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Daily Dispatches
Biggest commodities markets are starting to seize up
Submitted by admin on Fri, 2022-03-18 16:42 Section: Daily DispatchesDon't worry -- governments and central banks will always be ready to short the monetary metals.
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By Alex Longley
Bloomberg News
via Crain's Chicago Business
Friday, March 18, 2022
It's getting harder to deal in some of the world's most important commodities as everything from geopolitical turmoil to exchange snafus prompt traders to rush for the exits, rapidly draining liquidity.
Montenegro will repay loan from Credit Suisse to recover nation's gold
Submitted by admin on Fri, 2022-03-18 10:06 Section: Daily DispatchesBy Zeljko Trkanjec
Euractive, Schiphol, Netherlands
Thursday, March 17, 2022
Montenegro's government will pay off a €30 million loan due to Credit Suisse Bank on 11 April to get back the gold placed as collateral for that loan, Finance and Social Welfare Minister Milojko Spajic has said.
Alasdair Macleod: The evolution of credit
Submitted by admin on Thu, 2022-03-17 13:05 Section: Daily DispatchesBy Alasdair Macleod
GoldMoney, Toronto
Thursday, March 17, 2022
After 51 years from the end of the Bretton Woods Agreement, the system of fiat currencies appears to be moving toward a crisis point for the U.S. dollar as the international currency. The battle over global energy, commodity, and grain supplies is the continuation of an intensifying financial war between the dollar and the renminbi and rouble.
Central banks seen moving out of dollars and into gold and durable commodities
Submitted by admin on Thu, 2022-03-17 12:56 Section: Daily DispatchesGold at $10,000? Death of the 40-Year Bull market in bonds? What’s Next for the Global Financial System after Russia's Central Bank Gets Cancelled?
By Steve Goldstein
Marketwatch.com, New York
Thursday, March 17, 2022
The shockwaves are still being felt by the incredible Western sanctions that have rendered the $630 billion in reserves the Russian central bank accumulated virtually unusable. Can the current dollar-centered global financial system last if money can be summarily cancelled?
Russians have up to $213 billion stashed in Swiss banks
Submitted by admin on Thu, 2022-03-17 12:16 Section: Daily DispatchesBy Oliver Hirt and Brenna Hughes Neghaiwi
Reuters
Thursday, March 17, 2022
ZURICH -- Switzerland's secretive banks hold up to $213 billion of Russian wealth, the country's financial industry association estimates, as sanctions on Russia give a rare glimpse inside Swiss vaults.
The Swiss Bankers Association estimated that the banks hold between 150 billion and 200 billion Swiss francs ($213 billion) of Russian client money in offshore accounts.
Can Russia sell its huge gold pile, or put ruble on a gold standard?
Submitted by admin on Thu, 2022-03-17 11:54 Section: Daily DispatchesBy Eddie Spence
Bloomberg News
Wednesday, March 16, 2022
Russia spent years building a giant stash of gold, an asset that central banks can turn to during a crisis. But any attempt to sell it will now be a challenge just when it's needed most.
U.S. Mint suspends production of two silver coins, claims blanks aren't available
Submitted by admin on Wed, 2022-03-16 23:45 Section: Daily DispatchesThe virus epidemic supposedly is responsible. But the Comex claims to have plenty of metal, so why not just pay up to get it?
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United States Mint Announces Pause in Production and Sales of Morgan and Peace Dollars for 2022
From the United States Mint, Washington
Monday, March 14, 2022
LME failure with nickel puts Shanghai in charge of price discovery, trader says
Submitted by admin on Wed, 2022-03-16 12:44 Section: Daily DispatchesLondon Metal Exchange Suffers Fresh Glitch as It Attempts to Restart Nickel Trading
Neil Hume and Philip Stafford
Financial Times, London
Wednesday, March 16, 2022
The London Metal Exchange suspended electronic trading in nickel on Wednesday, just moments after the world’s main market for the metal reopened for business following a week-long shutdown.
Russian central bank leaves banking system's gold for household demand
Submitted by admin on Tue, 2022-03-15 21:27 Section: Daily DispatchesFrom Reuters
Tuesday, March 15, 2022
The Russian central bank said it will suspend the buying of gold from banks from today to meet increased demand for the precious metal from households, its latest attempt to weather the storm on Russian markets in the face of Western sanctions.
"Currently, households' demand for buying physical gold in bars has increased -- driven, in particular, by the abolition of value-added tax on these operations," the central bank said in a statement.
... Dispatch continues below ...
Craig Hemke: How 'spread' trades are used to knock gold down ahead of option expiration
Submitted by admin on Tue, 2022-03-15 16:17 Section: Daily Dispatches4:25p ET Tuesday, March 15, 2022
Dear Friend of GATA and Gold:
The TF Metals Report's Craig Hemke, writing today at Sprott Money, details how the "trade at settlement" mechanism appears to be heavily used by "spread" traders to knock the gold price down ahead of option expirations and contract rolls, as has just happened, to discourage traders from taking delivery of actual metal.
Hemke surmises that a similarly engineered smash will be unleashed around March 28.
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