Daily Archives: February 10, 2013

Argentina Is First Nation Censured by IMF for Economic Data

"Argentina became the first country to be censured by the International Monetary Fund for not providing accurate data on inflation and economic growth under a procedure that can end in expulsion. The declaration of censure was adopted yesterday by the IMF’s 24-member board, the Washington-based fund said in a statement. While it doesn’t have immediate effects, the decision takes the country a step closer to sanctions that include being barred from access to IMF loans." Continue reading →

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Up to 25% of India’s gold may be smuggled in

"An estimated quarter of the gold flowing into India is coming through irregular channels given the 'anti-gold' stance adopted by the government of one of the world's leading gold markets‚ Philip Klapwijk‚ global head of metal analytics at GFMS Thompson Reuters. 'You have a government that is clearly anti-gold in India and it is using the duty system to try hold back demand‚' he said. In January the government raised the duty on gold imports to 6% from 4%. 'What this is doing is stimulating the smuggling of gold into the country. It may be that at least a quarter of the gold coming into India is coming through unofficial channels‚' he said." Continue reading →

Continue ReadingUp to 25% of India’s gold may be smuggled in

China Central Bank Injects Record Cash Into Money Market

"China's central bank on Tuesday injected CNY 450 billion into the money markets through open market operations, reports said. This was the largest ever single-day injection. The People's Bank of China conducts repurchase agreements and offers bills to maintain short-term liquidity. The bank has introduced more funds as liquidity tightened ahead of the Chinese Spring Festival holiday." Continue reading →

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Hong Kong 2012 net gold flow to China hit record high

"Hong Kong’s net gold flow to mainland China jumped 47 percent in 2012 to a record high of 557.478 tonnes, indicating robust demand in China, which vies with India to be the world's top gold consumer. Hong Kong shipped 114.372 tonnes of gold to China in December, also a record high for monthly exports. The former British colony received 19.644 tonnes of gold from the mainland in that month." Continue reading →

Continue ReadingHong Kong 2012 net gold flow to China hit record high

China tops world in gold producing

"China produced the most gold in the world in 2012, making it the largest producer for the sixth straight year, latest industry association data showed. China's gold output increased 11.66 percent from a year earlier to hit a record high of 403.05 tonnes in 2012, the China Gold Association said Wednesday. The output was almost 100 times that of 1949, when the country produced just 4.07 tonnes, the association said. It attributed the increase to favorable government polices, which have put the industry on a fast track and made it a pillar industry in many of the country's gold producing areas." Continue reading →

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Turkey will not halt Iran gold exports despite sanctions pressure

"U.S. officials are concerned that Turkey’s gold sales, which allow Iran to export natural gas, provides a financial lifeline to Tehran, which is largely frozen out of the global banking system by Western sanctions imposed over its nuclear programme. Turkey, Iran's biggest natural gas customer, has been paying the Islamic Republic for oil and gas imports with Turkish liras, because sanctions prevent it from paying in dollars or euros. Iranians then buy gold in Turkey, and couriers carry bullion worth millions of dollars in hand luggage to Dubai, where it can be sold for foreign currency or shipped to Iran." Continue reading →

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Iranians shun own currency for Gold

"Iranians continued to purchase gold from every available centers on fears about it's economy, particularly the risk of soaring inflation and a wobbly currency. Worries about the declining buying power of the rial and doubts over the currency’s stability are the main drivers behind the flight to gold. Due to sanctions, Iranians have no choice but to invest in gold coins as they can't move their capital and invest in other countries. Treasured as a store of value, Iran’s gold coins, minted over centuries, are also culturally important. Produced by the Central Bank of Iran, a standard gold coin weighs 8.133 grams. It is also sold in smaller denominations." Continue reading →

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Jim Rogers: Don’t Sell Your Gold and Silver Coins

"Demand for gold and silver coins is raging, and given the weak outlook for paper currencies, investors should hold on to these coins, says star investor Jim Rogers, chairman of Rogers Holdings. Gold coin sales hit a 19-month high last month, while silver eagle sales climbed to a record peak. 'You can’t get [silver coins]. They sell out,' Rogers tells Yahoo. 'Several mints have run out of coins, … because everybody’s worried about the future of the world.' Rogers says he 'wouldn’t rush in right now' to buy more coins, but would consider purchasing gold if prices fall further." Continue reading →

Continue ReadingJim Rogers: Don’t Sell Your Gold and Silver Coins

Neocons Getting Nervous?: Reviews of Rand Paul’s Foreign Policy Speech

These are by no means all the reviews of Sen. Rand Paul’s foreign policy speech at Heritage last week, but they are particularly noteworthy. I categorized the best I could. Glowing praise: The Washington Times editorial thought it was an important speech that stressed the desperate need to reexamine US foreign policy.  The Washington Times [...]

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Karl Hess: Tools to Dismantle the State

"Karl Hess was a noted speechwriter (for Barry Goldwater among others) and author, and later in his life became known as a tax resister and market anarchist. In this video from a Libertarian International conference in Stockholm in 1986, Hess speaks about everything from his time as a speechwriter for Barry Goldwater to Euclid, the impending collapse of global communism, children's education in America, the dawn of the personal computer, new management styles in business (he somewhat accurately predicts the way Google treats its employees based on Cray Supercomputers' management style at the time), and several other fascinating topics." Continue reading →

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