Gold: UBS, Russia, mBridge, and Tax Abolition
UBS updates its view on Gold on September 12th. In a 2 page note it reiterated to clients its current position on Gold post the recent rally.
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- Premium Analysis: UBS Maintains
- News: G7 mBridge answer, Russian gold, Tax abolition
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News Summaries:
UBS Reiterates "Spot to $2600/oz by Year End and $2700 by mid 2025"
UBS updated its view on Gold on September 12th. In a 2 page note from its CIO it reiterated to clients its current position on Gold post the rally. UBS maintains a bullish outlook for gold, with projections of USD 2,700/oz by mid-2025. Premium.
BREAKING NEWS: G7 Answer to mBridge is Here
LONDON, Sept 16 (Reuters) - Forty of the world's leading commercial banks have joined a G7-led pilot scheme with the New York Fed and leading central banks from Europe, Korea and Japan for a new digital currency platform designed to speed up and enhance cross border payments. Link
Russian businesses now using gold to pay Chinese suppliers
Some Russian businesses have begun using gold to pay Chinese suppliers to get around US sanctions and threats of sanctions against Chinese banks affecting Russia-China bank transfers. Link
New Jersey Eliminates Sales Taxes On Gold And Silver
Sound money advocates are hailing their hard-fought victory today as New Jersey’s Senate Bill 721 was signed into law – thereby removing sales taxes on purchases of gold, silver, and other precious metals above $1,000 effective January 1, 2025. Link
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