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Jun 28, 2011

Gold's run to continue despite bearish factors raising their heads: CMI Gold & Silcer | Articles Of Interest

CMI - Gold & Silver

Gold's run to continue despite bearish factors raising their heads

While some of the messages being sent to the gold market seem mixed at the moment, Martin Murenbeeld believes that the bearish arguments for gold are unlikely to hold sway over the longer term.

Geoff Candy
June 27, 2011


Renewed concerns about the fate of Greece and large portions of the euro zone more generally saw gold fixed in London on Wednesday evening at $1,522.00, a new high. On the same day it hit a new high in sterling terms. Since then however, it has struggled to hold much above $1,500.
And, it is for this reason that Dundee Wealth Economics chief economist, Martin Murenbeeld believes it may be worth revisiting some of the bearish arguments against gold that he made earlier in the year.
That is not to say that Murenbeeld is a gold bear; far from it. He believes that gold is likely to continue upwards over the longer term as the arguments for gold are significantly more compelling that those against. but, he cautions in his latest Gold Monitor report, "the bear factors "can dominate market trends from time to time - if only briefly."
The first of these arguments, he says, is the potential for policy exit strategies in China, India and the US, which could weigh on the yellow metal.
In the US, he says, while the end of QE2 is not a Fed "exit strategy" per se, it is not a positive for the gold market.
Murenbeeld points out that while Bernanke admitted that recovery was continuing at a slower-than-expected pace, he made no mention of the possibility of QE3 and even went as far as to say that conditions were better than when QE2 was implemented.
"What Bernanke didn't say, because this is a touchy subject, is that the dollar should also decline. He knows that the greatest danger for the US economy is still disinflation and underperformance, just as the "economic bears" have argued And he is aware that the Peterson Institute claims the dollar is still seriously overvalued against the Asian currencies," Murenbeeld points out.
Murenbeeld's second bearish argument, revolves around the dollar and its interaction with the euro in particular.
As he points out, "Europe's debt problems have tended to periodically favor the dollar over the euro. Gold doesn't always decline when the dollar rises, because the dollar often rises on the back of European debt issues that are inherently positive for gold, but a firmer dollar is a negative headwind for the dollar price of gold nonetheless."
While these two forces work against each other, Murenbeeld, is increasingly convinced that the pressing question within the euro zone is not, whether Greece will default but, when. And, more importantly if it will be able to postpone it until banks are able to withstand the write-downs that will follow.
But, he says, while a scenario in which Greece is kicked out of the Euro-system, Euro-banks taking a huge hit, yet somehow or other the Euro-system weathering the contagion (in Portugal and Ireland, to say nothing of Spain and Italy), and fiscal sanity returning. would be bearish for gold, the probability of all this is very low.
"Much more likely," he says, "is that peripheral country paper morphs into the "subprime paper of the 2010's", and central banks pour money into the banking system to arrest a global banking crisis....Accordingly, we continue to think gold will take out its inflation adjusted high during this bullish cycle, even if it isn't likely to happen tomorrow!"

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CFTC | Announcements: CFTC Staff Allows Bursa Malaysia Derivatives Berhad's Futures Contract Based on the FTSE Bursa Malaysia Kuala Lumpur Composite Index To Be Offered and Sold in the United States

The Commodity Futures Trading Commission's (CFTC's) Office of General Counsel today announced that it issued a no-action letter on June 28, 2011, permitting the offer and sale in the United States of Bursa Malaysia Derivatives Berhad’s futures contract based on the FTSE Kuala Lumpur Composite Index (“KLCI” or “Index”).

