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- Gold To Protect Against Looming Bank Holidays, ATM And Deposit Withdrawal Restrictions And Capital Controls
- 9 Cash-Heavy Large Cap Tech Stocks Posting Strong Earnings
- Gold To Protect As Bank ‘Holidays’…
- Gold Jumps Again But Rangebound Below $1,640
- ECB: decrease of oz775,96 in gold and gold receivables
- Silver correction putting miners under pressure
- There’s Platinum In Them Thar…Glaciers
- Dollar Still Makes a Negative Impact on Gold
- Embry – Despite Rally, Global Financial Crisis II Is Imminent
- Gold To Protect As Bank ‘Holidays’, ATM and Deposit Withdrawal Restrictions and Capital Controls Loom
- Gold Back Above $1600
- Gold Jumps Again 'But Rangebound Below $1,640'
- Zombies, Deniers, Sociopaths, Schemers and Protectors: The five dominant personalities you'll encounter in a world gone mad
- Spanish 10 yr bond yield rises to 6.71%/Italian 10 yr bond crosses the 6% barrier and closes at 6.17%.
- Those Who See Will Survive the Coming Monetary System Collapse
- Richard Russell – Financial Knockout, Gold & Zuckerberg
- Central bank gold demand surging
- Gold to Protect as Restrictions & Capital Controls Loom
- Long-Term Investors Still Diversifying into Bullion
- Gold: A 'Modest' British Proposal
- Fabian: Did Rand Paul Infiltrate The Liberty Movement?
- " Silver Vs. Gold: Let's Settle This".... No but interesting
- Gold & Silver Market Morning, June 13 2012
- Global Financial Crisis 2.0 is Imminent: John Embry
- This may do wonders for inflation and gold in Argentina
- Kazakhstan to put 20% of its foreign currency reserves into gold
| Posted: 13 Jun 2012 04:09 AM PDT By Mark O'Byrne: Today's AM fix was USD 1,612.75, EUR 1,286.19, and GBP 1,034.94 per ounce. Gold rose $11.40 or 0.71% yesterday in New York and closed at $1,611.60/oz. Gold started out trading sideways in Asia and then edged up in early European trading. Gold edged up again today as Spain's 10 year bond yield's hit a euro-area high nearing the 7% level, which led investors to question Madrid's access to the bond markets. Italy's bond sale is scheduled for Thursday. While the gold price has not surged as expected and appears to be consolidating near the $1,600/oz level (€1,300/oz and £1,000/oz), there has Complete Story » |
| 9 Cash-Heavy Large Cap Tech Stocks Posting Strong Earnings Posted: 13 Jun 2012 03:46 AM PDT By ZetaKap: Tech stocks can seem like a risky bet. Ever heard of pets.com? One way to mitigate risk with tech stocks is to go after larger, more established companies, companies that actually have revenue and profits. It's a good sign when a tech company has strong cash reserves, because having cash on hand can fuel innovative R & D, strategic investments, or acquisitions. Today we focused on large cap stocks that not only possess proven business models, but that also are carrying quite a load of cash. We think you'll like the list we came up with, but first let us describe our screen in more detail. The Net Margin is a profitability metric that illustrates, by percentage, how much of every dollar earned gets turned into a bottom line profit. This is just one of many profitability metrics used by investors and analysts to better understand what the company is Complete Story » |
| Gold To Protect As Bank ‘Holidays’… Posted: 13 Jun 2012 03:11 AM PDT gold.ie |
| Gold Jumps Again But Rangebound Below $1,640 Posted: 13 Jun 2012 02:57 AM PDT |
| ECB: decrease of oz775,96 in gold and gold receivables Posted: 13 Jun 2012 02:17 AM PDT |
| Silver correction putting miners under pressure Posted: 13 Jun 2012 02:15 AM PDT After weeks of sailing on troubled waters, the silver market is giving mixed signals. Analysts are struggling to discern whether or not the metal will be able to consolidate above resistance at ... |
| There’s Platinum In Them Thar…Glaciers Posted: 13 Jun 2012 01:22 AM PDT The midweek session in precious metals opened with some price softness across the complex but the situation soon shifted a bit towards the firmer side of prices (at least in gold which rose to near $1,620 an ounce) as poor US May retail sales data once again rekindled QE "Fedspectations."... |
| Dollar Still Makes a Negative Impact on Gold Posted: 13 Jun 2012 01:00 AM PDT SunshineProfits |
| Embry – Despite Rally, Global Financial Crisis II Is Imminent Posted: 13 Jun 2012 12:36 AM PDT
