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May 30, 2011

GATA | THE GATA DISPATCH: | News items suggest gold's long-term trend remains favorable

10:50a ET Monday, May 30, 2011
Dear Friend of GATA and Gold:
A few items worth noting. ...
The New York Times this week acknowledged Utah's experiment with encouraging use of gold and silver as regular currency:
Bloomberg News reports that China's national gold mining company wants to acquire African assets in anticipation of rising gold prices for the next three years:
MineWeb's Rhona O'Connell finds that gold increasingly is trading as a currency rather than as a commodity:
And in commentary published at Al Jazeera, Chinese economist and former central banker Yu Yongding argues that greater internationalization of China's currency will reduce the country's need to hold U.S. dollar assets. The commentary is headlined "The Renminbi's Journey to the World" and you can find it here:
These items all suggest that the long-term trend for gold remains favorable.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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NYT: Afternoon Business News: As Hard Times Bite, Drug Trade Flourishes in Spanish Port


As Hard Times Bite, Drug Trade Flourishes in Spanish Port

At the same time the police are complaining about salaries not being paid, they are having to combat a pickup in illegal drugs trafficking.

Russia Unexpectedly Raises a Key Interest Rate

The chairman of Russia's central bank cited a weekend decision to lift a grain export ban as a risk factor for inflation.

Hackers Post Fake Tupac Shakur Article on PBS Site

A group of hackers took over the PBS Web site on Saturday night, posting PBS passwords and fake news stories.

At I.M.F., a Strict Ethics Code Doesn't Apply to Top Officials

There is one set of ethics guidelines for the rank-and-file staff and another for the 24 elite executive directors who oversee the organization.

Retailers Offer Apps With a Catalog Feel

Retailers see a lucrative future in apps for tablet devices that resemble magazines.

Financial & Forex Info | The Australian Business Briefing: China Stokes Mining Boom

Australian Business update for Tue May 31 08:13:04 EST 2011 
China stokes mining boom
Chinese steel mill Michael Sainsbury, China correspondent CHINA's steel production is expected to soar by up to 25 per cent over the next five years, removing fears of a fall in demand for iron ore.
$10 carbon tax wouldn't work: Macarthur
Keith De Lacy Glenda Korporaal and Annabel Hepworth MACARTHUR Coal chairman Keith De Lacy yesterday hit out at the proposed $10 a tonne carbon tax starting rate.
Europe dips as Greek banks tumble
trader Barbara Kollmeyer EUROPEAN stocks edged lower, with volumes thinned by holidays in Britain and the US.
China to help EU overcome debt crisis
Greece sunset Eliot Gao THE risk of default on European Union sovereign debt is less than markets expect, a Chinese state researcher says.
Floods swamp the number crunchers
Cyclone Yasi Paul Cleary THE task of measuring Australia's constantly churning economy can be a thankless one.
Last-minute lease bid by Palmer
Clive Palmer Andrew Fraser MINING magnate Clive Palmer waited until yesterday morning to apply for a lease over the area where he plans an $8 billion coal project.
Suncorp braces for fall after disasters
Brisbane flooded Mitchell Bingemann and Scott Murdoch AUSTRALIA'S largest general insurer, Suncorp, is bracing for a short-term profit slump after the extraordinary string of natural disasters.
Funds move against Charter Hall
Charter Hall Bridget Carter HEDGE funds are trying to remove Charter Hall as the manager of the group's listed office trust.
Financial Markets
Italy finds acceptable bond demand
The Colosseum in Rome is a global landmark Emese Bartha ITALY has paid lower yields than a month ago to sell conventional bonds as investors showed acceptable demand for its debt.
Europe dips as Greek banks tumble
HSBC cashes in on yuan trading
Financial Markets Coverage
Mining & Energy
Last-minute lease bid by Palmer
Clive Palmer Andrew Fraser MINING magnate Clive Palmer waited until yesterday morning to apply for a lease over the area where he plans an $8 billion coal project.
Chevron close to domestic gas deal
Citi upbeat on iron ore for the long term
More Mining & Energy Coverage

Financial & Forex Info | The Australian Capital Circle: Two Australian deaths in Afghanistan

Capital Circle Newsletter
Two Australian deaths in Afghanistan
Parliamentary business will take a back seat to the tragic events in Afghanistan.

