Economist’s “News and Views” Friday 5-10-2024
Fed to Raise Its 2% Inflation Target? Seismic Re-Pricing Across All Asset Classes Coming – McDonald
Kitco News: 5-9-2024
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Larry McDonald, Founder of The Bear Traps Report and New York Times bestselling author of 'How to Listen When Markets Speak' and 'Collossal Failure of Common Sense.'
McDonald warns that we are headed into an era of persistent inflation, escalation in global conflict, a multipolar world, a weakening U.S. dollar, a series of sovereign debt crises, and capital fleeing out of financial assets into hard assets.
He sheds light on how the Federal Reserve will approach its 2% inflation target amid sticky inflation. McDonald also explores the coming commodity bull market, going over the top winners. He shares his price outlooks for gold, silver, platinum, oil, and natural gas.
Fed to Raise Its 2% Inflation Target? Seismic Re-Pricing Across All Asset Classes Coming – McDonald
Kitco News: 5-9-2024
Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Larry McDonald, Founder of The Bear Traps Report and New York Times bestselling author of 'How to Listen When Markets Speak' and 'Collossal Failure of Common Sense.'
McDonald warns that we are headed into an era of persistent inflation, escalation in global conflict, a multipolar world, a weakening U.S. dollar, a series of sovereign debt crises, and capital fleeing out of financial assets into hard assets.
He sheds light on how the Federal Reserve will approach its 2% inflation target amid sticky inflation. McDonald also explores the coming commodity bull market, going over the top winners. He shares his price outlooks for gold, silver, platinum, oil, and natural gas.
00:00 Coming up
00:44 Introduction: Fed’s Inflation Target
01:19 Inflation and Economic Shifts
03:15 The Future of Financial Markets and Debt Solutions
04:57 The Inevitable Shift Towards Higher Inflation Targets
07:55 The Impact of Inflation on Investment Strategies
15:17 Navigating the Commodity Bull Market and Asset Allocation
20:25 The Global Economic Landscape and Commodity Demand
23:50 Strategic Outlook on Oil and Natural Gas
28:10 The Current Equity Climate and Market Risks
33:48 Commodity Investments
34:50 The U.S. Banking Sector’s Troubles
37:52 The Perils of Passive Investing and ETFs
47:09 U.S. Debt and Dollar Dynamics
52:39 Gold and Silver
58:59 Platinum
01:05:59 Potential Threats to the Commodity Bull Market Thesis
Why Warren Buffett Is Raising Cash: Market 'Euphoria' In Final Stage | Bill Smead
David Lin: 5-10-2024
Bill Smead, Chairman of Smead Capital Management, discusses the late stages of market euphoria.
0:00 - Intro
0:50 - Berkshire Hathaway and cash
4:33 - Markets entering new era
19:20 - Passive investing
22:20 - Valuations and investing
30:55 - Energy sector
36:45 - Inflation and monetary policy
40:46 - Financials sector
China CHECKMATES Europe’s Economy As Countries Flee Dollar Assets To Buy Gold
Sean Foo: 5-10-2024
China just dropped a bombshell on the EU. While Brussels mulls punishing Beijing with trade barriers, Xi Jinping just upgraded Hungary's relations and announced a big free trade agreement with Serbia.
Meanwhile, countries around the world are progressively exiting US bonds for gold.
This is the effect of the US government's never-ending spending and bond issuance that is flooding the market relentlessly.
Timestamps & Chapters:
0:00 Xi's EU Bombshell
3:23 Serbia & Hungary Chooses China
6:46 US Treasuries Hit Brick Wall
8:12 Sponsor: Indigo Precious Metals
9:33 Horrific US Debt Estimates
10:41 Countries Flocking To Gold
13:28 Narratives Are Collapsing
Goldilocks' Comments and Global Economic News Friday Evening 5-10-24
Goldilocks' Comments and Global Economic News Friday Evening 5-10-24
Good evening Dinar Recaps,
"The U.S. is in a dilemma about whether to upgrade the non-market economy status of Vietnam to that of a market economy."
The U.S. Department of Commerce has until late July to complete this review and decision. A market economy would bring with it significant trade relationship opportunities.
Vietnam would become a country where supply and demand would determine prices on their goods and services.
A shift in a monetary policy such as this would bring more power back to the people and less to the government.
It would move from government intervention powers for the stabilization of their currency to incentives toward supply and demand determined by the people and the industries they promote.
Goldilocks' Comments and Global Economic News Friday Evening 5-10-24
Good evening Dinar Recaps,
"The U.S. is in a dilemma about whether to upgrade the non-market economy status of Vietnam to that of a market economy."
The U.S. Department of Commerce has until late July to complete this review and decision.
A market economy would bring with it significant trade relationship opportunities.
Vietnam would become a country where supply and demand would determine prices on their goods and services.
A shift in a monetary policy such as this would bring more power back to the people and less to the government.
It would move from government intervention powers for the stabilization of their currency to incentives toward supply and demand determined by the people and the industries they promote.
A move like this tends to put price pressures on a country's currency. One of the hallmarks of a market economy would be a stronger Vietnamese Dong.
This would make imports cheaper for them and exports more expensive for other countries determining new exchange rates for all parties involved in trade. Vietnam Briefing HickmanMills
WATCH THE WATER.
© Goldilocks
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EU Basel 3 Standards Announcement:
"The legislative package to implement the International Basel III Standards is now adopted by the European Parliament Plenary and Council."
This is the signal for banks to move urgently towards CRR3 compliance deadlines. These mandates include Credit Risk, Market Risk, Output floor, ESG Pillar III and Reporting rules.
The new regulations will begin to shift their economy affecting trade relations around the world by these decisions.
The full implementation of EU's Basel 3 has to be completed by January 1st, 2025. This will begin to shift all economies around the world into new price pressures on everything.
"The European Union collectively has $8.1T in circulation, making it the fourth largest in the world, behind Japan ($8.9T)."
As you can see, the changes currently being made by the above two countries will have a significant impact on money flow going forward. These new changes will be in fluctuation for the rest of this year determining new price pressures on all economies around the world. Wolters Kluwer 1 Wolters Kluwer 2 Bank of America Linkedin
WATCH THE WATER.
© Goldilocks
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Hong Kong Market Tokenization Announcement:
"Project Ensemble is the HKMA’s new wholesale central bank digital currency (wCBDC) project to render support to the development of the tokenization market in Hong Kong."
