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Jul 14, 2012

GATA | THE GATA DISPATCH: Norcini, Arensberg note unusual bullish development in gold futures

Norcini, Arensberg note unusual bullish development in gold futures

4:45p ET Saturday, July 14, 2012

Futures market analyst Dan Norcini and Gene Arensberg of the Got Gold Report today note an unusual and bullish development in the market. Norcini is interviewed at King World News here:

Arensberg's commentary is at the Got Gold Report here:

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

NYT | Morning Business News: Selected Business News, July 14, 2012

Latest Selected Business News

Duke Energy's Troubles Far From Over, Analysts Say
Is It Just the Economy? Other Issues May Play Role
German Finance Minister Confident of Court Response to Bailout

The Economist | Politics this week: Highlights of news coverage from July 7th - 13th 2012

The EconomistPolitics this week

» Preliminary results suggested that a party generally regarded as secular and fairly liberal won the most votes in Libya's first post-Qaddafi general election, pushing an Islamist party close to the Muslim Brotherhood into second place. It would be a personal victory for Mahmoud Jibril, an American-educated economist who had worked for the old regime before turning against it at the start of the revolution. See article»
» A suicide-bomber killed at least 22 people when he blew himself up outside a police academy in Sana'a, the capital of Yemen.
» Syrian opposition leaders met in Moscow to discuss a political solution to their country's crisis. Two prominent Sunnis, Manaf Tlass, a general, and Nawaf al-Fares, the ambassador to Iraq, defected.
» Egypt's Supreme Constitutional Court rejected President Muhammad Morsi's order that parliament should be reinstated. It was dissolved last month with military backing, after the court ruled that the election was partially unconstitutional. Thousands gathered in Cairo's Tahrir Square to protest. See article»
» A former Israeli prime minister, Ehud Olmert, was cleared of several corruption charges but was found guilty of granting favours to a business friend when he was a minister. See article»
» UN peacekeepers from elsewhere in Congo were sent to the eastern city of Goma to protect it from Rwanda-backed Congolese army mutineers who have fast been advancing from the north. The rebels, many of whom are ethnic Tutsis, as are most of Rwanda's leaders, call themselves the M23 after a failed peace agreement signed on March 23rd three years ago.

Winning numbers
Click Here! » After a recount of over half the ballots, Mexico's electoral authority declared Enrique Peña Nieto of the Institutional Revolutionary Party (PRI) the winner in the presidential election, by almost seven points. Andrés Manuel López Obrador, the leftist runner-up, refused to accept the result, and claimed to have evidence of the PRI buying up to 5m votes. International observers pronounced the elections clean. The electoral tribunal has until September to investigate any wrongdoing. See article»
» In Cuba, the government said that three people have died in an outbreak of cholera, which it blamed on contaminated well water. Unofficial reports spoke of 15 deaths. Cubans complain that the communist country's formerly world-beating health service now suffers from a shortage of doctors and medicines. See article»
» Agents from the United States Drug Enforcement Administration shot and killed a pilot of a drug plane in Honduras, the second such killing in a month.
» Venezuela's president, Hugo Chávez, who is seeking a third six-year term in an election in October, declared himself "totally free" of cancer. The 57-year-old made a similar statement last year, only to suffer a relapse in February.

Making things difficult
» Romania's constitutional court ruled that a majority of the electorate must turn out to vote in order for a referendum on ousting Traian Basescu, the president, to be valid. The court's decision is the latest development in a growing power struggle between factions loyal to Mr Basescu and supporters of the country's prime minister, Victor Ponta. See article»
» A bill that would make Britain's House of Lords largely elected was approved by the Commons. But a huge Conservative rebellion stalled the legislation. It is another blow to the Conservative-Liberal Democrat coalition. See article»
» Germany's constitutional court agreed to examine complaints against the European Stability Mechanism and fiscal compact, but gave no date for its verdict. See article»

