CLibertyC

India to launch Save Gold Campaign to convince consumers to deposit gold

"India's bullion industry is set to revive its gold deposit scheme in a bid to mobilise gold coins and bars lying idle. The Save Gold Campaign (Swarna Bachao Abhiyan) is hoped will mop up some of the gold currently lying fallow with individuals, banks, high networth individuals, charitable trusts and even temple trusts, that is estimated to be as much as 25,000 tonnes. The consumer would take sealed gold and authenticity certificate to the bank, which would issue a deposit certificate for a valid period, ranging from one and a half to three years. After the said period, the depositor would get the gold back with interest as promised by the bank." Continue reading →

Continue ReadingIndia to launch Save Gold Campaign to convince consumers to deposit gold

George Soros Takes a Giant Put Position Against the S&P 500

"Hedge fund titan George Soros' biggest position is a huge bearish bet that the Standard & Poor's 500 will go down, MarketWatch reported. Soros has a history of rolling the dice on risky propositions in the past and making giant gains. He is known as 'The Man Who Broke the Bank of England' because of his successful bet against the British pound that led to $1 billion in profits during the 1992 Black Wednesday U.K. currency crisis. Soros Fund Management reported it bought a put on 1,248,643 units of the SPDR S&P 500 Trust (SPY) exchange-traded fund (ETF) in the second quarter – its largest holding, according to MarketWatch." Continue reading →

Continue ReadingGeorge Soros Takes a Giant Put Position Against the S&P 500

Repo Market Decline Raises Alarm as New Regulations Strain Debt

"The U.S. repurchase, or repo, market where banks and investors borrow and lend Treasuries and other fixed-income securities shrunk to $4.6 trillion daily outstanding last month, down 35 percent from 2008. Financial institutions are responding to more stringent capital standards imposed by regulators around the world. Already, the group of dealers and investors that advise the U.S. Treasury say that they see declines in liquidity in times of market stress, including wider gaps between bid and offer prices and the speed of completing trades. The potential consequences are higher borrowing costs for governments, companies and consumers." Continue reading →

Continue ReadingRepo Market Decline Raises Alarm as New Regulations Strain Debt

Bitcoin and China: More than Meets the Eye?

"If the Chinese government intends to steer the country toward being an effective post-industrial economy, then offering increased economic freedom and a pro-innovation environment is the way to go. Perhaps there is indeed an 'avant garde' in the Chinese government, which sees Bitcoin as a place to make one of its first moves. Or, perhaps, China’s Bitcoin-friendliness is still simply the result of government blindness, and a crackdown is due to come in two or four months. But with every passing week the alternative hypothesis is becoming increasingly likely; perhaps China’s Bitcoin acceptance has more behind it than meets the eye." Continue reading →

Continue ReadingBitcoin and China: More than Meets the Eye?

Cayman FATCA Agreement Makes It Tougher for Wealthy Americans to Hide Money

"The Cayman Islands, known as a haven for wealthy Americans seeking to stash cash overseas without scrutiny from the U.S. government, is about to become less secret. An agreement between the countries will put in place the Foreign Account Tax Compliance Act, or Fatca. The 2010 law makes it tougher to hide money overseas because foreign banks must report their accounts to the U.S. Internal Revenue Service or face, in some cases, a 30 percent withholding tax. The accord is significant because the Cayman Islands is a major financial center and home to operations for dozens of banks, funds and wealth-management entities." Continue reading →

Continue ReadingCayman FATCA Agreement Makes It Tougher for Wealthy Americans to Hide Money

CIA admits to helping overthrow Iran’s democratically elected leader in 1953

"The CIA has publicly admitted for the first time that it was behind the notorious 1953 coup against Iran’s democratically elected prime minister Mohammad Mosaddeq, in documents that also show how the British government tried to block the release of information about its own involvement in his overthrow. Malcolm Byrne, deputy director of the national security archive, has called on the US intelligence authorities to release the remaining records and documents. 'There is no longer good reason to keep secrets about such a critical episode in our recent past. The basic facts are widely known to every school child in Iran,' he said." Continue reading →

Continue ReadingCIA admits to helping overthrow Iran’s democratically elected leader in 1953

Guardian Editor: Intelligence Agents Destroyed Hard Drives After Snowden Story

"In a particularly revealing moment, Rusbridger said he was contacted by an agent of the GCHQ, who said 'You've had your fun. Now we want the stuff back,' referring to the classified material provided to the paper by Snowden. Rusbridger said he asked the official if the British government intended to shut down the paper. The official said that in the absence of the handover or destruction of classified material, that was indeed the intention. And so one of the more bizarre moments in the Guardian's long history occurred – with two GCHQ security experts overseeing the destruction of hard drives in the Guardian's basement." Continue reading →

Continue ReadingGuardian Editor: Intelligence Agents Destroyed Hard Drives After Snowden Story

Indian gold imports set to resume after 4-week halt as export rule clarified

"A resumption of imports would ease tight domestic supply and prices ahead of a festival and wedding season that kicks off next month. Indian imports would also support benchmark international gold prices, which hit a two-month high on Monday. The confusion centred on a rule that required importers to re-export at least 20 percent of all imports, known as the 80/20 rule. Last week, the Reserve Bank issued detailed guidelines on how the rule would work, but the complexity of the rule had prevented banks from importing immediately. Banks are the main importing agencies for gold into India." Continue reading →

Continue ReadingIndian gold imports set to resume after 4-week halt as export rule clarified

LA Businessman Shoots Five Robbers Dead in Four Separate Incidents

"Five robbers made bad decisions. They decided to rob this man’s watch repair shop. They came in armed. They went out feet first. Yet the end of the story is sad. The gangs vowed revenge. He closed his store. He no longer has walk-in customers. Los Angeles is gang-ridden. The social breakdown in this welfare state is obvious to victims. Self-government is declining in a society where the state funds irresponsibility in the name of compassion. Today, California has eleven bills in the legislature to make gun ownership more difficult. The gangs favor these bills. It makes their work so much safer." Continue reading →

Continue ReadingLA Businessman Shoots Five Robbers Dead in Four Separate Incidents

Asians Buy Gold. Westerners Sell It.

"American investors did not buy physical gold, but instead bought ETFs — promises to pay money, not gold — because commissions were lower than coins. But the commodities futures organizations are now facing the lowest inventories of deliverable gold ever. If the owners of contracts for future deliveries — 'longs' — start taking delivery, the exchanges will have to deliver digital dollars instead. Westerners like George Soros and John Paulson have been selling their paper gold positions. Asians are taking delivery of physical gold. You can’t make jewelry out of digits. Who is selling physical gold? No one in the industry knows." Continue reading →

Continue ReadingAsians Buy Gold. Westerners Sell It.