How and where and when to buy Gold as a long term investment and inflation umbrella :
Monday, May 18, 2009
Saturday, May 16, 2009
A third of internet users too scared of fraud to hand over credit card details for online shopping
Almost a third of internet users are too frightened to hand over their credit details while shopping online, a report published today found.
The Office of Fair Trading said 30 per cent of internet users do not shop online because of a lack of trust and a fear of fraud.
It added that, although consumer confidence is gradually improving, online markets cannot reach their full potential because it is still too low.
Chief executive John Fingleton said: 'Online retailing is the future for many businesses and increasingly important to the economy.
'If consumers are not confident online, demand will grow at a slower rate. So we must tackle these concerns right now if the online market is to grow at its full potential.'
Minister for Consumer Affairs Gareth Thomas said: 'UK consumers buy almost twice as much over the internet compared to their European neighbours.
'It's encouraging that the OFT's survey shows increasing consumer confidence when buying online - but people still have concerns.
Read Entire Article
Senate Nears Completing Credit Card Bill, Blocks 15% Rate Cap
May 14 (Bloomberg) -- The U.S. Senate, working to complete legislation to curb credit-card fees and limit contract changes, refused to cap interest rates on balances at 15 percent.
The Senate may pass the so-called credit-card bill of rights measure as early as today, said Banking Committee Chairman Chris Dodd. Approval would send the measure to a committee to resolve differences with a House version.
“We’ve spent a lot of time over the last number of months trying to help stabilize the financial system,” said Dodd, a Connecticut Democrat. “A lot of attention has been paid to banks. We haven’t spent enough time trying to help consumers.”
Senators yesterday voted 60-33 to invoke budget rules that killed the rate cap proposed by Senator Bernie Sanders, a Vermont independent. Sanders said the action was needed to stop banks from routinely charging 25 percent to 30 percent on credit cards.
“When banks are charging 30 percent interest rates, they’re not making credit available, they’re engaged in loan- sharking,” Sanders said.
The Senate credit-card legislation would require lenders to apply payments to balances with the highest interest rates first. It would prohibit increasing a consumer’s rate on existing balances based on late payments to another lender, a practice known as “universal default.”
The bill would require credit-card companies to give 45 days’ notice before increasing an interest rate. It would prohibit retroactive rate increases on existing balances unless a consumer was 60 days late with a payment. Companies would have to restore the original, lower rate if a cardholder stayed current six months after a late payment.
Read entire atrticle
The Senate may pass the so-called credit-card bill of rights measure as early as today, said Banking Committee Chairman Chris Dodd. Approval would send the measure to a committee to resolve differences with a House version.
“We’ve spent a lot of time over the last number of months trying to help stabilize the financial system,” said Dodd, a Connecticut Democrat. “A lot of attention has been paid to banks. We haven’t spent enough time trying to help consumers.”
Senators yesterday voted 60-33 to invoke budget rules that killed the rate cap proposed by Senator Bernie Sanders, a Vermont independent. Sanders said the action was needed to stop banks from routinely charging 25 percent to 30 percent on credit cards.
“When banks are charging 30 percent interest rates, they’re not making credit available, they’re engaged in loan- sharking,” Sanders said.
The Senate credit-card legislation would require lenders to apply payments to balances with the highest interest rates first. It would prohibit increasing a consumer’s rate on existing balances based on late payments to another lender, a practice known as “universal default.”
The bill would require credit-card companies to give 45 days’ notice before increasing an interest rate. It would prohibit retroactive rate increases on existing balances unless a consumer was 60 days late with a payment. Companies would have to restore the original, lower rate if a cardholder stayed current six months after a late payment.
Read entire atrticle
China is stock piling GOLD
Tetsuya Yoshii, VP for derivative products at Mizuho Corporate Bank is bullish on gold given China's demand for the precious metal as it diversifies out of U.S. paper and dollar-based assets. He makes his case to Linda Yueh of Oxford University & CNBC's Martin Soong.
Gold Climbs in N.Y. as Equity Rally May Stall; Silver Declines
By Halia Pavliva
May 15 (Bloomberg) -- Gold prices rose, extending a rally to two weeks, as investment demand increased on rising consumer prices and signs that a rally in U.S. equities may be ending. Silver futures fell.
The Standard & Poor’s 500 Index headed for a decline this week amid speculation that the rally has outpaced prospects for corporate profits and economic growth. Some investors buy gold as an alternative to shares. U.S. consumer prices excluding food and fuel climbed 0.3 percent, the Labor Department said today.
“For gold and silver, we are going into a win-win situation,” Ashraf Laidi, the chief market strategist at CMC Markets in London, said in a Bloomberg Television interview. “When we will have a retreat in the financials and the rest of the stocks, we will have some rotation into metals.”
Gold futures for June delivery advanced $2.90, or 0.3 percent, to $931.30 an ounce on the Comex division of the New York Mercantile Exchange. The price gained 1.8 percent this week, following a 3 percent increase last week.
“Gold prices have turned higher as the market’s focus turns to the unexpected jump in the core consumer-price index,” said Ralph Preston, a Heritage West Futures Inc. commodity analyst in San Diego. “A close above $930 could be explosive.”
Silver futures for July delivery slipped 3 cents, or 0.2 percent, to $14.01 an ounce. The metal still gained 0.4 percent this week.
Equities, Dollar
The S&P 500 is down 5.1 percent this week. The gauge rallied eight times in the past nine weeks as some economic reports suggested that the worst of the recession may be past.
The dollar has dropped 1.8 percent this month against a basket of six major currencies, enhancing the appeal of gold as an alternative investment.
“Gold has been the object of affection for hedge funds and also has paid increasing attention to the dollar lately,” said Tom Pawlicki, an analyst at MF Global in Chicago. “That helps explain why gold has rallied both when stocks have risen and fallen.”
