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Jun 7, 2012

CMI | NY Trading - Spot Prices at Close.

CMI Gold & Silver

  Today Change Week Ago Month Ago Year Ago
Gold $1,585.20 -$48.20 $1,562.10 $1,639.20 $1,544.00
Silver $28.60 -$1.08 $27.81 $30.13 $37.12
Platinum $1,442.70 -$28.00 $1,420.40 $1,533.00 $1,834.00
Palladium $624.10 -$4.70 $611.40 $650.90 $811.05

Money Show Investors Daily Alert: It's Time to Bury Supply-Side Economics.

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The Real King of All Media, Charles Carlson

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How Greece Can Win, Igor Greenwald

Today's Featured Videos & Exclusive Interviews

BIV Business Today's News: Funding crunch to close BC Aboriginal Mine Training Association

Mining and Energy

BC Aboriginal Mine Training Association trainee

Funding crunch to close BC Aboriginal Mine Training Association

The BC Aboriginal Mine Training Association (BC AMTA) will close its doors June 15 unless it can secure 11th-hour funding to support its operations.



$40k fine not enough to stop abalone poaching: fisheries officer

The $40,000 fine that Richmond Provincial Court judge Patrick Chen handed Kai Kin Ng on May 15 is insufficient to deter those who poach endangered northern abalone, according to the fisheries officer who investigated the case.


Via Rail targets youngsters with four-day festival on tracks

Via Rail is banking on tunes and tweets to help it gain younger passengers with the launch of a four-day music festival aboard the Canadian, its flagship Vancouver-to-Toronto train.

Real Estate and Development


Developers upbeat about Okanagan home sales

Okanagan home sales were up year-over-year in each of the first four months of 2012 and, although May statistics have yet to be released, developers have told Business in Vancouver that they expect the trend to continue.

Retail and Manufacturing

Asia Packaging signs LOI for $80m acquisition

Vancouver-based Asia Packaging Group Inc. (TSX-V:APX) announced this morning that it has signed a letter of intent (LOI) for the potential $80m acquisition of a China-based manufacturer and seller of shopping bags.



B’stro launches Bard on the Beach app

Vancouver marketing and branding company B’stro has launched a free Bard on the Beach iPhone app.

Stocks and Markets in the News | Europe MiddleEast Markets: Europe stocks up on China rate cut, Spain auction


Fitch cuts Spain credit rating to BBB CHICAGO (MarketWatch) -- Fitch Ratings on Thursday downgraded its long-term foreign and local currency issuer default ratings on Spain to BBB from A, with a negative outlook. The BBB credit rating is just a notch higher than junk status. The firm said Spain's "high level of foreign indebtedness has rendered it especially vulnerable to contagion from the ongoing crisis in Greece." Fitch added that the nation's reduced financing flexibility hampers its ability to "intervene decisively in the restructuring of the banking sector and has increased the likelihood of external financial support." 12:59 p.m. Today
Resources boost FTSE 100 after China rate cut U.K. stocks move broadly higher on Thursday, keying off unexpected rate cut announced by China’s central bank even as the Bank of England took no action. 12:22 p.m. Today
Europe stocks up on China rate cut, Spain auction Bourses close broadly higher, keying off China’s surprise rate cut as well as a favorably received auction of Spanish government debt, while no hints of further easing from Bernanke took stocks off session highs. 12:14 p.m. Today

