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Jul 2, 2010

FGC BOLSA - FGC FINANCIAL MARKETS : MarketWatch - Industry- Financial Services.- Stock Fund gains dissolve as 2010 turns perilous. July 2nd., 2010


 Weekend Investor: Stock-fund gains dissolve as 2010 turns perilous
By Jonathan Burton MarketWatch
7/2/2010 7:40:00 PM

The second quarter brought investors in U.S. stock funds face-to-face with some ruthless mean girls -- April, May and June -- and the meeting wasn’t pretty. 
The 10 biggest stock winners so far in 2010

By MarketWatch
7/2/2010 6:04:00 PM


MarketWatch :Weekly Roundup .- Top stories June 28 - July 2

Weekly Roundup
JULY 02, 2010

MarketWatch's top stories June 28 - July 2

By MarketWatch

SAN FRANCISCO (MarketWatch) - U.S. stocks fell on Friday as a combination of poor economic data, swirling concerns about the soundness of European sovereign debt and the unconvincing outcome of the Group of 20 meeting in Toronto proved too much for equities. It was the seventh session in a row the Dow Jones Industrial Average has fallen.

The Dow (.DJI) fell 46.05 points or 0.5% to close at 9,686.48 on Friday. For the week, the blue chip index fell 4.5%. The Nasdaq Composite Index (.COMP) dropped 9.57 points or 0.5% to close at 2,091.79 on the day and lost 5.9% for the week. The benchmark Standard & Poor's 500 Index (.SPX) fell 4.79 points or 0.5% on Friday to close at 1,022.58. For the week the index declined 5%.

Stay clicked in to MarketWatch over the weekend, where we'll have all the news you need. We'll be featuring a quarterly funds review and our monthly Trading Strategies package.

Please take a moment to view our Week Ahead videos on the U.S., Europe and Asia.

 U.S. Week Ahead: Quiet Week After Monday Holiday

 Europe's Week Ahead: Central Banks, CRH

 Asia's Week Ahead: Central Bank Interest Rates

-- Christopher Noble , assistant managing editor.

Make your moves

This is the week for market forecasters to publish their midyear updates, and thus it's time to assess tactical changes you should make to your portfolio right now. And we're talking immediately, since the market's performance over the last few days suggests that reality is starting to become apparent to investors. Read a story about portfolio moves you should make now.

Plenty of stocks to pick in Africa

Sub-Saharan Africa has long been a place for adventure travel and honeymoons. But investors interested in healthy gains and good returns should really give it a second look. The continent's growing population and increasing political stability make it a good place to invest. Read a story about investing in Africa.

Apple fools

Apple (AAPL) made a fool of itself -- and its customers -- on Friday when it released a statement attempting to explain reception problems that customers have experienced with its new iPhone 4. We have not heard the last of this problem with the device's new antenna. Read a commentary about Apple's iPhone 4 reception issue.

E-book shakeout

The e-book market that created just a few years ago is already going through its first major shakeup and it soon could experience a shakeout that might see big name participants thrown out on their ears. Price cuts, new devices and reader preferences are all in play. Read a story about the coming upheaval in the e-reader market.

Bond rally reflects gloom

The recent steep rally in U.S. Treasury bonds, helped by investor worries over European debt and weakening U.S. economic data, isn't likely to last. Analysts expect economic growth to outpace forecasts in the months ahead. Read a story about the bond rally.

Electric IPO

Tesla Motors (TSLA) shares shot up nearly 41% on Tuesday, their first day of trading, as investors bet the electric car maker can bring something to the auto sector it hasn't had in a long time: excitement and enthusiasm. Read a story about Tesla's IPO.

Sales up, but still disappoint

Sales of new cars rebounded again in June, with all three U.S. car makers posting healthy gains. But sales slipped sequentially from May and disappointed investors. European and Japanese car companies also saw sales rise year over year. Read a story about U.S. car sales in June.

Benefits expired

With the loss of her unemployment insurance benefits, Deborah Brown is worried about keeping on the electricity in her double-wide mobile home. What's it like when unemployment runs out, you're 56 and you can't get a job? Read about how losing jobless benefits can hurt.