Breaking: Two Australian soldiers have been killed. Air Chief Marshal Angus Houston confirmed this morning that "it had been a very bad day in Afghanistan yesterday''. In the first incident, an Australian soldier was murdered while on guard duty by an Afghan army soldier serving alongside him. The Afghan soldier then fled the scene. In the second incident, an Australian solider was killed when a Chinook helicopter crash landed. Despite emergency medical assistance from the US forces, the man died. Five other Australians in the incident were evacuated to Kandahar and are in a satisfactory condition. The latest incidents come after slain Australian soldier Brett Wood was returned home to a service in Sydney yesterday. The 32-year-old commando was killed in Afghanistan more than a week ago in a bomb blast that also injured two other soldiers. (report)
The PM's Day: Julia Gillard is in Canberra for parliament. She will attend the ALP caucus meeting this morning and is expected to address the media later today.
Tony Abbott is in Canberra and will attend parliament and the Coalition party room meetings.
Newspoll: The Coalition's primary vote has fallen from 46 per cent to 44 per cent, Labor's has risen one point to 34 per cent and the Greens are up four to 14 per cent ... the Coalition's two-party preferred vote dropped from 54 per cent to 52 per cent and Labor's rose from 46 per cent to 48 per cent. Report. Comment. Table.
Carbon Cate

CBS | Political Hotsheet:: Obama to Joplin: There are heroes all around us

The CBS News Political Hotsheet newsletter


President's remarks at Joplin, Mo., memorial service for tornado victims
Read full story
Obama to Joplin: There are heroes all around us

Sarah Palin causes stir at Rolling Thunder Riding on back of a Harley-Davidson, former Alaska gov. makes appearance at annual motorcycle event and draws both thanks and criticism

If a machine can sign for Obama, could Sasha, too? The president's use of an "autopen" to sign Patriot Act extension from overseas draws curiosity and some criticism -- but is it legal?

DOJ taking hard line on any Edwards plea deal Prosecution pursuing felony charge, saying $1 million from donors used to keep mistress a secret should have been treated as a contribution

Congressman questions Patriot Act Rep. Tom Graves sent President Obama a letter today asking for an explanation for the constitutionality of the autopen

The Economist | Selected New Articles: Stockmarkets | Stockmarkets | The IMF ...

Stockmarkets: The buy-back delusion

Voting and contradicting: Keeping government hands off their Medicare

The IMF: Fisching for a job

Language: Metaphors we do everything by

British politics: An idea short of friends

Video: Australia's economy

Daily chart: Chopping down the Amazon

Upcoming debate: Does more competition make banking more dangerous?

The Washington Post Today's Opinions

The Washington Post

newsletter header

Rye Barcott

Our Memorial Day duty

Celebrate summer — and our soldiers.

Candy Schulman

Teenage burnout

High school shouldn’t be a pressure cooker.

E.J. Dionne Jr.

 E.J. Dionne Jr.

America, outpaced

Our real deficit problem is one of imagination.

Robert J. Samuelson

 Robert J. Samuelson

Greece at the abyss

Its problems may torpedo Europe’s recovery.
Post Partisan

Mitt Romney’s pizza prank fail

Or just a nice gesture?

