Postng Days From Monday to Thursday

Nov 30, 2009

How much do you know about the “Greeks”?

No matter how much the investor knows or needs to know about  the investment and fully understand the potential risks  to committing capital to that particular investment. The Greeks, In the options market, define and quantify the risks involved in a position  before you commit your capital. Understanding the Greeks is a must for proper risk management. 

Indeed, the Greeks can also help you identify and select not only the proper strategy to fit the opportunity IN THE SELECTION PROCESS of an investment, but also which specific options to use to create that specific strategy.

Today you need to watch this complimentary seminar covering the Greeks…

 Without a full understanding the risks an investment carries,, an investor should never commit hard earned money. If you do not know your Greeks, you have no business being in the options market!



Hedge-fund flavors in an ETF wrapper

New fund brings transparency and low fees, but jury is still out

Alert Email Print Share
By John Spence, MarketWatch
An earlier version of this story incorrectly reported the merger-arbitrage exchange-traded fund uses other ETFs for its short exposure. The fund uses index-futures contracts to short markets.
BOSTON (MarketWatch) -- A new exchange-traded fund promises to mimic hedge-fund strategies in an easily traded and lower-fee vehicle, but investors may want to see how this second-generation ETF fares in the real world before rushing in.

To read full story click the following link: go to full story


Is everybody buying gold -- or selling?

