Daily Market Update

Europe Unveils “Special Purpose Vehicle” With Russia and China To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status

via CNBC

  • Europe, Russia and China join forces with a new mechanism to dodge Iran sanctions
  • European Union’s foreign policy chief announced Monday that the bloc was creating a new payment mechanism to allow countries to transact with Iran while avoiding U.S. sanctions.
  • Called the “special purpose vehicle” (SPV), this mechanism would aim to “assist and reassure economic operators pursuing legitimate business with Iran,” according to a joint statement released by the remaining members of the Iran nuclear deal.
  • The U.S. has the power to expand its sanctions to target the mechanism, putting the venture’s feasibility into doubt.


SWIFT (Source: Wikipedia)

In the latest sign of the growing divide between Washington and its allies, the European Union’s foreign policy chief announced Monday that the bloc was creating a new payment mechanism to allow countries to transact with Iran while avoiding U.S. sanctions.

Called the “special purpose vehicle” (SPV), this mechanism would aim to “assist and reassure economic operators pursuing legitimate business with Iran,” according to a joint statement released by the remaining members of the Iran nuclear deal — France, Britain, Germany, Russia and China.

“This will mean that EU member states will set up a legal entity to facilitate legitimate financial transactions with Iran and this will allow European companies to continue to trade with Iran in accordance with European Union law and could be open to other partners in the world,” Federica Mogherini, the EU’s high representative for foreign affairs, told the UN General Assembly on Tuesday.

Full article on CNBC here

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News and Commentary

Europe, Russia and China join forces with a new mechanism to dodge Iran sanctions (CNBC.com)

Gold inches down as dollar firms; Fed in focus (Reuters.com)

Hong Kong stocks lead Asian markets higher (MarketWatch.com)

Home prices rise at a slower rate in July: S&P Case-Shiller (CNBC.com)

Consumer confidence surges in September to 18-year high, near all-time peak (MarketWatch.com)

Europe Unveils “Special Purpose Vehicle” To Bypass SWIFT, Jeopardizing Dollar’s Reserve Status (ZeroHedge.com)

Gold merger says ‘two very positive things about the sector’: Garofalo (Mining-Journal.com)

Gold production expected to plateau over the coming two years and turn negative from 2021 onwards. (Mining-Journal.com)

Signs of the Gold Apocalypse: M&A and Fund Extinction (TomLuongo.me)

Bonds Breaking Out As Global Inflation Spikes (KingWorldNews.com)

Gold Prices (LBMA AM)

25 Sep: USD 1,199.45, GBP 912.30 & EUR 1,019.77 per ounce
24 Sep: USD 1,198.75, GBP 913.69 & EUR 1,018.70 per ounce
21 Sep: USD 1,207.60, GBP 914.88 & EUR 1,025.25 per ounce
20 Sep: USD 1,203.00, GBP 910.55 & EUR 1,027.72 per ounce
19 Sep: USD 1,203.00, GBP 912.48 & EUR 1,028.44 per ounce
18 Sep: USD 1,199.40, GBP 913.94 & EUR 1,026.81 per ounce

Silver Prices (LBMA)

25 Sep: USD 14.29, GBP 10.86 & EUR 12.15 per ounce
24 Sep: USD 14.32, GBP 10.90 & EUR 12.17 per ounce
21 Sep: USD 14.33, GBP 10.87 & EUR 12.18 per ounce
20 Sep: USD 14.23, GBP 10.75 & EUR 12.14 per ounce
19 Sep: USD 14.18, GBP 10.76 & EUR 12.13 per ounce
18 Sep: USD 14.21, GBP 10.81 & EUR 12.16 per ounce


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Mark O'Byrne
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