Europe-MiddleEast Headlines

Europe stocks trim gains as Bernanke testifies LONDON (MarketWatch) -- European stock markets trimmed gains slightly in afternoon trade on Thursday, as U.S. Federal Reserve Chairman Ben Bernanke testified to Congress. In testimony prepared for delivery to the Joint Economic Committee of Congress the chairman said there are encouraging signs in the housing market, but that he's ready to protect the financial system and the economy if the European crisis deepens. The Stoxx Europe 600 index traded 1.3% higher at 243.15. Germany's DAX 30 index gained 1.5% to 6,187.83, while the U.K. FTSE 100 index took on 1.5% to 5,465.00. The French CAC 40 index was up 0.9% at 3,085.46.
10:18 a.m. Today
Spain's Bankia bank headquarters building is seen in Madrid May 29, 2012. A government source told Reuters on Tuesday Spain would likely recapitalise Bankia, which asked for 19 billion euros on Friday, by issuing new debt and possibly by tapping the cash from the bank restructuring fund and the Treasury. REUTERS/Juan Medina (SPAIN - Tags: BUSINESS) - Reuters
Spain borrowing costs rise amid rescue rumblings Spain bond yields ease and stocks rise Thursday after the government makes it through an auction of 10-year bonds, at a price, as speculation continues over the shape and timing of a potential bailout for the nation’s embattled banks.
9:54 a.m. Today
Oil futures rally after China cuts interest rates MADRID (MarketWatch) -- Oil futures rallied on Thursday in the wake of a surprise cut in interest rates by China. July crude futures jumped $1.31, or 1.6%, to $86.34 a barrel. The People's Bank of China cut its benchmark lending and deposit rates by a quarter-point, with the move set to take effect Friday. The China move inspired sharp gains for European stock markets and other perceived riskier assets while the dollar pulled back.
8:03 a.m. Today
Europe stocks rally after China cuts rates LONDON (MarketWatch) -- European stock markets spiked in midday trade on Thursday, after China's central bank unexpectedly cut its benchmark interest rates by 25 basis points. The People's Bank of China said the new rate of 6.31% is effective from June 8. The bank also cut deposit rates by 25 basis points to 3.25%. The Stoxx Europe 600 index jumped 1.2% to 242.85, after trading around 242.21 before the announcement. The U.K. FTSE 100 index gained 1.5% to 5,462.90, while the French CAC 40 index added 1.1% to 3,093.10. Germany's DAX 30 index traded 1.3% higher at 6,175.63.
7:29 a.m. Today
Spain sells 2.07B euros of bonds, tops target FRANKFURT (MarketWatch) -- Spain saw borrowing costs rise Thursday in a closely-watched debt auction, but topped its target range, selling a total of 2.07 billion euros ($2.6 billion) of government debt, news reports said. Spain's Treasury had aimed to sell a total of 1 billion to 2 billion euros of debt. A sale of 10-year government bonds produced an average yield of 6.04%, up from 5.74% in a previous sale, Bloomberg reported. Bids exceeded supply 3.29 times, up from a bid-to-cover of 2.56 in a previous auction, the report said. Spain also sold bonds maturing in 2014 and 2016. In the secondary market, the yield on 10-year Spanish government bonds was down 0.13 percentage point at 6.14%, according to FactSet.
5:03 a.m. Today
Europe stocks inch higher ahead of Spanish auction LONDON (MarketWatch) -- European stocks moved higher on Thursday morning ahead of a key bond auction in Spain and testimony to Congress from U.S. Federal Reserve Chairman Ben Bernanke. The Stoxx Europe 600 index traded 0.2% higher at 240.40 with banks lending most of the support. Swedish Nordea Bank AB rose 4.3%, while Swedbank AB moved 3% higher. In Spain, BBVA SA added 1.9% and Banco Santander SA gained 2.6%, helping lift the IBEX 35 index 0.8% to 7,534.60. In France, Alcatel-Lucent moved 2.8% higher, while STMicroelectronics NV rose 1.8%. The CAC 40 index gained 0.8% to at 3,082.91, further buoyed by Societe Generale SA up 1.7% and BNP Paribas SA 1.6% higher. The U.K. FTSE 100 index ticked 0.5% higher to 5,410.44, with Barclays PLC up 1.7% . In Germany, HeidelbergCement AG gained 1.6%, while Deutsche Boerse AG added 2.2%.
3:30 a.m. Today
Banks, resources lift FTSE 100; Man Group rallies U.K. stocks end mostly higher, thanks largely to broad-based gains in banking and resources shares.
12:19 p.m. June 6, 2012
Europe stocks higher as investors look to Fed European stock markets move higher as investors shake off the European Central Bank’s decision to hold key interest rates steady and instead focus on the possibility of more stimulus from the U.S. Federal Reserve.
12:15 p.m. June 6, 2012


