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Jul 26, 2013

RTAmerica July 26, 2013: Manning Protesters take on Fort. McNair

Jan Skoyles: ETF outflows signify paper gold's end and real metal's ascent: GATA | THE GATA DISPATCH JULY 26, 2013.

Jan Skoyles: ETF outflows signify paper gold's end and real metal's ascent

9:15p ET Friday, July 26, 2013

Far from the end of the bull market in gold, outflows from gold exchange-traded funds likely signify the market's transformation from paper to physical and from West to East, with Asia gobbling up whatever the West unloads and a lot more. That's the conclusion of The Real Asset Co.'s research director, Jan Skoyles, whose excellent new report, "Do ETF Outflows Mean the End of the Gold Bull Market or Just the End for Paper Gold?," is posted at The Real Asset Co.'s Internet site here:

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

CNBC Latest Stories July 26, 2013


NYT | Global Update july 26, 2013: Morsi's Friends and Foes Stage Mass Rallies Across Egypt

July 26, 2013
Compiled 20:45 GMT

Global Update


Morsi's Friends and Foes Stage Mass Rallies Across Egypt

Supporters and opponents of the deposed president, Mohamed Morsi, turned out across Egypt on Friday, with reports of violence in Alexandria.

Tunisia Links Assassination to Qaeda Cell

Officials said the weapon used to kill an opposition leader on Thursday was the same one that killed another opposition figure in February.

U.S. Assures Russia Snowden Will Not Face Death Penalty

Attorney General Eric H. Holder Jr. said assurances that Edward J. Snowden would face neither torture nor execution removed grounds for granting political asylum.

Slide Show: A Chinese Demand for Foreign Formula

A tainted baby formula scandal in 2008 has Chinese parents obsessed with buying foreign-made milk powder.


Urban Apartheid in Vietnam

The Vietnamese government's residence-registration system has created, in a country that professes classlessness, a group of second-class citizens.

Aid to Egypt Can Keep Flowing, Despite Overthrow, White House Decides

Administration officials have decided they are not legally required to determine whether the overthrow of President Mohamed Morsi of Egypt was a coup.

Driver in Fatal Spanish Train Crash Is Arrested

Francisco José Garzón Amo was arrested as investigators examined records from the train's "black box" to determine the cause of the crash, which killed 78 people.

Chinese Search for Infant Formula Goes Global

Fueled by distrust of domestic brands, Chinese parents are buying up foreign-made infant milk powder, and that has led to shortages in at least a half-dozen other countries.

Chipping Away at the Smartphone Leaders

The competition in high-end cellphones is stirring, and consumers are giving a new look to brands they once ignored, a factor Samsung acknowledged in its latest earnings report.

Activision in $8.2 Billion Deal to Buy Back Stake From Vivendi

The deal represents the latest corporate maneuver for Activision's chief executive, an entrepreneur who built the company into a giant with a market capitalization of nearly $17 billion.

App Puts the Bible in 100 Million Palms

With more than 100 million downloads, YouVersion, a free app that offers over 600 Bible translations, has found itself in the company of successful start-ups like Instagram and Dropbox.

Samsung's Profit Rises, but So Does the Competition

Samsung said net income in the second quarter rose to $6.9 billion, an increase of 50 percent, but it expected smartphone sales growth to slow down.
Bits Blog

Pinterest Allows Users to Opt-Out of Being Tracked

On Friday, Pinterest, a kind of virtual pinboard, announced that it would enable Do Not Track functionality to let users opt out tracking their behavior on site.

Under Code, Apps Would Disclose Collection of Data

Some app developers and consumer advocates have agreed to test a voluntary code that would require participating developers to tell consumers whether their apps are collecting personal information.

Boost or Bust? Family Ties and the Rise of Young Drivers

In auto racing, especially at the elite Formula One level, the parents of drivers usually try to keep from interfering with the careers of their children.

Setting Up for a Hot and Winding Road in Hungary

Racing on the Hungaroring outside Budapest is physically draining on drivers and a challenge for engineers to set up the cars to deal with extreme heat and a narrow, twisting circuit.

Australian National Team Seeks Competition in Asia

Since becoming a member of the Asian Football Confederation, Australia has seen a rise in its soccer fortunes as its players take on a more technical aspect.

Slain Teenager's Mother Says 'Use My Tragedy' to Fight 'Stand Your Ground'

Sybrina Fulton, the mother of Trayvon Martin, said at a gathering of the National Urban League to "use my broken heart" to prevent a repeat of what happened to her son.

Juror Says Zimmerman 'Got Away With Murder'

A juror who said she initially wanted to convict George Zimmerman told ABC News on Thursday that freeing him had been heartbreaking for her.

Obama Administration to Transfer 2 Detainees Out of Guantánamo

The White House's announcement comes as William K. Lietzau, the top Pentagon official dealing with detainees, is stepping down to take a private sector job.
Op-Ed Contributor

A Faustian Pact: Generals as Democrats

Egyptians' faith in the military is probably misplaced, but it can be explained by six decades of hopes and disappointments.
Op-Ed Columnist

Republican Health Care Panic

Conservatives and others on the right are confronting their ultimate nightmare: that Obamacare is probably going to work.

Fast Food, Low Pay

Restaurant workers are fighting for basic rights, and getting somewhere.

DealBook P.M. Edition July 26, 2013: Week in Review: A Crippling Blow Follows Outsize Profits

Friday, July 26, 2013
Week in Review: A Crippling Blow Follows Outsize Profits Fund indicted; called magnet for cheating. | Wall Street's exposure to hacking laid bare. | Trader and S.E.C. lawyer spar over e-mail. | A legal bane of Wall Street switches sides.