Project Ensemble is another digital currency initiative. It is one of many pilot programs that are currently being executed in Hong Kong.
mBridge and Genesis are currently being executed inside Hong Kong. These projects will support the underlying infrastructure of the Hong Kong economy.
Project Genesis and mBridge will provide liquidity and a multi-CBDC platform developed to support real-time, peer-to-peer, cross-border payments and foreign exchange transactions using CBDCs. AFP Bitcoin News BIS 1 BIS 2
© Goldilocks
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Hong Kong’s Monetary Authority to replace ‘Virtual Bank’ with ‘Licensed Digital Bank’ to Boost Public Confidence | South China Morning Post
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Russia court allows seizure of $13 million of JPMorgan and Commerzbank assets | MSN
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Ripple and XRPL Labs Join Alliance to Develop Blockchain Recovery Standards – Bitcoin News
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Project Genesis 2.0 | Youtube
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Project mBridge | Youtube
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HK launches Project ‘Ensemble’ to support tokenization with wCBDC | Web3 | 3.0 TV | Youtube
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The Global Digital Currency Market is currently in pilot programs that will transition us and our currencies into real values.
This is a digital process and not a date. Stay tuned as new information develops.
© Goldilocks
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CFTC Chair Says ‘Another Cycle of Enforcement Actions’ Coming As Crypto Enters New Phase of Asset Appreciation - The Daily Hodl
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Research and Analysis - working paper: Evolution of Asia's outward-looking economic policies: Some lessons from trade policy reviews | WTO
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More News, Rumors and Opinions Friday PM 5-10-2024
KTFA:
Clare: Gold bullion is sold like street candy in an Asian country!
5/10/2024
Aside from ramen (noodle soup) and sausages, convenience stores in South Korea are now offering a new popular item on the menu - gold bullion.
The country's largest convenience store chain, CU, is collaborating with the Korea Mint and Security Printing Company (KOMSCO) to provide customers with small gold bars - which are in huge demand like hotcakes, according to what CNBC reported and Al Arabiya Business reviewed.
A variety of micro-sized gold bars weighing between 0.1 gram and 1.87 gram have been on sale at CU outlets since April. A 1.87 gram piece is sold for 225,000 won (US$165.76), and a 0.5 gram piece is sold for 77,000 won.
KTFA:
Clare: Gold bullion is sold like street candy in an Asian country!
5/10/2024
Aside from ramen (noodle soup) and sausages, convenience stores in South Korea are now offering a new popular item on the menu - gold bullion.
The country's largest convenience store chain, CU, is collaborating with the Korea Mint and Security Printing Company (KOMSCO) to provide customers with small gold bars - which are in huge demand like hotcakes, according to what CNBC reported and Al Arabiya Business reviewed.
A variety of micro-sized gold bars weighing between 0.1 gram and 1.87 gram have been on sale at CU outlets since April. A 1.87 gram piece is sold for 225,000 won (US$165.76), and a 0.5 gram piece is sold for 77,000 won.
The People's Bank of China increases its gold reserves for the 18th consecutive month
and at a price of 113,000 won per piece, the one-gram bullion sold out within two days, according to local news reports. The bars come with congratulatory messages, happy birthday wishes, and even designs of character types.
People in their 30s have been most active in purchasing these gold bars, accounting for more than 41% of total sales since launch, according to CU's Pocket CU trading phone app. People in their 40s account for 35.2% of sales, followed by people in their 50s at 15.6%. People in their 20s account for 6.8% of total sales.
The World Gold Council said in a recent report that demand for bars and coins in South Korea rose by 27% year-on-year to 5 tons in the first quarter of this year amid rising prices for the yellow metal. The World Gold Council noted that this was the largest quarterly increase in gold purchases in South Korea in more than two years.
Other small stores are also riding the bullion wave. At the GS25 convenience store chain in South Korea, customers can buy small gold flakes from vending machines.
For his part, Head of Market Strategy, Global Economy and Market Research at UOB, Heng Kun How, said: “Usually in times of economic uncertainty when the value of the local currency declines, demand for gold jewelry will increase as local investors seek to invest in safe haven assets.”
According to the Korea Gold Exchange, gold prices rose to a record high of 456,000 won ($335.3) per 3.75 grams, or 0.13 ounces. Conversely, the Korean won has fallen more than 5% against the dollar so far this year, and is currently trading at 1,358.7 against the dollar.
The World Gold Council noted the recent trend of growing investment interest among young people in Asia, even as gold prices hit record levels.
“Many Asian economies are dealing with inflation and financial uncertainty for the first time in a generation,” Shaocai Fan, head of global central banking at the World Gold Council, told CNBC. “It makes sense that many young investors are exploring gold as a way to diversify and protect their assets.”
Consumers in China, Asia's largest economy, are also buying gold, as collecting small one-gram bars in glass jars has become a trend among the country's youth. China is also driving consumer demand for bullion, and will overtake India in 2023 to become the world's largest buyer of gold jewellery.
Separately, in the US last year, warehouse retail giant Costco became a popular one-stop shop for one-ounce gold bars priced at around $1,900. LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 Don't you have to have a high exchange rate to be part of the WTO? No. What do you have to have? A sanction free currency. Are there any sanctions on the dinar? No more...99.9% are gone. Sanction free currency. Sanction free country. Sanction free bank of that country. That's why they're members of the WTO. They already told you that they are and that's the end of that subject...You need to see something that tells you it's official today? They already told you.
Yada Iraq is done and preparing for the other side of the release. And that is controlled by the UN-IMF. The parliament vote will be for all the new contracts but the rate release is a go...
“The Evolution of Money” Robert Kiyosaki – LFTV Ep 172
Kinesis Money: 5-10-2024
In this week’s episode of Live from the Vault, Andrew Maguire is joined by world-renowned “Rich Dad, Poor Dad” author, Robert Kiyosaki.
Andrew and a returning Robert discuss the changing global economy and how to preserve wealth.
Timestamps:
00:00 Start
03:45 Protecting your wealth - is it too late?
05:30 How the Fed scam works from Robert’s perspective
07:30 Silver to $500?!
13:30 2000 tonnes of Indian & Chinese silver orders
18:30 How the rising price of oil might impact - or implode - the system
25:00 Hypothetcation & Rehypothecation explained
29:00 The US Sound Money Movement & Kinesis
51:00 The Evolution of Money
56:00 What about referrals?