Mortgage rates fall - but who cares?

Only a select few are able to take advantage of record-low mortgage rates. Many would-be home buyers are afraid of losing their jobs or can't get a loan because of poor credit. Existing homeowners sometimes can't benefit because they don't have enough equity in their houses. Read a story about how low mortgage rates don't matter to many.

Chinese economy slowing?

Two closely watched surveys of Chinese manufacturing activity released this week indicated the economy slowed in June, potentially signaling a reversal of economic momentum and raising questions about whether a more serious downturn is at hand for the world's most populous country. Read a story about Chinese manufacturing data.

MarketWatch: Personal Finance Daily.- We want to work longer but will employers hire us?. July 2nd., 2010

Personal Finance Daily
JULY 02, 2010

Friday's Personal Finance stories

By MarketWatch

Don't miss these top stories:

At what age do you plan to retire? While the idea of early retirement certainly has its allure, I've been thinking my retirement age will be 70. I started saving for retirement relatively late in life (in my 30s), and while my savings rate is fairly high now, that wasn't the case early on in my career. So I'll need to work quite a while to pay the way in my golden years.

Much as I love the work I do, I can't say the thought of working until age 70 makes me happy. But it's the most realistic scenario. And anyway, my "normal" retirement age, in Social Security terms, is 67. What's three more years?

Read Robert Powell's column today for a look at the disparate group of people, from Republican lawmakers to retirement experts in academia, who are calling for a higher Social Security retirement age.

Of course, a higher retirement age assumes employers will continue to hire older people. But, much as we'd all like to pretend it doesn't exist, ageism is alive and well.

Separately, don't miss Ruth Mantell's story today for a look at the latest statistics on unemployed people tapping out their last lifeline: jobless benefits. Mantell profiles one such worker, a registered Republican who nonetheless would like to see her elected officials extend unemployment benefits sooner rather than later.

Here's to a happy Fourth of July to all, and a stronger economy in the second half of 2010...

-- Andrea Coombes , Personal Finance editor

Fix Social Security by hiking retirement age

The time has come for the nation to face some facts and, according to Republican Rep. John Boehner, the House minority leader, that means fixing Social Security by hiking the normal retirement age to 70 for future retirees, from the current 67.
See Robert Powell.


Expired benefits leave job-seekers in tough bind

With the loss of her unemployment insurance benefits, Deborah Brown is worried about keeping on the electricity in her double-wide mobile home.
See story on expired benefits leave job-seekers in tough bind.

Jobs report prompts new political sparring

A fresh round of political sparring broke out Friday morning following the release of a disappointing jobs report, as Republicans attacked the White House, and President Barack Obama insisted the country's "heading in the right direction," but admitted the economy's not whole yet.
See story on unemployment report prompts new political sparring.

Modest private hiring in June

The unemployment report released by the government on Friday wasn't as grim as it might have been, but it still showed that the pace of the U.S. economic recovery has slowed in recent weeks.
See story on unemployment rate.


Commentary: The song remains the same for the economy

Sing along with President Obama: "The economy is getting stronger by the day. The economy is getting stronger by the day. The economy..."
See Al Lewis.

Even in Monaco, the wealthy feel crisis pinch

Before the global financial crisis, locals say a penthouse owner in Monaco with a choice view of the Grand Prix Formula One race could command five months rent just by subletting it to a visitor eager to watch the popular one-day auto race each spring.
See story on even in Monaco, the wealthy feel crisis pinch.


Complex questions on reverse mortgages

Question: My parents are 83 and 88 years old and live in a home that is paid for in full. They are considering a reverse mortgage because we children need the funds now. Can you please advise us how to go about this, and the pros and cons?
See Realty Q&A.

Home buyers win more time to claim tax credit

President Barack Obama signed Friday morning a three-month extension on the deadline for home buyers to obtain a federal home-buyer tax credit of up to $8,000.
See story on home buyers win more time to claim tax credit.