‘Sarah Palin: Undefeated’ — the unauthorized script

A parody of a self-parody.
Tom Toles

WSJ | The Morning Brief

The Wall Street Journal Online - The Morning Brief
May 30, 2011 -- 9:00 a.m. EDT

Bond Auctions Test Contagion Fears
A team of European and International Monetary Fund officials is scheduled to conclude a closely watched examination of Greek government finances this week as bellwether bond auctions test whether anxiety over Greece's debts is infecting investor appetite for sovereign bonds elsewhere in the euro zone.
Italy paid lower yields Monday than a month ago to sell conventional bonds as investors showed acceptable demand for its debt despite a recent cut of the country's ratings outlook.
Italy sold a total of €8.285 billion ($11.54 billion) in the BTP 3% April 2014, BTP 4.75% September 2021 and the floating-rate note CCTeu April 2018. The amount sold came out near the upper end of the combined €6 billion to €8.5 billion target range.

Samsung Expands Ties to Android on Tablets
Samsung Electronics plans to deepen its relationship with Google by depending on the U.S. company's Android mobile device software to run future versions of its tablets as it ramps up in the increasingly competitive sector.

HSBC Expands Yuan Offerings
HSBC plans to offer customers in Australia yuan-denominated financial products as part of the bank's efforts to roll out services using China's currency across the region.

Sony Sees Smaller Burden From New Handheld Device
Sony is taking steps to lessen the investment burden usually associated with the launch of a new videogame device.

Russia Surprises With Rate Move
In an unexpected move, Russia's central bank raised its deposit rate by 0.25 percentage point, surprising markets by tightening monetary policy for the second consecutive month.

Hong Kong Exchanges Seeks Input on After-Hours Trading
Hong Kong's bourse operator is seeking input on its after-hours trading plan, which would allow investors to adjust their positions in response to events in European and U.S. time zones.

Norwegian Shipping Tycoon in Spotlight
U.S. regulators' lawsuit over alleged manipulation of crude-oil prices in 2008 has shone a spotlight on John Fredriksen, a shipping tycoon whose risky bets, shrewd investments and buccaneering style have made him Norway's richest man.



*  *  *
FIFA Suspends Two in Bribery Probe
FIFA suspended two executive committee members Sunday amid allegations they bribed voters in the presidential election campaign. Soccer's governing body also cleared FIFA President Sepp Blatter of ignoring the alleged bribes.

Wheldon Wins Indianapolis 500
Dan Wheldon won the Indianapolis 500 when leader JR Hildebrand slammed the wall on the final turn Sunday.

Vettel Wins Monaco Grand Prix
Sebastian Vettel profited from a large stroke of fortune to win the Monaco Grand Prix and strengthen his championship lead.
Yemen Unrest Spreads
Islamic fundamentalists battled forces loyal to President Ali Abdullah Saleh in Yemen's third-largest city, expanding the unrest.

*  *  *

Syria to End Nuclear Secrecy
Syria is pledging full cooperation with U.N. attempts to probe strong evidence that it secretly built a reactor that could have been used to make nuclear arms.

*  *  *

Zuma Seeks Role in Libya
South Africa's President Jacob Zuma is heading to Libya, the latest in a flurry of peacemaking trips that reflects a foreign policy driven by crisis and by ambition for an elevated role in the world.

*  *  *

G-8 Pledges Aid to Egypt, Tunisia
Group of Eight countries pledged aid to Egypt and Tunisia, with a clear message: Moves toward democracy and open government will be rewarded.
China Clamps Down in Inner Mongolia
Chinese police clamped heavy controls across Inner Mongolia after a week of ethnic protests by students over the hit-and-run killing of a Mongolian herder by a Chinese truck driver.

*  *  *

Germany to Go Nuclear-Free by 2022
Germany's coalition government decided to shut down all of the country's nuclear power plants by 2022, a policy change prompted by Japan's nuclear disaster, the environment minister said.

*  *  *

Lagarde Set to Begin IMF Campaigning
French Finance Minister Christine Lagarde said she will fly to Brazil Sunday night and also plans to visit the Middle East as she kicks off her global tour to rally support from the emerging world for her bid to lead the International Monetary Fund.