CFTC Staff Allows Bursa Malaysia Derivatives Berhad's Futures Contract Based on the FTSE Bursa Malaysia Kuala Lumpur Composite Index To Be Offered and Sold in the United States

GATA: THE GATA DISPATCHES: Three senators propose eliminating capital gains taxes on gold, silver coins / At King World News, Turk and Griffiths expect metals rally / Join GATA at Gold Rush 2011 in London in August -- we need you

Three senators propose eliminating capital gains taxes on gold, silver coins

By Thomas Burr
The Salt Lake Tribune
Salt Lake City, Utah
Tuesday, June 28, 2011
WASHINGTON -- Utah Sen. Mike Lee joined with fellow Republicans on Tuesday to introduce legislation that would jettison federal capital gains taxes for gold or silver coins.
Lee's measure would treat gold or silver coins the same as regular U.S. currency in transactions, a change that he hopes will encourage a change in the nation's monetary system.
Utah was the first state in the nation to make gold or silver coins legal tender for transactions and removed any state capital gains taxes. Twelve other states have made or are considering such a move.
Lee noted that the U.S. dollar has lost about 98 percent of its value since the Federal Reserve was created in 1913.
"This bill is an important step towards a stable and sound currency whose value is protected from the Fed’s printing press," Lee said.
Lee co-sponsored the legislation with Sens. Jim DeMint of South Carolina and Rand Paul of Kentucky.

At King World News, Turk and Griffiths expect metals rally

9:41p ET Tuesday, June 28, 2011
Dear Friend of GATA and Gold (and Silver):
GoldMoney founder James Turk tonight tells King World News that with futures options expiration behind them, gold and silver likely will rise now. Turk still sees a historic summer ahead for the precious metals. You can read excerpts from the interview at the King World News blog here:
Turk will speak at GATA's Gold Rush 2011 conference in London in August:
Also at King World News, Cazenove market analyst Robin Griffiths seems to agree. Griffiths says the bottom in silver is likely only days away. You can find an excerpt from that interview here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

SEC v Francisco Illarramendi and Others: Court Orders Hedge Funds to return $230 Million held Offshore


Litigation Release No. 22015 / June 28, 2011

Securities and Exchange Commission v. Francisco Illarramendi, Highview Point Partners, LLC and Michael Kenwood Capital Management, LLC, as Defendants, and Highview Point Master Fund, Ltd., Highview Point Offshore, Ltd., Highview Point LP, Michael Kenwood Asset Management, LLC, Michael Kenwood Energy and Infrastructure LLC, and MKEI Solar, LP, as Relief Defendants, Civil Action No. 3:11cv00078 (D. Conn., January 14, 2011)


The Securities and Exchange Commission today announced that pursuant to a Court order, $230 million has been returned to the United States from overseas and will remain frozen until completion of the SEC's case against Connecticut based registered investment adviser Highview Point Partners, LLC and its principal Francisco Illarramendi.
The SEC charged Illarramendi and Highview with engaging in a multi-year Ponzi scheme involving hundreds of millions of dollars. Highview was added as a defendant on May 10, 2011 to a case the SEC previously filed in January 2011 against Illarramendi and his unregistered investment advisory firm MK Capital Management, LLC. The SEC also named three hedge funds managed by Highview and several entities affiliated with MK Capital Management as relief defendants because, according to the SEC’s charges, they are in possession of funds tainted by the Ponzi scheme. After an evidentiary hearing, the Honorable Janet Bond Arterton, U.S. District Judge for the District of Connecticut, entered an order on June 16, 2011 freezing the assets of three hedge funds advised by Highview, and ordered that all assets of the hedge funds, including $230 million held in offshore accounts, be immediately repatriated to the United States. Judge Arterton also ordered, with the consent of Highview, that Highview be placed under the control of John J. Carney of Baker Hostetler LLP, who was previously appointed as receiver in the case. Judge Arterton had previously frozen the assets of Illarramendi, Highview, MK Capital Management and several affiliated entities.
The SEC’s second amended complaint charges Illarramendi, Highview, and Michael Kenwood Capital Management with violating Sections 206(1), 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder, and also charges Highview with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint also names the following entities as relief defendants, alleging that they received investor funds to which they have no right: Highview Point Master Fund, Ltd., Highview Point Offshore, Ltd., and Highview Point LP, Michael Kenwood Asset Management LLC, Michael Kenwood Energy and Infrastructure LLC, and MKEI Solar LP. In addition to preliminary emergency relief, the SEC’s complaint seeks permanent injunctions, disgorgement of ill-gotten gains plus prejudgment interest and penalties from the defendants, and disgorgement plus prejudgment interest from the relief defendants.
The SEC’s investigation is continuing. The SEC acknowledges and appreciates the assistance of the U.S. Attorney’s Office for the District of Connecticut and the Federal Bureau of Investigation.
For further information, see Litigation Release No. 21828 (January 28, 2011), No. 21875 (March 7, 2011); No. 21970 (May 16, 2011).

