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Jun 20, 2011

GATA | THE GATA DISPATCHES: Confidence in Currency Collapsing / China meets Soaring Demand Issuing More Gold and Silver Coins

Confidence in currencies collapsing, Turk tells King World News

11:30a ET Monday, June 20, 2011
Dear Friend of GATA and Gold (and Silver):
Confidence in government currencies is starting to collapse, GoldMoney founder and GATA consultant James Turk tells King World News today, as the euro is transformed from a currency into a mere mechanism of political bailouts. Turk, who will speak at GATA's Gold Rush 2011 conference in London in August (http://www.GATAgoldrush.com), also comments on the underperformance of gold and silver mining shares, which he thinks is characteristic of a market bottom. An excerpt from the interview can be found at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/6/20_Tu...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

China issues more gold and silver coins to meet soaring demand

 

From Xinhua News Agency, Beijing
Monday, June 20, 2011
http://news.xinhuanet.com/english2010/china/2011-06/20/c_13940014.htm
BEIJING -- The People's Bank of China (PBOC), the central bank, announced today that it will issue more gold and silver commemorative coins featuring the giant pandas to meet soaring demands for precious metals in the country.
PBOC said the maximum circulation of the one-ounce gold coins with a face value of 500 yuan ($77.3) will be raised to 500,000 from 300,000 previously set at the end of last year.
The maximum circulation of four other gold coins with different gold purity and face values ranging from 20 yuan to 200 yuan will increase to 600,000 each set from the previous 200,000.
Also, the maximum issuance of one-ounce silver coins with a face value of 10 yuan each will double to 6 million from the previous 3 million, according to PBOC. Chinese investors have rushed to buy precious metals this year to hedge against rising inflation, where the Consumer Price Index (CPI), a main gauge of inflation, shot up to 5.5 percent year-on-year in May. The CPI rose 5 percent in the first quarter and 5.3 percent in April.
The benchmark interest rate of one-year deposits stood at 3.25 percent after the central bank raised the interest rate twice this year to curb inflation.
In contrast, the price of gold has so far risen by about 9.4 percent from the end of last year, making precious metals more attractive to investors.

Join GATA here:
Gold Rush 2011
GATA's London Conference
Thursday-Saturday, August 4-6, 2011
Savoy Hotel, London, England

http://www.gatagoldrush.com

Support GATA by purchasing gold and silver commemorative coins:

https://www.amsterdamgold.eu/gata/index.asp?BiD=12
Or by purchasing a colorful GATA T-shirt:
http://gata.org/tshirts
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Or a video disc of GATA's 2005 Gold Rush 21 conference in the Yukon:
http://www.goldrush21.com/
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:
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To contribute to GATA, please visit:
http://www.gata.org/node/16

CFTC Obtains Default Judgment and CFTC | Enforcement Actions Obtains Permanent Injunction against ForInvest Group aka ForInvests Group LLC...


The CFTC announced that Judge James B. Zagel of the U.S. District Court for the Northern District of Illinois entered a default judgment and permanent injunction against ForInvest Group (aka ForInvests Group LLC).

CFTC Obtains Default Judgment and Permanent Injunction against ForInvest Group aka ForInvests Group LLC for Violating Multiple CFTC Registration Requirements

Financial & Forex Info | The australian Business Briefing: Foster's rejects $10bn SABMiller bid









Foster's rejects $10bn SABMiller bid
Foster's UPDATED John Durie SABMiller has launched a near $10 billion bid for Foster's Group, the maker of iconic Australian beer brands such as VB and Carlton.
 
Coopers rising in foreign beer empire
Coopers Brewery Andrew Main A SUCCESSFUL foreign takeover of Foster's Group would leave Coopers Brewery in Adelaide as the biggest Australian-owned brewer.
 
No urgency to lift rates: RBA minutes
RBA Enda Curran RBA board members saw no urgency to lift rates in June and the next move would likely depend on inflation data and offshore developments.
 
Commodities forecaster trims outlook
Dalrymple Bay David Fickling and Geoffrey Rogow AUSTRALIA'S output of coal and other energy commodities was likely to be lower than previously thought next year, and growth will slow.
 
Debt crisis may overwhelm, warns IMF
Greece debt crisis Geoffrey T. Smith and Nathalie Boschat THE debt crisis in the euro zone's periphery may cause a global financial disruption if not stopped, the IMF has warned.
 
Wal-Mart wins sex discrimination case
Wal-Mart Stores Brent Kendall THE US Supreme Court has ruled that a sweeping sex discrimination lawsuit against Wal-Mart Stores can't proceed as one large class action.
 
K propels Japan to No.1 in computers
K Computer Daisuke Wakabayashi A SUPERCOMPUTER built by Fujitsu grabbed the title of world's best-performing machine, returning Japan to the top of the computer arms race.
 
BHP may move on Woodside
Woodside Andrew Burrell BHP Billiton may be preparing to launch a $35 billion takeover bid for Woodside Petroleum.
 