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The Economist | Business this week: Highlights of news coverage June 2nd - 8Th 2012

The EconomistBusiness this week

» Mariano Rajoy, the Spanish prime minister, made the most explicit statement yet of problems with recapitalising Spanish banks. His confession that Spain is facing difficulties in tapping bond markets shocked investors, who have attached a higher risk to Spanish government bonds over the past month since the nationalisation of Bankia, a merged group of savings banks. Spain has called for a direct injection of capital into Spanish banks, something the European bail-out funds are not allowed to do at present.
Click Here! » The European Central Bank left its benchmark interest rate unchanged at 1%. There had been some speculation that it would cut rates to provide a modicum of relief for the crisis-struck euro zone, but Mario Draghi, the central bank's president, warned recently that the ECB would not "fill the vacuum" created by political dithering. See article»
» Three Portuguese banks were recapitalised by the government to the tune of €6.7 billion ($8.4 billion), to help them meet new capital requirements. Most of the cash comes from the €78 billion EU-IMF bail-out scheme for Portugal, of which €12 billion was set aside for recapitalising banks. See article»
» Speculation increased that Cyprus would be next in line to ask for a bail-out from the EU. So far Cyprus has sought help from Russia, which provided a €2.5 billion ($3 billion) emergency loan late last year.
» China again delayed the imposition of stricter rules on the adequacy of its banks' capital holdings, until January 1st. Some observers feared that imposing the rules now would reduce lending in China's mellowing economy.
» Brazil's economy grew by 0.8% in the first quarter compared with the same period last year, the weakest showing since the middle of 2009. A drought that hurt production in the country's mighty agricultural-exports industry was said to bear most of the blame.

Political economy
» American employers created just 69,000 jobs in May, the smallest number in a year and well below expectations. The unemployment rate rose slightly, to 8.2%. Underlining the fragile recovery, the jobs figure for April was revised down to 77,000. See article»
» The price of cotton fell to its lowest for more than two years. There is a glut on the world market, caused in part by farmers expanding their production of the fibre last year when prices were high. But forecasts of a drop in global demand are also woven into falling cotton prices, especially in China, the world's biggest producer and consumer of the commodity.
» China National Nuclear Power said it would like to offer shares on the Shanghai stock exchange to raise money for five projects worth up to $27 billion. It could be one of China's largest initial public offerings so far if approved by securities regulators. China suspended the construction of nuclear-energy plants after the Fukushima disaster in Japan.

Murky waters
» BP gave notice that it might sell its 50% stake in TNK-BP, which would end BP's fraught but lucrative nine-year joint venture in Russia. The news came amid fresh tensions with the billionaires who own the other half of TNK-BP. A few days after BP's announcement a court in Siberia ordered a new hearing into claims for $13 billion in damages from TNK-BP's other shareholders over BP's attempted alliance with Rosneft, a state-owned oil company. The claim had been dismissed last winter. See article»
» Giovanni Perissinotto was ousted from his job as chief executive of Generali, one of Europe's biggest insurance companies. Generali's share price had fallen by a third since the start of the year, and investors were not happy. Mr Perissinotto had held the job for 11 years, but his departure was swift; the board sacked him just days after disgruntled shareholders, led by Mediobanca, an Italian investment bank, called for him to go. See article»
» Chesapeake Energy, a big natural-gas producer, shook up its board in response to pressure from shareholders. Four new directors will be appointed by Chesapeake's largest backers, who include Carl Icahn, a veteran activist investor. Aubrey McClendon recently relinquished his role as chairman (he remains chief executive) after it emerged that he had borrowed hundreds of millions of dollars to buy personal stakes in the company's wells.