Gold Acquires New Investment Aura
By James Quinn
The Telegraph, London
Sunday, November 29, 2009
When HSBC closes its vaults to hundreds of American gold bugs (investors) next July, it will be shutting the door on one of the fastest growing trends in the investment community.
Although the British-based bank has decided to stop retail investors depositing the shiny stuff at its New York vaults in favour of storing gold for higher paying institutional customers, it has not stopped the rest of the world from clamouring to join the gold rush.
From the Indian central bank, rumoured to be buying another 200 tonnes from the International Monetary Fund, to hedge fund manager John Paulson, in the process of setting up a new gold only fund, everyone is buying gold. Even Harrods is getting in on the act by selling gold bars. Changed days from the end of the last decade when the UK joined other parts of the world in ending the "gold standard."
In spite of HSBC's actions, one of the fastest growing areas of gold investment is ordinary investors buying actual bars of gold. Data from the World Gold Council shows that the number of retail investors buying gold in its physical form -- as opposed to investing in gold futures contracts or gold miners -- rose by 11 percent in the three months to September, compared to the previous three months.
In monetary terms this was equivalent to $7 billion (L4.25 billion), some $5.7 billion of which went on physical gold, in the form of bars and official coins, while the remaining $1.3bn was spent on exchange traded funds (ETFs), which invest in real gold and not futures or contracts.
Although only a recent trend in the UK, retail investors' demand for the shimmering metal has become big business in the US, with a host of companies devoted to convincing would-be gold bugs to part with their money in return for a real piece of the action.
One reason for this is the US Mint's sophisticated coin issuance programme, which produces a number of special coins purely for this purpose. The most popular of these is the American Eagle Gold Bullion Coin -- the only bullion coin whose weight, content and purity is guaranteed by the US Treasury.
The Eagle comes in four different weights, and four different face values. And although the one-ounce coin may have a face value of $50, it is worth its weight in gold, quite literally, recently trading on the website of Goldline International, one of many internet retailers, for $1,216.94. The fact that the market for the US's coins is among the most liquid in the world does not hurt either.
In fact, so strong has buying been that the US Mint this week suspended sales of its American Eagle one ounce coins until early December, as demand has outstripped supply. The weight of gold coins sold by the US Mint far this year has exceeded the one million ounce mark, up 40pc year-on-year, at levels not seen since 1999.
Such consumption has in part been fuelled by the recent surge in the price of gold, and the relative weakness of the dollar. Gold continues to hit new highs, touching $1,187 an ounce last week, having already risen 33 percent year-to-date in dollar terms. But in reality, after stripping out inflation, current prices are only about half gold's earlier highs.
That said, there is evidence that the momentum is continuing, with Gluskin Sheff's chief economist David Rosenberg pointing out that there are now "very deep pockets" underpinning demand for gold.
The increasingly attractive metal is also on the up because it makes investors feel safe -- in two ways. First, after two years of sharp share price falls and dollar weakness, gold appears to some to offer a safe haven.
Mr Rosenberg points to market suggestions that Russia's central bank wants to add another 30 tonnes of gold to its cache by year-end, on top of the 15.5 tonnes it purchased in October.
Such buying, by central banks, which largely abandoned the gold standard in the late 1990s and drove its price down to $250 an ounce in 1999, is a key driver. China and Sri Lanka are among the other Asian nations that have recently raised the amount of their total reserves they hold as gold.
Second, after a financial crisis which has seen many lose their shirts, investors are drawn to gold because they can actually see and touch it.
According to Bob Higgins, chief executive of First State Depository, a precious metals vault in Wilmington, Delaware, the number of first-time buyers wanting to store gold at his facility so far this year has been "off the charts."
"We've reached a point in the economy where people who have talked about putting their money into gold nearly every day of their lives have finally begun to invest in it," Higgins said.
Higgins prides himself on his one-on-one service, and notes that a number of new customers have travelled to Delaware to look at the depository vaults, to make sure not only that they exist but that there is gold locked inside.
The vaults -- the exact location of which cannot be disclosed for security reasons -- are insured for up to $400 million and covered by a sophisticated security system designed with the help of insurer Lloyd's of London and watched over by 36 cameras.
Although a number of his customers are individuals -- he is hoping to benefit from HSBC's New York vault closure decision -- Higgins is also developing a growing business with the corporate middle-men who help private investors buy and store their gold. Ireland's GoldCore -- a wealth manager that specialises in precious metal investing -- notes on its websites that some of its clients have begun to use Higgins' US facility, for example.
For a retired builder from just outside Chicago who stores his $50,000 or so of gold bars at a rival depository, it's all about the safety. "I can touch it. I can see it. Lord, I can even smell it if I want to. You just don't get that sense of security gambling with shares," says John, who prefers not to disclose his surname.
Now living off his savings and with no real pension to speak of, John says those bars are part of his lifeline: "I don't want to get caught out like so many did. I can't afford to. I just want to know what's mine is mine."
* * *
Jewelry Owners Cashing In on High Gold Prices
By The Associated Press
via Chicago Tribune
Sunday, November 29, 2009,0,7191875.stor...
GOSHEN, Indiana -- Rising gold prices and an economy that's still in the doldrums have been a boom for business at jewelry stores and pawnbrokers who offer quick cash for gold.
Tatiana Miller said Snider's Leading Jewelers in Goshen has seen a big increase in the number of customers bringing in old gold. Pawnbrokers also report seeing a surge as gold prices have set records recently.
Miller said Snider's began buying gold in 2008 but has seen business spike as more people fall on hard times.
"People are selling their great-great-grandma's ring so they can pay their electric bill," she said. "Unfortunately there's been a lot more wedding rings, either from people getting a lot more desperate or they have had a divorce."
Common items include heavy rings, chains, bracelets, and broken jewelry. But it's the influx of high-end or heirloom items that often gives buyers pause.
John Sorg of Sorg Jewelers says he tries to talk people into keeping nice pieces, especially heirlooms, because if they sell the item, it will be gone long after the economy improves.
"If it's a nice piece of jewelry I talk them into keeping it," Sorg said. "If they're just trying to get money" for a family heirloom, "I don't think it's right to accept it.
"These items are real old and unique," he said. "Some of that stuff you can't put a value on."
Pawn shops try to find a happy medium by loaning money on the item and giving the owner the option to repay the loan and buy the item back.
"Here you get the same value as if you were selling, but if times get a little better or you feel you shouldn't have sold it, you can come back, pay the loan back with a little bit of interest and get the item back," said Tom Howard, director of operations for World Wide Jewelry & Pawn in South Bend.
"We try to impress on the person that they can come back and get the item," he said. "If you put it in an envelope and send it off to (a buyer) in Florida, it's gone. You can't get it back."
Howard said people are bringing in higher-quality jewelry now that gold prices are higher.
"We've had a few unique items, including antique jewelry and also carat and carat-and-a-half diamonds that you don't see too often," he said.
Miller, of Snider's, said her store even got a gold Krugerrand coin from South Africa. It gave the seller $1,000, the highest payout for a single item.