Silver has climbed 24 percent this year, and gold is up 5.3 percent.
Bob Chapman on The Alex Jones Show 15 May 2009
This is part of the plan to de-industrialize the USA and create a world government said Bob Chapman , Bob Chapman also speaks about George Soros story during the nazi occupation of Hungary
Friday, May 15, 2009
GOLD THOUGHTS
by Ned W. Schmidt, CFA, CEBS
Schmidt Management Company
May 11, 2009
© 2009 Ned W. Schmidt
Schmidt Management Company
May 11, 2009
Will the wealth destroying policies of the Obama Regime make the People’s Bank of China full-fledged Gold Bugs? Chinese officials announce their purchases of Gold, and continue to raise concerns about U.S. economic policy and the associated implications for the value of the U.S. dollar. One might think they have indeed become Gold Bugs. If that be the case, no real surprise should be registered. A casual observation of government economic policies around the world, and in particular in the U.S., since the invention of the central banking and fiat money would convert any rational individual into a Gold Bug. Given the wealth destroying policies of the Obama Regime, a large number of people might wake up to be Gold Bugs.
In the above chart is plotted a dollar index built on the median movement of the dollar versus a basket of major currencies. In today’s world, capital flows dominate all other considerations in determining the relative values of currencies. The widely used trade-weighted index is a fairly obsolete concept, built on early 20th century concepts of trade, but remains commonly used. The median is used as a measure of central tendency to avoid the distortions that often develop when using common averages.
In that chart is an ominous picture. The U.S. dollar is breaking what little support might have existed. The U.S. dollar is about to go into free fall. Just as traders were quick to ride the dollar higher, on false pretenses, traders will be as quick to sell the dollar. Already, some currencies have rallied strongly against the dollar. No one observing a chart of the U.S. dollar is going to be willing to grab this “the falling knife.”
Part of the impetus for the dollar’s rally of the past year was the repatriation of funds made necessary by the joyful collapse of the hedge fund sector. Fundamentals, of any kind, did not exist to support the dollar’s rally. What is now happening is the correction of non-equilibrium values in the foreign exchange market. And just as the dollar overshot on the upside, it will overshoot on the downside.
We can now reasonably expect that the dollar will make a new low, as measured by the index in that chart. That development would have some strongly positive implications for the price of US$Gold. A new low in that dollar index translates into a U.S. dollar price of Gold of more than US$1,100. Gold Bugs may indeed have a joyous holiday season this year, brought to you by the Obama Regime’s destruction of the dollar.
A natural question that then follows is when that price might be achieved. In large part the speed of the assent will be dictated by the level of institutional participation in the Gold market. Based on the experience of the past year we can make some time estimates, though frail they are. If the institutions are active in the market as the dollar crumbles, US$Gold could achieve that level in a September - December framework. Without that participation, December - March would be more likely.
That $Gold is under valued in an intermediate time frame is only part of the equation. Two remaining questions must be answered.
If I do not live in U.S. dollars, should I buy Gold?
Finally, should we be buying Gold today, at these prices?
Flip side of the price of Gold in your currency is the Gold price of your currency. Gold price of your currency is how many ounces of Gold are necessary to buy one unit of that currency. The calculation is simply 1 divided by the price of Gold in your currency. If the price of Gold declines when denominated in your currency, which happens when your currency strengthens, the Gold price of your currency is rising.
To simply things, let us consider the chart above. What has been done is to plot the rank of the major currencies by the strength of the Gold price of that currency. In other words, the Gold price of the South African rand has been the strongest of the twelve currencies listed. The South African rand has been too strong relative to Gold. The currency is likely over valued relative to Gold. Or from the other direction, the Gold price of the currency is probably too high. The higher your currency ranks in this chart, the more under valued Gold is likely to be in terms of your currency.
Thus far, we have set an intermediate term target for $Gold of US$1,100. Second, we have identified in which currencies Gold is probably the most under valued. Final question deals with whether or not we should be buying today.
To help answer the final question, let us consider the chart above. $Gold has broken the down trend line which had served as resistance. However, it is now short-term over bought. That condition comes from the rapid decent of the U.S. dollar in recent weeks. Additionally, institutional recognition of the role of Gold in portfolios has become more widespread this year.
Given that $Gold is probably short-term over bought and some possibility of Summer doldrums developing, investors should probably simply use weakness to do their buying. $Gold prices below US$900 should encourage all buyers. Price weakness in the AM on New York City time should be used in particular. Those investors living in currencies at the top of the second chart should be aggressive buyers during such periods.
Summer of 2009 may be the last great buying opportunity for Gold. What we mean is that the prices that develop in the next few months, or weeks, may not be revisited. In the next leg of the structural Gold bull market, US$1,000 is more likely to be a floor than a ceiling. Waiting to buy Gold till the next announcement of purchases by the People’s Bank of China may be too late. China’s most recent comments on the dangerous economic policies of the Obama Regime remind this author of an old joke. When the wife complained to the farmer for shooting the mule, he turned to her and said, “That’s once.”
© 2009 Ned W. Schmidt
Gold Needs to Shine
May 14 2009
Gold needs to break through the $930 level first in order for investors to snap it up, suggests Jonathan Barratt, managing director of Commodity Broking Services. He speaks to CNBC's Oriel Morrison.
Gold needs to break through the $930 level first in order for investors to snap it up, suggests Jonathan Barratt, managing director of Commodity Broking Services. He speaks to CNBC's Oriel Morrison.
Gold Needs to Shine
May 14 2009
Gold needs to break through the $930 level first in order for investors to snap it up, suggests Jonathan Barratt, managing director of Commodity Broking Services. He speaks to CNBC's Oriel Morrison.
Gold needs to break through the $930 level first in order for investors to snap it up, suggests Jonathan Barratt, managing director of Commodity Broking Services. He speaks to CNBC's Oriel Morrison.
