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Aug 26, 2011

Kitco New York Market Close Report


New York Market Close Aug 26/11 05:23 PM EDT
Metals
Bid
Ask
Change
Low
High
Gold
1829.10
1830.10
57.80
3.26%
1763.10
1830.90
Silver
41.50
41.60
0.38
0.92%
40.03
41.67
Platinum
1829.00
1838.00
10.00
0.55%
1795.00
1839.00
Palladium
756.00
763.00
5.00
0.67%
741.00
766.00

Reuters - Daily Investors Update: Wall Street posts first weekly gain in more than a month



News
LATEST NEWS
Wall Street posts first weekly gain in more than a month
NEW YORK (Reuters) - Wall Street posted its first weekly gain in more than a month as Fed Chairman Ben Bernanke raised hopes for more stimulus for the economy at the U.S. central bank's September meeting. | Full Article

Bernanke quiet on next Fed moves, stresses job crisis
August 26, 2011 03:31 PM ET
JACKSON HOLE, Wyoming (Reuters) - Federal Reserve Chairman Ben Bernanke on Friday stopped short of detailing further action to boost the U.S. recovery but said the central bank would consider what more it could do to fight high unemployment, giving some comfort to investors. | Full Article
Second-quarter growth slows, outlook less dismal
August 26, 2011 01:29 PM ET
WASHINGTON (Reuters) - The struggling U.S. economy expanded even more slowly than previously thought in the second quarter of 2011, but a breakdown of the growth suggested a new recession could be avoided. | Full Article
Bank of America sale of CCB stake near: report
August 26, 2011 02:59 PM ET
NEW YORK (Reuters) - Bank of America could strike a deal as early as Monday to sell about half of its 10 percent stake in China Construction Bank, CNBC reported Friday, citing an anonymous source. | Full Article
Boeing's Dreamliner becomes commercial reality
August 26, 2011 03:50 PM ET
EVERETT, WASHINGTON/CHICAGO (Reuters) - After years of headaches and heartbreak, Boeing Co got the green light from the U.S. government on Friday to enter its 787 Dreamliner into commercial service to fly passengers. | Full Article

NYT: Afternoon Business News: For Seamless Transitions at the Top, Don't Consult H.P.



Afternoon Headlines
TOP NEWS

City Orders Evacuation of Coastal Areas

By JAMES BARRON
With Hurricane Irene pushing toward the East Coast, officials made plans to shut down the city's mass transit system on Saturday, and the mayor ordered a mandatory evacuation of certain coastal areas.

BUSINESS
Common Sense

For Seamless Transitions at the Top, Don't Consult H.P.

By JAMES B. STEWART
At Hewlett-Packard, a new chief executive has taken the company in a different direction, and not everyone is pleased.

Wall Street Positive After First Slipping on Fed Remarks

By CHRISTINE HAUSER
The market stumbled after the Federal Reserve chairman gave no stimulus signals, but gained sharply later in the day.

State Department to Allow Canadian Pipeline

By JOHN M. BRODER and CLIFFORD KRAUSS
Final approval of the project will not come before the end of the year, but the agency's report gave every indication that the administration was prepared to see the Keystone XL pipeline to the Gulf of Mexico proceed.

Bank of America Said to Be Close to China Bank Sale

By NELSON D. SCHWARTZ
A consortium of Asian sovereign wealth funds and private equity firms is in negotiations with bankers and could close a deal as early as this weekend, an official briefed on the talks said.
DealBook

As Irene Approaches, Banks Prepare for the Worst

By KEVIN ROOSE
As Hurricane Irene travels up the East Coast, New York is steeling itself for disaster, with several big financial firms located in designated flood zones.

CFTC: A Reminder to Institutions Preparing for Hurricane Irene: Lessons Learned from Hurricane Katrina


Financial Institution Letter
A Reminder to Institutions Preparing for Hurricane Irene: Lessons Learned from Hurricane Katrina
FIL-60-2011
August 26, 2011


Summary: The FDIC is issuing a reminder that guidance developed in response to Hurricane Katrina emphasizes valuable lessons learned that should be considered in preparing for a significant storm.
Statement of Applicability to Institutions under $1 Billion in Total Assets: This Financial Institution Letter applies to all FDIC-supervised financial institutions.