* * *

Join GATA here:
Vancouver Resource Investment Conference
Sunday and Monday, January 17 and 18, 2010
Hyatt and Fairmont Conference Hotels
Vancouver, British Columbia, Canada

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Support GATA by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
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Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:

Money Morning

Money Morning E-Letter

View This Message on the Web

November 30

Is Government Debt the Next Crisis to Strike?

By Jon D. Markman
Contributing Writer
Money Morning

While American investors were busy enjoying their Thanksgiving dinners, global markets were shaken by word that Dubai asked for a payment holiday on the $59 billion it owes via its investment vehicle, Dubai World. The move, which comes as oversized bets on Persian Gulf real estate sour, was considered a default by the major rating agencies.

Last week's "standstill" request puts at risk up to $80 billion in debt linked to the emirate. While this is small in the context of the $3 trillion in losses written down by global banks since the credit crisis began, it may very well result in the largest country debt default since Argentina in 2002.

So while Dubai is insignificant on its own, and will likely be bailed out by its larger and much wealthier neighbor and fellow United Arab Emirates member, Abu Dhabi, it ignited much larger concerns over...

Read Full Article »

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Six Ways to Boost the Resale Value of Your Home – Even in a Down Market

By David Field
Contributing Writer
Money Morning

It's no secret that the old real estate adage tells us that only three things determine the value of your home – location, location, location.

But the reality is that there's plenty you can do with most any piece of property to get a higher selling price in almost any market. Some of the steps you can take are largely cosmetic – and are aimed at improving the "curb appeal" of the property. Others involve extensive reconfigurations, making them costly.

Despite the big differences in both time involved and costs, almost all of these steps actually have a real return-on-investment (ROI). As the U.S. housing market slowly revives, and as the federal tax credit of $8,000 for first-time homebuyers is extended, it's worth considering the...

Read Full Article »

Unemployment Monkey Loosens Grip On Economy’s Back

By Bob Blandeburgo
Associate Editor
Money Morning

Is the dark cloud of joblessness finally starting to dissipate?

Key indicators suggest it is, and while this will be a slow-moving dissipation, top economists as well as the U.S. Federal Reserve now say the picture for the coming months looks a little less bleak.

Unemployment, considered to be one of the darkest spots of a recovery that has seen vast improvements in stock markets and marginal gains in housing and auto sales, is finally starting show signs of stabilization and in turn, has consumers loosening their iron grip on their wallets.

"Taken as a whole, the labor market data for the United States is suggesting we are in a gradual, steady improvement towards job growth at some point over the next three to six months and the decline in jobless claims is consistent with that," said Zach Pandl, an economist at Nomura Global Economics (NYSE ADR: NMR) told...

Read Full Article »


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Nov 29, 2009

U.K. Economy Shrank less than Forecasted

U.K. Economy Shrank Less Than Previously Estimated
Published: 11/25/2009 9:42:18 AM    By:, Bloomberg

The U.K. economy shrank less than previously estimated in the third quarter as consumer spending stopped falling and the service industries slump eased, bringing the longest recession on record closer to an end.

Gross domestic product fell 0.3 percent from the previous three months, compared with a prior measurement of a 0.4 percent drop, the Office for National Statistics said today in London.
Prime Minister Gordon Brown this week called for stimulus to stay in place to avoid “choking off recovery” as an election looms within six months. The Bank of England has expanded its bond-purchase plan three times since March to ensure Britain’s escape from recession and Governor Mervyn King said yesterday the pickup isn’t “particularly strong.”
The U.K.’s recovery has lagged behind that of the U.S. and the euro area, which have both returned to growth. Data yesterday showed Germany’s economic growth accelerated in the third quarter, while the U.S. economy expanded at a 2.8 percent annual rate, less than the government reported last month.
Consumer spending was unchanged in the third quarter, the first time it hasn’t dropped in 1 1/2 years. Government spending rose 0.2 percent, while fixed investment fell 0.3 percent, the statistics office said.
Inventories fell by 4.1 billion pounds ($6.8 billion), the fourth consecutive decline. The slump in inventories is now the biggest on record, the statistics office said.
Officials revised up the GDP data because the decline in services output was smaller than previously estimated, at 0.1 percent instead of 0.2 percent. Manufacturing dropped 0.1 percent, up from the prior measurement of 0.2 percent.
Unemployment rose at the slowest pace in 18 months in October, retail sales climbed for a second month and the inflation rate increased more than expected, to 1.5 percent. The bank aims to keep inflation at 2 percent.