» Flash floods swept through the southern Russian region of Krasnodar in the early hours of July 7th. By morning much of Krymsk—a town of 57,000 people—had been levelled, thousands were homeless, and more than 170 dead. The central government accused local authorities of mishandling the catastrophe, hoping to deflect public anger over the devastation and high death toll. See article»

Too progressive?
» Barack Obama reopened what his critics call class warfare, saying in a speech that he wants to let Bush-era tax cuts for the wealthiest Americans expire at the end of this year, while preserving them for anyone earning less than $250,000 a year. This led to outrage from Republicans, and even some conservative Democrats. See article»
» The House of Representatives voted, for the 33rd time, to overturn Mr Obama's 2010 health-care reforms. The vote, yet again, will be ignored by the Democrat-controlled Senate.
» Texas, under governor Rick Perry, joined Florida and several other states in refusing to expand Medicaid to provide medical insurance for more low-income people, even though the federal government has said it will pick up almost all the cost of doing so.
» A federal prosecutor said that a secret $653,000 fund had been used in 2010 to run a "shadow campaign" to help Vincent Gray, a Democrat, win election as mayor of Washington, DC. The fund was not reported to campaign-finance authorities.

Acknowledging efforts
» President Barack Obama announced that American companies will be allowed to "responsibly do business" in Myanmar. The lifting of sanctions is a reward for the country's recent reforms.
» The foreign ministers of Japan and China met at a regional forum in Cambodia days after Japan summoned China's ambassador in Tokyo to protest against Chinese patrol boats near a disputed chain of islands administered by Japan. The Japanese government plans to buy some of the islands from private owners.
See article»
» Western donor nations meeting in Tokyo pledged $16 billion to Afghanistan over the next four years, in an attempt to prevent the country slipping into chaos when most foreign troops leave in 2014. See article»

» Park Geun-hye, daughter of former South Korean president Park Chung-hee, launched a bid to become the country's first female president. Ms Park promised to tackle social inequality, and also pledged to break "the vicious cycle of mistrust" between North and South Korea. See article»

The Economist | Business This Week: Highlights of news coverage from July 7th - 13th 2012

The EconomistBusiness this week

» American jobs figures disappointed. Non-farm payrolls rose by only 80,000 (less than 0.1%) in June, the third straight month of meagre growth, though crumbs of comfort were found in a slight rise in earnings and hours worked. The unemployment rate remained at 8.2%. Mitt Romney, the Republican presidential candidate, described the news as a "kick in the gut" to American families. See article»
» Other gloomy employment reports abounded. The OECD, a rich-country think-tank, predicted that Germany would be the only euro-zone economy to see a fall in its unemployment rate by the end of 2013. Meanwhile, the International Labour Organisation warned that the euro zone may lose another 4.5m jobs over the next four years.
» European finance ministers agreed on more details of a bail-out package for Spain. It will receive the first €30 billion ($37 billion), out of a potential €100 billion, for its ailing banks by the end of July. The country's budget-deficit target is also to be eased. Spain's prime minister set out more austerity measures designed to save €65 billion by 2015. See article»

