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Daily Dispatches
Nickel tycoon covered part of his big short position this week
Submitted by admin on Thu, 2022-03-24 11:34 Section: Daily DispatchesBy Jack Farchy and Alfred Cang
Bloomberg News
Thursday, March 24, 2022
The Chinese tycoon whose big short bet on nickel was the focus of an unprecedented short squeeze has covered some of his position, according to people familiar with the matter.
Xiang Guangda, the owner of nickel and stainless-steel giant Tsingshan Holding Group Co., bought contracts on the London Metal Exchange to reduce his short bet as the nickel market briefly unfroze this week, the people said, asking not to be identified as the information wasn’t public.
Russian central bank chief wanted out over Ukraine but Putin said no
Submitted by admin on Thu, 2022-03-24 09:52 Section: Daily DispatchesFrom Bloomberg News
Wednesday, March 23, 2022
Russia's highly regarded central bank Governor Elvira Nabiullina sought to resign after Vladimir Putin ordered an invasion of Ukraine, only to be told by the president to stay, according to four people with knowledge of the discussions.
Nabiullina was nominated for a new five-year term last week and her current views couldn't be learned. She is left to manage the fallout from a war that has quickly undone much of what’s she has accomplished in the nine years since she took office.
Pam and Russ Martens: Charts strongly suggest stock market is propped up by an invisible hand
Submitted by admin on Wed, 2022-03-23 12:53 Section: Daily DispatchesBy Pam and Russ Martens
Wall Street on Parade
Wednesday, March 23, 2022
For someone who has watched trading screens for 36 years, it's pretty easy to spot a fake market.
As the charts below indicate, there is an invisible hand (or hands) pushing this stock market up when it should be plunging.
Investors piling into gold ETFs face a surprising tax bill
Submitted by admin on Wed, 2022-03-23 09:19 Section: Daily DispatchesBy Kristine Owram and Claire Ballentine
Bloomberg News
Wednesday, March 23, 2022
Gold exchange-traded funds are one of this year’s hottest investments, with war, inflation and stock-market volatility sending people scrambling for safe havens. But those buying physical gold ETFs may face an unexpected tax burden.
Funds that invest in precious metals like gold and silver are treated like collectibles for U.S. tax purposes, meaning long-term capital gains from those funds will be taxed at a top rate of 28%, compared with a maximum rate of 20% for stocks.
Ambrose Evans-Pritchard: Half-hearted sanctions against Russia have already failed
Submitted by admin on Tue, 2022-03-22 11:35 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, March 22, 2022
Russia has not defaulted on its sovereign debt after all. Nor is it likely to do so under the current sanctions regime, and as long as Europe continues to finance Vladimir Putin’s military state with purchases of gas, oil, and coal.
Sanctions by 'trigger-happy' U.S. may push countries away from the dollar, security expert says
Submitted by admin on Tue, 2022-03-22 10:43 Section: Daily DispatchesBy Abigail Ng
CNBC, New York
Monday, March 21, 2022
The U.S. has been "extremely trigger-happy" with stinging economic measures, and central banks may decide to diversify their portfolio of foreign reserves instead of relying heavily on the U.S. dollar, according to the co-director of the Institute for the Analysis of Global Security.
"Central banks are beginning to ask questions," said Gal Luft of the Washington-based think tank, adding that they are wondering if reliance on the dollar and "putting all their eggs in one basket" is a smart idea.
UK's Royal Mint to recover gold from circuit boards, mobile phones
Submitted by admin on Mon, 2022-03-21 21:30 Section: Daily DispatchesFrom the Daily Mail, London
Monday, March 21, 1011
The Royal Mint is building the world’s first recycling factory to turn old laptops and mobile phones into gold.
The state-of-the-art plant will be the first of its kind to recover gold from discarded circuit boards.
High-quality gold taken from the items will then be used by the Royal Mint at its site in Llantrisant, South Wales.
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Spike in futures prices crushes buying in grains as markets panic
Submitted by admin on Mon, 2022-03-21 10:55 Section: Daily DispatchesWheat Prices Soar on Ukraine Fears but U.S. Growers Can't Cash In
By Julie Ingwersen and P.j. Huffstutter
Reuters
Monday, March 21, 2022
CHICAGO -- After Russia's invasion of Ukraine sent global wheat futures soaring, U.S. farmer Vance Ehmke was eager to sell his grain.
Local prices shot up roughly 30% to nearly $12 a bushel, about the highest Ehmke could recall in 45 years of farming near the western Kansas town of Healy.
Instead of reaping a windfall, Ehmke found a commodities market turned upside down.
Usurping dollar's dominance is nearly impossible, analysts say
Submitted by admin on Mon, 2022-03-21 10:38 Section: Daily DispatchesRuth Carson, Libby Cherry, and Tania Chen
Bloomberg News
via Yahoo Finance, Sunnyvale, California
Monday, March 21, 2022
Dethroning the dollar is easier said than done.
That's the conclusion of investors after Washington's freeze of Russia’s dollar holdings created fresh impetus among central bankers to rethink the security of access to foreign-exchange reserves. The move fueled speculation that countries such as China could redouble efforts to unshackle itself from greenback-denominated financial systems and look for alternatives.
LME boss says banks are partly to blame for nickel short squeeze
Submitted by admin on Fri, 2022-03-18 19:46 Section: Daily DispatchesBut he admits the exchange gave into them, so who is really to blame?
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Jack Farchy and Mark Burton
Bloomberg News
via Yahoo Finance, Sunnyvale, California
Friday, March 18, 2022
The embattled boss of the London Metal Exchange says the banking industry bears some responsibility for the conditions that led to a massive short squeeze that broke the nickel market.
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