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Bernanke Has Gone Rogue

“Bloomberg said it well: ‘Federal Reserve officials intensified efforts to curb a growth-threatening rise in long-term interest rates, seeking to clarify comments by Chairman Ben S. Bernanke that triggered turmoil in global financial markets.’ Clarify, my foot. They are seeking to rein in Bernanke, who on his own authority changed the targets. Dudley is the Vice Chairman of the FOMC. They are trying to put out the interest rate fire that Bernanke’s comments last week produced in the bond market and mortgage market — the targets of QE3. Bernanke has gone rogue. Dudley is trying to bring him under control. He is trying to persuade investors that QE3 is here to stay.” Continue reading →

Gold rush as Lao prices drop

“The recent drop in gold prices on the Lao market has brought buyers out in droves to purchase gold jewellery while it remains cheap. According to gold shops in Vientiane, sale prices yesterday were at 5,060,000 kip (US$655) per baht-weight for gold jewellery – down about 500,000 kip per baht-weight on previous months. According to gold traders, large numbers of buyers have visited gold shops in Vientiane to purchase gold jewellery and bars as an investment. Some shops at the Talatsao Mall were stripped bare of all of their wares as a result of the gold rush.” Continue reading →

Silver Demand Surges In India While Gold Premiums at $35/oz In China

“Attempts to prevent Indians from buying gold are contributing to them buying poor man’s gold, or silver. There has been a massive increase in silver demand in India in recent months and the government’s meddling and controls in the gold market will likely led to even more demand for silver. While India imported 1,900 tonnes of silver in 2012, in the first five months of 2013 alone, imports have touched 2,400 tonnes. According to industry estimates, silver imports during the January-March quarter stood at 760 tonnes. Imports shot up 720 tonnes in April alone, and in May, they further swelled by 920 tonnes.” Continue reading →

Gold rush 2013 style has Dubai scrambling

“There is not enough space on airlines flying in to Dubai to meet the rapidly rising demand for physical gold in the emirate since the price plunged to record lows this week. The price drop led to a rush of buyers for Dubai gold from the Middle East, South East Asia, the Balkans, Turkey and parts of Europe according to Tarek El Mdaka, the managing director of Kaloti Gold in Dubai. ‘I cannot find a place for transporting gold on Emirates, on BA on Swiss Airlines this weekend,’ Mr El Mdaka said. ‘I am shipping in one-and-a-half to two tonnes of gold every day and it is going straight out.’ Gold is in such short supply in Dubai that he is able to charge a US$3 premium per ounce.” Continue reading →

Bill Bonner: No Real Recovery Without “Hitting Bottom” First…

“The fireworks in the gold market are still, probably, far ahead. You’ll hear the explosions when consumer prices begin to rise. And that won’t happen for a while. And here is where the story gets interesting… and hard to follow. The bond market has turned. This could push the economy into a deeper funk unless growth starts to pick up. But it could be years before the new trend is firmly established. We remember the last turn… in the early 1980s. Paul Volcker announced it in 1979. But it was almost four years before investors fully absorbed the news.” Continue reading →

Elite Body Sculpture Becomes World’s First Cosmetic Surgery Center to Accept Bitcoin

“Bitcoin, the world’s first peer-to-peer digital currency is now being accepted by cosmetic surgeon to the stars, Dr. Aaron Rollins, at his Elite Body Sculpture centers in Beverly Hills and Sacramento. Elite Body Sculpture is excited to be the very first cosmetic surgery center to accept this form of cutting edge payment. Bitcoin is the newest frontier in currency—decentralized and unbound by any country. This purely electronic system allows anyone to send a payment, anywhere in the world, for little or no cost. Secure and internationally accepted, Bitcoin is being rapidly adopted by pioneering users and businesses around the world.” Continue reading →

David Gregory Does Some Hard-Hitting News Coverage

“While I’m not a big fan of Frank Rich, I did enjoy his absolutely devastating stream of insults hurled at David Gregory, the NBC ‘journalist’ who accused Glenn Greenwald of being a traitor. Rich then linked to this video of David Gregory showing his great journalist chops by dancing with Psy, Gangnam Style. Rich is wrong that there’s anything bad about dancing with Psy, who is a better human being than any member of Congress. The truly revealing video of David Gregory is this one in which he is dancing and yukking it up with Karl Rove. We’re supposed to believe that Gregory will deliver hard hitting journalism about people Gregory gets drunk with?” Continue reading →

Joint Chiefs: Army reviewing rules of engagement over cyber threat

“Dempsey said that since his appointment as head of the Joint Chiefs in 2011 ‘intrusions into our critical infrastructure have increased 17-fold.’ Some 4,000 cyber-security experts would join the ranks over the next four years, while some $23 billion would be spent on tackling the threat. Dempsey said Cybercom was now organized in three divisions. One team was in charge of countering enemy attacks, another was tasked with offering regional support while a third was responsible for protecting some 15,000 US military computer networks. In addition, the military now had a manual which allowed it to cooperate with Homeland Security and the FBI.” Continue reading →