from kingworldnews.com: Today John Embry told King World News that, despite the rally, investors should brace for "global financial crisis II." Embry also said this crisis will be "more unpleasant than the first one." Embry, who is Chief Investment Strategist of the $10 billion strong Sprott Asset Management, also told KWN that gold and silver will reign supreme during the upcoming turmoil. But first, Embry had to say about the Egon von Greyerz prediction of a massive global bailout: "I believe that's very realistic. They will go down the path of trying to continually bail this system out to prevent a collapse. Nobody wants to be at the helm when the ship goes down, so they will try to move heaven and earth to prevent that." John Embry continues: "The only way they can do that is with exactly what Egon (von Greyerz) suggested, and that is with a massive, global bailout. I think it's absolutely essential that the listeners be aware of the depth of the problem, and not listen to the mainstream media which glosses over everything and tells you to be in the conventional assets and that everything is going to work out fine. I don't believe that's going to be the case. Keep on reading @ kingworldnews.com |
| Posted: 13 Jun 2012 12:22 AM PDT
from goldcore.com: Today's AM fix was USD 1,612.75, EUR 1,286.19, and GBP 1,034.94 per ounce. Silver is trading at $28.90/oz, €23.16/oz and £18.65/oz. Platinum is trading at $1,455.20/oz, palladium at $617.60/oz and rhodium at $1,200/oz. Gold rose $11.40 or 0.71% yesterday in New York and closed at $1,611.60/oz. Gold started out trading sideways in Asia and then edged up in early European trading. Keep on reading @ goldcore.comGold To Protect As Bank 'Holidays', ATM and Deposit Withdrawal Restrictions and Capital Controls Loom |
| Posted: 13 Jun 2012 12:18 AM PDT
from financialsense.com: Bullion prices on the wholesale gold market rose back above $1600 an ounce shortly before Tuesday's US trading, after failing to breach that level in the earlier Asian session, while European stock markets also ticked higher after a quiet morning's trading. A day earlier, gold briefly rose above $1600 on Monday following the news that Spain will borrow up to €100 billion to rescue its banks, but along with stocks and the Euro gold failed to hold those gains. Silver prices meantime jumped to $28.94 per ounce, a 1.5% gain on the week so far, while commodity prices reversed earlier losses. Keep on reading @ financialsense.com |
| Gold Jumps Again 'But Rangebound Below $1,640' Posted: 13 Jun 2012 12:18 AM PDT The wholesale market gold price rose again as New York trading began on Wednesday, extending yesterday's 1.8% jump to reach $1620 per ounce as new data showed US retail sales falling faster-than-expected in May. |
| Posted: 13 Jun 2012 12:15 AM PDT
from naturalnews.com: (NaturalNews) What the heck is going on with our world? Why are people such lying betrayers? Why do the most evil people (like Eric Holder) rise to the top of the corporate-run fascist government? Why are homeless zombies eating human flesh? In answering those questions, I've assembled the five archetypes of a society in collapse. These are the five dominant personalities we all see around us right now: • Zombies Which one are you? Keep on reading @ naturalnews.com |
| Posted: 13 Jun 2012 12:07 AM PDT
from harveyorgan.blogspot.ca: The price of gold advanced today as the USA decided that risks were on and thus commodity prices The total comex gold OI fell again today to the tune of 2370 contracts despite gold's good Keep on reading @ harveyorgan.blogspot.ca |
| Those Who See Will Survive the Coming Monetary System Collapse Posted: 12 Jun 2012 11:53 PM PDT
from dollarvigilante.com: It seems not a terrible lot has changed since the 1400s. Leonardo da Vinci then stated, "There are three classes of people: those who see. Those who see when they are shown. Those who do not see." While we can't be certain of the percentages of each back then, certainly, today, those who do not see are the vast majority. Those who see when they are shown are very unusual. And those who see sometimes seem as rare as astatine – an element so rare that the total amount on Earth is thought to be less than 28 grams (1 ounce) at any given time. Certainly, the nearly universal public indoctrination system is responsible for the low level of displayed awareness on Earth today. Just comparing Leonardo da Vinci to an equally famous person of today, Barack Obomba, is proof of the devolution. Keep on reading @ dollarvigilante.com |