*  *  *

Spain's Socialists Tap Party Veteran
Spain's ruling Socialists have entrusted veteran politician Alfredo Pérez Rubalcaba with the task of reviving the party's fortunes ahead of national elections that must be called by next March.

*  *  *

Police: Nigeria Blast Kills 10
Multiple blasts in Nigeria's restive north that came hours after a southern president was inaugurated have killed 10, a police official said Monday.

Financial & Forex Info | Reuters Before The Bell: Greek Debt Fears Weig On Euro Curb World Stocks

Greek debt fears weigh on euro, curb world stocks
LONDON (Reuters) - The euro slipped and world stocks were stuck on Monday with fears of a Greek debt default undimmed and U.S. and UK market holidays keeping many investors on the sidelines. | Full Article

EU racing to draft second Greek bailout: sources
May 30, 2011 07:25 AM ET
BRUSSELS/ATHENS (Reuters) - The European Union is working on a second bailout package for Greece in a race to release vital loans next month and avert the risk of the euro zone country defaulting, EU officials said on Monday. | Full Article
Lagarde has G8 backing; hits back at inquiry call
May 30, 2011 05:32 AM ET
PARIS (Reuters) - G8 leaders all back French Finance Minister Christine Lagarde's bid to run the IMF, Foreign Minister Alain Juppe said on Sunday, as the candidate attacked a call to investigate her role in a 2008 legal case that may harm her chances. | Full Article
Honda decides to suspend share buybacks after quake
May 30, 2011 05:01 AM ET
TOKYO (Reuters) - Honda Motor said on Monday it has decided to suspend share buybacks temporarily to preserve funds after the March 11 earthquake and tsunami. | Full Article
ECB's Bini Smaghi warns against default repercussions
May 30, 2011 05:00 AM ET
LONDON (Reuters) - The idea that a Greek debt restructuring could be carried out in an orderly way is a "fairytale," European Central Bank board member Lorenzo Bini Smaghi said in an interview published on Monday. | Full Article
Obama vows national response to Missouri tornado
May 30, 2011 06:29 AM ET
JOPLIN, Missouri (Reuters) - President Barack Obama promised victims of the deadliest U.S. tornado in 65 years that the federal government would help them rebuild, saying on Sunday it was a national tragedy. | Full Article
Mladic could be sent to war crimes court in 4 days
May 30, 2011 07:57 AM ET
BELGRADE (Reuters) - Serbia may send Ratko Mladic to face genocide charges in The Hague within four days, a justice official said on Monday, despite riots by nationalists angry at the Bosnian Serb general's capture after 16 years on the run. | Full Article
Greek opposition sets demands as EU/IMF verdict nears
May 30, 2011 07:55 AM ET
ATHENS (Reuters) - Greece's conservative opposition demanded tax cuts on Monday as the price for a consensus deal with the Socialist government on imposing yet more austerity, a major condition for getting further aid from the EU and IMF. | Full Article
Germany wants nuclear exit by 2022 at latest
May 30, 2011 07:31 AM ET
BERLIN (Reuters) - Chancellor Angela Merkel's ruling coalition declared on Monday it would shut all nuclear reactors by 2022, in a policy u-turn drawn up in a rush after the Fukushima disaster in Japan. | Full Article
NATO chief sees end to Gaddafi's "reign of terror"
May 30, 2011 06:50 AM ET
TRIPOLI/VARNA, Bulgaria (Reuters) - Libyan leader Muammar Gaddafi's "reign of terror" is coming to an end, NATO Secretary-General Anders Fogh Rasmussen said on Monday, ahead of a peace mission by South African President Jacob Zuma. | Full Article
Stay away from energy drinks, doctors say
German E.coli outbreak death toll rises to 10
McConnell says Medicare to be part of deficit deal
New breast cancer guidelines "unsafe": women
MSG linked to weight gain