Category Archives: International Economic News

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2017 India Gold Imports Already Exceed 2016

July 11th, 2017 by

For generations, India has been known as one of the world’s primary sources of gold demand. However, last year its gold imports fell off considerably due to a variety of new policies by the Indian government regarding gold ownership, taxation, and even the supply of paper money in the country.

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Another Bitcoin Exchange Hacked

July 9th, 2017 by

In another blow to the rising star of Bitcoin and other cryptocurrencies or blockchain platforms like Ethereum, one of the world’s largest Bitcoin exchanges was victimized by hackers, with a significant number of digital “coins” stolen.

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Looming Euro Crisis?

June 28th, 2017 by

Even before its inception, skeptics have been predicting the downfall of the euro, the common currency of the member nations of the European Monetary Union. Many saw this project as doomed from the start. Nonetheless, the currency quickly became the biggest rival to the U.S. dollar in international markets. After nearly two decades on the […]

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Central Banks Buy Gold as Dollar Hedge

June 26th, 2017 by

It’s been nearly five decades since the Bretton Woods system, a de facto gold standard, was abandoned by the Nixon administration in 1971. Under this arrangement, the price of gold was fixed to a specific dollar amount (generally $35 per ounce), and then all other world currencies were tied to the dollar. The U.S. Treasury […]

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Qatar Isolation Exposes Gulf Rift

June 8th, 2017 by

This week’s sudden breaking of diplomatic and trade relations with Qatar by influential Persian Gulf oil monarchies took the world by surprise. The foundation for this move, however, has been growing for years. Since 1995, Qatar’s rulers have striven to move out from under the shadow of the Saudis and become more influential in the […]

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How Will China Impact the Gold Market?

June 6th, 2017 by

Although China has surpassed India as the world’s #1 source of gold demand on a consistent year-to-year basis, it has not received as much publicity lately in conjunction with global gold demand.

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Could a Joke Rename Australia’s Currency?

June 3rd, 2017 by

There’s that saying about how “a great deal of truth is said in jest.” It’s true that sometimes comedy can reveal some important point that has been overlooked or underappreciated. This is probably not the case with the joke that appeared on a 1995 episode of The Simpsons that, in the show’s typical ridiculous manner, suggested Australian […]

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Sweden Evasive About Gold Reserves

April 26th, 2017 by

Gold insider Ronan Manly of BullionStar recently carried out a journalistic investigation into how Sweden audits its gold reserves. He began with the broader goal of gathering information about central bank gold reserves generally—a topic shrouded in much mystery indeed.

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French Election Could Destroy the EU

April 21st, 2017 by

Sunday’s presidential vote in France will be an election for the ages. euroskeptic extremists on the left and the right are both polling surprisingly well, and hope to draw enough voters from a fractured center to put them over the top. Centrist candidates are putting forth populist or anti-immigrant plans, hoping in turn to woo […]

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Russia May Seize Citgo’s US Oil Assets

April 17th, 2017 by

The woes of Venezuela’s state-owned oil company PdVSA exploded onto the Washington, DC political scene this week, when doubts surfaced that it could meet a $2.2 billion bond payment due on April 12. Part of that total due last Wednesday included a payment on a $1.5 billion loan from Russian oil giant Rosneft. The Venezuelans […]

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Why Did Turkish Gold Imports Skyrocket?

April 6th, 2017 by

In tracking major trends in the global gold trade (i.e. large-volume sales), there are two (sometimes related) factors that tend to provide the clearest macro picture: central bank net purchases and raw domestic import number for various countries.

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Festivals, Rupee Lift India Gold Demand

April 3rd, 2017 by

Indian gold demand is sharply higher right now, due to Hindu New Year festivals and the upcoming spring wedding season. A stronger rupee, which has gained 4.8% against the dollar so far this year, has helped moderate gold prices and stoke demand, and a good monsoon season last year has given rural Indians the money […]

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Curbs on Indian Gold Demand Succeed

March 20th, 2017 by

For years, the government of India, the world’s second-most populous country, has made reducing gold demand one of its primary focuses. It seems that after years of failure, the government finally hit upon a fool-proof way to cut down on gold purchases: just take away the people’s cash!

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Royal Dutch Mint’s New Gold and Silver Coins

March 18th, 2017 by

Although it is today overshadowed by many of Europe’s more prominent government mints, the Royal Dutch Mint (Koninklijke Nederlandse Munt) boasts an impressive history that traces back to the 1500s. The Leeuwendaalder and America’s Silver Coins The Netherlands’ flagship silver coin, the leeuwendaalder (literally, “lion thaler”), was an especially important trade coin in the 17th and 18th centuries. The […]

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WGC Releases Central Bank Gold Demand Numbers

March 14th, 2017 by

The World Gold Council (WGC) publishes quarterly data about trends in gold demand around the world, from industry to investment to mining and new technologies. In February, the research group released its 2016 report on central bank gold demand. As central banks have consistently been net buyers of the yellow metal over the past five years […]

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Banxico Publishes Gold Bar List

March 9th, 2017 by

Central banks are notorious for bashing the usefulness of gold as a financial asset, dismissing the metal as a “barbarous relic” of a bygone era of backward economics. (This despite these same banks maintaining large gold reserves on their balance sheets. As former Fed Chair Ben Bernanke once absurdly suggested to former U.S. Representative Ron […]

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Prospects Brighten for Major Gold Miners

March 7th, 2017 by

From the time that gold prices dropped following the U.S. elections to their recent lows under $1,200/oz, gold mining companies saw a promising year end on a sour note in 2016. Many of the industry’s biggest players have staged major turnarounds to start this year, however.

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“Pent-Up” Indian Gold Demand Returns

March 6th, 2017 by

India is almost always one of the top two nations (along with China) in terms of gold demand on a year-to-year basis, but government intervention has played a major role in actively suppressing that demand over the past year or so.

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Egyptian Gold Mining Eyes Rebound

February 6th, 2017 by

For the most part, the world’s most valuable gold deposits have all been tapped already. They are currently being exploited, or development on a new project has already begun. Yet one of the planet’s traditional sources for gold mining, Egypt, has largely deterred large-scale gold mining due to burdensome government policies. Now, however, the Egyptian […]

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Chinese Lunar New Year Approaches

January 26th, 2017 by

The Chinese Lunar New Year begins on February 8th, reckoned in this calendar as the year 4714. It is also a time to welcome in the Year of the Rooster in the 12-year Lunar cycle. For those curious about their own birth year, the Year of Rooster arrived in 1921, 1933, 1945, 1957, 1969, 1981, 1993, […]