| Richard Russell – Financial Knockout, Gold & Zuckerberg Posted: 12 Jun 2012 11:44 PM PDT
from kingworldnews.com: With continued volatility in global markets, the Godfather of newsletter writers, Richard Russell, cautioned that "The most bearish action would be the Fed triggering QE3 and the market failing to rally." Russell also warned of a "rising risk of a financial catastrophe." Here is what Russell had to say: "That bear market signal in early May — did it work or was something else going on? From its April low, the Dow has rallied back strongly, and I've been wondering, 'Is something else going on, something more ominous than simply a bear signal for the economy and stocks in the United States?'" Richard Russell continues: "I received the Dow Theory bear market signal in early May. And I confess that I was a little nervous about calling it a bona fide bear market signal. You can be bullish and wrong and your subscribers will forgive you. But if you're bearish and wrong — they consider it worse. To be bullish and wrong means that your subscribers are holding stocks in a bear market, and to me, that's the worst market sin of all. It's OK to miss a rally, but it's not OK to take a big loss. So I stuck with my bear call. I told subscribers that the market does not have to fall apart immediately following a bear signal, and this market rallied following the bear signal. Keep on reading @ kingworldnews.com |
| Central bank gold demand surging Posted: 12 Jun 2012 11:42 PM PDT
from goldmoney.com: Just when some of the bruised-and-bloodied euro longs thought they might be out of the woods following the Spanish bailout deal, along comes the Greek election rerun. Daily withdrawals from the biggest Greek banks have reached €500m and €800m over the last few days, while former prime minister George Papendreou has warned that the government has just a few weeks until it runs out of money. However, markets will have been cheered by comments from radical left leader Alexis Tsipras, who stated in a press conference yesterday that he remains committed to Greek membership of the euro. Precious metals had a solid day yesterday, with front-month Comex gold, silver and platinum contracts all closing higher for the day – though palladium for September delivery slipped 0.1%. The gains were not as strong as those seen on June 1, but gold nonetheless recaptured the $1,600 mark. The catalyst for this move was as ever more boring "will she, won't she" speculation about QE3, with Chicago Fed President Charles Evans voicing support for more money printing in an interview with Bloomberg. The Dollar Index lost 0.11%, settling at 82.42, continuing its bad run since the start of June. Keep on reading @ goldmoney.com |
| Gold to Protect as Restrictions & Capital Controls Loom Posted: 12 Jun 2012 11:33 PM PDT Gold edged up again today as Spain's 10-year bond yield's hit a euro-area high nearing the 7% level, which led investors to question Madrid's access to the bond markets. Italy's bond sale is scheduled for Thursday. |
| Long-Term Investors Still Diversifying into Bullion Posted: 12 Jun 2012 11:10 PM PDT While gold prices will no doubt be volatile as a result of the upcoming Greek re-election results and the market speculations of further quantitative easing, long-term investors are still taking advantage of dips in gold prices. |
| Gold: A 'Modest' British Proposal Posted: 12 Jun 2012 10:12 PM PDT A gold sovereign coin is within the UK tax authority's definition of investment gold. But would a new one pass the tests of fairness which government rightly demands of the investment industry? |
| Fabian: Did Rand Paul Infiltrate The Liberty Movement? Posted: 12 Jun 2012 09:28 PM PDT The Economic collapse, false flag terror, and the Rand Paul betrayal. What do all of these have in common? The system has been calling for another 9-11 or Oklahoma City Bombing in order to give Obama a way of reconnecting with voters. from fabian4liberty: As more evidence comes out illustrating the fraud that is Rand Paul we see a deep connection with Neo Con globalist who have been instrumental in destabilization campaigns in the middle east, northern Africa, and Eastern Europe. Groups like the International Republican Institute who have ties with globalist George Soros. Are these same people working to set up the liberty movement to be the scapegoat for the coming economic collapse and false flag terror attacks that the establishment is hoping will happen? ~TVR |