Money Morning

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November 29

Which of the “Rich Four” Countries Will Default First? By Martin Hutchinson
Contributing Editor

Money Morning
Volume in the credit default swap market for rich countries has soared and so have credit spreads, according to a recent Financial Times story, while volume in emerging markets CDS has stagnated. In other words, traders are betting against the governments with high budget deficits, like Britain and the United States, as well as against those with high debt levels, like Japan and Italy.
So is there really a substantial chance of a big rich-country default, and what would it look like if it happened?
It’s not obvious which of the “Rich Four” countries would go first.
Japan, for instance, has the highest debt. But Japanese consumers are such great savers that they essentially owe almost all of the debt to themselves.
The country needs fiscal discipline and higher interest rates (to reward Japanese savers properly), but there’s a decent chance Japan will get both, in which case default is unlikely.
Italy has high debt – at about 120% of gross …

To read full story click : NEXT


James Turk: With much volatility, gold at $1,200-$1,400 by year-end

9:35p ET Saturday, November 28, 2009
Dear Friend of GATA and gold:
GoldMoney founder and GATA consultant James Turk has posted his latest gold price prediction: $1,200 to $1,400 by year-end but with great volatility and likely a dip this week to test support at around $1,150. You can find Turk's analysis at the Free Gold Money Report Internet site here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Join GATA here:
Vancouver Resource Investment Conference
Sunday and Monday, January 17 and 18, 2010
Hyatt and Fairmont Conference Hotels
Vancouver, British Columbia, Canada

* * *
Support GATA by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
* * *
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:

