News
Perth Mint sold diluted gold to China, got caught, and tried to cover it up
The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or "doped" bullion to China and then covering it up, according to a leaked internal report. Four Corners has uncovered documents charting the WA government-owned mint's decision to begin "doping" its gold in 2018, and then how it withheld evidence from its largest client in an effort to protect its reputation.
Commercial real estate continues to get pummeled
Commercial real estate continued to take it on the chin last week, and brokerages are preparing for even rougher times ahead. CBRE, JLL, Colliers and Cushman & Wakefield, among others, are moving forward with cost-cutting measures, including layoffs, as property sales and leasing eat into their profits. Symbolic of the tough times, the iconic — but vacant — Flatiron Building is heading to auction scheduled by a New York state judge for March 22.
Singapore’s central bank MAS boosts gold reserves to nearly 200 tonnes
In January 2023, Singapore’s central bank, the Monetary Authority of Singapore (MAS) returned to gold buying again, adding a massive 44.6 tonnes of gold to its official reserves, and thereby boosting Singapore’s gold holdings from 153.8 tonnes to 198.4 tonnes. In percentage terms, this gold buying represents an incredible 29% increase in Singapore’s gold holdings in just one month. In fact, this is Singapore’s second largest largest gold purchase ever in one month, the only gold purchase that was larger was when Singapore first bought 100 tonnes of gold from South Africa in 1968.
U.S. job cuts over Jan-Feb hit highest since 2009 - report
Layoffs by U.S. companies over January and February touched the highest since 2009, with the tech sector accounting for more than a third of the over 180,000 job cuts announced, a report showed on Thursday. In February alone, layoffs in the United States stood at 77,770, more than five times higher than the 15,245 job cuts announced a year earlier, according to the report from employment firm Challenger, Gray & Christmas Inc.
From Joe
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