» The NASDAQ stock exchange apologised for the technical mishaps that plagued Facebook's flotation on May 18th. The glitches angered the brokers that underwrote the IPO, which say they have lost $100m as a result. Many were not consoled by NASDAQ's offer of $40m in compensation, the bulk of which would come in the form of discounts on future trades.

The Economist | Politics this week: Highlights of news coverage from June 2nd - 8th 2012

 The EconomistPolitics this week

 » Hosni Mubarak, Egypt's former president, and Habib al-Adli, his interior minister, were sentenced to life in prison for their role in the brutal suppression of protesters in last year's uprising. Six security chiefs were acquitted. Mr Mubarak and his two sons were cleared of separate corruption charges. But thousands protested in Cairo's Tahrir Square, as anger grew that no one had been convicted of actually carrying out the killings. See article»

» Another massacre of villagers in Syria—at least 78 were said on June 6th to have been slaughtered near Hama—strengthened calls for Western intervention. Earlier, the rebel Free Syrian Army was reported to have killed at least 100 soldiers in one incident, after declaring that it would no longer abide by the ceasefire called by the UN and the Arab League. See article»
» Israel's Knesset rejected a bill that would have recognised illegal Jewish settler outposts on the West Bank in defiance of a Supreme Court ruling. Binyamin Netanyahu, the prime minister, had already said that he would respect the court's decision and threatened to sack anyone in the government who voted for the bill. But he placated vociferous criticism on the right by ordering 300 new homes to be built at an established settlement.
» An Iraqi suicide-bomber, presumed to be a Sunni extremist, killed at least 18 civilians outside the headquarters of a Shia religious foundation in Baghdad.
» In Nigeria's worst air disaster for two decades, at least 153 people died when a Dana Air jet flying from Abuja, the capital, crashed into a busy district in Lagos, Nigeria's biggest city. See article»

» The Organisation of American States held its 42nd general assembly in Cochabamba, Bolivia. Its secretary-general, José Miguel Insulza has recommended changing the statutes of the Inter-American Commission on Human Rights to let countries delay the publication of its reports by up to a year. See article»
» An opinion poll in Reforma, a Mexican newspaper, found that Andrés Manuel López Obrador of the leftist Party of the Democratic Revolution had moved into second place in the country's presidential campaign, just four percentage points behind the front-runner, Enrique Peña Nieto of the Institutional Revolutionary Party.

Republican voter outreach
» Scott Walker, the Republican governor of Wisconsin, easily saw off an attempt at the polls to recall him from office because of his controversial decision last year to curb the collective-bargaining rights of public-sector workers. Mr Walker's victory this week could hurt the Democrats' chances of carrying Wisconsin and other Midwest states in the presidential election, though an exit poll of voters in the recall gave Barack Obama a seven-point lead over Mitt Romney. See article»
» A jury acquitted John Edwards, a former Democratic presidential candidate, on one charge of receiving illegal campaign donations, but a mistrial was declared on five other counts. Mr Edwards was alleged to have used the money to cover up his affair with his mistress.

