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New York CNN —Starbucks’ new CEO Laxman Narasimhan has taken over the reins from interim CEO Howard Schultz, about two weeks sooner than planned. In addition to taking over as CEO, Narasimhan joined the board Monday. Incoming CEO Laxman Narasimhan speaks from the stage during Starbucks Investor Day, Tuesday, Sept. 13, 2022, in Seattle. He remains on the Starbucks board. During his time as interim CEO, Schultz laid out a “reinvention” plan that would update stores and, he said, improve conditions for workers.
It shipped 188 tonnes of gold worth 10.1 billion Swiss francs last year to Turkey, up from only 11 tonnes in 2021. Switzerland's gold exports to Turkey have never previously exceeded 34 tonnes in a single month, Swiss data shows. India and China are the two biggest gold consumer markets and demand often rises when gold prices are low and falls when gold prices increase. Gold prices rocketed from a low of $1,615.59 an ounce in early November to as high as $1,959.60 on Feb. 2 before slipping back to around $1,840 by Tuesday. SWISS GOLD EXPORTS, MONTHLY (KG)EXPORTS TO KEY MARKETS, MONTHLY (KG)* Source: Swiss customs.
SummarySummary Companies Central banks bought 1,136 tonnes of gold in 2022Emerging economies were main buyersPurchases predicted to fall next yearTotal global gold demand highest since 2011LONDON, Jan 31 (Reuters) - Central banks added a whopping 1,136 tonnes of gold worth some $70 billion to their stockpiles in 2022, by far the most of any year since 1967, the World Gold Council (WGC) said on Tuesday. Gold also enables central banks to diversify away from assets like U.S. Treasuries and the dollar. Charting the change in global central bank gold holdings since 1950. But around two-thirds of the gold bought by central banks last year was not reported publicly, the WGC said. The central bank purchases took total gold global gold demand last year to 4,741 tonnes, up 18% from 2021 and the highest for any year since 2011.
Street Crime Unit. Jon Naso/NY Daily News Archive via Getty ImagesMemphis police chief Davis also has prior experience with special street crime units. Street crime squads are popular among politicians who say only aggressive policing will reduce violent crime. In the late 1990s, the Street Crime Unit tripled in size, amid a panic over a rising number of homicides. In a city grappling with violent crime, authorities touted the Street Crime Unit as a bright spot.
(Graphic: Palladium's rally, )Powering the rally was rising demand from automakers who needed more palladium per vehicle to meet tightening emissions standards. Electric vehicles (EVs) that do not need palladium are gaining market share and automakers are substituting some palladium for cheaper platinum in combustion engine vehicles. (Graphic: Palladium supply from recycled vehicles, )That will shift the roughly 11 million ounce a year market to a surplus of nearly a million ounces in 2027, they said. (Graphic: Palladium market balance, )But it is too early to rule out short-term upward moves. (Graphic: Palladium speculators, )
Last year, it exported 524 tonnes of gold worth around $33 billion at current prices to mainland China and Hong Kong, up from 354 tonnes in 2021 and the most since 2018, Swiss customs data showed. Switzerland shipped 69 tonnes of gold to Singapore, up from 33 tonnes in 2021 and the most since 2017, and 92 tonnes to Thailand, up from 56 tonnes in 2021 and the most since 2013. Switzerland sent 224 tonnes of gold to India last year, down from 507 tonnes in 2021. But if prices remain high, India's appetite for gold will likely remain weak, he said: "They are real bargain hunters. SWISS GOLD EXPORTS, ANNUAL (KG)SWISS GOLD EXPORTS, MONTHLY (KG)* Source: Swiss customs.
Fast-rising interest rates hammered gold prices last year, kicking them as low as $1,613.60 in September from a high of $2,069.89 in March - just shy of a record peak in 2020. ,Charting gold prices, the U.S. dollar index and U.S. inflation-adjusted 10-year bond yields. The weakening U.S. currency and bond yields "will become macro tailwinds for the yellow metal, pushing gold above $2,000/oz in the coming months," said analysts at Bank of America. Speculators who in November were betting gold prices would fall have amassed a net long position in COMEX futures of 8.3 million ounces of gold, worth $16 billion, helping push up prices. Charting gold prices and technical indicatorsReporting by Peter Hobson; Editing by Pratima Desai and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.
