CLibertyC

Jim Rogers: Why Gold Broke Its Bull Run

"As Rogers notes, India is the largest buyer of gold in the world, giving them a fair amount of influence over the price of the metal. As gold continued to skyrocket in price, so too did India’s trade deficit, the largest drivers of which are gold and oil. As Rogers states, the nation can’t do much about oil prices, so that leaves gold to take the fall. As such, India has taken a number of measures to slow the import of gold including a ban on installment credit card purchases. The first half of May saw India purchase $135 million in the first two weeks of the month, but only $36 million the latter two weeks of the month." Continue reading →

Continue ReadingJim Rogers: Why Gold Broke Its Bull Run

India takes drastic steps to defend rupee as global Fed shock deepens

"The country’s central bank raised a key funding rate 200 basis points to 10.25pc and took steps to drain money from India’s financial system, even though the economy is stalling and risks a hard landing. Foreign funds have been selling India debt at a record pace since late May, causing a 7pc fall in the rupee. Brazil and Indonesia have both had to tighten policy after a sharp slide in their currencies. Turkey signalled this week that it can longer afford to keep burning foreign reserves to protect the lira, and may have to raise interest rates instead. Nomura said India’s clamp-down is comparable to the funding squeeze last month by China’s central bank." Continue reading →

Continue ReadingIndia takes drastic steps to defend rupee as global Fed shock deepens

Indian gems, jewellery exports fall 41% in June on gold shortage

"India's gems and jewellery exports fell about 41 per cent year-on-year to $2.3 billion in June, 2013 on account of shortage of gold and limited inventory in domestic market. In June last year, these exports stood at $4 billion, according to the Gems and Jewellery Export Promotion Council (GJEPC). 'The exports declined drastically in June as there was a shortage of raw-material for jewellery manufacturing. This was because the government had taken steps to curb gold imports,' GJEPC chairman Vipul Shah said. The major markets for the country's jewellery exports are the US, Europe, Middle-East, Hong Kong and Japan." Continue reading →

Continue ReadingIndian gems, jewellery exports fall 41% in June on gold shortage

Still strong Indian demand for gold loans keeping banks interested

"Despite the recent imposition of new restrictions by the Reserve Bank of India on the provision of gold loans, banks and non-banking financial corporations, report continued growth in the sector. And, citizen demand for such loans has two institutions cozying up afresh, by filing applications to open up new centres. India's largest pure play gold mortgage player Muthoot Finance has applied for a banking licence and maintains it can easily launch a commercial lending business with over 2,000 branches. While Muthoot Finance aims to cater to the small towns and villages, IndusInd bank will instead focus on the metros and will cater to self employed individuals." Continue reading →

Continue ReadingStill strong Indian demand for gold loans keeping banks interested

Ex-Goldman Sachs director Rajat Gupta fined $13.9 million for insider trading

"A federal judge Wednesday ordered former Goldman Sachs board member Rajat Gupta to pay a $13.9 million penalty related to insider trading. The SEC’s case against Gupta concerns alleged civil violations stemming from his communications with former Galleon hedge fund tycoon Raj Rajaratnam. In a parallel criminal case, a New York jury in June 2012 convicted Gupta of spilling boardroom secrets to Rajaratnam. In addition to his spot on the Goldman Sachs board, Gupta had been head of the renowned consultancy McKinsey & Co and a director of Procter & Gamble, making him one of the most successful Indian immigrants in the United States." Continue reading →

Continue ReadingEx-Goldman Sachs director Rajat Gupta fined $13.9 million for insider trading

$92 quadrillion: PayPal accidentally makes man a quadrillionaire

"Since the brief blunder, Reynolds, who works at the PR firm he co-founded with his wife (Reynolds Ink), says he has had some time to think about what he would have done with $92 quadrillion. The first thing he would have spent the money on was not a sports car, a vacation home, or even an early retirement. 'I’d want to pay down the US’ national debt. That’s been really bugging me,' Reynolds says." Continue reading →

Continue Reading$92 quadrillion: PayPal accidentally makes man a quadrillionaire

Indian government again urges Indians not to buy gold

"India's Finance Minister P Chidambaram has appealed to the people, once again, to moderate their demand for gold. While insisting that the government would not rule out a complete ban on gold imports, as has been discussed in some quarters, he pointed out the precious metal has cost the nation $50 billion in foreign exchange. Stating that there is a long time attachment to gold in India, the minister asked, '... can we for sometime moderate the demand for gold?' Asking investors to cut down on their purchases as a starting point, Chidambaram suggested buying 10 grams of gold if one was inclined to buy 20 grams of gold." Continue reading →

Continue ReadingIndian government again urges Indians not to buy gold

Swiss top the tables for household savings

"Switzerland tops a list compiled by Handelsblatt for money saved on average by average households. The Swiss put aside 17.5 percent of gross income into savings last year. This may not be entirely surprising given that incomes in the mountain country are three to four times as high as in most European countries. Switzerland’s unemployment rate of 2.9 percent in June compares with an average in the European Union of 12.1 percent in May, according to Eurostat. The report highlights a growing divide between wealthy northern countries and poorer countries in southern Europe. In Greece, the rate was negative 6.4 percent as citizens dug into existing reserves." Continue reading →

Continue ReadingSwiss top the tables for household savings

10 things Social Security won’t tell you: The truth about the agency’s bottom line

"About a third of workers in their 50s expect Social Security benefits to be their primary source of income in retirement. The Social Security Administration itself has said that unless something is done to reform the system, it will have to reduce benefit payments to retirees within the next few decades. Less talked about, perhaps, is the concern that the program is having a hard time paying its bills today. In 2010, the Social Security Administration began collecting less revenue in taxes than it needs to cover benefit payments, forcing the agency to tap its $2.7 trillion trust fund sooner than some had expected." Continue reading →

Continue Reading10 things Social Security won’t tell you: The truth about the agency’s bottom line

10 things baby boomers won’t tell you: The aging Me generation is still putting itself first

"Boomers are expected to live longer than any previous generation. At the same time, many haven’t saved nearly enough for retirement. More than 44% of early boomers (defined as those born between 1948 and 1954) and 43% of late boomers (born between 1955 and 1964) may not be able to afford basic living expenses in retirement. [..] Nearly one in six people ages 45 to 64 say that paying for their kid’s college tuition got in the way of saving for their own retirement. That’s not surprising, given that the typical middle-income family will spend more than $230,000 to raise a child from birth to age 18, up 23% (in today’s dollars) since 1960." Continue reading →

Continue Reading10 things baby boomers won’t tell you: The aging Me generation is still putting itself first