66:00 Doing the right thing
71:00 Money printing is all the Fed knows how to do
“Tidbits From TNT” Friday 5-10-2024
TNT:
Tishwash: The House of Representatives decides to extend its first legislative term by 30 days
The Presidency of Parliament decided, today, Thursday, to extend the first legislative term of the House of Representatives by 30 days.
The Parliament’s Media Department stated in a statement received by the Iraqi News Agency (INA), that “based on Article 58 of the Constitution, the Presidency of the House of Representatives decided to extend the first legislative term, for the third legislative year, in the fifth electoral cycle, for a period of thirty days. link
TNT:
Tishwash: The House of Representatives decides to extend its first legislative term by 30 days
The Presidency of Parliament decided, today, Thursday, to extend the first legislative term of the House of Representatives by 30 days.
The Parliament’s Media Department stated in a statement received by the Iraqi News Agency (INA), that “based on Article 58 of the Constitution, the Presidency of the House of Representatives decided to extend the first legislative term, for the third legislative year, in the fifth electoral cycle, for a period of thirty days. link
Tishwash: Publishes the text of Al-Sudani’s request to Guterres to end UNAMI’s work in Iraq
Our agency publishes the text of the request of the Prime Minister, Muhammad Shiaa Al-Sudani, to the Secretary-General of the United Nations, Antonio Guterres, to permanently end the work of the United Nations mission in Iraq.
Al-Sudani indicated in his letter, a copy of which was obtained by {Al-Furat News}, that "the justifications for the presence of a political mission in Iraq are no longer available, especially after more than 20 years have passed since the democratic transition and overcoming great and diverse challenges."
To view the text of Al-Sudani’s letter to Guterres, click here link
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CandyKisses: A call for the Sudanese to remove the American forces from Iraq
Information / Baghdad...
The head of the organizing body of the popular movement for the Belt and Road, Hussein al-Karawi, on Friday, called on Prime Minister Mohammed Shia al-Sudani to speed up the removal of US forces from Iraq.
Al-Karawi told Al-Maalouma that "the Iraqi people and the resistance will not remain silent in the face of US violations of Iraqi autonomy and the abuses it commits against Iraq."
Al-Karawi predicted that "the US forces will be subjected to blows from the resistance, if they do not comply with the fait accompli and leave Iraq, pointing out that America continues its encroachments on Iraq and its autonomy."
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CandyKisses: Setting the opening dates of 5 projects within the bottleneck package
Economy News - Baghdad
The Ministry of Construction, Housing and Municipalities announced on Friday the opening dates of 5 projects within the package of breaking traffic jams.
The ministry's spokesman, Istabraq Sabah, said in a statement seen by "Economy News", that, "The ministry is proceeding with projects to break traffic jams and implement the commitment listed for the projects of the first package within the government program," noting that "the projects of the first package consist of 16 projects and on more than one area on the sides of Karkh and Rusafa."
Sabah explained that "the Fine Arts Bridge and Cordoba Intersection have been opened, and two other projects are in the process of opening, the first project is the Shaljia Bridge and it is hoped that it will be opened this month, as well as the project to link the Mohandessin neighborhood inside, which includes two bridges, the first on the side of the engineers and the second on the inside side and a small bridge linking them, as work is underway on it and will be opened in the coming period."
He added that "next June, will witness the opening of the bridge linking from a beautiful area to the street neighborhood jihad - Bab Al-Muadham, and in July will open bridges Aden and Sanaa," noting that "the rest of the projects will be opened successively."
"A number of water and sanitation projects will be inaugurated this year, in addition to finalising a number of residential complexes that fall under low-cost housing in the southern and central provinces," he said.
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CandyKisses: Gold is heading for its best weekly performance in a month
Economy News - Follow-up
Gold prices rose during trading, on early Friday, heading towards recording the best weekly performance since the fifth of April, after economic data strengthened bets that the Federal Reserve (US central bank) will cut interest rates.
By 0212 GMT, spot gold was up 0.2 percent at $2,350.87 an ounce, after hitting a more than two-week high earlier. Prices have risen about 2.2 percent since the start of the week.
U.S. gold futures rose 0.7 percent to $2,356.90.
Data on Thursday showed the number of Americans filing new applications for unemployment benefits increased more than expected last week.
Traders are likely to start the Federal Reserve's easing cycle in September. Lower interest rates reduce the opportunity cost of holding the yellow metal.
Data from the US Producer Price Index and CPI are due next week.
Among other precious metals, spot silver rose 0.2 percent to $28.38 an ounce, and is on track to record its best weekly performance since April 5 as well.
Platinum rose 0.6 percent to $983.78 and palladium rose 0.5 percent to $971.50. Both metals are heading for weekly gains.
Mot . Yaaaaaaaaaaaaaaaaaaaaaaaa!!!!!!
Mot: ...... Get Ready!!!!
News, Rumors and Opinions Friday AM 5-10-2024
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Fri. 10 May 2024 Compiled Fri. 10 May 2024 12:01 am EST by Judy Byington
Global Currency Reset: (RUMORS)
Thurs. 9 May 2024 Bruce: Canadian banks said in a conference call that they were in position to begin exchange currencies and redeem Zim on Friday 10 May or Sat. 11 May. Special Forces personnel and Banks in the US say that everything kicks off this weekend. The US Treasury wrote in an email that Tier4b will begin exchanges either Fri. 10 May or Sat. 11 May.
Thurs. 9 May 2024 Wolverine: “It’s coming. It is going to happen this week. I’m not allowed to say anymore, but it is going to be a glorious week.”
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Fri. 10 May 2024
Compiled Fri. 10 May 2024 12:01 am EST by Judy Byington
Global Currency Reset: (RUMORS)
Thurs. 9 May 2024 Bruce: Canadian banks said in a conference call that they were in position to begin exchange currencies and redeem Zim on Friday 10 May or Sat. 11 May. Special Forces personnel and Banks in the US say that everything kicks off this weekend. The US Treasury wrote in an email that Tier4b will begin exchanges either Fri. 10 May or Sat. 11 May.
Thurs. 9 May 2024 Wolverine: “It’s coming. It is going to happen this week. I’m not allowed to say anymore, but it is going to be a glorious week.”