Commentary: Top stock newsletter isn't a good fit for most investors

Thirty years ago, Mark Hulbert had the novel idea that the best way to see if a newsletter editor was worth investing in was to track his suggested portfolio, move by move. This week, as the Hulbert Financial Digest celebrated its 30th anniversary with a move into new offices and a look back at the past, it would be tempting to find out the top money manager of the last three decades and put in your chips.
See Chuck Jaffe's Stupid Investment of the Week.


Tesla turns head, makes mark in Copenhagen

The nerve of those Danes! There I was, the first journalist to slip behind the wheel of the updated Tesla Roadster 2.5 and not one of those dainty Euro cars would let me out of the driveway into the bustling traffic of downtown Copenhagen. Mange tak!
See story on Tesla hits the streets in Copenhagen.


New cap may contain gushing oil

new cap that BP PLC plans to fit over the gushing Macondo well in the Gulf of Mexico has a shot at completely containing the oil and natural gas that have been spewing out for weeks, Coast Guard Adm. Thad Allen said Friday.
See story on new cap may contain gushing oil.


Apple blames iPhone 4 reception woes on indicator

Apple Inc. issued a statement Friday explaining some of the widely reported signal reception issues with the iPhone 4, blaming the problem on the way the device indicates strength of wireless coverage.
See story on Apple iPhone 4.

Commentary: Apple giving comedy writers more material

Apple Inc. seems to be growing its presence in show business, as it just handed late-night comedians a fresh batch of new material.
See MarketWatch First Take.

CNBC : Evening Brief .-Evening Brief: Who Would Finance Mortgages Without Fannie, Freddie?. July 2nd., 2010



  • Market Outlook
    CNBC's Courtney Reagan highlights the week's top business news stories, tells viewers what stocks the pros are recommending and looks ahead to next week's headlines.
    » Watch Video
Jamie Dimon's Summer Reading List
A reading list for Summer interns, with the Power Lunch news team.
» Watch Video

Valliere Goes After GOP
Greg Valliere, contributor, explains why the Republicans are refusing to help unemployed workers or aid the states, with Tony Fratto, Hamilton Place Strategies.
» Watch Video

Obama on Jobs Report, Economy
President Obama makes remarks on the June jobs report and the economy.
» Watch Video



RTTNews : Evening Market Wrap.- Stocks End Lower As Mixed Jobs Data Prompts Further Worries - U.S. Commentary, June 2nd., 2010

Evening Market Wrap Fri Jul 2 17:01 2010 


Jul 2, 2010 Stocks End Lower As Mixed Jobs Data Prompts Further Worries - U.S. Commentary Stocks closed Friday's session moderately lower, as a mixed June jobs report resulted in some selling pressure. The major averages all closed in negative territory, with a last-minute sell off pulling the indices down to fresh multi-month closing lows ahead of the Fourth of July weekend. Full Article

Economic News

Jul 2, 2010 Employment Drops In June Due To Departure Of Census Workers Employment showed a notable decrease in the month of June, according to a report released by the Labor Department on Friday, although the loss of the jobs during the month was largely due to a steep drop in the number of temporary employees working on the census. Full Article
Jul 2, 2010 Factory Orders Fall By Much More Than Expected In MayAfter reporting eight consecutive monthly increases in new orders for manufactured goods, the Commerce Department released a report Friday showing that factory orders fell by much more than expected in the month of May. Full Article
Jul 2, 2010 Weak Jobs Report Keeps Dollar In The DoldrumsThe dollar wobbled on Friday as a troubling jobs report confirmed speculation that the US economic recovery has stalled. With housing in the doldrums and the US consumer remaining skittish amid employment anxiety, talk of a potential double-dip recession has scared traders away from the dollar in favor of the yen as a safe haven. Full Article