Nov 28, 2009

Gata Dispatches

Auditing Fed would hurt economic prospects, Bernanke writes

By Mark Felsenthal
Friday, November 27, 2009
WASHINGTON -- Federal Reserve Chairman Ben Bernanke said on Friday congressional proposals to audit the Fed and strip it of regulatory powers as part of post-crisis reforms could damage prospects for economic and financial health in the future.
"These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States," Bernanke wrote in a column posted on the Washington Post's Internet site.
The rare newspaper column by a Fed chairman comes shortly before Bernanke testifies before a Senate panel on his renomination to serve a second four-year term at the helm of the central bank and answers a series of steps on Capitol Hill that could diminish the central bank's role.
Lawmakers are angry with the Fed over its emergency bailouts of major financial firms and its failure to prevent the contagion of mortgage delinquencies that crashed the financial system. A proposal to audit the Fed's monetary policy deliberations won a committee vote recently over the objections of House Financial Services Committee Chairman Barney Frank.
Frank's Senate counterpart, Banking Committee Chairman Christopher Dodd, is himself the author of a proposal to consign the Fed solely to making decisions about setting benchmark interest rates.
Bernanke, in his column, conceded the Fed had missed some of the riskiest behavior in the lead-up to the crisis. But he said the Fed had helped avoid an even more damaging economic meltdown and has stepped up its policing of the financial system.
"The Fed played a major part in arresting the crisis, and we should be seeking to preserve, not degrade, the institution's ability to foster financial stability and to promote economic recovery without inflation," he said.
Bernanke acknowledged that lawmakers are responding to public anger over the government's response to the turmoil.
"The Federal Reserve, like other regulators around the world, did not do all that it could have to constrain excessive risk-taking in the financial sector in the period leading up to the crisis," he said.
However, the central bank has moved "aggressively" to fix the problems, Bernanke said. The Fed's knowledge of complex financial institutions is invaluable in supervising them, he said.
The Fed's ability to slash interest rates to combat a recession without fueling inflation depends on its political independence he said. Allowing audits of its monetary policy -- as proposed legislation would do -- would increase the perceived influence of Congress on interest rate decisions, he said.
That, in turn "would undermine the confidence the public and the markets have in the Fed to act in the long-term economic interest of the nation," Bernanke wrote.
Frank has said the audit provision is likely to be revisited as legislation winds through both houses of Congress.
Dodd has said his proposal is a starting point for debate.
* * *
The Right Reform for the Fed
By Ben Bernanke
Washington Post
Sunday, November 29, 2009
For many Americans, the financial crisis, and the recession it spawned, have been devastating -- jobs, homes, savings lost. Understandably, many people are calling for change. Yet change needs to be about creating a system that works better, not just differently. As a nation, our challenge is to design a system of financial oversight that will embody the lessons of the past two years and provide a robust framework for preventing future crises and the economic damage they cause.
These matters are complex, and Congress is still in the midst of considering how best to reform financial regulation. I am concerned, however, that a number of the legislative proposals being circulated would significantly reduce the capacity of the Federal Reserve to perform its core functions. Notably, some leading proposals in the Senate would strip the Fed of all its bank regulatory powers. And a House committee recently voted to repeal a 1978 provision that was intended to protect monetary policy from short-term political influence. These measures are very much out of step with the global consensus on the appropriate role of central banks, and they would seriously impair the prospects for economic and financial stability in the United States. The Fed played a major part in arresting the crisis, and we should be seeking to preserve, not degrade, the institution's ability to foster financial stability and to promote economic recovery without inflation.
The proposed measures are at least in part the product of public anger over the financial crisis and the government's response, particularly the rescues of some individual financial firms. The government's actions to avoid financial collapse last fall -- as distasteful and unfair as some undoubtedly were -- were unfortunately necessary to prevent a global economic catastrophe that could have rivaled the Great Depression in length and severity, with profound consequences for our economy and society. (I know something about this, having spent my career prior to public service studying these issues.) My colleagues at the Federal Reserve and I were determined not to allow that to happen.
Moreover, looking to the future, we strongly support measures -- including the development of a special bankruptcy regime for financial firms whose disorderly failure would threaten the integrity of the financial system -- to ensure that ad-hoc interventions of the type we were forced to use last fall never happen again. Adopting such a resolution regime, together with tougher oversight of large, complex financial firms, would make clear that no institution is "too big to fail" -- while ensuring that the costs of failure are borne by owners, managers, creditors, and the financial services industry, not by taxpayers.
The Federal Reserve, like other regulators around the world, did not do all that it could have to constrain excessive risk-taking in the financial sector in the period leading up to the crisis. We have extensively reviewed our performance and moved aggressively to fix the problems.
Working with other agencies, we have toughened our rules and oversight. We will be requiring banks to hold more capital and liquidity and to structure compensation packages in ways that limit excessive risk-taking. We are taking more explicit account of risks to the financial system as a whole.
We are also supplementing bank examination staffs with teams of economists, financial market specialists and other experts. This combination of expertise, a unique strength of the Fed, helped bring credibility and clarity to the "stress tests" of the banking system conducted in the spring. These tests were led by the Fed and marked a turning point in public confidence in the banking system.
There is a strong case for a continued role for the Federal Reserve in bank supervision. Because of our role in making monetary policy, the Fed brings unparalleled economic and financial expertise to its oversight of banks, as demonstrated by the success of the stress tests.
This expertise is essential for supervising highly complex financial firms and for analyzing the interactions among key firms and markets. Our supervision is also informed by the grass-roots perspective derived from the Fed's unique regional structure and our experience in supervising community banks. At the same time, our ability to make effective monetary policy and to promote financial stability depends vitally on the information, expertise and authorities we gain as bank supervisors, as demonstrated in episodes such as the 1987 stock market crash and the financial disruptions of Sept. 11, 2001, as well as by the crisis of the past two years.
Of course, the ultimate goal of all our efforts is to restore and sustain economic prosperity. To support economic growth, the Fed has cut interest rates aggressively and provided further stimulus through lending and asset-purchase programs. Our ability to take such actions without engendering sharp increases in inflation depends heavily on our credibility and independence from short-term political pressures. Many studies have shown that countries whose central banks make monetary policy independently of such political influence have better economic performance, including lower inflation and interest rates.
Independent does not mean unaccountable. In its making of monetary policy, the Fed is highly transparent, providing detailed minutes of policy meetings and regular testimony before Congress, among other information. Our financial statements are public and audited by an outside accounting firm; we publish our balance sheet weekly; and we provide monthly reports with extensive information on all the temporary lending facilities developed during the crisis. Congress, through the Government Accountability Office, can and does audit all parts of our operations except for the monetary policy deliberations and actions covered by the 1978 exemption. The general repeal of that exemption would serve only to increase the perceived influence of Congress on monetary policy decisions, which would undermine the confidence the public and the markets have in the Fed to act in the long-term economic interest of the nation.
We have come a long way in our battle against the financial and economic crisis, but there is a long way to go. Now more than ever, America needs a strong, nonpolitical, and independent central bank with the tools to promote financial stability and to help steer our economy to recovery without inflation.
The writer is chairman of the Federal Reserve Board of Governors.