A very potent force
Click Here! » An American drone strike in Pakistan killed Abu Yahya al-Libi, a senior figure in al-Qaeda described as the group's "general manager". Two days later suicide-bombers killed at least 22 civilians in Kandahar in southern Afghanistan. Kandahar has suffered the most in the Taliban's spring offensive, which began in April. See article»
» Leon Panetta's tour of Asia made some waves. In Singapore America's defence secretary said that by 2020 three-fifths of American naval assets will be located in the Pacific, compared with 50% today. He visited Cam Ranh Bay in Vietnam, one of Asia's best natural deepwater ports that was used by America during the Vietnam war and which Vietnam now wants to open to foreign navies for commercial reasons. In India Mr Panetta promised access to America's best defence technology and called for deeper ties.
» The Shanghai Composite stockmarket index fell by 64.89 points on June 4th, the anniversary of the 1989 Tiananmen Square massacre in Beijing, an event which is often called 6/4 in Chinese. Some saw this as coincidence; others believed the index had been hacked. See article»
» Vladimir Putin, Russia's president, travelled to China on a three-day visit. Top of the agenda was a meeting of the Shanghai Co-operation Organisation, a group that includes Central Asian nations. They discussed involvement in Afghanistan's "peaceful reconstruction" as NATO forces prepare to withdraw.

Putin puts down his marker
» Earlier, and under pressure from the West, Mr Putin defended his country's human-rights record at a summit with the European Union in St Petersburg, claiming that Russia has no political prisoners and dismissing criticism of a bill in Russia that increases fines for unsanctioned street rallies ahead of a planned opposition rally. He compared the bill to legislation elsewhere in Europe.
» A bill in Ukraine that would boost the status of Russian in the country and allow the language to be used in courts and other institutions passed its first reading in parliament. Police were called in to separate supporters and opponents of the measure outside the building. Fights erupted in the chamber last month when the legislation was proposed.
» Skirmishes on the border between Armenia and Azerbaijan caused concern. Five Azerbaijani and three Armenian soldiers were killed in the worst violence for several years. One person was also killed in the disputed Armenian enclave of Nagorno-Karabakh. On a visit to the region Hillary Clinton, America's secretary of state, warned of "disastrous consequences" if the fighting spreads.
» Britain celebrated the 60th year of the queen's reign with a four-day extravaganza that included a flotilla of 1,000 boats on the River Thames, a star-studded concert in front of Buckingham Palace and a thanksgiving service at St Paul's Cathedral. The queen described the Diamond Jubilee celebrations as a "humbling experience" in a televised address to the nation. Her husband, Prince Philip, was hospitalised with a bladder infection after attending the lengthy Thames pageant in the damp and chilly weather. See article»

GATA | THE GATA DISPATCH: James West: Gold futures and perception management

James West: Gold futures and perception management

8:55a PT Thursday, June 7, 2012
Dear Friend of GATA and Gold:
Writing this week in the Midas Letter, James West observes that the gold futures markets create the illusion of infinite suply of the monetary metal as part of a worldwide campaign of "perception management."
West writes: "CNBC, Bloomberg, The Wall Street Journal et al. refuse to extend their line of inquiry into the factors controlling the price of gold beyond superficial fundamentals such as jewelry demand and store-of-value investor demand. This perception management apparatus has now become so finely tuned that the gold price is rather deftly handled upward and downward in movements that serve the requirements of the two parties operating the scam. For the banks, reliable risk-free profit, and for the government of the United States, the perception that the U.S. dollar is a safer haven than gold."
West's commentary is headlined "Gold Standard, Gold Futures, and Perception Management" and it's posted at the Midas Letter here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Money Show Traders Daily Alert: E-Mini Trading Traps That Can Take You Out

Traders Daily Alert

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E-Mini Traps That Will Take You Out, Gabe Velasquez

Options Idea
Option Trick Market Makers Can’t Fight, Alan Ellman

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Currency Corner
Win at Forex While You Keep a Day Job, Johnathan Fox

Trading Idea of the Day
A White Metal with Red-Hot Potential, Sterling Wong

Daily Market Studies
Trading Outlook for Today: June 7, Daniel Gramza

Today’s Featured Videos & Exclusive Interviews
Age-Old Technique That’s No Longer Safe, Adrian Manz
Finding Powerful Pre-Market Chart Patterns, Harry Boxer
Are New Carry Trades Coming Soon? , Daniel Hwang