Climate compromise as Labor seeks a deal: The Australian Capital Circle

Capital Circle Newsletter
Climate compromise as Labor seeks a deal
The multi-party climate change committee will meet again today to continue negotiations on the carbon tax.

The PM's Diary: Julia Gillard is in Darwin and will meet with the NT Cattlemen's association today before community cabinet tonight in Palmerston. She is expected to talk to the media later this afternoon. The NT News reports (no link) the PM attended a $500-a-plate fundraiser for the ALP after arriving late yesterday. She will also demonstrate Medicare-funded video conferencing today with Health Minister Nicola Roxon, who is at Flinders University in Adelaide.
Tony Abbott is in Melbourne and will visit Ronstan, a manufacturer of sailboat hardware and architectural rigging in Labor MP Mark Dreyfus's seat of Isaacs, to highlight the impact of the carbon tax. Mr Abbott will visit Anna Burke's Labor seat of Calwell this afternoon.
Greens leader Bob Brown is at the National Press Club today and will present research that shows Australian mining companies are 83 per cent foreign-owned. Senator Brown will argue the government should strengthen its mining tax to stop profits heading off shore. (SMH report)
The Canberra Times reports the research has been prepared by private consultant Naomi Edwards. That's the same Ms Edwards who on stage is known as "Dolly Putin", has a pig named after former Immigration Minister Amanda Vanstone and used to head up Deloitte Touche Tohmatsu's Finance Industry Group (report).
The press club speech comes as a crunch meeting of the multi-party climate change committee continues. The Australian reports
Read more...  

Wall St rallies on Greek progress: The Australian Business Briefing:

Wall St rallies on Greek progress
Greece protests arrest Brendan Conway US stocks rallied broadly today, as investors warmed to risk assets amid signs of progress in Greece's debt crisis.
Lagarde named new IMF chief
Christine Lagarde Ian Talley THE International Monetary Fund executive board officially named Christine Lagarde as the next IMF director today.
Voelte to stand by Stokes
Don Voelte James Chessell FORMER Woodside Petroleum boss Don Voelte has defended the $4.1 billion deal that created Seven West Media.
Rio chief lashes coal detractors
Tom Albanese Andrew Burrell RIO Tinto chief executive Tom Albanese says big polluters are being "vilified" by those seeking to score political points.
Chile to avoid Australian mine tax
Copper Andrea Hotter SWEEPING proposals on a mine tax, like those being planned in Australia, aren't likely to ever be seen in Chile, a top miner says.
Call for board revamp after ruling
Graham Kraehe Damon Kitney and Florence Chong LEADING directors have warned that the corporate regulator's landmark legal victory over the Centro board will increase the pressures on boards.
Perpetual bid to ease market fears
Perpetual shares recovered some of their losses yesterday Nabila Ahmed PERPETUAL has backed its investment team to produce strong results when head of equities John Sevior goes on a six-month break.
Debelle targets ratings agencies
110628, Guy Debelle, RBA Assistant Governor Siobhain Ryan THE Reserve Bank believes the nation's banks are better able to absorb global financial shocks now than they were during the last credit crunch.
Financial Markets
Euro, dollar rise on Greek hopes
euro coin greece Andrew Johnson THE euro and the Australian dollar rose on growing hopes that Greece would pass austerity measures and a debt avoid default.
Gold edges back above $US1500
Wall St rallies on Greek progress
Financial Markets Coverage
Mining & Energy
Chile to avoid Australian mine tax
Copper Andrea Hotter SWEEPING proposals on a mine tax, like those being planned in Australia, aren't likely to ever be seen in Chile, a top miner says.
Atlas win not end for Wah Nam
Call to halt foreign land grab
More Mining & Energy Coverage