* * *

Join GATA here:
Vancouver Resource Investment Conference
Sunday and Monday, January 17 and 18, 2010
Hyatt and Fairmont Conference Hotels
Vancouver, British Columbia, Canada

* * *
Support GATA by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
* * *
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:

Finding the Trend in Forex

Here is the fastest and easiest way to tell the trend in the foreign exchange markets.
In today’s video Adam Hewison  shares with us a wonderful way to look at the forex markets and determine which way they are headed in a matter of seconds.

We’ll be looking at three different cross rates and how they all correlate together in a way that I think may surprise you.

 MarketClub not only covers the currency traded in  the Forex Market , but also covers them in real-time with pricing and charts. I hope you learn from this video and take the time to post your comments on our blog.

You can view this video, as always with our compliments  going to the link below:  

Fernando Guzmán Cavero

Nov 27, 2009

From The Desk of Nick Nicolaas

As every Friday and always on time , our friend Nick Nicolaas, President & CEO of Minning Interactive, sends  the Zeal Intelligence Newsletter on  the Minning InteractiveWebsite. I strongly recommend to read this important outstanding and professional report.

Fernando Guzmán Cavero

Dear Friends:

Adam Hamilton has posted his weekly Zeal Intelligence Newsletter on the Mining Interactive Website. Click here:
Have a great weekend and - - - Stay Tuned!!


Nick L. Nicolaas
Mining Interactive “Ahead of the Pack”
Nick L. Nicolaas
President & CEO
Mining Interactive Corp.

Direct 24/7: +1 (604) 657-4058
Main Office: +1 (604) 569-0800
Fax: +1 (604) 569-0758
Skype: nicknicolaas

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Vancouver, BC, Canada V6C 2B3

Nov 26, 2009

The Economist
Dear Reader,

Barack Obama is starting to make up his mind: more troops for Afghanistan, it seems, and a dash to Copenhagen with a provisional promise to cut American emissions. But both Afghanistan and climate change can also be cited as evidence of a weakness that runs through his foreign policy. It looks to many as if he has dithered, not deliberated. Elsewhere, his diplomacy has been publicly rebuffed by China, Israel and Russia; and allies moan that America often seems kinder to its rivals than its friends. Does this president have a strategy, backed if necessary by force, to reorder the world? Or is he merely a presidential version of Graham Greene's idealistic, clever "Quiet American" who wants to change the world, but underestimates how bad the world is and ends up causing harm? In this week's cover leader, we argue that the world will soon find out whether this president's diplomacy is subtle and strategic, or weak and naive.

Here are some other pieces from this week's issue you might also be interested in. You can click straight through to each one and read it online at The Economist online using the links below.
John Micklethwait
John Micklethwait
Editor in Chief

This issue's cover
Subscribe now

The art market
A 14-page special report on an industry that has gone global in a spectacular way

Pakistan's slow, bloody descent
The Taliban is still fighting, and now its president is in trouble

Deflation returns to Japan
Outsiders, especially America and Britain, should look and learn

Why blockbusters are back
From television to music, movies and books, the media industry has no room in the middle

China's garlic bubble
The price also stinks

Click Here!