In an analysis about investors shunning Russian gold, Reuters examined lists of gold bars owned by eleven large funds. By late November, the proportion of Russian gold in the stockpiles of eight had fallen. SPDR Gold MiniShares, whose gold is stored by ICBC Standard, saw an almost 50% fall in the amount of Russian gold it holds. Russian gold bars refined before March 7 this year are still eligible to own and trade, it said. GRANITESHARESGraniteShares said it did not distinguish between different brands of good delivery gold including pre-war Russian gold, and that it had not asked its custodian, ICBC Standard, to reduce its holdings of Russian bullion.
But the data, compiled by Reuters, shows Russian gold being removed at a significantly faster pace than that from other countries. One said he had asked the bank paid to store his fund's gold to allocate as little Russian metal as possible to it. Russian gold removed from such funds was often reassigned to other owners in the same location, the bankers said. JP Morgan, which stored around 1,050 tonnes of gold for the funds, trimmed Russian gold by 13% and non-Russian gold by 9%. However, the two largest funds, BlackRock's (BLK.N) iShares Gold Trust and the World Gold Council's SPDR Gold Shares, actually increased their proportion of Russian gold.
CNN —Shortly before announcing her campaign against Republican National Committee chair Ronna McDaniel, Harmeet Dhillon, a well-connected conservative attorney, phoned an important ally to solicit his thoughts. Republican voters and local officials have bombarded committee members with emails and calls about the party’s next chair, often berating them directly for the GOP’s underwhelming performance in the midterms, according to four committee members who requested anonymity to describe their experience. During the same period, her law firm received nearly $900,000 from the RNC, federal election data shows. We are all independent thinkers, and we know what’s best for our states,” said Jeff Kent, a committee member from Washington. “It’s very hard to beat an incumbent RNC chair if that incumbent wants to stay,” said Bill Palatucci, a New Jersey committeeman.
Months after turbulence highlighted shortcomings in LME oversight, the nickel contract remains broken. Declining liquidity, together with low stocks, has led to high LME nickel prices this year, pushing up costs for industrial users already grappling with surging inflation. LIQUIDITY SLUMPSMany investors, traders, consumers and producers have abandoned LME nickel in the aftermath of the chaos in March. LME nickel typically trades at a discount to the Shanghai Futures Exchange (ShFE) contract because China is a net importer of nickel and the ShFE nickel price takes into account logistical costs and local taxes. "There's a major disconnect between LME nickel (futures) and the physical market," a nickel trader said.
China's reported gold reserves rise for first time since 2019
  + stars: | 2022-12-07 | by ( ) www.reuters.com   time to read: +1 min
Dec 7 (Reuters) - China's central bank said on Wednesday it had added 32 tonnes of gold worth around $1.8 billion to its reserves, the first time it has disclosed an increase since September 2019. The additions bring China's reported holdings at the end of November to 1,980 tonnes, worth around $112 billion. China has the world's sixth-largest official national gold reserves after countries including Russia, Germany and the United States, which is the biggest with 8,133.5 tonnes. China's reported holdings have risen to 1,980 tonnes worth around $112 billion. The reported increase in China's gold reserves was part of data released by the People's Bank of China showing its foreign exchange reserves rose more than expected in November.
There has been no shortage of market drama this year. The breathtaking returns fueled by post-Covid enthusiasm have been drained from stocks as a bear market has taken hold. The drama is understandable. Instability grips the world as the pandemic lingers, inflation swells, violence against Ukraine rages, an energy crisis looms and China shelters. U.S. consumers are still buying, but their confidence is falling, as prices and escalating wages remain largely unaffected by the interest-rate increases meant to contain them.