Wed. 8 May Banker: : “Well folks, a banker was provided with a specific date where he would have his trained exchange specialists in position to begin the currency exchanges. This means a window of scheduling appointments will commence prior to having his staff being in position. While he could not provide me the date he did indicate without any unforeseen issues that could delay it will occur this month. Well Folks, we may in fact enjoy the most memorable Mother’s Day in history. Say your prayers.”
On Tues. 7 May Zimbabwe’s Treasury said that the newly introduced gold-backed currency is the official unit of exchange for transactions and that it would soon introduce regulations to ensure businesses stick to the official rate. https://www.reuters.com/markets/currencies/zimbabwe-says-new-gold-backed-currency-now-official-unit-2024-05-07/
Thurs. 9 May 2024 Awakening Giants: Vietnam and Zimbabwe Forge Ahead in the Global RV Movement and Redemption Center – BOOM! The Intrigue of the $100T Zim Bonds! In the tumultuous world of global finance, two unlikely contenders are poised to shake up the status quo: Vietnam and Zimbabwe. With Vietnam eyeing the Forex market and Zimbabwe unveiling its gold-backed Zig currency, the stage is set for a seismic shift in the realm of currencies. https://t.me/QStorm1776
QFS, NESARA Wealth Distribution: https://amg-news.com/nesara-qfs-plan-discover-the-unprecedented-wealth-distribution-under-the-nesara-qfs-plan-the-process-of-rv-redemption-started-actual-signature-forms-like-nda-and-post-redemption-plan-doc/
$100T Zim Bonds: Awakening Giants: Vietnam and Zimbabwe Forge Ahead in the Global RV Movement and Redemption Center – BOOM! The Intrigue of the $100T Zim Bonds!
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Thurs. 9 May 2024 Bruce, The Big Call The Big Call Universe (ibize.com) 667-770-1866, pin123456#, 667-770-1865
By yesterday afternoon Wed. 8 May 2024 all banks had brought all their employees up to speed on the transaction protocols for the GCR.
Banks will not give out the same higher rates for your exchange as you will get at a Redemption Center.
Canadian banks said in a conference call that they were in position to begin exchange currencies and redeem Zim on Friday 10 May or Sat. 11 May.
Special Forces and Banks in the US say that everything kicks off this weekend.
The US Treasury wrote in an email that Tier4b will begin exchanges either Fri. 10 May or Sat. 11 May.
Global Financial Crisis:
Thurs. 9 May 2024 Pennsylvania Banking Alert!: Philadelphia’s Republic First Bank’s seizure could be just the beginning. Experts warn more failures may follow due to high deposit costs and struggling real estate loans.
Thurs. 9 May 2024: Economist Predicts One Final Rally Before the Markets Crash 50% https://watcher.guru/news/brics-economist-predicts-one-final-rally-before-markets-crash-50
Read full post here: https://dinarchronicles.com/2024/05/10/restored-republic-via-a-gcr-update-as-of-may-10-2024/
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 My [dinar] broker will be notified by the US Treasury when the rate changes. It is at that time my broker will call me. He'll tell me as of tomorrow morning you're not selling any more dinars. We are all in the same boat. There are a few of us that have fallen overboard because maybe we're too impatient or we just don't belong in this investment...But the majority, we're all onboard and we know what's going on...
Militia Man 1310 to buy widgets is in the hundreds of trillions and their budget is in the hundreds of trillions. They don't even have that much money printed. They don't even have it on their M1 etc at this point in time. They never have. There's got to be an adjustment...
LIVE! (Meltdown). "THE FASTER THE ECONOMY CRATERS, THE HIGHER STOCKS WILL GO..."
Greg Mannarino: 5-9-2024
Goldilocks' Comments and Global Economic News Thursday Evening 5-9-24
Goldilocks' Comments and Global Economic News Thursday Evening 5-9-24
Good Evening Dinar Recaps,
"Based on the decision of the Board of Directors of this bank No. (191) of 2023, it was decided to give the mediation companies that buy and sell foreign currencies under category (C) to merge to be classified as (A) or (B) until 3/31/2024."
Do you remember this article from the CBI? I remember talking with you about this particular article and how it was a reclassification of the Iraqi dinar. There is more information that is important for us to know at this time, so I have saved it to share with you now.
Moving to an A/B from a C classification essentially means that holders of the Iraqi Dinar is now a registered security. Registered Securities are freely tradable, and they can be sold to public investors on a much more broader scale.
Banks are generally owned by stockholders. This is what forms most of the Equity Capital that comes into a bank. Our foreign currency exchange with banks helps to build liquidity for them and the markets.
Since banks are privately owned for-profit institutions, this makes our foreign currency exchange with them a private exchange.
Goldilocks' Comments and Global Economic News Thursday Evening 5-9-24
Good Evening Dinar Recaps,
"Based on the decision of the Board of Directors of this bank No. (191) of 2023, it was decided to give the mediation companies that buy and sell foreign currencies under category (C) to merge to be classified as (A) or (B) until 3/31/2024."
Do you remember this article from the CBI? I remember talking with you about this particular article and how it was a reclassification of the Iraqi dinar. There is more information that is important for us to know at this time, so I have saved it to share with you now.
Moving to an A/B from a C classification essentially means that holders of the Iraqi Dinar is now a registered security. Registered Securities are freely tradable, and they can be sold to public investors on a much more broader scale.
Banks are generally owned by stockholders. This is what forms most of the Equity Capital that comes into a bank. Our foreign currency exchange with banks helps to build liquidity for them and the markets.
Since banks are privately owned for-profit institutions, this makes our foreign currency exchange with them a private exchange.
Jester and Freedom Fighter do a "Saturday Night Live" call each week to explain the importance of getting to know your "Relationship Managers" whom will participate in your exchange at some level, and they will continue to participate in your banking success through periodic reviews of your account.
Each week, Freedom Fighter and Jester have live conversations with people who are going out to establish banking relationships that will guide them in the exchange process, and they come back to tell people what they found.
You do not want to miss these calls.
© Goldilocks
SEC
CBI
Westlaw
Connecticut Portal Department of Banking
Wise - Foreign Currency
Investopedia - Capital Markets
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"A federal-covered security can be legally sold in a state once the proper documents and filing fee are submitted. Sales may occur on the day SEC registration is effective or when the notice filing was filed, whichever occurred last."
In other words, the Iraqi Dinar can be bought and sold as a "registered security" close to the end of May.
This article is a continuation of the first one printed today. I just simply wanted to be clear about a particular point that is of interest to all of us who hold the Iraqi Dinar.