| " Silver Vs. Gold: Let's Settle This".... No but interesting Posted: 12 Jun 2012 09:14 PM PDT Personally I disagree with the opinion of what will be.... silver cannot be replaced if consumed and there are less above ground oz of it and that's the big elephant in the room. Plus if the attraction to gold for money does happen it will flow on to silver inevitably. There is even the potential that silver might one day, if the world doesn't fall apart or go down this road we are on, be worth more than gold. But here's the article with charts and pictures as I've worked it out uploading from url. http://seekingalpha.com/article/6414...-s-settle-this The silver vs. gold debate has strong proponents on either side, but which asset class will outperform? I expect silver to outperform gold under the current U.S. dollar monetary system, but gold will ultimately reclaim its status as the one true monetary king. Silver vs. Gold: 2331841_13389613767069_rId6.png The investment thesis for both precious metals is exceptionally strong, but to determine which metal will outperform, investors should look at the individual investment thesis of each metal under the current U.S. dollar monetary system; and consider what the monetary system will be post U.S. dollar. Why The U.S. dollar Monetary System Is Ending: The U.S. is having a balance sheet recession, which takes much longer to work through than a typical inventory recession, due to the need for massive deleveraging. Corporations' balance sheets are strong again, but the toughest part of the deleveraging process is just starting, as countries must begin the deleveraging process. The United States has drastically overextended itself. As the largest debtor nation in history, the U.S. will never be able to repay its debt in real terms. The world knows this and is moving away from the dollar at an increasing rate. China is reducing its treasury holdings, while the demand for dollars to settle international trade is shrinking. China announced it will start accepting the Yen as settlement, while several countries have agreed to trade with each other outside of the dollar system in their own respective currencies. SCO member nations and observers are accumulating gold in lieu of treasuries. Recently China and India offered to trade Iranian oil directly for gold, bypassing the dollar entirely. The estimated size of the global derivatives market is $1.2 quadrillion dollars (20 times larger than the global economy) which alone guarantees that at best, a massive restructuring of the dollar. Under The U.S. dollar Monetary System: Under the current monetary system silver appears to be the clear winner. With only half the above ground supply, and approximately a 1:1 ratio of investment dollars flowing into silver and gold, silver prices should outperform gold. Additionally, silver is much lower relative to its inflation-adjusted high than gold. As countries go through the painful process of deleveraging their own debt-ridden balance sheets, investors will continue to seek alternatives to fiat currencies; and silver will play a major role for many investors. I expect silver to begin trading more like money, and as a result, trade at a significant premium due to its perceived status as a monetary asset when compared to other commodities. After The U.S. dollar Monetary System: Silver will trade like money, but it will not become money. Whereas silver's best use is as an industrial metal, gold's best use is as a monetary metal. Silver is used, while gold is accumulated as a store of value. Silver's relatively low value density, susceptibility to tarnish, lower above ground supply, and extreme price volatility favor gold as the future monetary asset. There is only a need for one monetary metal, and gold fits the role of money better than silver. Like other commodities, silver will ultimate trade based on its supply and demand fundamentals (which are exceptionally strong) but with a slight monetary premium. Several major events paint a clear picture that gold will be the metal entering the monetary system. The formation of the euro was one of the first moves