Nov 25, 2009


Riding With The Amazon Posse
Jocelynn Drake, Option Advisor
Huge breakouts in Internet retailing have given the bulls room to run--and not just in shares of Amazon.

Surviving The Tech Onslaught
Quentin Hardy
How to manage the growing stream of e-mails, IMs, Facebook updates and tweets. Microsoft, Nielsen Track Xbox Live Ads
Oliver J. Chiang
TV ratings will be used on the videogame console network.
AOL: All Eyes On Armstrong
Taylor Buley
Will Time Warner's spinoff be a good thing for the Internet company?
An iPhone App That Could Change Medicine
Camilla Webster
Allscripts Remote lets doctors access real-time patient data and e-mail prescriptions to pharmaci


Nov 24, 2009

Gata Dispatches:

A mad rush as gold bugs get the boot

By Carolyn Cui
The Wall Street Journal
Tuesday, November 24, 2009
Fleets of armored trucks piled with gold bars and coins have been streaming out of midtown Manhattan in one unexpected consequence of the gold craze.
Amid gold's rise -- it has gained 32% this year and reached a record on Monday -- investors have been loading up on bullion and coins. One big problem now is where to store it. The solution from HSBC, owner of one of the biggest vaults in the U.S.: somewhere else.
HSBC has told retail clients to remove their small holdings from its fortress beneath its tower on New York City's Fifth Avenue. The bank has decided retail customers aren't profitable enough and is demanding those clients remove their gold to make room for more lucrative institutional customers.
An HSBC spokeswoman said the firm doesn't comment on its vault due to "security concerns."
HSBC's decision has created a logistical nightmare for both the investors and the security teams in charge of relocating the gold, silver and platinum to new vaults across the country. Many of those vaults are also feeling pressure from the surge in demand for space from clients that have stocked up on metal.
Investors have been loading up on gold this year amid worries about inflation and the stability of the U.S. dollar. The metal gained $17.90, or 1.6%, to $1164.30 an ounce on Monday. As gold has continued to set new records, other investors have flooded in. Many of them are taking possession of the metal, rather than just trading financial contracts linked to it.
Demand for physical gold, including bars and coins, is projected to rise 21% this year to 52.3 million troy ounces, the highest in history, according to CPM Group. Based on today's price, the total value would amount to about $61 billion.
The movement of gold from HSBC has created a stir not only among the bank's clients, but also among owners of warehouses and vaults around the country.
"I have never seen any relocation like this," says Jonathan Potts, managing director of FideliTrade, the parent company of the Delaware Depository Service Co., which has two warehouses in Wilmington. FideliTrade's two vaults have been filling up at an unprecedented pace, in part because it is taking in metal that has been ejected by HSBC.
Dealing with the fallout from HSBC's decision has become a full-time job for David Norris, executive vice president of GoldStar Trust Co., a Canyon, Texas-based retirement-account trustee, which organizes metal storage for its clients.
Mr. Norris says HSBC told GoldStar in July to immediately cease sending coins for storage. GoldStar, which had sent clients' holdings to HSBC for at least 15 years, is now figuring out how to get the coins out of the HSBC vault and down to the Delaware facility. "I can jump up and down and scream all day long about how much I don't like it. But it's their business decision," Mr. Norris says.
Moving the metal is like "a big military operation," he says. Precious metals are typically shipped by insured carrier services or armored trucking companies. Carriers sometimes ship the metals in plain boxes so as not to attract attention. Trucks are guarded by a team of two or three armed personnel.
Bradley Beyer, a GoldStar customer in Kewaunee, Wis., has 50 100-ounce silver bars stored with HSBC waiting to be moved. "My only concern is that the bars will be moved safely," he says.
HSBC is telling clients to either move their metal, or prepare for it to be delivered to their doorsteps. In a July letter, seen by The Wall Street Journal, HSBC said the precious metal "will be returned to the address of record... at your expense," unless instructed otherwise. HSBC recommended clients move their holdings to Brink's Global Services USA Inc., which has a vault in Brooklyn, N.Y. Brink's didn't return calls and emails seeking comments.
Like Mr. Beyer, many investors have recently added precious metals to their retirement accounts. At GoldStar, more than 1,000 new accounts are opened each month to purchase coins in retirement plans, compared to about 100 a month in 2006. Sales of American Eagle gold coins jumped 65% so far this year, according to the U.S. Mint.
"Many facilities are overloaded," says Bob Coleman, director of customer relations at Gold Silver Vault, a depository in Nampa, Idaho. Mr. Coleman says his vault has taken in several HSBC customers, contributing to the 500% growth in new metal coming in over the past quarter.
Vault and warehouse owners say retail customers tend to be more expensive in part because of their diverse holdings. They usually buy American Eagle or Canadian Maple Leaf coins, and bars of various weights and sizes, all of which need to be categorized and stored separately. In contrast, institutions typically buy standardized bars of 100 or 400 ounces, making them easier to store. Institutions also tend to hold the metal for long periods.
Precious-metal storage isn't as lucrative as it may sound. Many vaults are run on thin margins. The Delaware depository, one of the five major ones in the country, charges $6 each month for a 1,000-ounce silver bar and $12 for a 100-ounce gold bar.
HSBC's vaults contain $6 billion of large gold and silver bars, according to records held by Comex, the metals division of CME Group. There are no data for smaller coins and bars held by individuals.
First Eagle Funds, which runs a family of mutual funds, has 2.2 million ounces of gold stored at HSBC's vault, and hasn't been told to vacate the premises. Physical bullion represents "insurance and the safest asset out there," says Rachel Benepe, who runs the First Eagle Gold Fund.
Typically, a vault is protected with a 27-inch thick steel reinforced wall, surrounded with a "man-trap" -- a series of doors, each of which opens only after the previous door is locked, Mr. Coleman says.