It does not mean that we are going to exchange any foreign currencies at the end of this month, especially the Iraqi Dinar, but it will become possible. Achievable - Finra-Series SEC Archives
© Goldilocks
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Freedom Fighter Breaks Down Goldilocks Posts today with Q & A
Freedom Figjter breaksw down Goldilocks Posts from today 5.9.24.mp3
LISTEN HERE:
The world’s economic order is breaking down | Economist
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How is Currency Valued - Overview, History, Measurement | Corporate Finance Institute
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Central bank business models are being forced to change as the economy digitalizes, Joachim Nagel, Deutsche Bundesbank governor, said on May 6.
“If you would have asked me 20 years ago, is the central bank model destroyable?” Nagel told the Bank for International Settlements (BIS) Innovation Summit in Basel, “I would have said no.” But, now: “I’m not so sure anymore.” Central Banking
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Best states for taxes | Fidelity
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Lloyds collaborates with Red Hat on InnerSource engineering programme | Finextra
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Mastercard, Citi, JPMorgan Test Ledger for Settling Bank Money | Bloomberg Law
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SEC Labels Upcoming Ripple Stablecoin Unregistered Crypto Asset | The Crypto Basic
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A/B Exchange Offer Definition | Law Insider
An A/B exchange offer involves the exchange of unregistered, privately placed securities for SEC-registered securities. The original restricted securities, which are typically debt securities, would likely have been issued to holders in a private placement transaction. 1 day ago
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Silver Price Analysis: Silver is now probably in an uptrend | FXStreet
Silver price has probably reversed its short-term downtrend and begun a new uptrend.
It has broken above the May 7 highs – a key sign the short-term trend has reversed.
The possibility now exists for the precious metal to rise back up towards the $30.00 mark.
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IBM Expands its Software Availability to 92 Countries in AWS Marketplace | DQ
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More News, Rumors and Opinions Thursday Afternoon 5-9-2024
TNT:
Tishwash: The Iraqi Parliament enters its legislative recess and requires holding an “extraordinary” session on two matters
A member of the Iraqi Parliament announced, on Thursday, that the House of Representatives will enter its legislative recess, starting tomorrow, Friday.
Member of the Parliamentary Legal Committee, Raed Al-Maliki, told Shafaq News Agency, “Today, Thursday, the House of Representatives ended the first legislative term of the third legislative year, and starting tomorrow, Friday, the House will enjoy the legislative recess until next June.”
He explained, "The second legislative term will begin next June 9, and therefore the House of Representatives will enjoy the legislative recess for only one month."
He pointed out, "If the position of Speaker of the House of Representatives is agreed upon or the budget tables are sent to the House, Parliament will hold an extraordinary or emergency session to discuss any important event during the legislative recess."
TNT:
Tishwash: The Iraqi Parliament enters its legislative recess and requires holding an “extraordinary” session on two matters
A member of the Iraqi Parliament announced, on Thursday, that the House of Representatives will enter its legislative recess, starting tomorrow, Friday.
Member of the Parliamentary Legal Committee, Raed Al-Maliki, told Shafaq News Agency, “Today, Thursday, the House of Representatives ended the first legislative term of the third legislative year, and starting tomorrow, Friday, the House will enjoy the legislative recess until next June.”
He explained, "The second legislative term will begin next June 9, and therefore the House of Representatives will enjoy the legislative recess for only one month."
He pointed out, "If the position of Speaker of the House of Representatives is agreed upon or the budget tables are sent to the House, Parliament will hold an extraordinary or emergency session to discuss any important event during the legislative recess."
The Shiite coordinating framework announced, after a meeting in Maliki’s office on Monday, its intention to hold a session dedicated to choosing a speaker for Parliament after the expiry of a deadline it set (one week), at a time when three Sunni alliances announced their support for the framework’s position. link
Tishwash: The European Union and Iraq agree to increase cooperation between them
The European Union Ambassador to Iraq, Thomas Seiler, revealed that he agreed a few days ago with the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, to increase and intensify cooperation.
Siler said on the “X” platform (formerly Twitter), on Thursday, on the occasion of European Integration Day, that the European Union is working with Iraq within a democratic framework that guarantees equal opportunities for all.
He added that this comes within the framework of private sector development, job creation, social protection and education, and combating corruption.
Siler stressed Iraq's support in the civilian security sector with the police and judiciary, as well as work in the fields of human rights and civil society, noting that all of this is for the benefit of the Iraqis without ignoring their customs and traditions.
The European Union ambassador to Iraq noted that "three days ago he agreed with the Sudanese to increase and intensify cooperation."
Iraq has previously expressed its need for the support of the European Union, in order to carry out political reforms and economic rehabilitation, while the European Union expressed its readiness to cooperate with the Iraqi government to strengthen the banking sector in the country. link
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Tishwash: The Iraqi Central Bank informs France of the plan to restructure government banks
The Central Bank of Iraq confirmed, on Thursday, that the plan to restructure government banks will change the map and reality of the banking sector in Iraq.
A statement from the bank received by Shafaq News Agency stated, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received the French Ambassador to Baghdad, Patrick Durel, and the meeting dealt with ways to strengthen banking relations between the two countries, and His Excellency the Governor gave a comprehensive explanation of the relations and economic conditions, as well as the government’s directions.”
“In consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq.”
The meeting also clarified "the plan to restructure government banks, which enjoys support and regular follow-up by the Prime Minister, indicating that this plan will change the map of the banking sector and its reality in Iraq."
The Governor of the Central Bank also pointed to "the rapid developments in organizing, monitoring and analyzing foreign transfer operations and covering foreign trade in accordance with best international practices and standards, which are receiving great praise and attention from international and regional organizations."
For his part, the French ambassador expressed satisfaction with the developmental and economic developments he observed in Iraq, especially during his tour of the provinces, expressing his country's readiness to strengthen and develop banking relations with Iraq.
The ambassador explained that the economic relations between the two countries are growing at the level of entry of French companies and the use of their expertise in investment projects.
The French ambassador invited the Governor of the Central Bank of Iraq, after making the necessary arrangements, to visit the financial and banking institutions in France, especially the Central Bank of France.
It is noteworthy that the Central Bank of Iraq owns deposits and accounts with the Central Bank of France, and they have had distinguished cooperation relations over many years. link
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man If they were going to have a budget based off the exchange rate of 1310 why would you be keeping it close to your chest so long? Why would you be waiting and waiting and waiting and waiting and waiting? You wouldn't.