Complete Financial Institution Letter: http://www.fdic.gov/news/news/financial/2011/fil11060.htmlhttp://www.fdic.gov/news/news/financial/2011/fil11060.html

CBS NEWS | Political Hotsheet Top Stories: Boehner asks Obama for info on costly regulations

The CBS News Political Hotsheet newsletter
CBS POLITICAL HOTSHEET TOP STORIES    



   
House Speaker John Boehner is asking the White House for a list of proposed regulations that would have an economic impact of at least $1 billion
Read full story
Boehner asks Obama for info on costly regulations

Irene bearing down, Obama to end vacation early President to leave Martha's Vineyard Friday night instead of Saturday as initially planned

Pataki decides against run for White House Former New York governor has opted out of a long-shot bid for the presidency

Obama on Irene: President says "don't wait, don't delay" in getting ready for "historic" Hurricane Irene; says to "be prepared for the worst"

Are Tea Party Republicans really different? Georgetown Univ. study finds little difference between Tea Party-linked lawmakers and establishment Republicans on debt vote

U.S. stock indexes notch first weekly gain in five: MarketWatch | U.S. Stock Market at Close - Market Pulse



By Kate Gibson

NEW YORK (MarketWatch) -- U.S. stocks finished sharply higher on Friday, with Wall Street tallying its first winning week in five, after Federal Reserve Chairman Ben Bernanke signaled the economy is not in need of quick stimulus. "We're left with 'we think the U.S. economy is going to improve'," said Ken Tower, senior analyst at Quantitative Analysis Service, of Bernanke's speech. The Dow Jones Industrial Average DJIA +1.21% rose 134.72 points, or 1.2%, to 11,284.54, up 4.3% from last Friday's close. The Standard & Poor's 500 Index SPX +1.51% rose 17.53 points, or 1.5%, to 1,176.80, a weekly rise of 4.7%. The Nasdaq Composite Index COMP +2.49% rose 60.22 points, or 2.5%, to 2,479.85, leaving it with a 5.9% weekly gain.

Republicans not that unhappy with GOP field: The Washington Post | Politics Afternoon Edition

The Washington Post
Politics Afternoon Edition

HEADLINES

  1. Republicans not that unhappy with GOP field

    Republicans say they are increasingly happy with the 2012 Republican presidential field — which probably has a lot to do with the rise of Rep. Michele Bachmann and Texas Gov. Rick Perry.
    » Read full article
  2. GOP leaders trying to avoid spending fight

    After months of partisan rancor over the record federal debt and spending cuts to reduce it, congressional Republicans are working to avoid the heated political warfare when Congress turns its attention to annual spending measures next month.
    » Read full article
  3. Obama cuts vacation short due to hurricane

    Obama told his staff that he would return from Martha’s Vineyard to Washington Friday evening, a day earlier than planned, to monitor the progress of Hurricane Irene, a Category 2 storm that will move up the eastern seaboard after making landfall Friday in North Carolina.
    » Read full article
  4. Bernanke scolds Congress over debt fight

    "The negotiations that took place over the summer disrupted financial markets and probably the economy," the Fed chairman said.
    » Read full article
  5. Newt Gingrich’s former group, American Solutions, shutters its doors

    The vast advocacy and fundraising operation that former House speaker Newt Gingrich(R-Ga.) built after leaving Capitol Hill more than a decade ago has ceased to exist—a casualty of Gingrich's decision to run for president in 2012.
    » Read full article

From The Desk of Nick Nicolaas - Mining Interactive :Zeal Intelligence Weekly - "Stock Fear Ceiling" by Adam Hamilton



Dear Friends:
Adam Hamilton has posted his weekly Zeal Intelligence Newsletter on the Mining Interactive Website.
Zeal Intelligence Weekly

Regards from Maastricht, the Netherlands
.
604-657-4058
www.mininginteractive.com

The Economist | Selected New Articles: Banyan: China's military power / Babbage: Difference Engine... and more


Banyan: China's military power
Modernisation in sheep's clothing
read more »

Babbage: Difference Engine
Reality dawns for makers of tablet computers
read more »

Bagehot's notebook: Daft immigration caps
If you really hate the idea of foreign workers filling British jobs, fix British schools
listen »

Schumpeter: Banking on America
America's most famous investor could make a killing on his $5 billion punt on Bank of America
read more »

Daily chart: Emerging economies
A videographic charts their rise and rise
read more »

bBNET - Tech tips: Is The PC Dead ?


