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In today’s news, we have a recent report on gold’s price slop over the past two months and how the yellow metal is dancing with the dollar, following the greenback’s lead in their Price Tango. We also have an UPDATE on yesterday’s intriguing story about Kaloti Group in Dubai and their alleged dirty dealings—today’s follow up story is an abrupt development you don’t want to miss. Plus, four more informative pieces of metals news.
Let’s dig in…

Latest News
PRECIOUS-Gold slips to over two-month low as dollar gains
Sept 23 (Reuters) - Gold prices slumped more than 2% on Wednesday to the lowest level in over two months as the dollar advanced, with investors awaiting further response from major central banks at a time of economic uncertainty. Spot gold dipped 1.9% to $1,862.56 per ounce by 1:57 p.m. EDT (1757 GMT), having hit its lowest since July 22 at $1,861.60. U.S. gold futures settled down 2.1% at 1,868.40 per ounce. “Gold is currently taking its cue from the dollar ... and the dollar strength continues to weigh on gold,” said Standard Chartered analyst Suki Cooper. “We could see a retest of the lows from early August, the next technical support level thereafter is around $1,840 per ounce, however prices are closing in on oversold territory.”
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International News (UPDATE FROM YESTERDAY)
US Treasury Department abandoned major money laundering case against Dubai gold company
After three years of digging, investigators in the United States had accumulated a mountain of evidence that they believed sealed the case against Kaloti Jewellery Group, one of the largest gold traders and refiners in the world. The Dubai-based conglomerate had become a key cog in the dirty gold trade, buying the precious metal from sellers suspected of laundering money for drug traffickers and other criminal groups, a U.S. Drug Enforcement Administration-led task force determined. Kaloti often paid in cash — sometimes so much it had to be hauled in wheelbarrows — and wired money for suspect clients to other businesses, investigators believed.
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Economy
How much gold is there left to mine in the world?
Last month the price of gold hit a record high, pushing above $2,000 (£1,575) an ounce. While this price rise was driven by gold traders, it begs the question about the supply of the precious metal, and when it will eventually run out. Gold is in hot demand as an investment, a status symbol, and a key component in many electronic products. But it's also a finite resource, and there will eventually come a stage when there is none left to be mined.
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Commentary
Look out for the Silver Crash!
On Monday, the dollar rose from 1.16 grams silver, to 1.26g. Conventional monetary thinkers believe that the dollar can be measured either in terms of the euro, pound, yuan, etc. Or in terms of consumer prices. But these are not units of measure. And that’s because consumer prices are subject to huge forces pushing them both up (rising costs of compliance) and down (falling interest rates, and rising efficiency). Using consumer prices to measure the value of the unit of exchange is like using the height of a seagull (or a flock of them) to measure the elevation of a boat that’s tossing in the waves, while slowly sinking. The other currencies are dollar-derivatives. You would not use GOOG December call options to measure GOOG, would you? You would not try to literally lift yourself by your own bootstrap.

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Price
Gold: Eyes on August lows of $1863 ahead of US PMIs and round two Powell
Gold (XAU/USD) extends sell-off into a third straight day on Wednesday, having settled at $1900 on Tuesday. Renewed US-China tensions and Fed’s optimism are set to boost the greenback while the $1863 August low is eyed, FXStreet’s Dhwani Mehta reports. READ MORE
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Commentary
VIDEO: The strategic outlook for gold, a conversation with OMFIF
Here is a recent interview with David Marsh, Chairman of OMFIF, for a conversation on gold. He discusses the strategic outlook for gold and explored the recent trends that we have been seeing in the market. Topics that we cover include 1. Gold's price performance 2. The impact of the pandemic on gold 3. Gold’s value as a source of returns, liquidity, and diversification 4. The drivers of the strong investment demand for gold. WATCH THE INTERVIEW ([link removed])
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