toward a gold based monetary system, with gold being held as a full reserve asset that is marked to market on their balance sheet. Since then we have seen major banks begin accepting gold as collateral, as well as gold being used as settlement of debt for international trade (i.e. China and India buying Iranian oil for gold). Recent news also indicates Basel III may be amended so that gold is reclassified from a Tier III asset (only 50% credit) to a Tier I asset with no discount (same as a treasury bond). Adding additional credence to gold is Germany's proposal to issue gold backed euro bonds. Central banks are accumulating gold, and that is what will ultimately be monetized. Once gold becomes globally accepted as money, its value will increase due to its use as an exchange for other assets. Gold will be the monetary asset of the future because the world is already moving in that direction. What Will Be The Result For Gold and Silver: 2331841_13389613767069_rId7.png I believe the gold/silver ratio will contract significantly over the next few years as global sovereign debt concerns cause investors to look for a safe haven outside of fiat currencies. Silver will appreciate in price greatly as it begins to trade like a monetary asset, but ultimately gold will be the world's monetary asset, which will result in the gold/silver ratio to skyrocket. Commentary: Precious metals investors should own both metals due to the probable near-term outperformance of silver, but the future monetary system favoring gold. Silver bulls should consider the fact that ultimately the future monetary system strongly favors the probability that gold will be the monetary asset, and may want to swap their silver for gold as the gold/silver ratio contracts. Gold bulls looking for leverage on gold might want to consider allocating a portion of their portfolio to silver in an attempt to swap their silver for more gold at a later date. Investors should purchase physical precious metals first, |
| Gold & Silver Market Morning, June 13 2012 Posted: 12 Jun 2012 09:00 PM PDT |
| Global Financial Crisis 2.0 is Imminent: John Embry Posted: 12 Jun 2012 08:01 PM PDT ¤ Yesterday in Gold and SilverAfter not doing a whole heck of a lot during Far East and most of the London trading day, the gold price blasted through the $1,600 spot mark around 9:00 a.m. in New York...and then worked its way slowly higher from there. The high price tick...$1,619.00 spot...came around 11:45 a.m. Eastern time. From there, the gold price got sold off around twenty bucks, before working its way a bit higher into the close. The chart looks more impressive than the gold price action really was...as the metal only closed up $13.70 on the day at $1,609.80 spot. Net volume was pretty chunky at 140,000 contracts.
The silver price spent most of the Tuesday trading day below its Monday closing price, but it had recovered to almost unchanged by the time it, too, took off just before 9:00 a.m. in New York. Although it did manage to break through the $29 spot price mark, it was obvious that a willing seller was waiting to make sure that that was as high was it got. Like gold, the chart looks great, but silver closed up only 39 cents at $28.97 spot. Net volume was around 33,000 contracts.
Platinum and palladium finished higher as well, but their respective chart patterns didn't remotely resemble the charts for gold and silver. I'm only guessing but the NASA moon-shot 8:45 a.m. rallies in silver and gold looked like short covering to me. The dollar index opened almost at its high of the day...and hit its 82.70 high a couple of times during the Tuesday trading session...once in early Far East trading and the other around 10:20 a.m. Eastern time in New York. From there it faded a bit into the close and finished the day at 82.43...down less than 20 basis points. It's obvious that the trading pattern in the dollar index was not a factor in yesterday's precious metals price action.
The gold stocks gapped up a bit at the open...and then basically followed the gold price around. The twenty dollar drop in the gold price between 11:45 a.m. and around 2:30 p.m. didn't seem to phase the gold stocks too much...and they rallied nicely into the close from that low. The HUI finished up 2.50%.
The silver stocks put in a decent performance as well...and Nick Laird's Silver Sentiment Index closed up 3.03%.