NYT: Afternoon Business News: Google Introduces Facebook Competitor, Emphasizing Privacy


Google Introduces Facebook Competitor, Emphasizing Privacy

The new service is designed to make it easy to share with groups, instead of all of one's friends or the entire Web.
Prescriptions Blog

Cancer Survivors Appeal to F.D.A. Over Avastin

The Food and Drug Administration is holding a two-day hearing during which Genentech is appealing the agency's recommendation to withdraw the use of Avastin for breast cancer.

Banks Bullish on LinkedIn

In research notes released on Tuesday, JPMorgan, UBS, Morgan Stanley and Bank of America Merrill Lynch all initiated coverage on the professional social networking site, with optimistic ratings and price targets.

Madoff Says He's a 'Human Pinata'

In two articles in The New York Times, Bernard L. Madoff, the convicted fraudster, laments his 150-year sentence and Judge Denny Chin explains it.

Tokyo Electric Power Defeats Shareholders' Efforts to Exit Nuclear Business

Despite the hostility of a rowdy crowd, the operator of the stricken Fukushima Daiichi nuclear plant beat a motion that would have forced the company to abandon its nuclear program.

RTTNews Evening Market Wrap

 Evening Market Wrap
Stocks moved sharply higher over the course of the trading day on Tuesday, extending the strong upward move seen in the previous session. Once again, the markets benefited from optimism about the likelihood of a resolution to the Greek debt crisis. (Jun 28, 2011) Full Article
Economic News
U.S. home prices showed a notable decrease in April compared to the same month a year ago, according to a report released by Standard & Poor’s on Tuesday, although the report also showed the first monthly increase in prices in eight months. (Jun 28, 2011) Full Article
With the outlook for the job market showing a notable deterioration in the month of June, the Conference Board released a report on Tuesday showing that consumer confidence for the month unexpectedly fell to its lowest level in seven months. The Conference Board said its consumer confidence index fell to 58.5 in June from an upwardly revised 61.7 in May. The drop surprised economists, who had been expecting the index to edge up to 62.0 from the 60.8 originally reported for the previous month. (Jun 28, 2011) Full Article
France’s Christine Lagarde has officially been selected as the new head of the International Monetary Fund, becoming the first woman to lead the organization. The IMF’s 24-member Executive Board announced Lagarde’s selection as IMF Managing Director on Tuesday, bringing an end to a selection process that began on May 20, 2011. Lagarde, who has served as French Finance Minister since June 2007, will succeed Dominique Strauss-Kahn, who resigned in May amid sexual assault allegations. (Jun 28, 2011) Full Article
Corporate News
Siemens AG (SI) Tuesday said it expects new bookings, especially for its ICx long-distance trains, to boost third-quarter revenues. The company added that the Industry and Energy sectors were expected to be the primary contributors to third-quarter volume growth. Although third-quarter revenues are anticipated to exceed last year's 17.4 billion euros, Siemens noted that third-quarter profit would only be slightly above the prior-year figure of 1.4 billion euros reflecting the impact of a 648 million euro arbitration payment to Areva NP. (Jun 28, 2011) Full Article
Gilead Sciences, Inc. (GILD) said it reached a license agreement with Tibotec Pharmaceuticals for the development and commercialization of a new fixed-dose antiretroviral combination product containing Gilead's cobicistat and Tibotec's protease inhibitor Prezista. Cobicistat is an investigational pharmacoenhancing or "boosting" agent that increases blood levels of certain HIV medicines to allow for once-daily dosing. Prezista is indicated in the United States for the treatment of HIV-infected individuals and is co-administered with ritonavir in combination with other antiretroviral agents. (Jun 28, 2011) Full Article
Illinois Tool Works Inc. (ITW), as announced earlier, reached a definitive agreement in April 2011 to sell its finishing group of businesses to Graco Inc. The finishing businesses' revenues were around $305 million in 2010. Further, the company approved plans to divest a consumer packaging business and an electronics business, which had combined 2010 revenues of around $100 million. (Jun 28, 2011) Full Article
Microsoft Corp. (MSFT), at media events around the world, announced the availability of Microsoft Office 365, the company's newest cloud service. Office 365 is now available in 40 markets, and it brings together Microsoft Office, Microsoft SharePoint Online, Microsoft Exchange Online and Microsoft Lync Online in an always-up-to-date cloud service, at a predictable monthly subscription. (Jun 28, 2011) Full Article
Aetna (AET) announced the completion of its acquisition of Prodigy Health Group. Prodigy Health Group will maintain its current management and operating structure and compete under its own brands. The company said that the transaction was announced on April 28, 2011. Prodigy Health Group will maintain its current management and operating structure and compete under its own brands. (Jun 28, 2011) Full Article
Political News
President Barack Obama Tuesday said that America's manufacturers would play a crucial role in restoring the country's economy to health. Speaking at an Alcoa factory in Iowa, Obama said that the company's recent success in adapting to changing market conditions and reclaiming much of its lost market share was the kind of success the country needs to model. (Jun 28, 2011) Full Article