Obama Talks Credit Cards
May 14 2009
President Obama discusses credit cards and the need for more fairness and discipline in consumer spending.
President Obama discusses credit cards and the need for more fairness and discipline in consumer spending.
Thursday, May 14, 2009
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If a user wishes to subscribe to my RSS Feeds or Email Updates (powered by Feedburner), I ask for contact information such as name and email address. Users may opt-out of these communications at any time. Your personal information will never be sold or given to a third party. (You will never be spammed by me - ever)
Log Files and Stats
Like most blogging platforms I use log files, in this case Statcounter. This stores information such as internet protocol (IP) addresses, browser type, internet service provider (ISP), referring, exit and visited pages, platform used, date/time stamp, track user’s movement in the whole, and gather broad demographic information for aggregate use. IP addresses etc. are not linked to personally identifiable information.
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The Secrets of the Federal Reserve
Bob Chapman
Global Research
May 14, 2009
Source www.Infowars.com
The Federal Reserve Act was legislated in 1913 to end recessions, panics and depression. Over that almost 100-year period they have been eminently no more successful then their predecessors. The Fed is a private corporation, which guides US monetary policy. Its staff is from Wall Street, banking, and transnational conglomerates and occasionally from academia. Of the 12 Federal Reserve banks the New York bank is the most powerful. The staffing of the Fed at the least is incestuous, because the member banks take part in the staffing, as they filter to the Fed what actions they should take. That is done by the FOMC, The Federal Open Market Committee. As a further example the recent stress test done by the Fed was done on many of their owners. Sadly the public is unaware of this and even business majors and those with business masters degrees do not know that the Fed is privately owned or what they actually do. For those of you who would like to get a better understanding read G. Edward Griffith’s, “Creature from Jekyll Island” and the secrets of the Federal Reserve” by Eustace Mullins.
Recently we discovered that $101.4 billion was originally secretly funneled through AIG to AIG counterparties - parties that were owed these sums by AIG, which had not collateralized derivative contracts. That is like writing insurance and having no collateral reserves set aside for losing events. The Federal Reserve in their wisdom paid off AIG’s debt with what eventually will be taxpayer debt. This is wrong and it should not have been done secretly. When demanded by a Federal Judge to reveal to whom these monies were paid and under what circumstances, the Fed said it would harm their reputations and it was a “state secret.”
The biggest gun in the Fed arsenal is the New York Fed. The recently appointed Secretary of the Treasury Timothy Geithner was the NY Fed’s previous governor. Mr. Geithner had worked in government previously and was in part responsible for the Asian financial disaster in 1997-1998. He is also a Goldman Sachs alumnus. He is part of a never-ending exchange of the denizens of Wall Street and banking being appointed to government positions. In fact Wall Street and banking have been running our government for a long time. Many say for too long.
This kind of relationship makes government a tool of major financial interests and it breeds corruption, as we just witnessed in the case of Stephen Friedman, formerly of Goldman Sachs, and until he resigned last week, for having purchased some Goldman Sachs stock, was Chairman of the NY federal Reserve, the position Mr. Geithner had held before him. This raises the fundamental question of appointment and corruption. Never mind the other issues the Fed is involved in. this is America’s most powerful financial institution and it is run by corrupt and perhaps incompetent people. The NY fed has a very special position, because it is actively running markets every day via the 21 dealers it uses to manipulate and uses these markets. This is part of the program never spoken of that exists to assist the “Working Group on Financial Markets, which manipulates markets 24/7, under an Executive Order signed in August 1988 by then President Ronald Reagan. This was executed to protect against market failures such that had taken place the previous October. The order was for emergencies. The Treasury, the Fed, Wall Street and banking have distorted its original intent. The Fed also sets interest rates and regulates the issuance of money and credit. Thus the Fed holds a pivotal role in our financial well-being. They also are to insure the soundness and stability of the banking system. If our banking system breaks down it is the fault of the Fed. When that happens it should not be the province of the Fed to commit trillions of dollars of taxpayer money to bail out its own owners.
You can get an idea of the incestuous nature of the Fed and Wall Street in looking at the select committee that not that long ago picked Timothy Geithner to head the NY Fed. Hank Greenberg defrocked former Chairman of AIG, who for some reason was never criminally prosecuted in the scandal; John Whitehead a former Chairman of Goldman Sachs; Peter Peterson, a former Chairman of Lehman Bros.; and Walter Shipley, a former Chairman of Chase Manhattan, now with JP Morgan Chase. We wonder why the media never questions these kinds of connections all of which are tied together by the Council on Foreign Relations.
Then there is the composition of the NY Fed board on which six board members are public representatives. We do not see any common business people on this board. They are all very wealthy New Yorkers, who are all connected to one another. There have been occasionally members of labor and academia, but they can only be considered tokens. It is very definitely an insiders club.
This means the Fed’s real consideration is the maximizing of profits for banking, Wall Street, insurance and real estate. This goal of almost 100 years has made these individuals and their families’ mega-rich. Competent or incompetent they always win. They have information and intelligence no one else has and you can be sure their inner circle has the same privileged information. As usual they are essentially unregulated, which gives the Fed an additional advantage. The lack of banking oversight of recent years has brought our entire financial system into insolvency. We do not know how you could call it anything else when most major banks, brokerage houses, some insurance companies and other lenders are simply broke. The Fed, and particularly the NY Fed, has been complicit in banks and brokerage houses using leverage of more than 50 times assets. In some cases such as JP Morgan Chase the figures are much higher. In fractional banking 8 to 10 times is considered appropriate. This is the biggest bailout of poorly managed corrupt banks in history. This failure is far greater than the failure of the Lombard System in Venice in 1348, the year of the great bubonic plague that swept Europe and killed 50% of its inhabitants. These elitists have brought the world economy to its knees. It is ironic, but true to insider dealing, that not one CEO or senior executive has been fired, as trillions of dollars have been lost.