Corporate News

Jul 2, 2010 Apple To Fix Signal Complaints Of IPhone 4 UsersTechnology giant Apple Inc. (AAPL) Friday sought to allay fears of its iPhone 4 users, stating that reception problems reported about the device actually stemmed from wrong display of the number of bars of signal strength. The company will issue a free software update in a few weeks to fix the problem. Full Article
Jul 2, 2010 CIT Group Appoints Scott Parker As EVP, CFOCommercial lender CIT Group, Inc. (CIT) announced Friday the appointment of Scott Parker as executive vice president and chief financial officer of the company, effective July 2, 2010. Parker will report directly to Chairman and Chief Executive Officer John Thain. Full Article
Jul 2, 2010 Blackstone Group Buys 12.5% Stake In Monnet Ispat's Power UnitShares of steel producer Monnet Ispat & Energy (MIEL) climbed over 17% to a 52-week high on the BSE Friday after U.S.-based private equity investor Blackstone Group agreed to buy a 12.5% stake in Monnet Power Company (MPCL). Full Article
Jul 2, 2010 Travis Perkins H1 Revenue Rises 4.7%; Expects To Resume Dividend PaymentHome improvement retailer Travis Perkins plc (TPK.L) Friday reported higher revenues and like-for-like sales for the six months ended June 30. The company stated that it currently expects to report results for the first half of fiscal 2010 ahead of management expectations. Full Article
Jul 2, 2010 Morgan Sindall Says On Track To Meet Expectations For The YearConstruction and regeneration firm Morgan Sindall Group plc (MGNS.L) Friday said that the positive start it made to the year has continued and the company is on track to meet its expectations for the current year. Full Article


Jul 2, 2010 Oil Slides To Monthly Low Near $72 As Recovery Hopes Dwindle The price of crude oil eased Friday to hit a fresh monthly low, with confidence in a US-led global economic recovery getting weaker amid a slew of lackluster data released over the past few days. August crude oil settled down $0.81 at $72.14 a barrel on the New York Mercantile Exchange, its lowest closing level since late May. Full Article

Political News

Jul 2, 2010 Leading Conservative Calls On Steele To Resign As RNC ChairmanThe Weekly Standard's Bill Kristol, one of the leading conservative voices in the U.S., posted an open letter to Republican National Committee Chairman Michael Steele Friday, asking him to resign after comments Steele made about the war in Afghanistan came to light. Full Article
Jul 2, 2010 Hatch Says He Will Oppose Kagan's Nomination To Supreme CourtSenator Orrin Hatch, R-Utah, announced Friday that he intends to oppose Elena Kagan's nomination to the Supreme Court, arguing that there were times where it appeared her personal and political views drove her legal views. Full Article
Jul 2, 2010 Boehner Calls June Jobs Report "Disappointing"In response to the Labor Department's June jobs report, House Minority Leader John Boehner, R-Ohio, said the report is "disappointing" despite President Barack Obama's claims that "our economy is getting stronger." Full Article
Jul 2, 2010 Lawmakers Urge FIFA To Allow U.S. To Host 2018 Or 2022 World Cup In a letter to FIFA President Sepp Blatter, a bipartisan coalition of 26 U.S. Senators led by Sen. Kirsten Gillibrand, D-N.Y., called for the international governing body of football to bring either the 2018 or 2022 World Cup tournament to the U.S. "With a population of 300 million people, we assure you that there will be no lack of fans clamoring to attend the matches," the Senators wrote in their letter. "Attending the matches will be no difficult feat either, as the United States features significant transportation and tourism infrastructure that will enable visitors to attend games with great ease." Full Article
Jul 2, 2010 Senators Dorgan And Enzi Think They Have The Votes To Lift Cuba Travel BanWith the House Agriculture Committee voting to lift the decades-old travel ban to Cuba, Senators Byron Dorgan, D-N.D., and Mike Enzi, R-Wyo., said Thursday that they believe the Senate has enough votes to lift the ban as well. Full Article
Jul 2, 2010 Obama Signs Tough Sanctions On Iran Into LawUnited States President Barack Obama has signed into law a bill imposing the administration's tough new energy and financial sanctions on Iran, designed to put pressure on that country discontinue efforts to acquire nuclear weapons. Full Article
Jul 2, 2010 Clinton Kicks Off Five-nation Tour In UkraineUnited States Secretary of State Hillary Clinton has begun the first leg of a five-nation tour of eastern Europe and the Caucasus in Ukraine. A chartered flight carrying Clinton arrived in the Ukrainian capital Kiev in the early hours of Friday. Full Article
Jul 2, 2010 Obama Says Economy Is Headed In Right Direction Despite Drop In Jobs - UpdateWhile a report from the Labor Department showed that U.S. employment fell for the first time this year in June, President Barack Obama reiterated Friday that the economy is "headed in the right direction." Full Article