Wall St up again on Greece, but investors skittish: Reuters - Daily Investor Update

Wall St up again on Greece, but investors skittish
NEW YORK (Reuters) - U.S. stocks rose for a second day on Tuesday on optimism that a solution to Greece's debt crisis was near, although low volume indicated underlying nervousness in the market. | Full Article

Lagarde wins IMF top job, presses Greece on crisis
June 28, 2011 04:03 PM ET
WASHINGTON (Reuters) - French Finance Minister Christine Lagarde on Tuesday clinched the top job at the IMF, keeping the international lender in the hands of a European at a time of growing concern over a possible Greek debt default. | Full Article
Decline in home prices ebbs, consumers gloomy
June 28, 2011 03:47 PM ET
NEW YORK (Reuters) - The plunge in U.S. home prices showed signs of leveling off in April, but worries about unemployment pushed consumer confidence to a seven-month low in June. | Full Article
Analysis: Big business scores key Supreme Court term wins
June 28, 2011 03:29 PM ET
WASHINGTON (Reuters) - Giant retailer Wal-Mart Inc, telecommunications company AT&T Inc and coal power companies came out the big winners in the U.S. Supreme Court's just-ended term that rejected large lawsuits against them. | Full Article
Madoff judge: Feeder fund investors cannot recover
June 28, 2011 03:57 PM ET
NEW YORK (Reuters) - Investors in "feeder funds" who lost money in Bernard Madoff's Ponzi scheme do not qualify as customers of the now-imprisoned swindler, a federal bankruptcy judge ruled on Tuesday. | Full Article

