Gold Telegraph X Posts for July 25, 2024

Gold Telegraph 
@GoldTelegraph

India cuts import tax on gold and silver to 6% from 15%.

This is massive news.

India is home to one of the biggest gold markets in the world.

The country is the second-largest gold consumer in the world.

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BREAKING NEWS

UNITED STATES BANKS TO BEGIN REPORTING RUSSIAN ASSETS FOR EVENTUAL FORFEITURE UNDER NEW LAW

Here we go.

This is going to get wild.

“While the vast bulk of Russian assets are held in Europe, it is estimated that the U.S. banking system holds as much as $6 billion in Russian assets in trust…”

Source: https://apnews.com/article/repo-act-banks-russia-ukraine-russian-assets-9ecda7e3e799cdbfb564844ae89a144b#

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BREAKING NEWS

AFRICAN NATIONS TURN TO GOLD TO PROTECT AGAINST CURRENCY LOSSES

SOUTH SUDAN IS THE LATEST COUNTRY TO PLAN TO EXPAND ITS RESERVE BASE BY ADDING OTHER RESOURCES, SUCH AS GOLD.

Just wrote about Africa rushing to gold.

“At least six are building up gold reserves or considering it…”

Source: https://www.bloomberg.com/news/articles/2024-07-24/gold-xau-usd-price-rises-entice-african-nations-hedging-against-currency-woes

2 weeks ago:

“The story is getting good, isn’t it?

Welcome to uncharted waters.”

Gold is closing in on record highs…
Moves are being made across Africa.

What is happening in Africa is very interesting.

Zimbabwe continues to streamline its gold-backed currency, and the largest oil producer in Africa aims to combat inflation with gold.

Nigeria's plan to… pic.twitter.com/SkDZndOm4Z

— Gold Telegraph ⚡ (@GoldTelegraph_) July 11, 2024

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The Bank of Canada cut rates today.

The Canadian dollar remains near a record low measured against gold.

1:29 PM · Jul 24, 2024

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Russia says they are working with China to counter the United States weaponization of the global financial system.

The two biggest producers of gold are working to counter the United States…

Ok.

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BREAKING NEWS

EU COUNTRIES LOOK TO EXTEND FREEZE ON RUSSIAN ASSETS TO SECURE G7 LOAN TO UKRAINE

There is a word for this…

“The bulk of the some $300 billion in assets is held in EU financial institutions, mostly in Belgium…”

Source: https://www.reuters.com/world/europe/eu-countries-look-extend-freeze-russian-assets-secure-g7-loan-ukraine-2024-07-24/

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Countries worldwide are watching how the G-7 handles the frozen Russian reserves.

This includes Saudi Arabia.

They are one misstep away from drastically altering how countries view their reserves.

It’s remarkable how financially extreme things have become.

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Just as citizens are traumatized by inflation, country leaders will be by the threat of reserve confiscation.

These are uncharted times, and many people fail to grasp the full magnitude of this.

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Countries are repatriating their gold reserves for a reason: they don’t trust keeping them in foreign vaults.

Why would they?

$300 billion of assets are currently frozen and are now being utilized by other countries.

These are decisions that will be remembered in history.

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The Japanese market is down nearly 3%.

They defended the currency with interventions, but now the clowns at the Bank of Japan must be struggling to resist the allure of the money printer.

Pick.

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