Frank26 Who tells the CBI they can raise the value of their currency? IMF...The US Treasury has its own problems. It's called the American dollar. The CBI works with the IMF. Go to the IMF website and look up the Iraqi dinar. It's going to tell you the Iraqi dinar is going through a reevaluation and a reinstatement adding value to its currency.
What US Bankers Never Told Us About Iraq's Banking System
Edu Matrix: 5-9-2024
What US Bankers Never Told Us About Iraq's Banking System. Why US bankers believed the IQD would not readjust. How Iraq fooled those who doubted.
SHOCKING Video of the Top US Economic Advisor Reveals the Truth
Lena Petrova: 5-9-2024
“Tidbits From TNT” Thursday 5-9-2024
TNT:
Tishwash: JP Morgan forecasts an increase in the oil capacity of Iraq and other countries in 2025
JP Morgan believes that there are three main countries in the oil alliance that deserve to upgrade their supplies for the year 2025.
Natasha Caneva, an analyst at JP Morgan, said in a recent report that the United Arab Emirates, Kazakhstan and Iraq intend to increase their total capacity by more than 300,000 barrels per day starting next year, but the planned expansions may represent risks to the cohesion of the alliance and oil prices in general. .
Caneva said: “The main issue for OPEC lies in 2025. Even if the alliance keeps supply restrictions as they are this year, it “does not address the imbalances in 2025.”
The price of Brent crude is expected to remain in the range of $75-90 per barrel in most scenarios, with average prices reaching $82 per barrel in 2025, according to Goldman Sachs. link
TNT:
Tishwash: JP Morgan forecasts an increase in the oil capacity of Iraq and other countries in 2025
JP Morgan believes that there are three main countries in the oil alliance that deserve to upgrade their supplies for the year 2025.
Natasha Caneva, an analyst at JP Morgan, said in a recent report that the United Arab Emirates, Kazakhstan and Iraq intend to increase their total capacity by more than 300,000 barrels per day starting next year, but the planned expansions may represent risks to the cohesion of the alliance and oil prices in general. .
Caneva said: “The main issue for OPEC lies in 2025. Even if the alliance keeps supply restrictions as they are this year, it “does not address the imbalances in 2025.”
The price of Brent crude is expected to remain in the range of $75-90 per barrel in most scenarios, with average prices reaching $82 per barrel in 2025, according to Goldman Sachs. link
Tishwash: Sudanese announces the signing of an agreement with Japan to finance small and medium enterprises in Iraq
Sudanese announces the signing of an agreement with Japan to finance small and medium enterprises in Iraq
The Prime Minister, Mr. Muhammad Shiaa Al-Sudani, announced this morning, Thursday, the signing of an agreement with Japan to finance small and medium enterprises, amounting to $300 million, which will contribute to revitalizing and establishing the national industry.
This morning, Al-Sudani launched work on the Al-Ittihad Mills Project, in the city of Al-Madhatiya in Babil Governorate, one of the private sector projects, to produce zero-grade flour locally, with a production capacity of one million tons.
He also opened the sugar factory expansion project at Al-Ittihad Company, after adding new production lines for sugar production, raising the factory’s production capacity from (4,200) tons per day to (6,000) tons per day.
He also opened a vegetable oil extraction plant, a plant feed production plant, and a premix plant in the company.
Al-Sudani pointed out, in his speech, that this development is a success story in the private sector, stressing the unlimited support from the government. For the sake of more job opportunities, as it currently accommodates approximately 4,000 opportunities within the company’s activities, in addition to increasing production and providing its surplus in the future for export outside Iraq.
He called on businessmen and private sector companies to take advantage of the investment opportunities offered and the sovereign guarantees provided by the state through the three-year budget law.
Al-Ittihad Food Industries Company Limited in Babil Governorate is one of the largest industrial companies in Iraq, and includes six factories: Sugar refining plant, vegetable oil refining plant, vegetable feed production plant, soybean meal extraction plant, premix production plant, and yellow corn crushing and drying plant. link
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Cutebwoy: NY Times article from 1991 reporting the revaluation of the Kuwaiti dinar
Jul 19, 2013
When Iraq invaded Kuwait in August of 1990, the value of the Kuwaiti dinar dropped to about 5 cents. In other words, it took 20 Kuwaiti dinars to buy one dollar.
In February of 1991 Iraq was expelled from Kuwait, and a month later, the banks revalued their currency to $3.47, the highest valued currency in the world. When this occurred, the New York Times reported the event on March 25, 1991.
It still has no water and little electricity or food, but Kuwait revived its banking system today, introducing a new currency.
Banks reopened for the first time since Iraqi occupation forces shut them down in December. Thousands of people lined up to exchange their old Kuwaiti dinars for crisp new ones and to withdraw a limited amount of money….
All other old dinars can be exchanged for new ones on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.
At the same time, the UN put Iraq under trade sanctions, crashing the value of the Iraqi dinar (IQD) from $3.22 to about 4000 to the dollar. Their currency could only be spent in Iraq itself, and people had to carry around wads of 25,000 dinar notes to buy groceries.
Then in 2003 coalition forces invaded Iraq and overthrew Saddam Hussein. By 2004 we gave them a new currency without Saddam’s picture on it. The value soon doubled and went up to 2000 to the dollar. A few years ago the Central Bank of Iraq managed to stabilize the value at 1166 per dollar.
On June 27, 2013 the UN removed Iraq from Chapter VII sanctions, allowing Iraq to regain control of close to $80 Billion in frozen funds that had been sitting in western banks since 1990. This also allowed Iraq to be reinstated on the world’s banking network, as soon as they are ready. At the same time many expect to see the IQD revalued at or near its former position
Mot: .. I Say!!! -- I Say!!! -- I Say!!! –
Mot: and You Thought You were Busy!!!!.................
News, Rumors and Opinions Thursday AM 5-9-2024
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Thurs. 9 May 2024 Compiled Thurs. 9 May 2024 12:01 am EST by Judy Byington
Judy Note: Things were warming up: Our Global Financial System that was packed with fiat monies, was on the verge of collapse, so on Wed. 1 May 2024, the gold/asset-backed Global Currency Reset of 209 countries began to roll out to save the system.