Journal Reports: Year in Review
  + stars: | 2022-12-05 | by ( Jeff Slate | Martina Navratilova | Emily K. Brunson | ) www.wsj.com   time to read: 1 min
First, we have to understand why our minds make it so hard to have a nuanced view. Then, we have to get beyond that.
[1/2] Gold bars are displayed during a photo opportunity at the Ginza Tanaka store in Tokyo September 7, 2009. HSBC had been the sole custodian for SPDR Gold Trust, also known as GLD, since it launched in 2004. The bank currently stores about 910 tonnes of gold for GLD in London -- around a quarter of all the gold held for ETFs globally. Cavatoni said the WGC's agreement with JPMorgan allowed it to store gold in the United States and Switzerland but for the time the fund intended continue storing all its gold in London. HSBC said: "We're pleased to continue acting as a custodian for the World Gold Council's SPDR Gold Trust."
LONDON, Nov 22 (Reuters) - The World Platinum Investment Council (WPIC) said on Tuesday it expected a deficit of the metal used in vehicle exhausts, industry and jewellery in 2023 after a hefty surplus this year. The World Platinum Investment Council expects the market to swing into deficit in 2023. Manufacturers are also replacing palladium with cheaper platinum to save money, with such substitution accounting for 340,000 ounces of platinum demand this year and just over 500,000 ounces in 2023, the WPIC said. "This could lead to an even further tightening of the platinum market next year," he said. ANNUAL PLATINUM SUPPLY/DEMAND ('000 oz)*QUARTERLY PLATINUM SUPPLY/DEMAND ('000 oz)** Source: World Platinum Investment Council, Platinum Quarterly Q3 2022Reporting by Peter Hobson.
LONDON, Nov 18 (Reuters) - Global demand for silver is expected to rise 16% this year to 1.21 billion ounces, creating the biggest deficit in decades, according to the Silver Institute on Thursday night. The Silver Institute predicted a deficit of 194 million ounces this year, up from 48 million ounces in 2021. The Silver Institute predicts a 16% increase in demand this year to 1.21 billion ounces. Silver prices have fallen around 10% this year to $21 an ounce, mostly due to financial investors selling silver in response to rising U.S. bond yields and a strengthening dollar. SILVER DEMAND (MILLIONS OF OUNCES)*Source: The Silver Institute, Metals FocusReporting by Peter Hobson; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.
LONDON, Nov 16 (Reuters) - The London Metal Exchange (LME) said on Wednesday it was conducting enhanced monitoring of nickel trading after prices fell as much as 12% in volatile and illiquid conditions. The London Metal Exchange (LME) on March 8 cancelled all nickel trades and suspended the market for more than a week after prices doubled in a matter of hours. "The LME notes the current volatility in nickel," the exchange said in a statement. "The price limits in place are functioning as expected and the LME is undertaking enhanced monitoring to ensure that participants' trading activities are being conducted appropriately." Benchmark LME nickel racked up six consecutive days of gains between Nov. 8 and Nov. 15, starting the first at $23,330 a tonne and reaching as high as $31,275 on the last.
REUTERS/Maja Smiejkowska/File PhotoCommodity trade finance covers many types of loans, typically from banks, that facilitate global movement of goods from wheat to gasoline. Most trade finance loans are short-term, less than a year. Traders’ credit lines became strained last year when natural gas prices sky-rocketed in the fourth quarter. ‘DESIRE TO DIVERSIFY’Lending for commodity trade finance has become more diverse, with non-bank financial institutions (NBFI) stepping in. The underlying issue was the retreat of major banks from commodity financing after some 2020 defaults in the sector while Russian banks Sberbank and Gazprombank that were set to expand have now been shut out of Europe.
Commodity trade finance covers many types of loans, typically from banks, that facilitate global movement of goods from wheat to gasoline. Most trade finance loans are short-term, less than a year. The involvement of hedge funds in commodity trade finance has created a lifeline for smaller firms, deemed to be higher risk for banks due to strict capital requirements and clean energy goals. 'DESIRE TO DIVERSIFY'Lending for commodity trade finance has become more diverse, with non-bank financial institutions (NBFI) stepping in. The Swiss firm specialises in financing small to mid-sized commodity merchants and has achieved returns between 6% to 10% over the last 10 years.