Tech Tips

Is the PC Dead?

logo

Is the PC Dead?

HP just bailed. Which company will flee from the PC business next? Find out what Microsoft's VP has to say about it. Read More

5 Industries That Will Live or Die by Social Media

If your business exists in any of these sectors, get the jump--before somebody else out-tweets you. Read More

Why Your Business Needs HP TouchPads Now

Find out how much you'll spend and save on HP's 16GB and 32GB TouchPads--and why HP should've never stopped making them. Read More

Keep Outlook Synced Between Multiple PCs

You probably know Microsoft Outlook saves you heaps of time--but imagine how much more could be saved if you could sync all your Outlook contacts, calandars and emails between all your computers. Read More

Steve Jobs: Apple's Greatest Legacy, or Its Biggest Obstacle?

Find out whether creating and maintaining a truly successful company demands a heartless and arrogant leader. Read More on ZDNET

VIDEO: The Future of ... Clothes

Just think of how much more awesome you'd be if your clothes could power your mobile phone and other gadgets. Discover what professors at Stanford University have planned for your outfit. Read More

CMI | NY Trading - Spot Prices at Close

CMI - Gold & Silver
Spot Prices as of the close of trading in New York
As of: Friday August 26, 2011

  Today Change Week Ago Month Ago Year Ago
Gold $1,796.35 $34.80 $1,851.65 $1,619.05 $1,236.80
Silver $41.02 $.18 $42.43 $40.80 $19.02
Platinum $1,829.40 $10.70 $1,878.00 $1,809.20 $1,540.20
Palladium $759.70 $.90 $750.60 $839.20 $502.75

MarketWatch Personal Finance Daily: Hurricane survival tips for city folk.

MarketWatch
Personal Finance Daily
AUGUST 26, 2011

Hurricane survival tips for city folk

By MarketWatch



Don't miss these top stories:

Hurricane Irene "is an extremely dangerous storm for an area that has no experience with hurricanes," meteorologist Jeff Masters, co-founder of Weather Underground, tells Jennifer Waters in her column today on 10 hurricane survival tips for New York and Washington, D.C. These tips may seem obvious to many people, but preparing for a natural disaster when you live in a heavily populated area or rely entirely on mass transit is serious business. And Friday morning, New York Gov. Andrew Cuomo said the mass-transit system across the New York City area will shut down at noon on Saturday. The shutdown will cover all of the transit services operated by the Metropolitan Transportation Authority, including subways, buses and the nation's two largest commuter railroads. If you live in the mid-Atlantic region, get ready now if you haven't started.

Also in today's Personal Finance lineup, Dawn Lim writes about how identity thieves are targeting children's Social Security numbers and how they get away with it for years.

Finally, MarketWatch would like to extend a special invitation to our readers who are in Chicago and New York next month to attend one of our live panel discussions on ETFs and Retirement.

"Finding the Right Exchange-Traded Funds" is the topic of a MarketWatch panel discussion set for 9 a.m. Wednesday, Sept. 21 in Chicago, hosted by columnist Chuck Jaffe. Join us for this breakfast event featuring the expertise and analysis of Michael Falk of Michael S. Falk Asset Consulting in Chicago; David Trainer, president of New Constructs Inc. in Nashville; and Scott Burns, director of ETF, Closed-End and Alternative Fund Research for Morningstar. They'll discuss how to evaluate your investment strategies and navigate the increasingly complex world of ETF products. If you'd like to join us for this free event, email your RSVP to wsjdnevent@dowjones.com by Monday, Sept. 19.

"How to Deal with Retirement's Biggest Risks" is the topic of a MarketWatch panel discussion set for 8 a.m. Tuesday, Sept. 13 in New York, hosted by Robert Powell. Join us for this breakfast event featuring Dr. Kathryn McCabe Votava, president, GOODCARE.com; Joseph Coughlin, director, AgeLab; and Rick Miller, CFP, founder of Sensible Financial Planning. They'll discuss how to protect and grow your retirement savings, how to cope with long-term health-care costs, how to live the retirement lifestyle you seek and provide a road map that can help you manage those risks. If you'd like to join us for this free event, email your RSVP to MarketWatchevent@wsj.com by Friday, Sept. 9.