ABCNews : Australia Business Sundance Vows to move on after jungle crash. June 2nd., 2010

Craig Oliver, John Carr-Gregg, Ken Talbot, Geoff Wedlock, and Don Lewis
Sundance mining executives LtoR Craig Oliver, John Carr-Gregg, Ken Talbot, Geoff Wedlock, and Don Lewis, who died when their plane crashed in west Africa.

Sundance vows to move on after jungle crash Photo

Posted 3 hours 11 minutes ago
Sundance Resources has appointed a defacto board of directors as the company prepares to lift a voluntary suspension on its shares.

Tax deal overlooks two-speed economy: Ridout Audio Photo

Australia's major business groups have welcomed the mining tax compromise, but not the reduction in the company tax cut that came along with it.

Mining tax legal challenge 'highly likely' Video Audio Photo

Western Australian Premier Colin Barnett says the new mining tax may be subject to a legal challenge because it appears to tax mineral resources rather than company profits.

FGC BOLSA FGC FINANCIAL MARKETS : U.S. Markets At6 Close. July 2nd.,2010


Market Snapshot
Index Last Change %Change  
DJIA 9,686.48 -46.05 0.47%  
Nasdaq 2,091.79 -9.57 0.46%  
S&P 500 1,022.58 -4.79 0.47% Hilighted
FOX 50 747.18 -3.35 0.45%  
DIJA Chart

7/2/2010 4:15:00 PM ET DJ30 PointChange: -46.05 Level: 9686.48 NASDAQ PointChange: -9.57 Level: 2091.79 NQ100 PercentChange: -0.4 R2K PercentChange: -1.0 SP400 PercentChange: -0.7 SP500 PointChange: -4.79 Level: 1022.58 NASDAQ-Adv:948 Dec: 1681 NYSE-Adv:1209 Dec: 1812
[BRIEFING.COM] Stocks made a late attempt to snap their recent string of losses in the face of some dour employment data, but a late slide proved that sellers are still in control.
According to official statistics, nonfarm payrolls for June fell by 125,000, which is worse than the 100,000 decline that had been expected, on average, by a sample of economists polled by Private payrolls for June increased by 83,000, which is an improvement from the 33,000 private payrolls that were added last month.
The headline unemployment rate eased back to 9.5% from 9.7%, but that was largely due to a contraction in the labor force.
Factory orders for May were of secondary concern. They fell 1.4%, which is sharper than the 1.0% that had been widely anticipated.
The dour data dampened expectations for relief from the stock market's recent weakness and allowed sellers to stay in control for most of the session. Their efforts took stocks as much as 1% lower, but pressure faded into the close so that stocks actually worked their way into higher ground late in the session. However, the climb failed to hold, and stocks slipped to their ninth loss of the past 10 sessions.
Given that the stock market has dropped nearly 9% during the course of the past 10 sessions, many pundits believe things are oversold in the near term. Though that may be the case, market participants haven't seen adequate data in recent sessions to reassure them that the economic recovery hasn't downshifted.
Cyclical plays saw some of the sharpest selling. As such, consumer discretionary stocks sank 1.2%, financials fell 1.1%, and industrials dropped 1.0%.