(Click on image to enlarge) The CME Daily Delivery Report showed that only 30 gold contracts were posted for delivery on Thursday. GLD showed a tiny withdrawal of 13,323 troy ounces, which was obviously a fee payment of some kind. There was a decent addition to SLV yesterday, as an authorized participant deposited 873,097 troy ounces. Switzerland's Zürcher Kantonalbank had an update for both their gold and silver ETFs as of the close of trading on Tuesday. Their gold ETF was up a decent 55,106 troy ounces...but it was their silver ETF that had the stand-out increase, as they took in 2,242,701 ounces of silver between June 4th and June 11th. That's the biggest once week change in silver I've ever seen in that fund. There was a smallish sales report from the U.S. Mint. They sold 2,000 ounces of gold eagles and 25,000 silver eagles. The Comex-approved depositories reported that 300,186 troy ounces of silver were added to their stocks on Monday...and 400,951 troy ounces were shipped out the door. The link to that activity is here. I have the usual number of stories today...and I hope you have time to skim the ones that interest you. Nothing much has changed in this slow-motion train wreck, as everyone is waiting for the next shoe to drop. Kazakhstan to put 20% of its foreign currency reserves into gold. Why Hong Kong is wrong about its LME bid. China Defiant on Iran Oil Purchases. ZKB silver ETF adds 2.24 million ounces last week. ¤ Critical ReadsSubscribeLiving on food stamps in middle-class suburbiaSince the recession, persistent unemployment has left middle-class life out of reach for millions of Americans. But few residents of Morris County, N.J., could have ever imagined they would end up on government assistance. Morris County is known for its wealth and million-dollar homes. Median household income there is over $91,000. Yet, the number of people receiving food stamps in the area has nearly tripled in the past five years. Phyllis Tonnesen is on the front lines of the epidemic. She works for the Department of Human Services Office of Temporary Assistance. In her 27 years at the agency, she says this is the worst she's ever seen it. The food stamp caseload has increased 240% since the beginning of the recession. This cnn.com story was posted on their Internet site about lunchtime yesterday afternoon...and I thank West Virginia reader Elliot Simon for sending it along. The link is here.  Dimon says JPMorgan failed to rein in tradersJPMorgan Chief Executive Jamie Dimon will tell lawmakers that the bank's recent multibillion-dollar trading loss occurred because poorly managed traders embarked in January on a misguided hedging strategy they did not fully understand. His written testimony prepared for a hearing on Wednesday gives a few more details about what went wrong, and what the nation's largest bank by assets plans to do about it. Dimon does not, however, give an update on whether the losses have grown beyond last month's $2 billion estimate. This Reuters story was picked up by the finance.yahoo.com website yesterday...and I thank Scott Pluschau for sending it our way. The link is here.  "Why Would Politicians Allow the Free Market to work and expect to be re-elected?"Between discussions of gold-backed debt issuance in Europe (from Rick Santelli) and why Europe's problem is not merely a banking crisis but far worse, Michael Pento asks, rhetorically we pre-supposed: "What is wrong with letting the free markets work here? Let's let what is going to happen, happen!" But Bill Griffeth provides the truth-quote-of-the-day (in a stunning kimono-opening for the CNBC-watching public at large) when he opines on Pento's question that "There is not a single politician who hopes to let the free markets work and be reelected." Indeed - as Santelli adds: "You Nailed It!" I had to watch this CNBC video clip right to the end to hear those words come out Griffeth's mouth...and they did. The zerohedge.com piece, complete with the 4:49 minute CNBC 'Closing Bell Exchange', is linked here...and I thank Australian reader Wesley Legrand for bringing it to my attention.  The Next Domino: Europe Unprepared as Euro Crisis DeepensThe Asian markets are something of a canary in the coalmine when it comes to foreseeing how the day will unfold for European and US financial markets. And on Tuesday, that canary was looking woozy indeed. After widespread investor optimism on Monday in the wake of the weekend news that Spain would receive up to €100 billion ($125 billion) in emergency aid for its wobbling banks, Tuesday has brought a return to realism. Black stock-exchange numbers have once again nudged back into the red and worries about the survival of the euro zone have returned despite the Spanish bailout. The apparent skittishness isn't surprising. Greek voters go to the polls on Sunday in an election that many believe could determine whether the country remains in the euro zone or is forced out. Potentially more ominously, numbers released on Monday indicate that the Italian economy is in disastrous shape, having shrunk in the first quarter faster than it has in three years. It is the third quarter in a row that