Read The Whole Article
Credit Card Crackdown
Insight on Americans' relationship with credit cards, with John Ulzheimer, Credit.com; Jerry Lynch, JFL Consulting; Doug Flynn, Flynn Zito Capital Mgmt.; and CNBC's Carmen Wong Ulrich.
Wednesday, May 13, 2009
Gold May Extend Gain as Resistance Breached: Technical Analysis
May 14 (Bloomberg) -- Gold may extend its two-week advance after breaching the so-called resistance level that defined the precious metal’s bear trend since this year’s peak in February, Standard Bank Group Ltd. said, citing trading patterns.
This indicates the “corrective phase has ended,” Darran Grabham, the bank’s technical analyst, wrote in a note yesterday. “This is a positive development, but we are not currently forecasting a move to a new high.” A resistance level is where sell orders may be clustered.
“A break above $932 is forecast in the weeks ahead, yielding a move into the $960 to $966.70 area, from where a reaction is envisaged,” Grabham wrote.
Gold for immediate delivery traded little changed at $925.47 an ounce at 10:01 a.m. Singapore time and has gained 1 percent this week. The precious metal is down 8 percent from this year’s intra-day high of $1,006.29 on Feb. 20.
The advance may stall at $932, with the $900 to $890 area providing support to ensuing retracements, Grabham wrote. If the anticipated sell-off does not materialize around $960, the rally may extend to $980.
“Gold weakness back below $890 turns the outlook neutral, while continued selling through $880 again exposes the market to the pivotal $869 to $865.80 support base,” he wrote. “A sell signal will be initiated below $865.80, initially yielding a decline to $840.”
MasterCard Will Let Customers Transfer Cash Using Mobile Phones
By Alexis Leondis
May 13 (Bloomberg) -- MasterCard Inc., the world’s second- largest electronic payments network, will begin letting U.S. customers with Bancorp Inc. accounts send money by mobile phone later this month.
Customers will be able to write a text message, use a mobile Web browser or download an application that will enable them to transfer money to another person’s account, the Purchase, New York-based company said today in a statement.
“Consumers are carrying a lot less cash around and this service enables them to send or receive money without the hassle of exchanging cash back and forth and writing checks,” said Art Kranzley, the company’s chief emerging technology officer.
MasterCard’s profit slipped 18 percent in the first quarter from a year earlier as credit-card spending fell, it said in a statement May 1. The company is unaffected by rising credit-card defaults because its network processes transactions and doesn’t make loans to cardholders.
The mobile phone feature was created for so-called social and family payments, such as reimbursing friends for concert tickets or sending money to a child in college, Kranzley said. The program, which limits transfers to $500, will initially be offered to customers using prepaid cards from Bancorp, an online commercial bank based in Wilmington, Delaware. Kranzley said it will be extended to other banks that sign up.
The sender must confirm the initial request by entering a personal identification number. This validation, along with the same security safeguards given to customers who hold credit cards issued by banks in the MasterCard network, will protect against fraud, Kranzley said.
Gold Gains to Six-Week High on Dollar’s Drop
By Glenys Sim
May 13 (Bloomberg) -- Gold climbed to the highest level in six weeks as a drop in the dollar boosted demand for the precious metal as a store of value.
Bullion has gained 1.2 percent this week as the Dollar Index, which tracks the greenback against six major world currencies, slid 0.6 percent in the same period to a four-month low today. Gold was also boosted by crude oil’s rally to a six- month high, increasing demand for the metal as a hedge against accelerating consumer prices.
There may be “a spike in inflation” following U.S. government measures to revive the economy, Raymond Goldie, an analyst at Salman Partners Inc., said in a report. The measures may generate “an excess of U.S. dollars in foreign markets, ultimately creating weakness in the U.S. dollar,” he wrote.
Gold for immediate delivery gained as much as 0.5 percent to $928.17 an ounce, the highest since April 2, and traded at $927.63 at 2 p.m. Singapore time. Bullion, denominated in dollars, tends to move in the opposite direction to the currency.
Gold for June delivery in New York added as much as 0.6 percent to $929 an ounce before trading at $928.70.
The dollar fell for a second day to a seven-week low versus the euro after Chinese reports added to signs the worst of the global economic slump is over, sapping demand for the currency as a refuge.
“Given the inverse relationship between the U.S dollar and the price of gold and silver, this should provide a positive catalyst for the price of the precious metals,” said Goldie.
Among other precious metals for immediate delivery, platinum was up 0.9 percent at $1,145 an ounce and palladium traded little changed at $234.50 an ounce. Silver gained as much as 1 percent to $14.38 an ounce, the highest since Feb. 24, before trading at $14.32.
Gold Basics
In The picture A Roman gold bar from the 4th century is shown at the Bank of England museum in London. Gold, a scarce metal that has incited wars, expeditions and conquests throughout history,Nothing buffs gold better than a thick coat of fear. Gold futures soared to record levels last March and investors have shown renewed interest in investing in the commodity that has typically been used as a bulwark against inflation and other currency risks.
"Gold is a very effective hedge against uncertainty because even as investors are watching the value of their equity investments plummet, gold still has value. In that way, gold can help diversify away some of the risks in an investor's portfolio," said Tom Pawlicki, a precious metals and energy analyst at MF Global.
Gold, a scarce metal that has incited wars, expeditions and conquests throughout history, has retained its value and investment appeal largely because of the gold standard, which dictated that all paper money would be backed by gold reserves. Even though U.S. President Richard Nixon quashed the U.S. dollar's direct convertibility to gold in 1971, the precious metal only gained popularity as a safe-haven investment since the double-digit level of inflation that plagued the economy during the period undermined the value of the U.S. dollar. In January 1980, gold hit US$850 -- its long-standing record until the current financial crisis led investors to run the price up to US$1033.90.