Anne Stanley , Managing Editor, Personal Finance

10 hurricane survival tips for New York, D.C.

As Hurricane Irene barrels toward New York and other large metropolitan areas such as Washington, D.C., Boston and Philadelphia, residents who have never faced this kind of natural disaster need to be prepared for the dangerous high winds and possible flooding that such a storm — even if not at hurricane strength — can bring.
Read more: 10 hurricane survival tips for New York, D,C.


Children's Social Security numbers easy hit

Children are more vulnerable to having their identities stolen but less likely to be detected as victims.
Read more: Children's Social Security numbers easy hit.


The 4 worst contracts in sports

In a week when a soccer player moved to Russia to get paid $30 million a year, here's a look at some of the most outlandish labor deals in U.S. sports.
Read more: The 4 worst contracts in sports.


TAXES

Tax deadline looms for people with money overseas

If you have a bank account or other assets stashed overseas that you've failed to report to the IRS, you're almost out of time to take part in an amnesty program to avoid steep tax penalties. But tax attorneys say that plenty of taxpayers are unaware they're on the wrong side of the law.
Read more: Tax deadline looms for people with money overseas.


REAL ESTATE

Condo owner on the brink of foreclosure

A homeowners association's function is, in part, to protect the value of the entire property for its members. So it absolutely, positively had the right to go after a developer accused of construction defects, Lew Sichelman writes.
Read more: Condo owner on the brink of foreclosure.


Charting home-price slump and new-house inventory

The week's economic indicators show, by state, how much home prices have fallen, and the smallest inventory of new builds on record. European business sentiment dips.
Read more: Charting home-price slump and new house inventory.


INVESTING

Debt will haunt the market for years to come

Subpar economic growth makes it harder for governments to solve their debt problems. So, the dark debt cloud may hang over the U.S., Japan and many European countries for years.
Read more: Debt will haunt the market for years to come.


Why charity should use an investing model

As the famine crisis looms in the Horn of Africa, natural disasters strike around the planet, and more people are pushed into harm's way, it's time to rethink the way we conduct charitable giving, says Thomas Kostigen.
Read more: Why charity should use an investing model.


ECONOMY & POLITICS

Bernanke: Fed will decide next month on new policy

Federal Reserve Chairman Ben Bernanke on Friday put off a lengthy discussion of the easing options available to the central bank until the next Federal Open Market Committee meeting late next month.
Read more: Fed will decide next month on new policy.


U.S. growth revised lower to 1% for second quarter

The U.S. economy grows slower in the second quarter than initially reported, mainly because of lower exports and less inventory restocking.
Read more: U.S, growth revised lower to 1% for second quarter.


America's unemployed can't wait, Bernanke says

We cannot afford to stand by idly while millions of Americans remain unemployed or underemployed for years and years, because it's hurting our growth potential, Federal Reserve Chairman Ben Bernanke says.
Read more: America's unemployed can't wait.


August consumer sentiment revised slightly higher

A reading of consumer sentiment for August was revised slightly higher but still shows a lack of faith in the U.S. economy.
Read more: August consumer sentiment revised slightly higher.

CBS Money Watch: How To Find Extra Money

How to Find Extra Cash
CBS MoneyWatch Must Reads

Check out these unorthodox ways of boosting your earnings. Read more »
Are you ready for the big storm? If you're not sure, read this checklist. Immediately. Read more »
The American Psychological Association offers ways to stay focused in the face of adversity. Read more »

Kitco London Fix Market Report


London Fix Fri Aug 26 00:00:00 EDT 2011
Metals
Gold
Silver
Platinum
Palladium
  AM PM AM PM AM PM AM PM
USD 1787.00 4067.50   41.06 0.70
76.65
6.34 2403.25
UK 1094.17 1099.02   25.16 1116.60
1114.40
457.30 459.40
EURO 1237.19 7.15   28.44 1263.15
1257.90
517.30 518.55

Money Show Traders Daily Alert: Alex Salazar, Video: Risk vs. Reward in Forex.