Read more:

FGC BOLSA - FGC BOLSA FINANCIAL MARKETS : MarketWatch - Industry Financial Services.-Financials mostly mixed early Friday. July 2nd. 2010


Financial Stocks: Financials mostly mixed early Friday  

By April H. Lee MarketWatch
7/2/2010 10:21:00 AM

Shares of leading U.S. financial companies were mixed Friday after a modest U.S. jobs report. See full story

RTTNews : Daily Market Analysis.- Mixed Jobs Data May Help Stall Recent Selling Spree. July 2nd., 2010

Daily Market Analysis Fri Jul 2 09:01 2010 

Jul 2, 2010 Mixed Jobs Data May Help Stall Recent Selling Spree - RTTNews Daily Market Analysis The major U.S. index futures are pointing to a higher opening on Friday, with sentiment pointing to a modest rebound from the sharp declines in recent sessions that have pushed the major averages into oversold territory. The non-farm payroll employment report released earlier in the day was mixed, with the economy showing worse than expected job declines in June, while the jobless rate edged down 0.2 points to 9.5%. Even if traders bid up stocks, focusing on the positive aspects of the report, the gains are likely to be muted, given the insipid economic data of recent weeks, weak technicals and the uncertainty surrounding the economic outlook. Full Article

RTTNews : Morning Market Briefing:.- Stocks May Inch Higher Amid Silver Lining In Jobs Report - U.S. Commentary . July2nd., 2010

Morning Market Briefing Fri Jul 2 09:02 2010 


Jul?2,?2010 Stocks May Inch Higher Amid Silver Lining In Jobs Report - U.S. Commentary Stocks are poised to open slightly to the upside on Friday, as the markets are digesting mixed June jobs data, largely looking to the positives offered by the report. The major index futures are currently up by slim margins, with the Dow futures up by 16 points. Full Article

Economic News

Jul?2,?2010 Gillard Announces Australia Mining Tax DealAustralia Prime Minister Julia Gillard announced an agreement with the country's resources companies on a proposed mining tax. Full Article
Jul?2,?2010 Eurozone May Producer Price Inflation Accelerates Eurozone producer price annual inflation accelerated again in May driven by energy prices. Full Article
Jul?2,?2010 Eurozone Jobless Rate Steady At 10% In May Eurozone jobless rate in May held steady at its highest level since August 1998, feeding hopes that the downturn in the labor market may come to an end. Full Article
Jul?2,?2010 Employment Fell By 125,000 In June, But Unemployment Rate Drops To 9.5% Employment showed a notable decrease in the month of June, according to a report released by the Labor Department on Friday, although the loss of the jobs during the month was largely due to a steep drop in the number of temporary employees working on the census. Full Article
Jul?2,?2010 U.K. Construction Sees Strong GrowthConstruction activity in the U.K. continued to rise at a strong pace in June although the sector's recovery faces an uncertain outlook, new survey figures show. Full Article

Corporate News

Jul?2,?2010 Disney buys music-based game developer TapulousThursday, Walt Disney Co. (DIS) said it bought music game applications developer Tapulous to enhance its ability to create music-based games for mobile phones. The financial terms of the deal were not disclosed. Last month, Walt Disney invested in the online games developer Playdom. Full Article
Jul?2,?2010 Chloride Group accepts Emerson's sweetened $1.5 bln takeover bid - reportsFriday, Chloride Group (CHLD.L) accepted the sweetened takeover bid of GBP 997 million or US$1.5 billion from Emerson Electric Co. (EMR), said media reports. Emerson's 375 pence a share bid was accepted following ABB Ltd's decision to withdraw from the contention. Emerson revealed that Chloride shareholders would also get a final dividend of 3.3 pence per share for the year ending March 31. Wednesday, Emerson announced its acquisition of Innovative Control Systems Inc. in order to expand its capabilities in the burgeoning combustion turbine controls market. Full Article
Jul?2,?2010 Google to buy ITA Software for $700 mln in cashThursday, Google Inc. (GOOG) said it will buy online travel software company ITA Software Inc. for about $700 million in cash, hoping it would serve as a beachhead in the highly competitive airfare market. The closing of the deal is now subjective to regulations, with both the companies having approved the transaction. Full Article
Jul?2,?2010 HSBC to buy RBS's India bank operations at $95 mln premiumFriday, HSBC Holdings PLC (HBC) said it agreed to buy the Indian retail and commercial businesses of Royal Bank of Scotland Group PLC (RBS), comprising of 31 branch offices, for a premium up to $95 million over the net asset values. The financial services provider indicated that the consideration could decrease to adjust for any credit losses that arise in the next two years of functioning. HSBC expects the deal to close in the first half of next year. Full Article