Inflationary threats have been supporting strong gold prices as investors become increasingly wary of the Fed's plans of pouring money into the financial system in hopes of rebuilding asset values and evading deflation.
The risk, of course, is that anti-deflationary actions will go too far, resulting in high levels of inflation or even hyperinflation.
The U.S. Federal Reserve has been buying assets including government bonds to lower interest rates and ease the de-leveraging process. In order to mitigate remaining debt that's clogging balance sheets, the Fed has the ability to increase the money supply until eventually enough inflation is created to absorb outstanding debt.
"However, it is not clear, with a failed banking system incapable of transmitting the Fed's 'high-powered money' into new loans, how well or quickly such a 'reflation' policy would work," said UBS analyst Daniel Brebner. In such an instance, Brebner expects gold to track inflation since it isn't tied to currencies.
Dr. John Mathis, a professor of global banking and finance at Thunderbird School of Global Management acknowledged that hyperinflation is a threat given the massive dollar value of bailout actions. He said the challenge for central banks will be determining the right rate at removing excess liquidity from the system.
Hyperinflation concerns are shared by Axel Merk, president and founder of Merk Investments. He remains very concerned that recent policy actions will spur high inflation that the government won't be able to tame.
"The amount of the stimulus is going to be much more than people predict. I don't think the government has an exit strategy and there's been way too little effort to look ahead. They're trying everything just to prop up a broken system," Merk said, adding that in the hard currency fund he manages, they have a 14.4% allocation to gold, which is higher than usual.
With gold acting as an effective hedge against uncertainty, deflation, and inflation, why bother investing in anything else?
A big downfall to investing in gold is that the precious metal doesn't offer the same return potential that equities do --particularly in a recovery environment as the current market is eagerly awaiting.
"When the economy begins growing and if the Fed shows that it's on top of the inflation curve, then there's no reason to invest in gold because equity markets will offer much better returns," said Pawlicki. The Fed has been selling government-backed bonds to help swallow excess liquidity. If economic stimulus measures successfully return confidence to the market and banks loosen their grip on lending, the stock market is likely to heat up, leaving gold in the cold.
Current gold prices seem to suggest that government actions are having their intended effect.
"As fiscal and monetary stimuli kick in, the slowdown in the global economy is easing," said Francisco Blanch, a commodity strategist at Banc of America Securities-Merrill Lynch Research, in a recent note. "Risk perceptions are clearly on decline with the VIX having fallen 33.0% from levels above 50.0% just a couple of months ago. Equities have risen for six successive weeks, with the S&P 500 up more than 28.0% from its low in March." Blanch also noted that as a result, gold prices are showing less volatility.
According to Pawlicki's estimates, gold prices will hold in the mid-US$950 to US$1000 range in the near-term. Once the economy begins showing signs of recovery and investors' risk appetite improves, however, he sees prices dipping to between US$750 and US$800.
Tuesday, May 12, 2009
Restricting Credit Card Rate Hikes
Cardrating.com founder on the credit cards reform lawmakers are debating on capitol hill
Banks try social networking, jump on Twitter wagon
By Kathy Chu and Kim Thai, USA TODAY
Social networking is becoming an increasingly popular way for banks to reach consumers amid the economic downturn.
"Social media is a whole new world, and you cannot afford to not be a part of it," says Pamela Blase, a spokeswoman for UMB Financial of
Banks say they're establishing presences on social-networking sites to tap into a growing demographic and to control the conversation about their brands. Yet the economic turmoil, some say, makes it even more important to reach out to customers any way they can.
"There's a lot of worry out there," says Ed Terpening, vice president of social media at Wells Fargo, one of the first banks with a group of employees dedicated to social networking. "That means that we have to stay close to our customers."
FIND MORE STORIES IN: San Francisco | Kansas City | YouTube | MySpace | Facebook | Bank of America | Citigroup | Wells Fargo | Twitter | American Express
The appeal of social networking, according to Steve Furman, Discover's director of e-commerce, is that it provides "pure, instant" communication with customers.
In general, banks and card issuers have been slower to embrace social networking than other industries have. But social networking has become popular enough that, for many institutions, it's not a question of if but when to establish a presence on these sites, says James McGovern of Corporate Insight, a financial-services research firm.
Yet as a growing number of banks become proficient in the social-networking world, the norms of customer service are being upended. Increasingly, today's online interactions between banks and consumers are peppered with shorthand, typos and even slang.
"It sounds like you need 2 talk 2 someone abt your specific situation," read a recent Twitter post from a Wells Fargo rep.
Adding to banks' challenges, social-networking sites are becoming another venue for consumers to complain — and complain is exactly what they're doing as credit card rates and fees rise even as the economy struggles and unemployment rises.
Jesse Hattabaugh, a software engineer from
Advanta Shuts Down Credit-Card Lending Amid Surging Charge-Offs
By Hugh Son
May 12 (Bloomberg) -- Advanta Corp., the issuer of credit cards for small businesses, will halt new lending for its 1 million customers next month as the recession causes a surge in loan defaults.
Lending ceases June 10. Advanta will use as much as $1.4 billion to pay investors of its securitized credit-card loans part of the debt’s face value, the Spring House, Pennsylvania- based company said yesterday in a statement. Advanta said it’s preserving capital after charge-offs, or uncollectible debt, reached 20 percent on some cards as of March 31.
“This is a Hail Mary pass: They’re hoping they can stay alive barely until the environment changes,” said David Robertson, president of the Nilson Report, the Carpinteria, California-based industry newsletter.
