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Gold rockets to record high above 1,150 dollars
Gold prices scaled historic heights above $1,150 per ounce this week, buoyed by the weak greenback and recent central bank purchases of the precious metal, analysts said.
Read article...After Yesterday’s Victory For Paul-Grayson, Is Bernanke’s Confirmation Now In Jeopardy?
After yesterday’s debacle for the Fed, could even more grey clouds be gathering for the Chairman?
Read article...Pelosi: Wall Street Tax Must Be International
Any tax imposed on financial transactions would have to take effect internationally to keep Wall Street jobs and related business from moving overseas, U.S. House of Representatives Speaker Nancy Pelosi said on Thursday.
Read article...Gold’s ‘Money’ Value is $4,000 to $11,000: Market Strategist
Federal Reserve officials on Thursday downplayed the consequences of the falling U.S. dollar, pounting to deflation as a lingering threat.
Read article...Société Générale tells clients how to prepare for potential ‘global collapse’
Société Générale has advised clients to be ready for a possible “global economic collapse” over the next two years, mapping a strategy of defensive investments to avoid wealth destruction.
Read article...Geithner Sees “Economic Improvement” As Mortgage Delinquencies Hit All Time High
We’ll have whatever Timmy is drinking. Even as Mr. Geithner, in prepared congressional testimony, claims that the economy is “recovering”, the MBA announced yet another record number of mortgage delinquencies.
Read article...Calls rise for new global currency
Tensions over two of the world’s major currencies are escalating, playing out in economic and political circles as countries make a desperate push for crucial trade dollars.
Read article...Is $6,300 fair value for gold?
The last parabolic spike in gold took off when central banks joined the fray in the 1970s, hoarding bullion with the same enthusiasm as gold bugs.
Read article...Fire Geithner and Summers, prominent Democrat says
‘We may have to sacrifice just two more jobs to get millions back for Americans’
Read article...Obama: Too much debt could fuel double-dip recession
President Barack Obama gave his sternest warning yet about the need to contain rising U.S. deficits, saying on Wednesday that if government debt were to pile up too much, it could lead to a double-dip recession.
Read article...Bank of America, UBS, JPMorgan Sued Over Derivatives
Bank of America Corp., UBS AG and JPMorgan Chase & Co. were sued by a California public utility over claims they rigged sales of municipal derivatives and shared illegal profits through kickbacks.
Read article...Gold hits record near $1,150/oz as dollar slips
Gold hit a fresh record high near $1,150 an ounce on Wednesday, boosting precious metals across the board, as a dip in the dollar index added to momentum buying as prices broke through key technical resistance levels.
Read article...US Wants China to Buy into Its Small Banks
Chinese and U.S. regulators are negotiating a pact aimed at encouraging Chinese financial institutions to buy into small and medium-sized banks in the United States, bankers briefed on the plan said on Tuesday.
Read article...Gulf single currency not imminent: Kuwait minister
The planned Gulf single currency is unlikely to be launched soon as “sufficient time” is needed for preparations, Kuwait’s Finance Minister Mustafa al-Shamali said on Tuesday.
Read article...US public debt tops $12 trillion for first time ever
The US public debt topped 12 trillion dollars for the first time in history, Treasury officials disclosed Tuesday, moving past a key barrier that raised hackles in Congress.
Read article...Jobs ‘Saved or Created’ in Congressional Districts That Don’t Exist
Here’s a stimulus success story: In Arizona’s 15th congressional district, 30 jobs have been saved or created with just $761,420 in federal stimulus spending. At least that’s what the Web site set up by the Obama administration to track the $787 billion stimulus says.
Read article...Buy gold, not miners: Jim Rogers
Jim Rogers, renowned global commodities investor and author, says gold prices will hit $2,000 (U.S.) in a decade.
Read article...At Least One Central Bank Held Fake Gold
Rob Kirby seems like a fairly respectable fellow. But I am thoroughly agnostic about Kirby’s claim that a large portion of the world’s gold has been cut with tungsten. Big claims require big evidence, and I haven’t seen it yet.
Read article...Americans see China as economic threat
Americans are split over whether China represents a military threat to the United States — but there is no doubt in the public’s mind that the country poses an economic threat, according to a new national poll.
Read article...Tiny Mauritius Tells US To Shove Its Dollar, Buys 2 Metric Tons Of Gold From IMF At $1,115 An Ounce
The latest development in the gold bubble saga, and one which will likely cause the precious metal’s price to spike even higher, comes from the tiny island of Mauritius which according to Dow Jones has purchased 2 metric tons of Gold from the IMF for $71.7 million.
Read article...A Very Busy Day For The Dollar Plunge Enforcement Team
China is giddy that its $2.3 trillion in dollar denominated assets are worth another $10 billion less just today.
Read article...Gold Is in a ‘Bubble’ And Will Keep Going Higher: Gartman
While not being comfortable with the current gold trade, Dennis Gartman, founder of The Gartman Letter, told CNBC Monday that the price of the precious metal will “continue to go up until it stops.”
Read article...Gold hits new record high on dollar weakness
Gold prices hit a fresh record high above $1,130 an ounce on Monday and traders reported fund buying, with a weak dollar offering additional support.
Read article...“War ALWAYS Causes Recession”
PhD economist Marc Faber predicts that the U.S. will launch a war to distract people from the bad economy.
Read article...The worst is yet to come: Unemployed Americans should hunker down for more job losses
Think the worst is over? Wrong. Conditions in the U.S. labor markets are awful and worsening. While the official unemployment rate is already 10.2% and another 200,000 jobs were lost in October, when you include discouraged workers and partially employed workers the figure is a whopping 17.5%.