the Italian economy, the euro zone's third largest, has contracted. Many believe that it is merely a question of time before Italy also has to apply for emergency aid from the euro backstop funds. Meanwhile, despite official optimism from Madrid -- and even from the oft-dour German Finance Minister Wolfgang Schäuble -- it is doubtful that €100 billion will be enough to save Spain's banking industry and put the euro zone back on the road to recovery. For one, recent history has shown just how quickly banks can run into significant trouble should the economic situation rapidly worsen. This story, courtesy of Roy Stephens, was posted on the German website spiegel.de yesterday...and it's original title was "Europe Prepares for the Worst Despite Spain Bailout". If you don't want to read the whole story, you should at least skim the four paragraphs that I cut and paste above. The link is here.  Debt crisis: Bundesbank scuppers all talk of EU banking unionGermany's central bank has shot down EU proposals for a European banking union, warning categorically that eurozone liabilities cannot be shared without a fundamental shift towards fiscal and political union. The Bundesbank's vice-president Sabine Lautenschlaeger hammered home the point in what is a clearly co-ordinated push to check the plan. "The result would be a pooling of the governments' liabilities through the back door," she said. "Whoever is footing the bill must also have a right of control, particularly when it comes to the large sums that are seen in banking crises," she added, alluding to rulings by German courts that unquantifiable EU liabilities breach Germany's constitution. This story appeared on The Telegraph's website last evening...and I thank Roy Stephens for digging it up on our behalf. The link is here.  'God Have Mercy Upon Us' - Egypt's Choice Between Islamism and the Old-GuardEgypt's presidential runoff election is pitting a former Mubarak associate against an Islamist. For many Egyptians, neither man is worthy of their vote. The country could face new unrest as a result. Brothers Antar and Amgad used to be looking forward to taking part in a unique experiment. Proud Egypt, the most populous Arab country, was to become a democracy after decades of authoritarian rule. But now the Farids -- two amiable, slightly overweight gentlemen with moustaches -- are standing in their tiny shop feeling frustrated. It is hot and dry, and the tired-looking ceiling fan barely makes a difference, as flies buzz around the roasting machines. Like millions of other Egyptians, they feel cheated by their revolution, they were appalled to witness two hardliners turn out to be the frontrunners in the first round of elections on May 23 and 24: Ahmed Shafiq, 70, a former air-force general and member of the former Mubarak regime; and Mohammed Mursi, a 60-year-old engineer and senior official from the conservative core of the Islamist Muslim Brotherhood. This is another story that was posted at the spiegel.de website yesterday...and another story courtesy of Roy Stephens. The link is here.  India May Be First BRIC Nation To Lose Investment Grade, S&P WarnsIndia may become the first nation among the BRIC to lose its investment grade, Standard & Poor's said in a report on Monday, resulting in a decline in the country's stock market. Because of slow economic growth and political roadblocks to economic policy making, India's rating could be at risk, the rating agency said in a report titled "Will India Be The First BRIC Fallen Angel?" BRIC nations comprise of Brazil, Russia, India and China. Currently, India's 'BBB-' long-term sovereign rating is one notch above the speculative grade. This story was posted over at the rttnews.com website early Monday morning...and I thank Washington state reader S.A. for sending it along. The link is here.  China Defiant on Iran Oil PurchasesThe Chinese government has indicated it has no plans to change its position on oil purchases from Iran, a day after the United States left Beijing off a list of economies that are exempt from U.S. sanctions on Iranian oil imports. This story was posted on the Voice of American website yesterday...and is Washington state reader S.A.'s second offering in a row. It's worth the read...and the link is here.  |
| This may do wonders for inflation and gold in Argentina Posted: 12 Jun 2012 08:01 PM PDT  Argentine President Cristina Kirchner has submitted a bill to Congress that would allow debtors to pay U.S. dollar-denominated contracts in pesos. The bill comes amid a broad government push to wean Argentines off their long-held preference to use dollars for major transactions. It's unclear if the bill will apply retroactively or if it could affect government debt. In early August the government faces a $2.2 billion payment on the Boden 2012 dollar-denominated bond. The bill, as currently written, would allow debtors to "free themselves" from paying from the dollar payment requirement by paying "the equivalent amount" in pesos. |
| Kazakhstan to put 20% of its foreign currency reserves into gold Posted: 12 Jun 2012 07:42 PM PDT |
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