Traders Daily Alert

Tips for Traders
A Sure Sign of a Gold Bubble, Andy Waldock

Options Idea
How Delta Affects Option Profits, John Summa

Charts in Play
Bear Flags May Spell Trouble for Stocks, Tom Aspray

Currency Corner
Video: Risk vs. Reward in Forex, Alex Salazar

Trading Idea of the Day
Nasty Draught Pushes Grain Prices, Tim Hannagan

Daily Market Studies
Trading Outlook for Today: August 26, Daniel Gramza

MoneyShow.com Exclusive Interviews
The First Steps to Trading Success, Michael Bellafiore

Today's Featured Videos
Breakout Trades 101, Corey Rosenbloom
Don't Let Emotions Get the Best of You, Rande Howell

Reuters Deals Today






NewsWarren Buffett showed again that his name and money is enough to give a struggling company instant credibility in the market. But the legendary investor also demonstrated his canny command of that reputation means that deals such as the $5 billion investment in Bank of America can immediately generate profits.

Anglo-Irish bank has chosen preferred bidders for its $9.5 billion U.S. commercial real estate loan portfolio and aims to have completed that sale, the largest in the United States in recent years, before the end of the year.

Glencore, the world's largest commodities trader, stood on the verge of its largest takeover bid since its May stock market listing, after South Africa's Optimum Coal confirmed it had received approaches.

The New York Times’ Dealbook is reporting that Rio Tinto and the Mitsubishi Corporation have raised their offer for Coal & Allied to approximately $131 a share , valuing the company at about $11.6 billion.

The blogging service Tumblr is close to raising $75-$100 million in venture capital, implying a market value of $800 million, the Wall Street Journal reported, citing people familiar with the matter.


LATEST NEWS
Anglo Irish says it's no longer threat to Ireland
DUBLIN (Reuters) - Anglo Irish Bank said it was no longer a systemic threat to Ireland and should be able to return some of the 29 billion euros ($41.6 billion) in capital it has received from taxpayers once it finished winding down or selling off its remaining loans. | Full Article

Optimum Coal shares climb as Glencore circles
August 26, 2011 08:38 AM ET
JOHANNESBURG/LONDON (Reuters) - Glencore , the world's largest commodities trader, stood on the verge of its largest takeover bid since its May stock market listing Friday, after South Africa's Optimum Coal confirmed it had received approaches. | Full Article
India's GVK reaches $2.2 billion Hancock mines deal: report
August 26, 2011 02:05 AM ET
MUMBAI/SYDNEY (Reuters) - India's GVK Power & Infra is close to finalizing a deal to buy two Australian coal mines owned by Hancock Prospecting, said two sources with knowledge of the deal, which a newspaper report said has been agreed for $2.2 billion. | Full Article
Warren Buffett to invest $5 billion in Bank of America
August 25, 2011 08:01 PM ET
NEW YORK/CHARLOTTE, North Carolina (Reuters) - Warren Buffett will invest $5 billion in Bank of America Corp, stepping in to shore up the largest U.S. bank in the same way he helped prop up Goldman Sachs and General Electric during the financial crisis. | Full Article
Japan's Softbank offloads 4 percent Yahoo stake to repay loan
August 26, 2011 06:14 AM ET
TOKYO (Reuters) - Japanese telecoms firm Softbank said on Friday it would offload almost all its 4 percent stake in Yahoo Inc to repay a loan of about $1.1 billion owed to Citibank . | Full Article

Fed will decide next month on new policy: MarketWatch - The FED


By Greg Robb, MarketWatch 

JACKSON HOLE, Wyo. (MarketWatch) — Federal Reserve Chairman Ben Bernanke on Friday put off a lengthy discussion of the easing options available to the central bank until the next Federal Open Market Committee meeting late next month. 

“The Fed has a range of tools that could be used to provide additional monetary stimulus,” Bernanke said.
These options were discussed in August and “we will continue to consider these and other pertinent issues...at our meeting in September,” Bernanke said. 

Bernanke announced that the Fed had decided to expand its September meeting to two days – Sept. 20 and 21 – to review the pros and cons of further easing. 

After an initial sharp drop upon publication of Bernanke’s speech, stocks came back, with the Dow DJIA -0.06%  down 82 points in mid-morning trade. The dollar DXY +0.09%  pared its losses. 

