Asia

India July silver imports highest in 5 years

"Silver imports in July 2013 are the second highest in any month in the last five years. On the other hand, gold has seen a steep decline in imports in June (only 8.908 MT) compared to 37.618 MT in May, the second lowest in last five years. Experts say traders are importing more silver because of trade restrictions on gold by the Government of India since June 3. The decrease in silver prices over the last three months is also driving imports. 'Due to restrictions on gold, these figures were expected and traders are waiting for gold prices to fall further before they start buying,' said Kishore Javeri of Javeri and Company." Continue reading →

Continue ReadingIndia July silver imports highest in 5 years

500,000 Indian workers lose jobs as jewellers curb gold imports

"Vijay Gopal, a goldsmith at one of India's leading branded jewellery manufacturing unit in Coimbatore, lost his job last month. 'Since last three decades I was working in this market and never felt the need to learn any other skill. I am clueless on how I will feed my family of six,' said Gopal. Gopal is not alone. The government’s move to tighten the screws on gold imports, and the decision by major jewellers such as Tata Group's Tanishq, TBZ, Geetanjali Jems and others to curb gold sales, have caused some collateral damage: a cloud over the future of industry workers. Mrityunjay Sarangi, secretary, ministry of labour, refused to comment on the issue." Continue reading →

Continue Reading500,000 Indian workers lose jobs as jewellers curb gold imports

State Sponsored Terrorism: Another Anniversary

"August 6 marks the 68th anniversary of a truly horrific example of state sponsored terrorism. It was on this date that the United States government dropped a nuclear bomb on the city of Hiroshima, Japan. This was followed by an even more callous example of state sponsored terrorism three days later, with the nuclear bombing of Nagasaki. There was no military reason for these acts of state sponsored terrorism. This military myth has been exposed for the lie that it is. Don’t take my word for it: ask Admiral Leahy and General Eisenhower. That the myth persists is a testament to the indoctrination schemes of public education and mainstream media." Continue reading →

Continue ReadingState Sponsored Terrorism: Another Anniversary

South Korea’s $4 Million Teacher

"Tutoring services are growing all over the globe. But nowhere have they achieved the market penetration and sophistication of hagwons in South Korea, where private tutors now outnumber schoolteachers. The bulk of Mr. Kim's earnings come from the 150,000 kids who watch his lectures online each year. For decades, the South Korean government has been trying to tame the country's private-education market. Politicians have imposed curfews and all manner of regulations on hagwons, even going so far as to ban them altogether during the 1980s, when the country was under military rule. Each time the hagwons have come back stronger." Continue reading →

Continue ReadingSouth Korea’s $4 Million Teacher

Protest over Taiwanese military conscript’s death draws 100,000

"More than 100,000 Taiwanese people took to the streets Saturday in protest over the death of a young conscript who was allegedly abused in the military. Protesters rallied at a square near the presidential office in Taipei, mostly dressed in white — a colour symbolising truth in local culture. It was the second mass protest since Corporal Hung Chung-chiu died of heatstroke on July 4 — apparently after being forced to exercise excessively as punishment for taking a smartphone onto his base — just three days before the end of his compulsory year-long military service." Continue reading →

Continue ReadingProtest over Taiwanese military conscript’s death draws 100,000

Confusion, not regulation the major dampener for Indian gold demand

"While it is likely that imports will be dampened as a result of the new regulations, at least part of the reason for that will be because of the sheer confusion as to exactly what is going on. As UBS explains, 'The difficulty is that the new regime appears quite complex from implementation and logistical standpoints. How exactly are customs authorities going to track all this flow and ensure that all the required quotas are met? Where will the bonded warehouses be located? Will there be enough warehouse capacity in necessary locations? How does this new framework fit in with participants' business models in terms of logistics and distribution?'" Continue reading →

Continue ReadingConfusion, not regulation the major dampener for Indian gold demand

Indian central bank has debased the rupee 99% vs the dollar; no hope in next Guv too

"The rupee has lost almost 99 percent of its value against the US dollar since 1947 when the rupee was at parity with the dollar. The dollar itself has been no great paragon of virtue and has lost 98 percent of its value against gold in the same period ($35/ounce in 1947 to around $1,330 today). So to state the the RBI has decimated the value of the rupee would actually be an understatement of sorts. But it continues to amaze me when I see the RBI Governors being extolled to the realm of divinity by the media. 'Headless Chicken' would be a much more appropriate description of how they have performed over the last few decades." Continue reading →

Continue ReadingIndian central bank has debased the rupee 99% vs the dollar; no hope in next Guv too

India Pledges Rupee Action as Currency Nears Fresh Low

"On Tuesday, traders were rattled after Subbarao said the central bank would return to a pro-growth monetary stance only once the currency stabilised. Separately, Finance Minister P. Chidambaram said the government was looking into liberalising foreign direct investment rules, attracting funds from non-resident Indians and clamping down on the import of non-essential items such as electronics. 'There's no rocket science in manufacturing basic electronic hardware ... So we can manufacture electronic hardware goods here,' he told a news conference in New Delhi." Continue reading →

Continue ReadingIndia Pledges Rupee Action as Currency Nears Fresh Low

Jim Rogers: “Nothing Good In India”

"If you know Jim's story, you probably know that this man was born to be one of the greatest investors of all time. Selling peanuts at the age of five to getting a job in Wall Street at the age of 22 to starting his first index fund with George Soros at the age of 31, Jim has had a meteoric rise in the investing world. And what's even more interesting about him is that he likes to break rules as an investor. He is famous for his contrarian calls and controversial ideas. In fact, he proved it again in our interview, when he went ahead with his latest commentary on the Indian economy, and said: 'I am short India.'" Continue reading →

Continue ReadingJim Rogers: “Nothing Good In India”

ANZ opens Gold vault in Singapore

"Singapore gold investors now have another option when it comes to stashing their gold. New Zealand's biggest banking group, ANZ, has announced that it has opened a gold vault in the Singapore. The bank's vault has the capacity to house 50 tons of gold. According to the bank, close to 15% of the world's primary production, and counts among its clients central banks and sovereign wealth funds. 'Singapore is strategically located between the world's top two gold producers, China and Australia, as well as the world's largest consumption markets,' said ANZ co-head of fixed income, currencies and commodities, Eddie Listorti." Continue reading →

Continue ReadingANZ opens Gold vault in Singapore