Greek protests turn violent as EU warns of default
June 28, 2011 01:35 PM ET
ATHENS/BRUSSELS (Reuters) - Anti-austerity protests turned violent in Athens on Tuesday as the European Union warned Greek lawmakers the country faces immediate default unless they back an unpopular economic plan this week. | Full Article
Obama defends record in campaign-style Iowa stop
June 28, 2011 04:11 PM ET
BETTENDORF, Iowa (Reuters) - President Barack Obama defended his economic record on Tuesday on a visit to Iowa, reminding voters in a state that could be crucial to his re-election that they helped send him to the White House. | Full Article
Top hotel in Afghan capital attacked
June 28, 2011 04:36 PM ET
KABUL (Reuters) - Suicide bombers attacked a major hotel frequented by Westerners in Afghanistan's capital late on Tuesday, with four blasts and bursts of gunfire heard after an attack claimed by the Taliban, police and Reuters witnesses said. | Full Article
Obama confident debt deal can be struck
June 28, 2011 03:25 PM ET
WASHINGTON (Reuters) - President Barack Obama is confident Democrats and Republicans can cut a "significant deal" to trim the U.S. deficit and increase its borrowing limit to avoid a damaging default, the White House said on Monday. | Full Article
Exclusive: U.S., Swiss at impasse on tax dodge accord
June 28, 2011 04:23 PM ET
NEW YORK/GENEVA (Reuters) - Advanced talks have bogged down on a multibillion-dollar deal between Switzerland and the United States over Swiss banks helping Americans to shield their money from the U.S. taxman, two sources briefed on the matter said Tuesday. | Full Article

Benefit of mammograms even greater than thought
Patients plead to keep Avastin for breast cancer
Programs may curb hepatitis C in drug users
Death rates higher for patients in U.S. territories
Malaria funding rise fills drug pipeline

CBS NEWS |Political Hotsheet Top Stories: Mayors invoke terrorism for gun control argument

The CBS News Political Hotsheet newsletter

Citing terrorist threat, Bloomberg-founded Mayors Against Illegal Guns calls on Congress to close loopholes in gun laws
Read full story
Mayors invoke terrorism for gun control argument

Pawlenty decries Republican presidential candidate Tim Pawlenty slams the president's foreign policy as "murky" but also criticizes GOP for being weak on the issue

Palin knows if she'll run or not, says Bristol As former Alaska governor heads to Iowa to premiere "The Undefeated," daughter Bristol Palin says she knows her plan for 2012

Bachmann on John Wayne Gacy gaffe: I'm not perfect Republican presidential contender Michele Bachmann owns up to John Wayne flub, but said it's beside the point

Bachmann accuses Obama of scare tactics on debt White House hopeful backs plan for Treasury to pay bondholders, including China, before other obligations

LinkedIn gets boost as brokers see upside IPO underwriters start social-network firm with buy ratings: MarketWatch | The Ratings Game

By Dan Gallagher, MarketWatch 

SAN FRANCISCO (MarketWatch) — Shares of LinkedIn Corp. got a boost Tuesday after several Wall Street brokers started coverage of the stock with bullish ratings and high price targets. 

The brokers all participated in the underwriting of LinkedIn’s LNKD +9.68%  high-profile IPO last month.
Still, the bullish calls gave a lift to the stock, which was last trading up 10% at $84. LinkedIn shares made their debut on May 19, opening at a price of $83 after going public at an IPO price of $45. The stock traded as high as $98.25 in its initial trading sessions before plunging to a low point of $60.14 on June 20.
The four brokers who kicked off coverage on Tuesday — which include Morgan Stanley, UBS, J.P. Morgan and Bank of America/Merrill Lynch — set price targets for the shares ranging between $85 and $92.
“While valuation is very rich, our positive view is based on the opportunity for LinkedIn to report significant near-term upside given the strong IPO branding event, and significant medium-term upside if LinkedIn can execute on its International expansion and consumer engagement strategies,” Justin Post of B. of A./Merrill Lynch wrote in a note to clients.
Most of the brokers cited the company as a strong play on both social media as well as professional recruitment and hiring.
“LinkedIn enjoys powerful network effects due to the critical mass of its growing 100 million-plus user base,” wrote Brian Pitz of UBS. “In our view, the size and attractive demographics of the users are a primary, fundamental competitive advantage for the company and it represents a significant barrier to entry for the competition.”

What Zynga's IPO will tell us When game company Zynga goes public, the Facebook game developer will be the first major U.S. company supported primarily by the sale of virtual goods. But the SEC has not yet come up with a legally prescribed method for taking into account the sale of virtual goods. 