A look back on our reporting of the past week's highs and lows in finance.
Mergers & Acquisitions
Activision Blizzard is the maker of popular game franchises like Call of Duty.
Activision to Buy Back $8.2 Billion in Shares The world's biggest video game publisher reached a deal to separate from Vivendi and become an independent company.
Michael Dell says he will pay more only if the company drops a rule that shares not voted will count as votes against the deal. 
Dell Founder Raises Takeover Bid, With Conditions Michael S. Dell offered a small increase in price in exchange for a more certain shareholder vote.
Hedge Funds
Deal Professor: Yahoo's Share Buyback Is Legal, but Timing Is Suspect Daniel Loeb's exit from Yahoo raises the question of whether he was out to create true value or merely stir the pot.
Daniel S. Loeb, founder of Third Point, at a conference in Las Vegas last year.
After Victories at Yahoo, Investor Will Leave Board Yahoo has agreed to buy 40 million shares of its stock from Mr. Loeb's firm.
SAC Capital Is Arraigned on a Raft of Criminal Charges In a brief proceeding in Federal District Court in Lower Manhattan, the hedge fund was arraigned on insider trading charges, making it the first large American company to face an indictment in more than a decade.
SAC's offices in Stamford, Conn.
Fund Indicted; Called Magnet for Cheating Federal authorities, under fire for handling Wall Street with kid gloves, have delivered a crippling blow to one of its most successful firms, SAC Capital Advisors, whose outsize trading profits have drawn government scrutiny for more than a decade.
Steven Cohen, the chief of SAC Capital Advisors.
SAC Case Threatens a Wall St. Cash Cow Brokers said that SAC Capital was one of the largest commission generators for Wall Street.
A Relentless Prosecutor's Crowning Case A victory in the case could propel Preet Bharara onto a bigger platform.
In Case Against SAC Capital, a Show of Force When Steven A. Cohen's lawyers arrived for a meeting this spring at the United States attorney's offices, the room was packed with federal investigators - a signal that the government was no longer interested in just monetary settlements.
News Analysis: For SAC, Indictment May Imperil Its Survival The extent to which an indictment or a conviction can be damaging depends on details of the nature of the business and of a company's customers.
Criminal Indictment Is Expected for SAC Capital Advisors The Times reported on Tuesday that the government was expected to announce the indictment.
A Towering Fine for Naught, as the S.E.C. Tracks Cohen
DealBook Column: A Towering Fine for Naught, as the S.E.C. Tracks Cohen Why did Mr. Cohen pay more than half a billion dollars to settle the case, asks Andrew Ross Sorkin?
Case Reveals Cohen's Links to Dubious Actions at SAC The S.E.C. is using phone records and e-mails to depict SAC Capital's chief as deeply engaged in his employees' questionable behavior.
Recent indictments of hackers raise concerns that programmers are developing tools that could wreak havoc on the broader financial system.
Wall Street's Exposure to Hacking Laid Bare Recent indictments of hackers raise concerns that programmers are developing tools that could wreak havoc on the broader financial system.
U.S. Says Ring Stole 160 Million Credit Card Numbers The scheme ran from 2005 until last year and caused hundreds of millions of dollars in losses, prosecutors said.
The former Goldman trader Fabrice Tourre is accused of duping investors into buying toxic assets.
Defense Tries to Show Sympathetic Side of Ex-Trader Fabrice Tourre's legal team worked to rehabilitate his image.
Trader and S.E.C. Lawyer Spar Over E-Mail The government waited more than three years to have a chance to shred the credibility of the former Goldman Sachs trader in front of a jury.
Witness in Tourre Case Describes Difficulty in Knowing Deal's Friends From Foes Laura Schwartz said she believed a hedge fund supported a transaction her firm invested in, but the fund actually bet against it.
Tourre Lawyers Focus on Reliability of Federal Witness Some of Gail Kreitman's testimony seemed to directly contradict what the former Goldman employee said during earlier testimony.
After he left his position as Wall Street's top federal enforcer, Robert S. Khuzami was wooed by several financial giants and white-shoe law firms.
A Legal Bane of Wall Street Switches Sides Robert S. Khuzami is following the quintessential Washington script: an influential government insider becoming a paid advocate for industries he once policed.
New Powers Invoked to Curb a High-Speed Trading Feint Three regulatory agencies set penalties on Panther Energy and its owner over a practice known as "spoofing" meant to manipulate markets.
White Collar Watch: Going After Steven Cohen's Wallet Whether prosecutors can succeed in forcing Steven A. Cohen to give up billions of dollars of assets will depend on showing that insider trading so infected SAC Capital Advisors that much of its money should be forfeited as the tainted proceeds of money laundering, says Peter J. Henning.
Life@Work: The Antidote to Emptiness The behavior of men like Anthony Weiner and Steven A. Cohen suggests they were desperately seeking validation, says Tony Schwartz. But there are better ways to fill that inner emptiness.
Pearson Puts Mergermarket Up for Sale Pearson bought the news and data service, which has 400 journalists focused on mergers and acquisitions in 67 locations, for about $192 million in 2006.
Profit at Nomura Surges on Rally in Japanese Markets Japan's biggest brokerage said Friday its net income for the most recent quarter was nearly 35 times higher than a year ago.
Breakingviews: Vivendi's Reinvention Takes Shape But in two asset sales this week, says Quentin Webb, investors may be disappointed that Vivendi did not realize the premium that usually comes with ceding control.
Buzz Tracker
At SAC, Rules Compliance With an 'Edge' SAC Capital Advisors is proud of its "strong culture of compliance" with insider-trading rules, but the government's indictment shows little evidence of it, writes James B. Stewart in his Common Sense column for The New York Times.
Week in Verse
'Criminal' Fiona Apple's 1997 hit about cheating is dedicated to all the traders and politicians who got caught this week.