Global Currency Reset: (RUMORS)
Tues. 7 May Bruce: The Military gave the green light to release the monies on Mon. 29 April. Wells Fargo gave the green light on Mon 6 April. Tier 4 a,b notification could come out anywhere from 2 pm Wed. 8 May to 10:30 am on Thurs. 9 May.
Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.
RV Excerpts from the Restored Republic via a GCR: Update as of Thurs. 9 May 2024
Compiled Thurs. 9 May 2024 12:01 am EST by Judy Byington
Judy Note: Things were warming up: Our Global Financial System that was packed with fiat monies, was on the verge of collapse, so on Wed. 1 May 2024, the gold/asset-backed Global Currency Reset of 209 countries began to roll out to save the system.
Global Currency Reset: (RUMORS)
Tues. 7 May Bruce: The Military gave the green light to release the monies on Mon. 29 April. Wells Fargo gave the green light on Mon 6 April. Tier 4 a,b notification could come out anywhere from 2 pm Wed. 8 May to 10:30 am on Thurs. 9 May.
The Gazetteller reported that as of Wed. 1 May the Latin American nations of Colombia, Brazil, and Chile became the first to exchange foreign currency in the Global Currency Reset. The U.S. was expected to lag behind by three weeks but this delay was strategic. It allowed potential security flaws to be patched up before the RV reached American soil.
Wed. 8 May Banker: “Well folks, a banker was provided with a specific date where he would have his trained exchange specialists in position to begin the currency exchanges. This means a window of scheduling appointments will commence prior to having his staff being in position. While he could not provide me the date he did indicate without any unforeseen issues that could delay it will occur this month. Well Folks, we may in fact enjoy the most memorable Mother’s Day in history. Say your prayers.”
Tues. 7 May Wolverine: “I have been told to shut up and I can accept that. What I can tell you is that they said that this will be a Golden Week. I don’t want to be a part of anything that would disturb the process. At the moment it is all good. I’m very confident that this is the week that we have been waiting for. Have a beautiful, beautiful day.”
Mon. 6 May 2024 Wolverine: “It has started. It has started. It has started. It has started. It has started. It has started. It has started. It has started. What I can tell you is that we are liquid. The money is actually available. It’s just a matter of time in order for the Green Light to be given. Exchanges have started. I’ve been told not to say anything more. I can’t give you a date. Remember, it’s a military operation, but we are defiantly close. Take care. Have a beautiful day. Wolverine.”
Mon. 6 May 2024 MarkZ: “I absolutely know this has started. I know people who now have dollars. According to my best contacts in the group, there was an interesting movement of money over the weekend. It’s clearly positioned to go, but I’m not sure we’ll see it today. Wolverine says 1,000% it will go today. We’ve seen a lot of money movement over the weekend so it could go today. I’m not quite certain, though there’s certainly a potential.”
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Wed. 8 May 2024 Ginger’s Liberty Lounge on Telegram:
Very encouraging fact that Iraq is going to such extreme lengths to educate their citizens, even their youth, on preparing for massive economic inclusion.
Remember, they are expecting their financial windfall to come, and it’s not only from their increase in the IQD international exchange rate. But the citizens also will receive monetary stipends coming from sales from oil. This is a very exciting time for Iraq!! I’m super happy for them!!
Also, let’s remember the fact how Al Sudani had educated Iraqis on the fact that their currency shall be much more valuable than the USD, therefore more desirable to hold. They’ve been given Q cards and moved to a digital banking system and highly encouraged to utilize the banking system to prepare them for this transition.
Prior to these educational efforts, 70% of Iraq citizens had never used a bank. Now, currently, only 20% – 30% are still transitioning over and are learning the benefit of getting away from USD. Using IQD is required inside country borders. The progress they’ve made has been fantastic.
Read full post here: https://dinarchronicles.com/2024/05/09/restored-republic-via-a-gcr-update-as-of-may-9-2024/
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Frank26 No one knows how much time you're going to have in order to trade in the 3 zero notes. But the IMF does regulate all central banks and forces them to give a time frame. That last time this happened with the Iraq dinar was about 10 years ago. The 50 note. The CBI came out and said we cancel it...They gave everybody 3 months. Now they're all null and void. You can't exchange for anything.
Wolverine [via Judy Byington] “I have been told to shut up and I can accept that. What I can tell you is that they said that this will be a Golden Week. I don’t want to be a part of anything that would disturb the process. At the moment it is all good. I’m very confident that this is the week that we have been waiting for. Have a beautiful, beautiful day.”
Alert! EXPECT MASS CURRENCY DEVALUATION. INCREASE YOUR EXPOSURE TO COMMODITIES.
Greg Mannarino: 5-8-2024
Goldilocks' Comments and Global Economic News Wednesday Evening 5-8-24
Goldilocks' Comments and Global Economic News Wednesday Evening 5-8-24
Good Evening Dinar Recaps,
A Regulated Settlement Network | LedgerInsiights
A Regulated Settlement Network is the practical use of tokenized deposits, wholesale Central Bank money, U.S. Treasuries and other tokenized assets.
This project is being done on a shared ledger as part of the Regulated Settlement Network (RSN). "Citi, J.P. Morgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp are participating in this pilot program."
The goal is to test payment settlements on a common regulated network. It is to witness the efficiency of coordinating existing laws through the use of simulating USD delivery versus payment transactions.
The Federal Reserve Bank of New York will be assessing this DLT Digital Ledger Technology System for incorporation inside the new digital economy. © Goldilocks
~~~~~~~~~
Goldilocks' Comments and Global Economic News Wednesday Evening 5-8-24
Good Evening Dinar Recaps,
A Regulated Settlement Network |
A Regulated Settlement Network is the practical use of tokenized deposits, wholesale Central Bank money, U.S. Treasuries and other tokenized assets.
This project is being done on a shared ledger as part of the Regulated Settlement Network (RSN).
"Citi, J.P. Morgan, Mastercard, Swift, TD Bank N.A., U.S. Bank, USDF, Wells Fargo, Visa, and Zions Bancorp are participating in this pilot program."
The goal is to test payment settlements on a common regulated network. It is to witness the efficiency of coordinating existing laws through the use of simulating USD delivery versus payment transactions.
The Federal Reserve Bank of New York will be assessing this DLT Digital Ledger Technology System for incorporation inside the new digital economy. Ledgerinsights
© Goldilocks
~~~~~~~~~
👆I do believe our new tokenized asset regulations through MICA and new Stablecoins will fit well inside the new regulated payment system above.