General News

Jul?2,?2010 World Cup 2010: Unfancied Ghana Out To Make History Ghana have a golden chance to make World Cup history and become the first African side to reach the semi-final stage when they meet Uruguay in today's late game at Soccer City. Full Article

FGC BOLSA - FGC FINANCIAL MARKETS : MarketWatch - Industry - Financial Services.- ASia Stocks Mixed , Tokyo, Sydney end losing Streak. July 2nd., 2010



Asia stocks mixed; Tokyo, Sydney end losing streak  
By V. Phani Kumar MarketWatch
7/2/2010 6:26:00 AM

Asian markets end the trading week on a mixed note as investors remain cautious ahead of U.S. jobs data and on deepening concerns of an economic slowdown. See full story

THE GATA DISPATCH: Jim Rickards: Gold is money and probably manipulated for its deadly power . jULY 2ND., 2010

Jim Rickards: Gold is money and probably manipulated for its deadly power

12:08a ET Friday, July 2, 2010
Dear Friend of GATA and Gold (and Silver):
In his latest interview with Eric King of King World News, Omnis Inc. Senior Managing Director James G. Rickards remarks that while he has never witnessed central bank manipulation of the gold market, he thinks central banks do manipulate it, even as they may call their manipulation "policy," and he notes that, perhaps because of this "policy," the financial regulation bill proceeding through Congress would knock banks out of certain commodity trading but not out of trading gold and silver.
Rickards calls the legislation almost useless and notes that while debate on the legislation began with complaints that the biggest banks had gotten "too big to fail," those banks are now even bigger.
He sees both deflation and inflation in various sectors of the economy and expects deflation to prevail.

Perhaps most interesting, Rickards and King discuss the presentation Rickards made in March 2009 to the Unrestricted Warfare Symposium held by the Applied Physics Laboratory at Johns Hopkins University in Laurel, Maryland. Addressing the threat of economic and financial attacks on the United States, Rickards described a scenario in which Russia requires its exports of oil and natural gas to be purchased with a gold-backed currency of its own creation. This, Rickards wrote, would constitute a "Pearl Harbor" attack on the U.S. dollar that might drive its value down 50 percent almost overnight and drive gold up toward $4,000 per ounce, causing gold to replace the dollar as the world reserve currency.
"If China joins Russia in this plan," Rickards wrote, "its success is assured."
Of course the Russian and Chinese central banks lately have been buying a lot of gold, and for some reason China hid some pretty massive purchases for a long time.
Rickards also writes that the United States might pre-empt such a Russian and Chinese scheme by restoring gold backing to the dollar -- also at a price of $4,000 per ounce.
While Rickards' scenario is frankly speculation, it seems a bit more authoritative than the recent dismissive comment of Kitco senior market analyst Jon Nadler that central banks have no interest in manipulating the gold price and the similarly dismissive comment of CPM Group executive Jeffrey M. Christian that central bankers hardly ever think about gold.
Of course central bankers do think about gold -- a lot. The minutes of the Federal Reserve's Federal Open Market Committee, though heavily edited, show persistent concerns about gold and even discussions about controlling the gold price. The Fed has all sorts of records involving gold that it is refusing to make available to GATA in response to GATA's freedom-of-information lawsuit against the Fed in U.S. District Court for the District of Columbia. If gold was nothing to central bankers and nothing special was going on with it, these records would be quickly released.
And of course GATA long has noted that the central banks of even some smaller countries, like South Korea, could accomplish a result similar to the one in Rickards' hypothetical Russian scheme just by selling enough U.S. Treasury bonds and buying enough gold. Five years ago mere speculation about little South Korea's diversification of its foreign exchange reserves almost crashed the dollar:
In his inteview with King World News, Rickards argues that the instability of the dollar is by far the greatest threat to U.S. national security. He also notes that gold and silver remain money. Indeed, GATA maintains that their continuing centrality as money is the secret knowledge of the financial universe. Now Rickards too is busting the secret. We're grateful to him. The truth will come out. It won't stay a secret much longer.
... Truth forever on the scaffold, Wrong forever on the throne --
... Yet that scaffold sways the future, and, behind the dim unknown,
... Standeth God within the shadow, keeping watch upon His own.

