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Daily Dispatches
Chinese yuan challenges U.S. dollar as African trade embraces other currencies
Submitted by admin on Sun, 2024-01-21 23:00 Section: Daily DispatchesBy Jevans Myabiage
South China Morning Post, Hong Kong
Sunday, January 21, 2024
When you land at the Kenneth Kaunda International Airport in Lusaka, Zambia, one of the billboards welcoming you to the Zambian capital advertises the services of the Bank of China.
There are not many countries in Africa where the Chinese government-owned financial institution offers fully fledged banking services in yuan, the Chinese currency.
New Jersey governor pocket-vetoes unanimously passed bill to end sales tax on gold and silver
Submitted by admin on Sat, 2024-01-20 16:33 Section: Daily DispatchesBy JP Cortez
Money Metals News Service, Eagle, Idaho
Thursday, January 18, 2024
New Jersey Gov. Phil Murphy has unilaterally killed a bill that would have exempted the sales tax on purchases of gold and silver.
Bill A5294 / S1825 had passed out of both committees and both chambers of the New Jersey legislature without a single "no" vote. This popular bill had more than a dozen co-sponsors and had unanimous approval in each legislative chamber. Despite this Gov. Murphy chose not to enact the bill into law through the use of a pocket veto.
Defying Milei's austerity, an Argentina province plans its own currency
Submitted by admin on Fri, 2024-01-19 11:30 Section: Daily DispatchesBy Patrick Gillespie and Manuela Tobias
Bloomberg News
via BNN Bloomberg, Toronto
Friday, January 19, 2024
When President Javier Milei defended the adoption of the dollar through a "free competition of currencies" in Argentina, few foresaw a brand-new legal tender coming out of the middle of the country.
The legislature of La Rioja, a small, landlocked province known for its olives, approved the creation of a new quasi-currency this week, defying Milei's austerity push to end the nation's chronic fiscal deficit.
Trump says he'd 'never allow' central bank digital currency
Submitted by admin on Thu, 2024-01-18 10:02 Section: Daily DispatchesFrom Bloomberg News
via MSN, Redmond, Washington
Thursday, January 18, 2024
Former President Donald Trump came out against the idea of a central bank-issued digital dollar, saying he wanted to""protect Americans from government tyranny.”
"As your president, I will never allow the creation of a central bank digital currency," Trump said at a campaign stop in New Hampshire Wednesday night. "Such a currency would give a federal government -- our federal government -- absolute control over your money. They could take your money and you wouldn’t even know it's gone." ...
Dollar dominance is triggering intervention fears across markets
Submitted by admin on Thu, 2024-01-18 09:41 Section: Daily DispatchesAs if "dollar dominance" isn't a matter of intervention as well -- by the United States.
* * *
By Ruth Carson and Hooyeon Kim
Bloomberg News
Thursday, January 18, 2024
Investors are dusting off intervention playbooks once again as a resurgent dollar raises the specter of fresh efforts from officials to protect their currencies.
Taiwan's central bank issued a rare statement this week to calm investors after global funds slashed their holdings of the island's stocks and the local currency swooned.
China's yuan ousts dollar to become most-traded currency in Moscow in 2023
Submitted by admin on Tue, 2024-01-16 21:50 Section: Daily DispatchesBy Elena Fabrichnaya and Alexander Marrow
Reuters
Tuesday, January 16, 2024
MOSCOW -- The Moscow Exchange trading volume in Chinese yuan surpassed that of the U.S. dollar in 2023, the Kommersant daily reported today, as Moscow pursues a de-dollarisation strategy in the face of Western sanctions on its financial system.
Alasdair Macleod: The perils of owning gold through ETFs
Submitted by admin on Tue, 2024-01-16 16:41 Section: Daily DispatchesBy Alasdair Macleod
Macleod Finance
Tuesday, January 16, 2024
At the outset, it is worth noting that regulatory bodies tend to give large banks the benefit of the doubt, looking closely at their compliance activities only when they can no longer be ignored. Consequently, large banks have been known to act as if regulations don't exist.
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Dave Kranzler: QE has begun and the next upleg in gold is coming
Submitted by admin on Tue, 2024-01-16 16:32 Section: Daily DispatchesBy Dave Kranzler
Investment Research Dynamics
Tuesday, January 16, 2024
I find it quite amusing that the market believes inflation is tied to interest rates. The propagandists at the Fed did their job there: Distract while creating bank reserves (print money) out of plain sight.
The monetary base is up more than 7% since March. M2 is also a bit higher. This is why the rate of inflation has been slowly rising again since June. It's also why gold is up 7% and silver is up 2% since the end of June. (Silver is up 15.9% since early March.)
Alasdair Macleod carries the sound-money message to Substack
Submitted by admin on Sun, 2024-01-14 20:38 Section: Daily DispatchesBy Alasdair Macleod
Saturday, January 13, 2024
It is clear to me that as head of research for Goldmoney, most of the time I am preaching to the converted -- those of us who understand the difference between gold and fiat currencies. We are all broadly aware that the price of gold is rising because governments are debasing their currencies.
Sprott's John Hathaway: Why gold and gold mining shares should be soaring
Submitted by admin on Fri, 2024-01-12 22:32 Section: Daily Dispatches11:07p ET Friday, January 12, 2024
Dear Friend of GATA and Gold:
Sprott Asset Management portfolio manager John Hathaway this week issued another one of those painstakingly researched and detailed reports showing why the gold price and the prices of gold mining company shares should be soaring but without explaining why they are not already keeping up with what would seem to be the traditional fundamentals for the monetary metal.
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