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Nov 23, 2009

From the desk of Nick Nicolaas

 Thanks Nick , We appreciate the valuable informatión you always send us on time and from specialists in the mining sector of high qualification and experience as you  you do

Fernando Guzmán Cavero

From the Desk of Nick Nicolaas (FDNN) #77
November 23, 2009
a publication of
E U R O P E A N   G O L D   C E N T R E
Dear Friends:
Once again, here's Henk:

Dear Reader:
Attached you will find the November issue of GOLDVIEW that comes to you in a time that the gold markets are reaching new highs. Already at the moment of sending this to you, the price went up from the record high that I wrote about this weekend. And the higher the gold price gets, the more negative and/or pessimistic comments you will see. We have been waiting so long for these markets and there they come, the commentators who like to spoil the fun. Go to my EDITORIAL COMMENT to read more about that.
Of course, markets will go up and come down, that is the nature of the beast. But please keep your minds clear and follow the gold people who had the vision to see this coming. Bear in mind that the higher gold prices are not the result of a widespread speculation wave as some want us to believe; the higher gold prices have come for many sensible reasons.
Read what Frank Holmes, Chief Investment Officer of U.S. Global Investors, and one of the most valued gold speakers with a great following, says in the FEATURED ARTICLE "India-IMF Deal: Tipping Point for Gold" that puts the current gold market in a new perspective.
Read what Sara Patterson writes in her Poke The Bear Blog about inflation and its influence on human behaviour, even on that of the bankers that sold most of their gold in the past.
No SUPPORTING or HIGHLIGHTED COMPANIES this month but FOCUS ON GOLD in some areas that you don't hear about every day. And the ususal items NEWS SUPPORTING COMPANIES, MINING INVESTMENT EVENTS and GOLD NUGGETS. Oh yes, I almost forgot.... my announcement of a new publication: EMERGING EUROPE: here we come....
Henk J. Krasenberg.

Regards and as always - - Stay Tuned!!
Nick L. Nicolaas
Mining Interactive "Ahead of the Pack"
Skype: nicknicolaas

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From The Desk of Fernando Guzmán Cavero.

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