Federal Focus | News from Federa Reserve Banks: June 2012

FedFocus - News from the Federal Reserve Banks

News from the Federal Reserve Banks: June 2012

A perfect match: Hawaiian Tel Federal Credit Union and FedComplete(SM) Packages
June — the traditional month for weddings — is when many couples join together in holy matrimony. In this June FedFocus issue, we are going to feature a different relationship; one between Hawaiian Tel Federal Credit Union (HiTel FCU) and the Federal Reserve Banks’ FedComplete Package. Hear what HiTel FCU’s vice president and controller, Wendy Cheung, has to say about the credit union’s shift to working directly with the Federal Reserve Banks and the selection of a FedComplete Package to meet its business and operations needs. Full Article
Central Bank and Trust gets one step closer to its goal of a paperless environment in 2012
The collaborative efforts of the Federal Reserve Banks and the Treasury’s Bureau of the Public Debt, in response to the requests from financial institutions, have helped move savings bond processing forward by embracing technology to reduce costs and improve efficiency. Learn how Central Bank and Trust prepared for the transition from paper-based processing to image-enabled processing for redeemed savings bonds, which moved the bank — and the financial services industry — one step closer to a paperless environment. Full Article
Benefits of note facing policy change add up
As part of the ongoing commitment to promote efficient FedCash® Services delivery, the Federal Reserve Banks removed the requirement to face notes in the $1-$20 denominations a little over a year ago. Driving the policy change were advancements in technology and industry practices, including the evolution of note handling, particularly for lower-denomination notes. Read how the policy change has saved millions in new currency print costs plus resulted in some operational efficiencies for depository institutions. Full Article
Issuing prepaid debit cards as alternative to direct deposit for federal benefit payments
Have you encountered recipients who cash federal benefit checks that simply are not interested in switching to direct deposit? As you know, this is now a federal requirement that will take effect on March 1, 2013. In these situations, beneficiaries are encouraged to find out more about the Direct Express® Debit MasterCard® card. Find out the details about this low-fee prepaid debit card that is a safe, convenient alternative to paper checks. Full Article
Getting started with the Fed is easy; just jump in
Most of us have lost the ability to jump in, full speed ahead with childlike abandon, when contemplating a new endeavor. Sometimes starting something new can be quite daunting, and perhaps even scary, when it comes to “The Fed,” right? Wrong! Discover how you can take the plunge and begin working directly with the Federal Reserve Banks. It is much easier than you may think. Full Article

CBS NEWS | Daily News Summary: Billions in tax dollars sitting in banks un-used.

CBS - Daily News Summary
June 07, 2012 | DAILY NEWS SUMMARY

Congressional report, "Money for Nothing," cites funds set aside but, often due to laws, going unspent when projects languish
Read full story
Billions in tax dollars sitting in banks un-used
Cash looms large as Obama courts donors Wisconsin recall race shows its importance; Obama expected to raise $5M during West Coast swing

Eye Opener: Obama cashes in, on West Coast President Obama cashes in during a West Coast campaign swing. Also, the Dow and S&P 500 posted their biggest gains of the year. All that, and all that matters, in today's "Eye Opener."

Jeb Bush on being VP: "CTM" Preview: Former Florida governor shuts down the idea of being Romney's running mate - but not a future presidential bid

Post offices, Ellis Island join endangered list As USPS downsizes, post offices will join the list of America's 11 Most Endangered Historic Places as a group for the first time

Storm brings tornadoes, huge hail to Colorado Six tornadoes reported in area, flash flooding warning issued as residents pelted with hail, several inches of rain

Fla. woman gets life for strangling daughter, 2 Nioshka Bello convicted of 1st degree premeditated murder after judge deemed her fit for trial after long stint in mental hospital

Boy Scouts to review its ban on gays Scouts spokesman says no changes are imminent; review process on ban of gay leaders to take about a year

Don't book a Greek vacation just yet Greece's possible pullout from euro in election may make for destination deals but they'll be trips into atmosphere of decline