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Central banks voice support for gold reserves
At the London Bullion Market Association's annual conference in Miami, representatives from three central banks voiced support for increasing gold reserves.Central banks are eager to diversify their holdings, citing financial and strategic reasons.
With rising inflation, geopolitical tensions, and economic uncertainty, gold is seen as a hedge against risk.
By boosting gold reserves, central banks aim to strengthen their balance sheets and reduce reliance on foreign currencies like the US dollar, signaling a collective shift toward prioritizing gold as a key asset.
Donald Trump Pushes the Brake on Car Loan Taxes
Donald Trump, speaking at the Detroit Economic Club, unveiled a proposal to make interest on car loans fully tax-deductible if re-elected.He emphasized that this plan would boost domestic auto production and lower the cost of car ownership for millions of American families.
Trump also vowed to prevent Chinese automakers from selling vehicles in the U.S., aiming to protect American jobs and industries.
Donald Trump: "We will make interest on car loans fully deductible"
BRICS plans an alternative to the IMF
Russia has urged its BRICS partners to establish an alternative to the International Monetary Fund (IMF) to counteract political pressure from Western nations. This proposal comes as BRICS finance ministers and central bank officials gather in Moscow.Russian Finance Minister Anton Siluanov, hosting the meeting, emphasized that the global financial system is dominated by Western countries.
He called for the group, which represents 37% of the global economy, to create a financial institution independent of Western control.
"The IMF and the World Bank are not performing their roles. They are not working in the interests of BRICS countries;
It is necessary to form new conditions or even new institutions, similar to the Bretton Woods institutions, but within the framework of our community, within the framework of BRICS," Siluanov said on the first day of the meeting.
Ghana Launches Gold Coin to Boost Savings
The Bank of Ghana has introduced a new gold coin to enhance money-market liquidity and promote domestic savings.Made from locally mined gold, the coin is refined to 99.99% purity.
It is issued and guaranteed by the central bank, with three available sizes: one ounce, half ounce, and quarter ounce, according to Governor Ernest Addison.
The initiative aims to strengthen Ghana's financial market and savings culture.
"The Ghana gold coin enables the Bank of Ghana to mop up excess liquidity in the banking sector and will supplement the bank's bills for liquidity management. It gives those resident in Ghana an additional avenue to invest to reap the benefits of the Bank of Ghanaâ??s domestic gold purchase program." Addison said.
HSBC Trials Quantum-Secure Tech for Tokenized Gold
HSBC has announced a successful trial of quantum-secure technology for buying and selling tokenized physical gold, a significant step in safeguarding financial applications from future quantum computing threats.HSBC was the first global bank to offer tokenized gold to institutional investors using distributed ledger technology (DLT) and later expanded this offering to retail investors in Hong Kong through the HSBC Gold Token.
The trial also demonstrated interoperability between gold tokens using post-quantum cryptography (PQC), enabling safe movement of digital assets across ledgers and the conversion of HSBC's tokens into ERC-20 fungible tokens for enhanced distribution.
Trump vows to End Taxes on Overtime
Donald Trump announced the extension of his tax cuts program during a rally in Tucson, Arizona, following his recent pledge to end taxes on tips."As part of our additional tax cuts, we will end all taxes on overtime";
"The people who work overtime are among the hardest working citizens in our country";
"When you pass 40 hours a week, your overtime hours will be tax-free", Trump said.
BRICS Confirms the Gold Standard
At the upcoming BRICS summit in October in Kazan, tools for an inclusive international financial system will be discussed, according to Andrey Mikhailishin, head of the financial services task force of the BRICS Business Council, in a statement to TASS.Key projects include a common unit of account (Unit), a platform for international digital currency settlements (Bridge), a payment system (Pay), a settlement depository (Clear), an insurance system (Insurance), and a rating alliance.
The new system aims to decentralize international cooperation and leverage digital technologies.
The Unit will be linked 40% to gold and 60% to a basket of BRICS national currencies, addressing exchange rate volatility.
Trump Vows to make America richer and stronger
Donald Trump delivered a major economic speech in New York City, outlining plans to reduce the corporate tax rate to 15% and establish a "government efficiency commission" headed by Elon Musk.He vowed to "make America richer and stronger" if elected in November.
The announcement was made during an address to The Economic Club of New York.
"I am promising low taxes, low regulations, low energy costs, low interest rates, secure borders, low low, low crime and surging incomes for citizens of every race, religion, color and creed, My plan will rapidly defeat inflation, quickly bring down prices and reignite explosive economic growth," Trump said.