CompaniesCompanies Law firms Credit Suisse Securities (europe) Limited Follow(Reuters) - Credit Suisse can know who is behind a lawsuit accusing it of fraud in connection with the purchase of more than $100 million of notes, a London court ruled on Thursday. Credit Suisse declined to comment. But Credit Suisse contends that German state-owned lender KfW – which rescued IKB in 2007 and is said by Credit Suisse to be directing the litigation – knew enough about any alleged wrongdoing to bring a claim before 2012. 30 Limited v Credit Suisse Securities (Europe) Limited and others, CA-2022-001108. For Loreley: Tim Lord and Fred Hobson of Brick Court Chambers, and RPCFor Credit Suisse: Tamara Oppenheimer and Adam Sher of Fountain Court Chambers, and Cahill Gordon & ReindelOur Standards: The Thomson Reuters Trust Principles.
Record central bank buying lifts global gold demand, WGC says
  + stars: | 2022-11-01 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Nov 1 (Reuters) - Central banks bought a record 399 tonnes of gold worth around $20 billion in the third quarter of 2022, helping to lift global demand for the metal, the World Gold Council (WGC) said on Tuesday. In total, the world's gold demand amounted to 1,181 tonnes in July-September, up 28% from 922 in the same period in 2021, the WGC said. Among large buyers were the central banks of Turkey, Uzbekistan, Qatar and India. "Looking ahead, we anticipate central bank buying and retail investment to remain strong," said WGC analyst Louise Street. GOLD DEMAND (tonnes)** Source: World Gold Council, Gold Demand Trends Q3 2022Reporting by Peter Hobson Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
Oct 18 (Reuters) - Delegates from around the world meeting at the London Bullion Market Association's annual precious metals conference in Lisbon predicted that gold prices would rise to 1,830.50 an ounce in a year's time, up from around $1,650 on Tuesday. They forecast that silver prices would rise to $28.30 in a year from around $18.70 on Tuesday, platinum would rise to $1,238.70 from around $915 and palladium would edge up to $2,058.80 from around $2,020. Register now for FREE unlimited access to Reuters.com RegisterReporting by Peter Hobson. Editing by Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.
The problem with ‘Black trauma porn’“Black trauma porn” – much like “disaster porn” or “poverty porn” – generally refers to graphic depictions of violence against Black people that are intended to elicit strong emotional responses. The implication is that these images can be needlessly traumatizing to Black viewers for whom violence is an inescapable fact of life. “There’s a difference between telling a story of Black trauma and telling a story that is ‘Black trauma porn.’”How Till avoids the trap of ‘trauma porn’What, then, is the line between a story of Black trauma and “Black trauma porn?”For Young, the distinguishing factor is context. Put bluntly, is that depiction of Black trauma intended to appeal to the sympathies of White people? It’s notable that many of the recent projects deemed to be “Black trauma porn” have been the work of Black creatives – an obvious reminder that Black people are not a monolith.
Swiss gold exports to China slow but shipments to Turkey surge
  + stars: | 2022-09-20 | by ( ) www.reuters.com   time to read: +2 min
REUTERS/Denis BalibouseLONDON, Sept 20 (Reuters) - Swiss exports of gold to China fell in August from July's 5-1/2-year high, while shipments to Turkey rose to their highest since June 2013, Swiss customs data showed on Tuesday. Large Western banks and refiners stopped buying gold from Russia after the Kremlin attacked Ukraine in February and Switzerland banned imports of gold from Russia in August. read moreBarring July's bumper number, Switzerland's exports of gold to mainland China in August were the highest since January. Turkey, which is enduring rampant inflation and a fast-weakening currency, began stepping up gold imports from Switzerland in May. Register now for FREE unlimited access to Reuters.com RegisterReporting by Peter Hobson; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.
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