest rates threaten to destabilise both financial asset values and the fiat currencies in which they are priced. This outcome is feared by the chattering classes who increasingly speculate about currency resets.
So far, we have seen cryptocurrencies such as bitcoin, plans for the introduction of central bank digital currencies, plans to de-dollarise Asian trade, and even El Salvador adopting bitcoin as legal tender.
But are these resets valid?
U.S. dollar's dominance is being stealthily eroded
Submitted by admin on Fri, 2022-03-25 10:42 Section: Daily DispatchesBy Enda Curran
Bloomberg News
Thursday, March 24, 2022
The dollar's share of global reserve currencies has been in steady decline over the past 20 years as central banks turn to nontraditional currencies, including the renminbi, to diversify their holdings.
Reserve managers have moved out of dollars in two directions, with one quarter headed into the renminbi and three quarters into currencies of smaller countries that have traditionally played a limited role as reserve assets.
Sanctioning Russia's gold won't work but may prompt repatriation from NY Fed, Lundin says
Submitted by admin on Fri, 2022-03-25 00:39 Section: Daily DispatchesWhat Traders Think of U.S.-led Efforts to Block Gold Transactions by Russia's Central Bank
By Myra P. Saefong
MatketWatch, New York
Thursday, March 25, 2022
The U.S. made it clear on Thursday that any transaction involving gold related to the Central Bank of the Russian Federation is covered by existing sanctions, but that's unlikely to have an immediate impact on the gold market despite Russia's estimated $132 billion in gold stockpiles.
Ronan Manly: Russian palladium and platinum are too important to sanction
Submitted by admin on Fri, 2022-03-25 00:03 Section: Daily Dispatches12:01a ET Friday, March 26, 2022
Dear Friend of GATA and Gold:
Bullion Star's Ronan Manly reports tonight that, like Russian oil and gas, Russian palladium and platinum have been determined by the London Platinum and Palladium Market to be too important to sanction.
Manly's report is headlined "Russian Palladium and Platinum -- Too Important to Sanction" and it's posted at Bullion Star here:
So why doesn't the U.S. Mint try buying silver via futures contracts?
Submitted by admin on Thu, 2022-03-24 23:50 Section: Daily Dispatches11:51p ET Thursday, March 25, 2022
Dear Friend of GATA and Gold:
Responding tonight to Patrick Heller's explanation for the U.S. Mint's suspension of silver coin production -- that the mint is legally required to pay futures market prices for silver even as real metal isn't immediately available at those prices --
-- some friends raise a good question.
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Russian parliamentarian envisions selling oil and gas for bitcoin and gold
Submitted by admin on Thu, 2022-03-24 23:38 Section: Daily DispatchesBy MacKenzie Sigalos
CNBC, New York
Thursday, March 24, 2022
Faced with stiffening sanctions from Western countries over its invasion of Ukraine, Russia is considering accepting bitcoin as payment for its oil and gas exports.
In a videotaped news conference held on today, the chair of Russia's Duma committee on energy said in translated remarks that when it comes to "friendly" countries such as China or Turkey, Russia is willing to be more flexible with payment options.
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Patrick Heller: When it comes to buying silver, U.S. Mint's hands are tied
Submitted by admin on Thu, 2022-03-24 20:19 Section: Daily Dispatches8:16p ET Thursday, March 25, 2022
Dear Friend of GATA and Gold (and Silver):
Writing today at Numismatic News, veteran numismatist Patrick Heller explains that federal law is actually preventing the U.S. Mint from minting silver coins in a couple of usual series.
That is, Heller writes, the law forbids the mint from paying more for silver than the "average world price" as "determined by a widely recognized commodity exchange."
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G7 to crack down on Russia's ability to sell its gold
Submitted by admin on Thu, 2022-03-24 14:55 Section: Daily DispatchesHow, exactly? By imposing comprehensive sanctions on China? That will make the current trade disruptions seem like a picnic. What if Russia starts demanding gold as payment for its oil and gas, which Europe already has exempted from sanctions?
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James Politi and Sam Fleming
Financial Times, London
Thursday, March 24, 2022
Commodity traders sound alarm on plunging market liquidity
Submitted by admin on Thu, 2022-03-24 12:08 Section: Daily DispatchesBy Archie Hunter and William Mathis
Bloomberg News
via Yahoo Finance, Sunnyvale, California
Thursday, March 24, 2022
Whipsawing commodity prices and eye-watering margin calls are forcing traders to reduce their activity, driving liquidity out of markets and exacerbating price swings, according to some of the world’s biggest trading houses.
Hackers claim to be preparing to reveal Bank of Russia's secrets
Submitted by admin on Thu, 2022-03-24 11:55 Section: Daily DispatchesNow how about the Federal Reserve?
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Anonymous Claims It Has Hacked Russia's Central Bank and Will 'Release 35,000 Files with Secret Agreements' in 48 Hours
By Tom Pyman
Daily Mail, London
Thursday, March 24, 2022
International hacking collective Anonymous claims to have exploited Russia's central bank -- and is threatening to release 35,000 files which include "secret agreements," in the next 48 hours.
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