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Daily Dispatches
Alasdair Macleod: The paper gold shorts are desperate to go long
Submitted by admin on Tue, 2024-02-13 11:30 Section: Daily DispatchesBy Alasdair Macleod
Tuesday, February 13, 2024
Today the U.S. consumer price indiex came in a little better than expected, not that a few decimals mean anything. Gold was marked down $35. So what was that about?
Quite simply, the bullion bank traders know that gold is going to go much higher and want to go long in the paper market. Physical supply is being cornered by central banks, sovereign wealth funds, and ultra-wealthy individuals, particularly in Asia.
Ed Steer: The short position in SLV drops 25%
Submitted by admin on Mon, 2024-02-12 17:43 Section: Daily Dispatches5:41p ET Monday, February 12, 2024
Dear Friend of GATA and Gold (and Silver):
The weekend edition of Ed Steer's Gold and Silver Digest, published by GATA board member Ed Steer, is headlined "The Short Position in SLV Drops 25%" and it's posted in the clear at GoldSeek's companion site, SilverSeek, here:
https://silverseek.com/article/short-position-slv-drops-25-percent
Zimbabwe considers using gold to back its currency
Submitted by admin on Mon, 2024-02-12 09:50 Section: Daily DispatchesBy Ray Ndlovu
Bloomberg News
Monday, February 12, 2024
Zimbabwe may back its currency with gold in an effort to end exchange-rate instability, Finance Minister Mthuli Ncube said.
"To manage growth of liquidity, we may link the exchange rate to a hard asset such as gold," Ncube said in an online press briefing held today to announce a conference of African ministers that Zimbabwe will host at the end of this month.
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China, Russia will conquer world with 'nuclear option' in gold, Maguire says
Submitted by admin on Fri, 2024-02-09 21:01 Section: Daily Dispatches9p ET Friday, February 9, 2024
Dear Friend of GATA and Gold:
Central banks are turning "paper" gold on the New York Commodities Exchange into real metal via conversion to "exchange for physicals" redeemable in London, metals trader Andrew Maguire tells this week's edition of Kinesis Money's "Live from the Vault" program.
Robert Lambourne: Gold intervention via BIS fell by 4 tonnes in January
Submitted by admin on Fri, 2024-02-09 13:10 Section: Daily DispatchesBy Robert Lambourne
Friday, February 9, 2024
The January statement of account for the Bank for International Settlements was published this week --
https://www.bis.org/banking/balsheet/statofacc240131.pdf
-- and allows an estimate to be made of the volume of gold swaps undertaken by the BIS at the month end: 117 tonnes, a 4-tonne reduction from the swaps volume as of the end of December.
'Silver is the new gold' as Egyptians try to protect savings
Submitted by admin on Thu, 2024-02-08 15:04 Section: Daily DispatchesBy Sarah El Safty and Farah Saafan
Reuters
Thursday, February 8, 2024
CAIRO -- Egyptian women traditionally receive a gold jewellery set, or "shabka", on their engagement. But as surging prices and a weakening currency have driven up demand for the precious metal, some are getting silver instead.
The trend is a measure of an economic crisis in which inflation has been running at more than 30% and the central bank has allowed the currency to weaken 50% against the dollar, with more devaluation expected.
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Alasdair Macleod: How Russia and China could deploy their hidden gold reserves
Submitted by admin on Wed, 2024-02-07 19:10 Section: Daily DispatchesBy Alasdair Macleod
Wednesday, February 7, 2024
An overlooked aspect of geopolitics is the defensive action taken by Asian hegemons and their close allies against a collapse of the Western currency system.
Unlike our economists who are overwhelmingly Keynesian, the economic tradition from Soviet and communist China was that the West's capitalist system would collapse. Admittedly, China's economists have increasingly studied in the West and picked up Keynesian concepts, but they remain acutely aware of the weaknesses of our capitalist system.
Russian banks may have swapped gold for dollars, report says
Submitted by admin on Wed, 2024-02-07 18:24 Section: Daily DispatchesFrom Bloomberg News
Wednesday, February 7, 2024
Some Russian banks appear to have maneuvered around a ban on shipping dollars and euros to the country by trading gold in the United Arab Emirates and Turkey, according to research from a financial-intelligence company.
China's new year buyers look to gold as stocks and property crash
Submitted by admin on Wed, 2024-02-07 18:18 Section: Daily DispatchesFrom Bloomberg News
Wednesday, February 7, 2024
Gold has never been more expensive in China heading into the Lunar New Year, but consumers are still finding lots of reasons to buy the precious metal.
While the holiday season usually drives increased spending on items like jewelry, reports of robust demand this year are remarkable because the shopping season happens to coincide with a stock market crash.
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Asian central banks support gold while JPM freezes silver, Murphy says
Submitted by admin on Mon, 2024-02-05 17:54 Section: Daily Dispatches5:56p ET Monday, February 5, 2024
Dear Friend of GATA and Gold:
GATA Chairman Bill Murphy, interviewed by GoldSeek Radio's Chris Waltzek, notes that Asian central bank buying is keeping the gold price above $2,000 but JPMorganChase is keeping silver in a headlock. Gold and silver mining shares, Murphy says, are at bargain valuations but gold and silver price suppression has gone on so long that potential investors are too demoralized to buy.
The interview is 17 minutes long and can be heard at GoldSeek here:
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