Advanta has reported three consecutive quarterly losses and has seen its shares plunge from about $30 in June 2007 to $1.13 at the close of New York trading yesterday. The U.S. jobless rate reached 8.5 percent in March, a 25-year high, squeezing sales for small business owners. The economic slowdown affected Advanta’s customers across the country, Chief Financial Officer Philip Browne has said.
“We’ll be shutting down accounts for future transaction activities, but many of the customers will maintain balances and pay us off over time,” Browne said yesterday in a telephone interview. “We’ll have to service and collect on that, and that will be the first order of business for the company.”
Curtailing Business
Shutting accounts won’t accelerate payments for existing balances, Advanta said. While the company is “free to do new business in the future,” it doesn’t expect to do so until the plan is under way, according to the statement.
More than 90 percent of Advanta’s small business customers will have “adequate” access to alternative credit after the company halts lending, Browne said.
Advanta was the 11th-biggest U.S. credit-card issuer at the end of 2008 with about $5 billion in outstanding balances, and the only major lender focused on small business borrowers, Robertson said.
The company’s announcement yesterday is “a big sign that the credit-card industry has problems that are going to be around for several years,” said the Nilson Report’s Robertson.
To contact the reporters on this story: Hugh Son in New York at hson1@bloomberg.net;
Monday, May 11, 2009
Students Become Prey for Cards Charging 18% After Free Lunch
By Alexis Leondis (Source Bloomberg)
May 8 (Bloomberg) -- Irena Cabrilo got a free lunch during her freshman year at the University of North Texas in exchange for signing up for a credit card from Bank of America Corp. Eight months later, she was carrying a $1,500 balance and struggling to pay an 18 percent interest rate.
“They made it sound so easy,” said Cabrilo, now a senior majoring in marketing and advertising. “Just sign up, you’ll get approved and have access to money. They don’t talk about interest rates and what will happen to your credit history.”
Average credit-card debt among graduating college seniors increased to more than $4,100 last year from $2,900 in 2004, according to a study by SLM Corp. About 85 percent of students have at least one credit card, according to the study, conducted every four years by Reston, Virginia-based SLM, also known as Sallie Mae, the largest lender to U.S. students.
The Senate may vote on a bill as early as May 11 that would prevent credit-card companies from targeting college students such as Cabrilo by requiring parental consent for a borrower under age 21 unless there is proof of independent income or completion of a financial literacy course. A Senate panel approved the restrictions, which also limit credit-card interest rates and fees, in March.
“Credit cards should be a leg-up for college students, not a leg-trap that snares them in unbearable debt,” said Senator Charles Schumer, a New York Democrat. “This new legislation will help protect students from unfair lending practices.”
Students Targeted
Credit-card issuers market to students because they want to inspire brand loyalty from a young age and believe parents will step in if their children default, according to Bill Hardekopf, chief executive officer of LowCards.com, a Birmingham, Alabama research firm. The lenders also expect college graduates to have higher-paying jobs, he said.
Many students need the credit-card accounts because they don’t have sufficient financial aid or enough savings to cover college costs, the Sallie Mae study said. More are turning to credit cards as the gap between financial aid packages and tuition widens, said Ed Mierzwinski, consumer program director at the U.S. Public Interest Research Group in Washington.
Tuition and fees have risen 5.9 percent at four-year private institutions to $25,143 a year and 6.4 percent at public schools to $6,585 since last year, according to the New York- based College Board. Tuition, fees, room and board surpassed $50,000 a year for the first time in 2007 at George Washington University. Current annual rates at Ivy League schools, such as Harvard University in Boston, exceed $45,000.
Fewer Loans
Fewer private student loans, which often have variable interest rates, and “PLUS” loans are being originated because of stricter underwriting standards, according to Mark Kantrowitz, publisher of FinAid.org, a college funding information Web site based in Cranberry Township, Pennsylvania. Parents and graduate students may take PLUS loans, which require good credit and have fixed interest rates, to cover the balance of tuition.
Private education loan originations were $1.5 billion in the first quarter, down from $2.5 billion a year earlier, based on data provided by Sallie Mae.
Credit-card interest rates are often higher than private student loan rates, and funding college costs with credit cards should only be used after exhausting other loans and for necessary expenses, said Kantrowitz. “You should live like a student while you’re in school so you don’t have to live like a student after you graduate,” he said.
Recent graduates who are repaying their debts should make the minimum payment on every loan and apply any remaining money to the loan with the highest rate, Kantrowitz said.
click here to read the full article
Sunday, May 10, 2009
Prepaid credit card - Advantages and disadvantages
loans and how and where to get them.
Also bad credit and what to do about it.
Bad credit personal loans, mortgage loans, refinance loans, debt consolidation loans, credit repair, credit bureaus and credit reports, and credit cards like VISA
Prepaid credit cards are offering people with low incomes or poor credit ratings a chance to take advantage of a credit card. But what advantages and disadvantages do prepaid credit cards have?
A relatively new form of credit card you so-called pre paid credit card. This differs from other types of credit card because you only have funds available to it on the corresponding clearing account. You need a credit card that is similar to a prepaid phone card first with credit “charge”, then this means the credit card that will be. Basically, the prepaid credit card offers some advantages but also disadvantages for the users and cardholders. The biggest advantage of prepaid credit card is certainly that now customers can use credit cards, which are otherwise due to adverse credit no card in this way would receive. As one means of prepaid credit cards only through any existing credit and no credit claims, can even the holder of a current account balances, this type of credit card use. Since especially abroad and in the Internet is often the only credit card payment option is to have these “new” card of course great advantages of the prepaid credit card.