Many Fed watchers had expected at least a discussion of the options in today’s speech. Financial markets have been waiting for the speech to hear Bernake’s views on whether he thinks the economy will avoid a double-dip recession and what steps he might be willing to take to stave off a possible severe downturn.
But Bernanke refrained, saying it was unclear how recent stock market weakness, debt-ceiling negotiations and the European debt crisis had impacted the economy. 

“It is difficult to judge by how much these developments have affected economic activity thus far, but it seems little doubt that they have hurt household and business confidence and that they pose ongoing risks to growth,” Bernanke said. 

Bernanke said the Fed expected “a moderate recovery” to continue and indeed strengthen over time.
Bernanke also criticized Congress, saying the recent debate over the debt ceiling had hurt the economy.
He called on Congress to not overlook the “fragility” of the economy in their efforts to bring the deficit under control.
Making sure that fiscal policy does not hurt the economy and putting in place a sustainable long-term budget are not incompatible, he said.
In his speech, Bernanke more clearly than ever before said the weak housing market was a big factor in the current disappointing recovery.
He called for Congress and the White House to consider “good proactive housing policies” that could help speed the process of getting the sector on its feet. 

Several economists at Jackson Hole are advocating some form of debt forgiveness to pave the way for a stronger housing market. 

For instance, Glenn Hubbard, a former chief economic adviser to President George W. Bush, said he would favor using Fannie Mae and Freddie Mac to allow homeowners who are current on their mortgages to refinance even though their mortgages is now above the value of their homes. 

Some analysts are pushing President Barack Obama to put debt forgiveness on the table in the stimulus plan he is expected to unveil next month. 

Greg Robb is a senior reporter for MarketWatch in Washington.

FGC BOLSA - FGC FINANCIAL MARKETS: Don't Bite The Dust: by Fernando :Guzmán Cavero

 Are Investors, as well as the U.S. Economy, Upside Down?
By Fernando Guzmán Cavero

Apparently , and according to today's released data  on  GDP, it grew in real terms at an annual rate of 1.0% in the second quarter of 2011, according to today’s second estimate from ESA. This follows, a growth rate of 0.4% in the first quarter of 2011, contradicting other indicators showing mixed and confused data.

Nevertheless, is important  to point out that even the good news in  Real Growth on GDP, Wall Street opened with strong selling  due to the fact that this second review, and more accurate statistics, are 0.3 percentage points below the previous estimate.

In these circumstances the market should have started with small  increments or around flat  with respect to yesterday's closing price; if no other forces are  pushing artificially this sell-off at Wall Street market  opening (-175.66  points or  -1.58% loss); knowing in advance, that the reversal might  come later on, and after Bernanke speech, with all over the financial media following headlines that bulls took control after his  speech that calmed the investors. Who Knows ?




CBS NEWS | Daily News Summary: Nigeria U.N. office hit by massive bomb; 7 dead: August 26, 2011

CBS News.com - Daily News Summary
August 26, 2011 | DAILY NEWS SUMMARY

CBS NEWS TOP STORIES
Entire wing of United Nations office in capital city of Abjua leveled by apparent car bomb; At least 10 reportedly dead  Photos
Read full story
Nigeria U.N. office hit by massive bomb; 7 dead
Irene bears down on N. Carolina coast Hurricane starts clawing at coast before what experts say could be a devastating grind all the way up to NYC  Photos

Mexico casino attack leaves 53 dead Police say cartel gunmen stormed Monterrey casino, doused it with gas, then torched it as gamblers hid from gunfire

NATO focuses on Qaddafi hometown Coalition air strikes target loyalist forces in Sirte, paving the way for an advance by rebel fighters

Is Perry the new GOP frontrunner? The Drive: Rick Perry vaults ahead of Mitt Romney in the polls - but does that mean he'll ultimately win the nomination?

New planet is a girl's best friend A new study suggests a newly-discovered alien planet is made of diamond

Nigeria U.N. office hit by massive bomb; 7 dead Entire wing of United Nations office in capital city of Abjua leveled by apparent car bomb

Irene bears down on N. Carolina coast Hurricane's outer edges start clawing at coast before what experts say could be a devastating grind all the way up to NYC

Mexico casino attack leaves 53 dead Police say cartel gunmen stormed Monterrey casino, doused it with gas, then torched it as gamblers hid from gunfire