Read article...China and US spar over currencies ahead of Obama visit
The United States and China sparred over exchange rates at a meeting of Asia Pacific leaders today, pointing to tricky talks ahead for President Barack Obama when he flies to China to address economic tensions.
Read article...Former Vice President of Dallas Fed: Tarp Didn’t Restore Health of Banking System
Newsweek has a one year retrospective on the Tarp bailouts which contains the following important quotes.
Read article...Gold will stay above $1,000 an ounce forever, says Swiss Dr. Doom
Leave it to Switzerland’s version of Dr. Doom to make the latest apocalyptic pronouncement on the future of the U.S. dollar — and the outlook for gold prices.
Read article...Job Losses Demystified
As the unemployment rate crossed the double digit barrier for the first time since Michael Jackson learned to moonwalk, President Obama announced that he will convene a “jobs summit” to finally bring the problem under control.
Read article...Trade Deficit in U.S. Increases by Most Since 1999
The trade deficit in the U.S. widened in September by the most in a decade, reflecting rising demand for imported oil and automobiles as the economy rebounded from the worst recession since the 1930s.
Read article...22 Percent of Florida Mortgages Non-Current
A staggering 22 percent of all mortgages in the state of Florida are non-current, according to a new report from Lender Processing Services.
Read article...Chart of the Day: The Dow priced in gold
Gold’s recent behavior strikes me as similar to oil circa July ‘08. With it leaping to another new high today — $1,119 — I thought I’d offer the following chart for reader comments.
Read article...The Other Side Of China’s 8% GDP “Growth”: Ghost Cities
All those who have spent late hours playing SimCity 3000 and never understood why the damn thing would never get any people to move into it, will derive a deranged pleasure from the following clip.
Read article...Goldman On Why A Second Stimulus Is Merely Months Away
Earlier today, Goldman came out with a harbinger piece on why a second stimulus announcement is essentially a formality.
Read article...Bernanke Lobbying Hard for Status Quo Federal Reserve
In today’s New York Times, reason enough for increased scrutiny of the Federal Reserve’s practices is illustrated.
Read article...Barrick shuts hedge book as world gold supply runs out
Global gold production is in terminal decline despite record prices and Herculean efforts by mining companies to discover fresh sources of ore in remote spots, according to the world’s top producer Barrick Gold.
Read article...“Gold, Peace, and Prosperity”
On October 11, Congressman Ron Paul served as the keynote speaker for the 2009 New Orleans Investment Conference.
Read article...Military Spending is INCREASING Unemployment and REDUCING Economic Growth
I have written extensively on the fact that this is not a normal cyclical recession, and we’re not in the type of “jobless recovery” which we’ve had a couple of times in the last 50 years.
Read article...Gold Hits $1,122, Barrick Chief Says Selloff Possible
Gold may ease from current record highs but the chances of prices falling below $900 an ounce are slim, the chief executive of Barrick Gold told the Financial Times.
Read article...India’s gold import rises 45 pc to 48 tonnes
India’s gold imports surged by over 45 per cent in October at 48 tonnes on the back of rising demand, the country’s largest state-run gold importing firm MMTC said today.
Read article...Gold Is Likely to Continue Its Climb; Hits Record Near $1120
Gold likely will continue to build on its string of record prices as speculative buying shows no signs of abating, preventing any break in prices in the near term, some analysts said.
Read article...China Hints at Yuan’s Departure From Dollar Peg
China said on Wednesday it will consider major currencies in guiding the yuan, suggesting a departure from an effective dollar peg that has been in place since the middle of last year.
Read article...Perfect Inverse Correlation Between the Dollar and the Dow
Karl Denninger – who is always worth reading – shares 2 stunning charts which show the inverse correlation between the dollar and the Dow.
Read article...Speculative recovery sows seeds of an even greater economic crash
Last Wednesday the Federal Reserve Board’s policy-making Federal Open Market Committee announced it was holding its target federal funds interest rate to the current level of zero to 0.25 percent.
Read article...PRECIOUS-Gold hits record high as dollar slides
Gold rose to record highs above $1,115 an ounce on Monday as the dollar slid to 15-month lows, with hopes for a global economic recovery and gains in equity markets boosting the appeal of higher-yielding currencies.
Read article...Unemployment to dog US economy for years: Fed official
US unemployment, now in the double digits, may remain “high” for several years and dampen economy recovery from a brutal recession, a regional central bank official warned Tuesday.
Read article...Dodd circulates bill to strip Fed of regulatory powers
Sen. Christopher J. Dodd (D-Conn.) is circulating copies of a bill that would strip the Federal Reserve and other federal agencies of their powers to regulate the banking industry, instead creating a new agency to do that job.
Read article...Gold heading to $2000 as predicted by Jim Rogers?
Is the gold boom coming on your way as Jim Rogers predicted? Last month, legendary commodities investor Jim Rogers predicted that gold prices will surge to a record $2000 per ounce, thanks to the plunging US dollar.
Read article...The Fed’s Lame Defense of Too Big To Fail
That’s like arguing that nuclear power plants shouldn’t be regulated as to how close they are to earthquake faults because some plants failed because their concrete containment dome wasn’t thick enough.
Read article...Even the Rich Are Treating Their Houses Like Piggy Banks
In recent years, millions of Americans looked at their houses and saw big, fat piggy banks. And it occurred to them to take out big, fat new mortgages.
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