LinkedIn currently carries a high multiple based on traditional valuation measures. Half a dozen brokers now cover the stock, all of which expect the company to report a net loss for the current fiscal.
But all also expect the company to turn profitable on a per-share basis in fiscal 2012, and LinkedIn’s current share price trades about 256 times the consensus estimate for that period.
However, most of the analysts covering the stock value the shares using a discounted cash flow basis, similar to the models used for other software stocks that draw revenues from subscriptions rather than one-time license fees.
Doug Anmuth of J.P. Morgan wrote in his note that LinkedIn should be valued against “high-growth Internet and SaaS [software as a service] companies given the heavy corporate subscription component,” but admitted the stock was currently trading at a premium to most of these firms.
“We view LinkedIn as a disruptive business model with upside to estimates but also one that has scarcity value in two important ways,” he wrote, noting that it is “one of the few publicly traded companies with true social media characteristics,” and that less than 10% of the company’s shares outstanding are actually available for trading.
Only one analyst has set a neutral view on the stock. Ken Sena of Evercore Partners initiated coverage on June 13 with a $70 price target.
In his note, Sena wrote that he holds a “strong belief in the business opportunity” for LinkedIn, but said “much of the outlined opportunity is already priced at current trading levels.”
Dan Gallagher is MarketWatch's technology editor, based in San Francisco.

Are your kids cheating on their taxes? MarketWatch | Personal Finance Daily

Personal Finance Daily
JUNE 28, 2011

Are your kids cheating on their taxes?

By MarketWatch

Don't miss these top stories:

Children don't cheat on their taxes, right? Of course not. But if loving aunts, uncles, grandparents or others opened bank accounts for your children in other countries, you'd better start gathering the paperwork. All Americans have to report their worldwide income on their tax returns, writes Eva Rosenberg in today's TaxWatch column. Even children.

Also in today's Personal Finance lineup, Jennifer Waters highlights new ways for consumers to protect themselves from credit-card fraud. Consumers are still their own best defenders of their identity and should look to banks that give them the best tools, she writes.

Anne Stanley , Managing Editor, Personal Finance

Is your child a tax cheat?

If relatives overseas have opened accounts in your child's name, you may be required to report that money on your child's U.S. tax return.
Read more: Is your child a tax cheat?

5 ways to protect yourself from credit-card fraud

Be picky about which issuer you use when applying for a credit card. A new report finds that some are better than others in protecting consumers from fraud.
Read more: 5 ways to protect yourself from credit-card fraud.


Consumer confidence in June worst in eight months

Consumer confidence fell in June to the worst level in eight months on concerns about employment and income, the Conference Board reported Tuesday.
Read more: Consumer confidence in June worst in eight months.

In economics, you can't have it both ways

The next time you hear a politician say something that does not seem to make sense, the chances are it doesn't, writes Irwin Kellner.
Read more: In economics, you can't have it both ways.

U.S. backs Lagarde to be IMF managing director

The U.S. government on Tuesday throws its official support behind French Finance Minister Christine Lagarde in her effort to become the next managing director of the International Monetary Fund, effectively wrapping up her campaign to head the key institution.
Read more: U.S. backs Lagarde to be IMF managing director.


Three financial funnel clouds ahead

Three "F5" financial events have the potential to level our investing world in coming weeks, but exchange-traded funds can offer an edge.
Read more: Three financial funnel clouds ahead.

Contrarians still bullish on gold

Even though contrarian analysis did not anticipate the extent of gold's recent decline, which has taken bullion to a five-week low, contrarians still believe that gold's next significant move will be up, reports Mark Hulbert.
Read more: Contrarians still bullish on gold.

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Traders Daily Alert

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Kitco London Fix Market Report

London Fix Tue Jun 28 00:00:00 EDT 2011
USD 1502.50 1499.00   33.96 1691.00
734.00 734.00
UK 943.07 936.58   21.29 1059.85
460.05 458.90
EURO 1052.32 1045.11   23.81 1183.35
513.65 512.55