A second benefit to the cardholder is that it is an overview of the decisions made therein. While using a traditional credit card even once in the sum makes more orders than we had intended, does this by pre-paid credit cards from the outset to avoid, in which only the amount of money in the account, you also have a maximum wants. Since an “overdraft” in the sense of the credit card is not possible, which also provides the customer a security in addition if the prepaid credit card is stolen should turn the advantage to mention that the maximum in the account or located on the card balance has to be.Besides the many advantages there are also a major drawback of the prepaid credit card. While it is certainly positive for some customers is that you use the card only on credit can not see that a few other customers as a big disadvantage to. One is at the disposal of assets, and may take the prepaid credit card is not in the sense of spontaneous, or even for emergency use as you would with a conventional credit card with a certain amount limit is used. For unforeseen orders, the prepaid card is less likely and thus is less flexible than other credit
Those concerned with purchasing online using their credit card, will be increasingly relieved on the so-called prepaid credit cards coming from different financial institutions. But what is behind such an offer?
Prepaid credit cards are actually the same idea basically, almost every owner of a phone should know: The credit card will be charged before use with a certain amount of money charged, then the payments will be processed accordingly. The principle is strongly reminiscent of the method with traditional rechargeable debit cards, however, the advantage of prepaid credit cards in the much wider acceptance. Almost in every place where ordinary credit cards are accepted, you have the possibility to use a prepaid credit card.
Another big advantage compared to ordinary credit cards is the lack Schufa query before issuing the card. Since under the prepaid principle usually no payments can be made to the board on the amount may go, is the lack of polling also perfectly understandable. For many customers, which, because of problems Schufa the issue of a normal credit card is denied, provided by the prepaid card is a suitable alternative to the use of cashless payment. Even as the first credit card in adolescence is the prepaid card as an alternative to cash is certainly recommended.
The comparison of different providers of prepaid cards is very rewarding, since depending on the bank also offered additional benefits. Credit interest rates, an unlimited Aufladebetrag or even negotiating a credit line (if still missing Schufa query) are possible depending on the institution. The annual fee for a prepaid credit card is usually 30 to 50 euros.
Also bad credit and what to do about it.
Bad credit personal loans, mortgage loans, refinance loans, debt consolidation loans, credit repair, credit bureaus and credit reports, and credit cards like VISA
Prepaid credit cards are offering people with low incomes or poor credit ratings a chance to take advantage of a credit card. But what advantages and disadvantages do prepaid credit cards have?
A relatively new form of credit card you so-called pre paid credit card. This differs from other types of credit card because you only have funds available to it on the corresponding clearing account. You need a credit card that is similar to a prepaid phone card first with credit “charge”, then this means the credit card that will be. Basically, the prepaid credit card offers some advantages but also disadvantages for the users and cardholders. The biggest advantage of prepaid credit card is certainly that now customers can use credit cards, which are otherwise due to adverse credit no card in this way would receive. As one means of prepaid credit cards only through any existing credit and no credit claims, can even the holder of a current account balances, this type of credit card use. Since especially abroad and in the Internet is often the only credit card payment option is to have these “new” card of course great advantages of the prepaid credit card.
A second benefit to the cardholder is that it is an overview of the decisions made therein. While using a traditional credit card even once in the sum makes more orders than we had intended, does this by pre-paid credit cards from the outset to avoid, in which only the amount of money in the account, you also have a maximum wants. Since an “overdraft” in the sense of the credit card is not possible, which also provides the customer a security in addition if the prepaid credit card is stolen should turn the advantage to mention that the maximum in the account or located on the card balance has to be.Besides the many advantages there are also a major drawback of the prepaid credit card. While it is certainly positive for some customers is that you use the card only on credit can not see that a few other customers as a big disadvantage to. One is at the disposal of assets, and may take the prepaid credit card is not in the sense of spontaneous, or even for emergency use as you would with a conventional credit card with a certain amount limit is used. For unforeseen orders, the prepaid card is less likely and thus is less flexible than other credit
Those concerned with purchasing online using their credit card, will be increasingly relieved on the so-called prepaid credit cards coming from different financial institutions. But what is behind such an offer?
Prepaid credit cards are actually the same idea basically, almost every owner of a phone should know: The credit card will be charged before use with a certain amount of money charged, then the payments will be processed accordingly. The principle is strongly reminiscent of the method with traditional rechargeable debit cards, however, the advantage of prepaid credit cards in the much wider acceptance. Almost in every place where ordinary credit cards are accepted, you have the possibility to use a prepaid credit card.
Another big advantage compared to ordinary credit cards is the lack Schufa query before issuing the card. Since under the prepaid principle usually no payments can be made to the board on the amount may go, is the lack of polling also perfectly understandable. For many customers, which, because of problems Schufa the issue of a normal credit card is denied, provided by the prepaid card is a suitable alternative to the use of cashless payment. Even as the first credit card in adolescence is the prepaid card as an alternative to cash is certainly recommended.
The comparison of different providers of prepaid cards is very rewarding, since depending on the bank also offered additional benefits. Credit interest rates, an unlimited Aufladebetrag or even negotiating a credit line (if still missing Schufa query) are possible depending on the institution. The annual fee for a prepaid credit card is usually 30 to 50 euros.
Privacy Policy
Privacy Policy
Update April 2009 - Privacy Policy
This blog uses third-party advertising companies to serve ads when visiting this site. These third parties may collect and use information (but not your name, address, email address, or telephone number) about your visits to this and other websites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, you can visit Google's Advertising and Privacy page.
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A cookie is a piece of data stored on the user’s computer tied to information about the user. This blog doesn't use cookies. However, some of my business partners use cookies on this site (for example - advertisers). I can't access or control these cookies once the advertisers have set them.
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This Blog contains links to other sites. Please be aware that I am not responsible for the privacy practices of these other sites. I suggest my users to be aware of this when they leave this blog and to read the privacy statements of each and every site that collects personally identifiable information. This privacy statement applies solely to information collected by this Blog.
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I use outside ad companies to display ads on this blog. These ads may contain cookies and are collected by the advertising companies and I do not have access to this information. I work with the following advertising companies: Google Adsense. Please check the advertisers websites for respective privacy policies.
