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Friday, October 8, 2010
Spot Gold At Record High of $1,364.95 a troy ounce
Matthew Walls
The Wall Street Journal
Octover 7, 2010
Spot gold surged higher to a new record, fueled by bullish sentiment and a weak dollar.
News that Vietnam had lifted a two-year old ban on gold imports was cited as just one more reason to buy gold, adding steam to the rally as gold races towards $1,400 a troy ounce faster than many had predicted.
Spot gold reached a high of $1,364.95 a troy ounce. In morning trading, it was 0.8% higher on the day at $1,359.50. Other metals followed, with palladium jumping nearly 4% to a nine-year high of $600.50.
Read entire article
The Wall Street Journal
Octover 7, 2010
Spot gold surged higher to a new record, fueled by bullish sentiment and a weak dollar.
News that Vietnam had lifted a two-year old ban on gold imports was cited as just one more reason to buy gold, adding steam to the rally as gold races towards $1,400 a troy ounce faster than many had predicted.
Spot gold reached a high of $1,364.95 a troy ounce. In morning trading, it was 0.8% higher on the day at $1,359.50. Other metals followed, with palladium jumping nearly 4% to a nine-year high of $600.50.
Read entire article
Bob Chapman on The Alex Jones Show - Fri 10.08.2010
Alex Jones talks with regular Friday guest of Bob Chapman the International Forecaster about the economy and related issues. Alex covers the latest news and takes your calls.
Dennis Gartman Expects Correction to Follow Gold Euphoria
Oct. 6 (Bloomberg) -- Dennis Gartman, an economist and editor of the Gartman Letter, talks about his investment strategy in gold and the Swiss franc, and the outlook for U.S. employment. Gartman speaks with Tom Keene on Bloomberg Television's "Surveillance Midday."
Citi, Wells Fargo to Suspend Foreclosures, Too?
Following BofA's lead, Citigroup and Wells Fargo are likely to halt foreclosures as well, says FBN's Charlie Gasparino.
Yen Strong Despite Bank of Japan Moves
In today's market report... the yen remained strong against the dollar, despite words from the Japanese central bank chief that it's affecting the nation's economy.
Bank of Japan Governor Masaaki Shirakawa, who's in Washington for the Group of Seven nations meeting, says the sharp yen rises weaken business sentiment and corporate profit.
Japan cut interest rates to zero this week and intervened in September to weaken the yen, but the currency has showed persistent strength.
Shares in Japan were flat early Friday, with the yen near a 15-year peak against the dollar.
Shirakawa says he hopes to explain the Bank of Japan's interest cutting decision when he meets counterparts on Friday.
U.S. payrolls data later in the day, as well as comments from the G7, are expected to keep Japanese and Asian investors in a wait-and-see stance.
Bank of Japan Governor Masaaki Shirakawa, who's in Washington for the Group of Seven nations meeting, says the sharp yen rises weaken business sentiment and corporate profit.
Japan cut interest rates to zero this week and intervened in September to weaken the yen, but the currency has showed persistent strength.
Shares in Japan were flat early Friday, with the yen near a 15-year peak against the dollar.
Shirakawa says he hopes to explain the Bank of Japan's interest cutting decision when he meets counterparts on Friday.
U.S. payrolls data later in the day, as well as comments from the G7, are expected to keep Japanese and Asian investors in a wait-and-see stance.
11 Silver facts according to silver analyst David Morgan
Silver early phase of a Bull Market
A video that explains 11 Critical Factors that are affecting the price of silver right now.
11 Critical Factors that are affecting the price of silver right now.
from:
Silver-Investor.com, Home of the Morgan Report: #1 Resource
for Serious Metals Investors.
" Gold's price has already risen dramatically, but silver is just beginning its climb. Experts believe gold could at least double to $2,000...$2,500...and some say even $5,000! But I believe the price of silver could rise 7 to 8 times its value before hitting its peak thanks to 11 Critical Factors. "
David Morgan, Silver analyst
Pratik Sharma, Cautious on Gold Prices
NEW YORK (TheStreet) -- Pratik Sharma, managing director at Atyant Capital, is a long term bull on gold prices but is looking for a big correction before buying more.
GOLD SILVER COPPER
- George GeroGeorge Gero, senior vice president at RBC Capital Markets, talks about the outlook for commodity prices. Gero speaks with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)
GOLD SILVER COPPER - George Gero
George Gero, senior vice president at RBC Capital Markets, talks about the outlook for commodity prices. Gero speaks with Pimm Fox on Bloomberg Television's "Taking Stock." (Source: Bloomberg)
World Bank Warns Of Global Currency Tensions
President of the World Bank Robert Zoellick has warned that gobal currency tensions need to be resolved. With IMF and World Bank meetings due this weekend, China in particular is under pressure to let its currency rise.
World Bank President Robert Zoellick said on Thursday currency tensions could lead to trouble if not properly managed.
[Robert Zoellick, World Bank President]:
"History shows there is no future in beggar-thy-neighbor policies and in an increasingly connected world we need not just to be conscious of the negative effects that policies can have on others, but we need to act accordingly. Today we face currency tensions. Tensions can lead to trouble if not properly managed."
IMF and World Bank meetings this weekend are expected to involve intense discussions about efforts to persuade China to let its currency rise.
China held the yuan stable during the financial crisis but in June promised to let it respond more freely to market forces -- yet since then it has risen only about 2 percent against the U.S. dollar.
Zoellick says China's currency should appreciate, but that is not a "silver bullet" in solving global imbalances.
He says the U.S bears responsibility as well.
[Robert Zoellick, World Bank President]:
"The U.S. has the reverse situation. It has relatively lower savings and higher consumption, so these will be issues the U.S will need to deal with in terms of spending and budget issues."
The IMF warned that the task of reducing heavy government debt burdens, while essential, would put a significant drag on those economies.
Slow growth at home leaves countries unusually reliant on exports, and this has heightened concerns they will intentionally weaken their currencies to boost trade.
Rich Dad : Live Below your means
Rich Dad - 7 out of the outdated concept of money: living within our means
Inflation Nation Dollar Destruction
Discussing the demise of the American dollar, with Rep. Brad Sherman (D-CA) and Rep. Jeb Harnsarling (R-TX).
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