Rickards' interview with King World News can be heard here:
Rickards' presentation to the 2009 Unrestricted Warfare Symposium can be found here:
An index of the symposium's proceedings can be found here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Join GATA here:
New Orleans Investment Conference
Wednesday-Saturday, October 27-30, 2010
Hilton New Orleans Riverside Hotel

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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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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:

NYT : Business.- Lobbyist Says It’s About Information, Not Influence. July 2nd., 2010


Lobbyist Says It’s About Information, Not Influence
In a remarkable season of lobbying, business is booming for Tony Podesta and his firm, the Podesta Group.

On Edge, Awaiting Jobs Data
Economists expect Census Bureau layoffs to make the June unemployment report look dismal, but are looking for a glimmer of hope in private sector hiring.

Home Sales and Building Slowed in May
Economic data points to a sluggish economy and little hope for growth without government incentives.

More Business News

THE WALL STREET JOURNAL : China Real Time Report.-Chengguan Killer Gets Public Sympathy. July 2nd.,2010


previousThe Great Mung Bean Conspiracy

Chengguan Killer Gets Public Sympathy

The case of Xia Junfeng, a street vendor in northeastern China who killed two urban security officials, is provoking a flood of outrage from online forums. But most of it isn’t directed at the convicted murderer.
Xia, a 34-year-old who operated a barbecue stand on the streets of Shenyang, was sentenced to death by a Chinese court for an incident in May 2009 in which he stabbed to death two “urban-management” officers, or chengguan (城管) — essentially municipal security guards empowered to enforce city ordinances. The chengguan had detained Xia for refusing their orders to move his stand, according to state media articles. Xia is appealing, but appeals on criminal convictions in China almost never succeed.
His story is attracting a lot of attention — much of it sympathetic to his plight. The case is serving a lightning rod for public loathing of the chengguan, who many Chinese see as little more than semi-official thugs.
Xia’s wife, Zhang Jing, has posted an emotional appeal for his life on the Internet. Zhang claims her husband acted in self-defense against a brutal beating by the chengguan, and says the truth about the actual situation has been suppressed.
To support her case, she includes photos of handwritten accounts by people she says are eyewitnesses of the incident. “Can they so savagely beat us at will?” Zhang says of the chengguan.
Human-rights activists have taken up the cause, as have hundreds of Chinese who have posted comments on Zhang’s statement defending Xia and trashing the chengguan. Nothing wrong with “killing two dogs,” one post reads. A Google search in Chinese for “chengguan” shows that the most-searched phrase containing the word is “chengguan beat people.”
The spotlight is unusual in China, where murder trials and executions, often by firing squad, generally go unmentioned. China executes more people than all other countries combined — some 5,000 last year, by one group’s estimate — but the vast majority are kept secret.
But Xia’s case isn’t the first time the public opinion in China has sided with someone who struck a blow against law enforcement. In 2008, a man named Yang Jia in Shanghai was given the death penalty for killing six police officers, also with a knife. Then, as now, many Chinese bloggers rallied behind the killer.
China’s government recognizes the problems with the chengguan, especially their frequent clashes with street peddlers. Officials have tried easing limits on peddlers to give the chengguan less to hassle them about, and to encourage better behavior by the chengguan.
Some chengguan have also complained themselves that their jobs are lousy: A group of them in Henan province petitioned the government for more support.
– Christopher Carothers