Monthly Archives: January 2013

Gold nugget weighing 5.5 kg discovered in Australia

"A prospector who found a gold nugget weighing 5.5kg (12lb) in the Australian town of Ballarat is said to be 'very happy'. The find, which is 22cm long (8.7in), was handed to gold shop owner Cordell Kent to sell to the highest bidder. He estimates the gold is worth more than 280,000 Australian dollars ($290,000; £180,000). The man has decided to stay anonymous, but that has not stopped local residents from speculating on his identity." Continue reading →

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81 gold coins found during pub work

"Builders carrying out stabilisation work on an old pub building have unearthed one of the most significant finds of gold coins ever recorded in Ireland. Eighty-one coins, mostly guineas and half guineas dating back to the 17th century, were dug up from clay underneath floorboards in a fire-damaged premises on Main Street, Carrick-on-Suir, Co Tipperary." Continue reading →

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1794 Silver Dollar sets 10 Million + World Record at Stacks Bowers Auction in NY

"The highlight of the evening was the $10,016,875 sale of the coveted 1794 Flowing Hair silver dollar, a superb Gem Specimen example, the finest known to exist. This set a new world-record price for any coin. Attended by hundreds of enthusiasts, collectors, investors and dealers, and resulting in nearly $27 million in rare coins crossing the block, the auction of The Cardinal Collection and other important consignments took place as part of the Stack’s Bowers Galleries New York Americana Sale." Continue reading →

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Euromoney Endorses Bank of Israel Governor for Fed Chairman

"Euromoney, which chose outgoing Governor of the Bank of Israel Prof. Stanley Fischer as 'Central Bank Governor of the Year in 2010,' calls for him to be appointed the next Chairman of the US Federal Reserve. EPJ was first to suggest that Fischer may be considered for the Fed post, when Bernanke's term ends in January 2014. Euromoney explains how inflationist Fischer was as Bank of Israel's top man. Under Fischer's watch in Israel, inflation has been comparatively very strong. Indeed, in 2011, it was as high as 4.3%, more than twice the Fed's current target rate." Continue reading →

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Israel Airstrike on Syria: Strange Bedfellows?

"Today Israel, without provocation or legal justification, bombed Syrian territory. As usual, the US government covers for Israeli military aggression in the region, however press reports that the US was scrambling for intelligence regarding the Israeli attack on Syria suggests that there was no forewarning by our 'ally' of a potentially enormously destabilizing escalation. What is most interesting is that Israel is targeting for military attack the same Syrian Army that the Islamist Free Syrian Army and the al-Qaeda linked al-Nusra Front are fighting to overthrow. Why would Israel prefer foaming at the mouth Islamic decapitation experts to rule Syria?" Continue reading →

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Financial Times: Other Countries Should Follow Germany’s Gold Repatriation Lead

"The Bundesbank's move is important: not for what it says about Germany's faith in French or American vaults; nor for the cost of shifting 674 tonnes of gold; but because it is a major victory for transparency in the gold market. Central banks are notoriously secretive about their gold-trading activities. Most report, on a monthly basis, their gold reserves to the International Monetary Fund. But these data fall a long way short of full transparency. They tell us nothing about derivative positions in the gold market -- for example, gold loans, agreements for future sales, or options transactions." Continue reading →

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Tripling in Chinese Debt to $1.7 Trillion Drags on Economy

"Chinese companies are spending more than ever to service debt after their borrowing almost tripled over five years, prompting strategists to warn of rising default risk and a threat to economic growth. Total short- and long-term borrowing by 3,895 publicly traded non-financial companies rose to almost $1.7 trillion in their latest filings, from $604 billion at the end of 2007, data compiled by Bloomberg show. Financing costs, including interest, on all forms of debt climbed to the highest level as a percentage of gross domestic product last year, according to Sanford C. Bernstein & Co." Continue reading →

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China tells U.S. to slow money printing presses

"A senior Chinese official said on Friday that the United States should cut back on printing money to stimulate its economy if the world is to have confidence in the dollar. Asked whether he was worried about the dollar, the chairman of China's sovereign wealth fund, the China Investment Corporation, Jin Liqun, told the World Economic Forum in Davos: 'I am a little bit worried.' China is the biggest purchaser of U.S. Treasury bonds, using its enormous foreign currency reserves primarily to buy U.S. securities as a long-term investment." Continue reading →

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Antigua set to bypass US copyright law with WTO green-lit media, software sales website

"In a surprisingly legal move, the government of Antigua is planning to open a website selling media and software without paying any fees to American copyright holders. It comes after the US closed its market to Antiguan gambling companies. The small Caribbean nation once thrived on its gambling industry, which at one point employed 5 per cent of its people, TorrentFreak reports. When the US blocked the island's gambling companies from accessing American players, it pulled the rug out from under the whole industry. Antigua is now set to begin selling music, movies and software without having to pay a cent to the American firms holding copyrights on the wares." Continue reading →

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Feinstein “Assault Weapons” Bill: Give Government an Inch…

Last week, I wrote about President Barack Obama’s gun-control executive orders, and in it, I said, “You don’t have to be a firearms enthusiast to know that this isn’t a final triumph for gun-control advocates. It’s only the latest chapter.” My argument was that any time you give the government an inch, they will always [...]

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