Thursday, October 6, 2022

Has the U.S. Just Stripped Ukraine of Its Gold Reserves?

by Chris Powell, Gold Seek:

Dear Friend of GATA and Gold:

Eight years ago as Russia seized Crimea from Ukraine, Ukraine’s gold appeared to have been hastily shipped to the United States. Nobody in authority would deny it:

https://gata.org/node/14744

Today the Ukrainian central bank acknowledged that $12 billion of its gold reserves recently was sold under pressure of the war with Russia that began this year:

Time to look longer term

by Alasdair Macleod, GoldMoney:

This week, gold and silver consolidated the previous week’s falls, with gold trading at $1747 in European trading this morning, unchanged from last Friday’s close. And silver was at $19.17, up 15 cents. Comex trade in gold was light, but in silver somewhat healthier.

Prices for both metals appear to be in limbo. Certainly, the action in financial markets generally appear to reflect this ennui.

Few asset managers appear keen to address the inflation story properly. Besides a general ignorance of what makes consumer prices rise (spoiler alert: it is not President Putin and supply chain disruption, it is the production of credit to pay for it all), there appears to be a vain hope that the gathering recession will obviate the need for lasting rises in interest rates. 

Why Are Central Banks on a Ferocious Gold Buying Spree?

from Birch Gold Group:

From Peter Reagan at Birch Gold Group

This week, Your News to Know rounds up the latest top stories involving gold and the overall economy. Stories include: Central banks are finding more uses for gold bullion, charts are signaling buy gold, and the state of gold and silver’s mine supply.

Central banks might see gold as an escape from a sovereign debt crisis

In the wake of gold briefly passing the strong $1,800 resistance level, Equinox Partners’ Sean Fieler spoke about gold’s role in the coming financial crisis. Fieler, whose firm manages $700 million, said that a sovereign debt crisis is what could catch some off-guard:

UK rules on Venezuela’s gold

from RT:

Britain’s top court turned away President Nicolas Maduro’s bid to repatriate his country’s own gold

The UK High Court rebuffed a demand by the Venezuelan government to be granted access to some $1 billion worth of the country’s gold reserves that are currently stored at the Bank of England, Reuters reported on Friday.

According to the report, Britain’s top court rejected a recent decision by the Venezuelan Supreme Court, which had backed President Nicolas Maduro’s request to have the gold repatriated from the UK. However, London recognizes opposition figure Juan Guaido as the legitimate Venezuelan president.

Zimbabwe Central Bank to Offer Gold Coins as Inflation Ravages the Country

by Peter Schiff, Schiff Gold:

The Reserve Bank of Zimbabwe plans to issue gold coins as a way for investors in the country to store value as inflation runs rampant in the economy.

The United States isn’t the only country battling rapidly rising prices. The inflation rate in Zimbabwe spiked from 132% in May to 191.6% in June, and the Zimbabwean currency is quickly devaluing against other global currencies, particularly the US dollar.

Czech Central Bank Plans to Buy A Lot of Gold

by Peter Schiff, Schiff Gold:

The Czech National Bank is about to go on a gold-buying spree. Incoming CNB Governor Ales Michl said he plans to increase the bank’s gold holdings nearly 10-fold during a recent magazine interview.

The Czech National Bank currently holds 11 tons of Gold. Michl said he wants to up the central bank’s gold holdings to 100 tons over time for diversification. He said gold is good for diversification because “it has zero correlation with stocks.”

Michl will take the reins at the CNB in July.

Is Zimbabwe’s New Gold Coin Evidence of a Broader Global Trend?

by Mike Gleason, Money Metals:

Welcome to this week’s Market Wrap Podcast, I’m Mike Gleason.

Rising geopolitical tensions helped push gold prices up this week. The monetary metal ran to $1,800 an ounce on Thursday. As of this Friday recording, gold is pulling back some and comes in at $1,781 now – up 0.4% for the week.

Turning to the white metals, silver shows a weekly loss of 2.5% to bring spot prices to $20.08 an ounce. Platinum is up 3.6% since last Friday’s close to trade at $948. And finally, palladium prices are unchanged for the week to check in at $2,182 per ounce.

HOUSING: EXISTING HOME SALES DOWN AS USA ECONOMY SPUTTERING

by Harvey Organ, Harvey Organ Blog:

GOLD CLOSED DOWN 45.25 TO $1757.25//SILVER WAS DOWN ANOTHER 27 CENTS TO $19.54//PLATINUM WAS DOWN $9.25 TO $917.35//PALLADIUM WAS UP $19.00 TO $2157.65//CHINA: EXPECT A CURRENCY DEVALUATION//POWER CRISIS CONTINUES FOR CHINA//EUROPE: ENERGY CRISIS CONTINUES/EUROPE CONTINUES WITH A SCARCITY OF GAS//RUSSIA VS WEST: TENSIONS ESCALATE AS RUSSIA SENDS MIG FIGHTERS TO ENCLAVE KALININGRAD/TURKISH LIRA PLUMMETS//TURKEY AND ISRAEL SURPRISINGLY UNDERGOES DIPLOMATIC RELATIONS AFTER A 12 YR HIATUS//COVID UPDATES//DR PAUL ALEXANDER//VACCINE IMPACT// USA INITIAL JOBLESS CLAIMS DOWN BUT CONTINUING CLAIMS UP//HOUSING: EXISTING HOME SALES DOWN AS USA ECONOMY SPUTTERING// USA COMMIDITY REPORT: TOMATOES NOW IN SHORT SUPPLY/FEDS LIMIT WATER SUPPLY TO ARIZONA AND NEVADA