Monetary measures
Click Here! » Central banks tried to help stalling economies. The Bank of Korea lowered its key interest rate for the first time in three years, by 0.25% to 3%. Brazil's central bank cut the Selic rate by 50 basis points to 8%. The European Central Bank cut its main lending rate to a record low of 0.75%. The Bank of England announced more asset purchases, of £50 billion ($78 billion). See article»
» China's central bank also acted, cutting interest rates for the second time in a month. The economy is stuttering. The annual inflation rate plunged to 2.2% in June from 3% in May. China's trade surplus leapt to $31.7 billion because import growth slowed to a rate of 6.3% compared with 12.7% in May.
» The LIBOR scandal rumbles on. The European Union's financial regulator said he intended to make the manipulation of benchmark rates a crime. In Britain the chairman of Barclays and the deputy governor of the Bank of England were grilled by a parliamentary committee. In America it emerged that the Federal Reserve Bank of New York may have been informed of alleged manipulation of LIBOR some time after 2007. See article»
» The US Commodities Futures Trading Commission filed a complaint against Peregrine Financial Group and its founder, Russ Wasendorf senior, a day after he attempted suicide. The firm's futures-brokerage unit, PFGBest, is alleged to have a $200m "shortfall" in client funds. The firm filed to liquidate. See article»
» Russia's Duma, the lower house of parliament, ratified the country's entry to the World Trade Organisation. It acted a day after the Constitutional Court ruled that a deal made in December, after 18 years of talks, was lawful. See article»
» WellPoint, an American health insurer, offered to buy Amerigroup, a rival company, for $4.9 billion. The deal follows a recent Supreme Court decision upholding President Barack Obama's health-care act, which sets up a market for all Americans to shop for coverage. The new company will be one of the largest private providers of Medicaid.
» Intel, a chipmaker, agreed to pay €2.5 billion ($3.1 billion) for a 15% stake in AsmL, a Dutch semiconductor-equipment company. Intel will also invest €829m to develop wafer and circuit technology that will raise processing power. Intel will buy the resulting tools, due in a few years. See article»
» Miners Glencore and Xstrata said a postponed shareholder vote on their mega-merger would take place on September 7th. Xstrata was forced to amend its pay deals for bosses following objections by shareholders. 
» Samsung Electronics said it would make an operating profit of $5.9 billion in the second quarter, a 79% increase on the same period a year ago. Much of the rise is due to soaring sales of its smartphones. By contrast, HTC, a Taiwanese phonemaker that was the first company to produce an Android phone, announced a 58% fall in profits to $248m over the same period.

Patent wars
» In a victory for Samsung's sales, if not its style, a British judge declared that its Galaxy tablet did not infringe any iPad patents because it was "not as cool" as Apple's product.
» Yahoo! and Facebook settled a patent lawsuit brought by Yahoo! in March. The former web star's case was considered aggressive because many of the patents at issue covered common practices such as online advertising, privacy controls and internet messaging. In a rare example of congeniality the companies eschewed damages and have formed an advertising alliance, saying they would cross-license innovations and collaborate in future.

NYT | Politics: Candidates Racing for Future, Gaze Fixed Firmly on the Past July 13, 2012

If you have trouble reading this e-mail, please click here
The Obama slogan. Note the punctuation. Against a backdrop of austerity, the campaigns are not offering dramatic declarations.
Campaign Memo

Candidates Racing for Future, Gaze Fixed Firmly on the Past

The two contenders for the White House and their allies are spending their time and energy relitigating old fights rather than focusing on new ideas for the next four years.

Campaigns Trade Salvos Over a Romney Role at Bain After 1999

Definitive proof about Mitt Romney's activities at Bain Capital remains elusive, leading to another day of acrimonious charges and countercharges from the two campaigns.

More Politics

The Caucus

How Condoleezza Rice Could Help - or Hurt - Romney

As quickly as the former secretary of state emerged as the "front-runner" to be Mitt Romney's running mate, the pros and cons of her being picked were being argued.

Lines Are Drawn Over Opting Out of Medicaid Plan

Gov. Rick Scott has vowed to reject the expansion of Medicaid, a major plank of the health care law, but advocates for the poor and some players in the health care industry - especially hospitals - intend to push back.

Split Among House Republicans Over How Deeply to Cut May Delay Farm Bill

Representatives are divided over what funds the bill should cut and by how much, including food stamps and school lunch programs.

The Caucus

Romney Will Give a Series of Interviews

Mitt Romney will submit to five network and cable television interviews this afternoon after several days of being hammered by President Obama's campaign on his personal wealth and his time at Bain Capital.

Cheneys Host Fund-Raiser for Romney in Wyoming

More than 200 guests attended a fund-raising dinner at the Cheneys' home, but the Romney campaign took pains to avoid any images of the Republican candidate and the former vice president together.

Election 2012 iPhone App

A one-stop destination for the latest political news, from The Times and other top sources around the Web. Plus opinion, polls, campaign data and video.


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Interactive Graphic: Building a Path to Victory
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