© Goldilocks
~~~~~~~~~
Capital gains tax rates under Joe Biden's plan: Twitter
Georgia - 50.09%
Iowa - 50.3%
Kansas - 50.3%
Idaho - 50.4%
Nebraska - 50.44%
Maine - 51.75%
Oregon - 54.5%
Minnesota - 55.45%
New York - 55.5%
New Jersey - 55.5%
California - 57.9%
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Big money has already moved in and bought gold - Brien Lundin says investors aren't waiting | Youtube
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Ripple Vs. SEC: Sealed Remedies Reply Filed, What's Next? | Bitcoinist
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BRICS is planning to establish its own central bank to issue a new common currency.
Russia’s Deputy Foreign Minister, Sergei Ryabkov, emphasized that creating a central bank is crucial for the currency’s launch.
The project has faced challenges and complexities, especially after BRICS doubled in size. Cryptopolitan
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Geopolitics and Its Impact on Global Trade and the Dollar - Gita Gopinath | Youtube
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The Global Solar Power Boom Is Driving a Surge in Silver Demand - WSJ
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BRICS Brace for Potential International Monetary System Collapse | CoinTribune
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IQD 60-Second Iraqi News Update 5/8/24 #iraq #iqd Rate | Youtube
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CFTC Chair Predicts Tsunami Of Crypto Enforcement Actions In Next 2 Years | Bitcoinist
The CFTC Chair acknowledges the challenges of getting legislation passed but notes the momentum and desire from lawmakers to close regulatory gaps, particularly in stablecoin legislation.
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Is Ripple's XRP the Key to BRICS' New Monetary Project to Finally Ditch the US Dollar in 2024? | Crypto News Flash
Following the confirmation that the BRICS alliance is developing a stablecoin, the community is speculating that Ripple’s XRP could be leveraged. Russian Minister of Foreign Affairs confirmed that the alliance will launch a stablecoin to facilitate international transfers.
With its reputation for instant cross-border payments, Ripple could be a major player if the BRICS countries move forward with their de-dollarization stablecoin project, as hinted at by Sergei Ryabkov’s announcement.
~~~~~~~~~
Will Central Bank Digital Currencies Undermine Gold's Value? | Oil Price
CBDCs pose a threat to gold's traditional role as a store of value and hedge against inflation due to their potential for increased centralization and control over individual finances.
As CBDCs are rolled out and cash is phased out, gold and silver may emerge as the primary means of transacting outside the centralized digital currency system, leading to a potential surge in their value.
Legislators are divided on the issue, with some recognizing the threat posed by CBDCs and advocating for the protection of precious metals holders, while others believe CBDCs may become inevitable despite concerns about individual freedoms and financial privacy.
~~~~~~~~~
Currently, we have regulations taking place for Stablecoins, Tokenized Assets, and a Regulated Settlement System.
Think of this as paying for assets to go into your portfolio (Tokenized Assets) inside of a Banking System capable of making transactions (Settlement System) for you with the Dollar (soon to be XRP Stablecoin).
The entire QFS is now currently going through the Regulation process as we speak.
© Goldilocks
~~~~~~~~~
The worst thing we could do if stablecoins are being misused around the world is to step away and not regulate them," says @SenLummis, who together with @SenGillibrand | Twitter
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👀 This is Yuge!
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Thank you Dinar Recaps
The US Dollar Is So Strong That China's Central Bank, Among Others, Just Keeps Loading Up On Gold
The US Dollar Is So Strong That China's Central Bank, Among Others, Just Keeps Loading Up On Gold
Huileng Tan Wed, May 8, 2024,
China's economy is struggling, leading to a surge in gold purchases as a safe-haven asset.
Central banks are on a gold-buying spree, contributing to record-high spot gold prices.
Other central banks are also snapping up gold to diversify their assets on the back of a strong greenback.
China's economy is in a funk and people are rushing out to buy gold as a safe-haven asset to hedge against economic uncertainties, sending prices of the precious metal to record highs.
The country's central bank has also gotten into the act, adding 60,000 troy ounces of gold to its stash in April, according to official data released on Tuesday. It marked the 18th straight month the People's Bank of China was piling in on gold.
But it's not just about economic uncertainty. The heightened interest in gold is also a pushback to the strong US dollar, which is making it too expensive for emerging nations like China to import goods.
The US Dollar Is So Strong That China's Central Bank, Among Others, Just Keeps Loading Up On Gold
Huileng Tan Wed, May 8, 2024,
China's economy is struggling, leading to a surge in gold purchases as a safe-haven asset.
Central banks are on a gold-buying spree, contributing to record-high spot gold prices.
Other central banks are also snapping up gold to diversify their assets on the back of a strong greenback.
China's economy is in a funk and people are rushing out to buy gold as a safe-haven asset to hedge against economic uncertainties, sending prices of the precious metal to record highs.
The country's central bank has also gotten into the act, adding 60,000 troy ounces of gold to its stash in April, according to official data released on Tuesday. It marked the 18th straight month the People's Bank of China was piling in on gold.
But it's not just about economic uncertainty. The heightened interest in gold is also a pushback to the strong US dollar, which is making it too expensive for emerging nations like China to import goods.
The Dollar Index — which measures the value of the green against a basket of six other currencies — has risen 4% this year and 10% since the start of 2022. This is due to the Federal Reserve's interest-rate hikes since March 2022, which tend to strengthen the dollar.
The Chinese yuan has lost 1.6% against the dollar this year to date. It's down 4% over the past 12 months and about 12% lower against the greenback since the start of 2022.
Other central banks are also loading up on gold. Big gold buyers include China, Turkey, and India, the World Gold Council, or WGC, wrote in a report last week.
"Accounting for almost a quarter of annual gold demand in both those years, many have attributed central banks' ongoing voracious appetite for gold as a key driver of its recent performance in the face of seemingly challenging conditions: namely, higher yields and US dollar strength," wrote the council.
In all, the world's central banks bought 290 tons of gold in the first quarter of this year — the strongest start to any year on record, per the WGC.
Central banks are not done buying gold
Even though central banks have bought a whole lot of gold since 2022, they may not be done yet, said the WGC.
"Not only is the long-standing trend in central bank gold buying firmly intact, it also continues to be dominated by banks from emerging markets," the WGC added.
To Read More:
https://finance.yahoo.com/news/us-dollar-strong-chinas-central-173902306.html