Financial Markets
Shares up 1pc as Foster's shines
share market AUSTRALIAN stocks were up about 1 per cent by early afternoon, on the back of strong rises in Foster's and the resources sector.
 
No urgency to lift rates: RBA minutes
Wall St climbs on 'relief' rally
 
Financial Markets Coverage
 
Mining & Energy
Commodities forecaster trims outlook
Dalrymple Bay David Fickling and Geoffrey Rogow AUSTRALIA'S output of coal and other energy commodities was likely to be lower than previously thought next year, and growth will slow.
 
Iron ore prices to remain firm
Gold gains as Greek bailout delayed
 
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Financial & Forex Info | The Australian Capital Circle: Cattle crisis drags on for Labor




Capital Circle Newsletter

Cattle crisis drags on for Labor
 
Agriculture Minister Joe Ludwig has conceded Australia can't enforce demands that Indonesia stun cattle before slaughter.

The PM's Diary: Julia Gillard is in Canberra. She'll attend the Labor caucus meeting and what is promising to be a fiery Question Time today.
Tony Abbott is in Canberra. After attending the Liberal and joint party room meetings today, he's promising to keep up his push for a plebiscite on the carbon tax. Mr Abbott told Sunrise this morning: "What could be fairer, Kochie, thAn having a vote. This carbon tax is designed to change the way we live, it's designed to change the way we work, it's supposed to revolutionise our society, why shouldn't the Australian people have a vote on this before it becomes law?"
Green rage: You might have missed Liberal Senator Helen Kroger letting fly at the Greens in the chamber late yesterday. On the eve of Lee Rhiannon arriving in the Senate, Senator Kroger said: "Karl Marx died in 1883. It would be reasonable to suggest that the Green movement has been trying to revive his spirit ever since. It has not accepted that Communism has failed, that it is anathema to the Australian way of life and clearly has not learnt the lessons from the collapse of Socialism in Soviet Russia and East Germany...Regrettably for Senator Bob Brown, his problems do not end with the fourth estate. He has bigger problems brewing at home within his own party. One of those Senator's Elect, Ms Lee Rhiannon, has already received critical attention for her interest in an extreme, radical social engineering agenda.''
Australia's chief scientist, Professor Ian Chubb, will address the National Press Club today.
***Click here to get Capital Circle. Email me: massolaj@theaustralian.com.au***
The Sydney Morning Herald leads with a report the Australian government will insist on independent public audits of Indonesian abattoirs and technology to track the movement of every indiv
Read more...

Financial & Forex Info | The australian Business Briefing: Debt crisis may overwhelm, warns IMF










Wall St climbs on 'relief' rally
Wall Street traders Brendan Conway A PLEDGE by EU leaders to head off a Greek debt default helped push US stocks higher, easing the market's recent sovereign-debt jitters.
 
Debt crisis may overwhelm, warns IMF
Greece debt crisis Geoffrey T. Smith and Nathalie Boschat THE debt crisis in the euro zone's periphery may cause a global financial disruption if not stopped, the IMF has warned.
 
Central banks buy up $A bonds
Aus Bus Pix Australian dollar Glenda Korporaal and Teres Ooi ASIAN and South American central banks are becoming major buyers of Australian government bonds in a move to diversify their US investments.
 
Holiday just another trade for Paradice
David Paradice Tim Boreham DAVID Paradice has an unashamedly short attention span for most pursuits, but not the all-consuming and mysterious art of stock picking.
 
BHP may move on Woodside
Woodside Andrew Burrell BHP Billiton may be preparing to launch a $35 billion takeover bid for Woodside Petroleum.
 
Caltex joins list of firms under the pump
Caltex Matt Chambers and Damon Kitney INVESTORS are bracing for a spate of negative outlook statements in the annual reporting season and further profit downgrades.
 
Banks hit by Greek uncertainty
PN 75 IMG Generic Business Banks Scott Murdoch BANK stocks could again find favour on the resolution of the Greek debt crisis, but for now investors remain wary.
 
Focus Mineral bids for Crescent Gold
gold mine Sarah-Jane Tasker CONSOLIDATION continues in Australia's gold sector, with Focus Minerals making a friendly bid for Crescent Gold to create a $460 million mid-tier miner.
 
Financial Markets
Wall St climbs on 'relief' rally
Wall Street traders Brendan Conway A PLEDGE by EU leaders to head off a Greek debt default helped push US stocks higher, easing the market's recent sovereign-debt jitters.
 
Gold gains as Greek bailout delayed
Copper dips on worries over demand
 
Financial Markets Coverage
 
Mining & Energy
Iron ore prices to remain firm
Iron ore Tatyana Shumsky IRON ore prices will remain firm in the medium term, as tight supply struggles to keep up with Chinese steel output, says Macquarie.
 
Gold gains as Greek bailout delayed
Copper dips on worries over demand
 
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