Contact Information
If you have any questions or concerns please contact me at vtc.com@gmail.com This privacy policy updated February 2008
Update April 2009 - Privacy Policy
This blog uses third-party advertising companies to serve ads when visiting this site. These third parties may collect and use information (but not your name, address, email address, or telephone number) about your visits to this and other websites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, you can visit Google's Advertising and Privacy page.
If you wish to opt out of Advertising companies tracking and tailoring advertisements to your surfing patterns you may do so at Network Advertising Initiative.
Google uses the Doubleclick DART cookie to serve ads across it's Adsense network and you can get further information regarding the DART cookie at Doubleclick as well as opt out options at Google's Privacy Center
Privacy
I respect your privacy and I am committed to safeguarding your privacy while online at this site http://creditcardbubble.blogspot.com The following discloses how I gather and disseminate information for this Blog.
RSS Feeds and Email Updates
If a user wishes to subscribe to my RSS Feeds or Email Updates (powered by Feedburner), I ask for contact information such as name and email address. Users may opt-out of these communications at any time. Your personal information will never be sold or given to a third party. (You will never be spammed by me - ever)
Log Files and Stats
Like most blogging platforms I use log files, in this case Statcounter. This stores information such as internet protocol (IP) addresses, browser type, internet service provider (ISP), referring, exit and visited pages, platform used, date/time stamp, track user’s movement in the whole, and gather broad demographic information for aggregate use. IP addresses etc. are not linked to personally identifiable information.
Cookies
A cookie is a piece of data stored on the user’s computer tied to information about the user. This blog doesn't use cookies. However, some of my business partners use cookies on this site (for example - advertisers). I can't access or control these cookies once the advertisers have set them.
Links
This Blog contains links to other sites. Please be aware that I am not responsible for the privacy practices of these other sites. I suggest my users to be aware of this when they leave this blog and to read the privacy statements of each and every site that collects personally identifiable information. This privacy statement applies solely to information collected by this Blog.
Advertisers
I use outside ad companies to display ads on this blog. These ads may contain cookies and are collected by the advertising companies and I do not have access to this information. I work with the following advertising companies: Google Adsense. Please check the advertisers websites for respective privacy policies.
Contact Information
If you have any questions or concerns please contact me at vtc.com@gmail.com This privacy policy updated February 2008
Sunday, May 3, 2009
The Economy will collapse Bob Chapman
Get out of the Stock Market and Bond Market now ..it is a bubble waiting to burst...
In The Direction Of The Economy Is Not Going To Change international forecaster Bob Chapman writes:
These market gyrations will continue until the markets can no longer be floated on a cloud of hot air created by the combined forked-tongued exhalations of elitist bootlickers, Obama, Bernanke and Geithner, as they pathologically lie about so-called signs of recovery to draw sheople-sucker-dupe herds back into the meat (stock) markets for a fresh new slaughter. Roast mutton anyone? Even the media morons sound as if they are both stunned and stupefied as the markets continue to hold against the worst economic news in our history, with a potential pandemic thrown in for good measure.
They are calling this new phenomenon the “see no evil, hear no evil, speak no evil” stock markets, which is really just the next iteration of what we have called the Goldilocks Matrix in many past issues of the IF.
It is only a matter of time before this market rally come to a grinding halt and the bear returns. The fundamentals of our economy continue to deteriorate, albeit at a slower pace, so any rally in the financial markets is simply unsustainable. Trillions of dollars in personal wealth have been vaporized in the last 18 months, with much more pain to come.
Saturday, May 2, 2009
Bob Chapman on Alex Jones Tv Order out of Chaos!
The International Forecaster talks with Alex Jones mainly about the Flu Hoax , martial laws Vaccines FEMA camps , The economy falling apart a probable invasion of Pakistan and an Israel attack to Iran , a 35% unemployment in a year , Obama Rahm Emmanuel ..the seeds of a new revolution ..etc....
Part 1 of 2 :
Part 2 of 2 :
Part 1 of 2 :
Part 2 of 2 :
Friday, May 1, 2009
Who Is Bob Chapman ? also known as The International Forecaster
Bob Chapman is 74 years old. He was born in Boston, MA and attended Northeastern University majoring in business management. He spent three years in the U. S. Army Counterintelligence, mostly in Europe. He speaks German and French and is conversant in Spanish. He lived in Europe for six years, off and on, three years in Africa, a year in Canada and a year in the Bahamas.
Bob Chapman : Get your cash out of the Banks and The Stock Market - we will have Bank Holiday and the Stock market will crash by the end of this year
Mr. Chapman also known as The International Forecaster is a 74 years old. He was born in Boston, MA and attended Northeastern University majoring in business management. He spent three years in the U. S. Army Counterintelligence, mostly in Europe. He speaks German and French and is conversant in Spanish. He lived in Europe for six years, off and on, three years in Africa, a year in Canada and a year in the Bahamas.
Mr. Chapman became a stockbroker in 1960 and retired in 1988. For 18 of those years he owned his own brokerage firm. He was probably the largest gold and silver stockbroker in the world during that period. When he retired he had over 6,000 clients.
Bob Chapman : you got to remove these people from the government
Starting in 1967 Mr. Chapman began writing articles on business, finance, economics and politics having been printed and reprinted over the years in over 200 publications. He owned and wrote the Gary Allen Report, which had 30,000 subscribers. He currently is owner and editor of The International Forecaster, a compendium of information on business, finance, economics and social and political issues worldwide, which reaches 10,000 investors and brokers monthly directly, and parts of his publication are picked up by 60 different websites weekly exposing his ideas to over 10 million investors a week.
In June of 1991, at the request of business associates, and due to retirement boredom, he began writing the International Forecaster.
Bob Chapman : do not expect the government to guarantee your bank account , it is bankrupt
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