investment

Russia Says World Is Nearing Currency War as Europe Joins

"The alert from the country that chairs the Group of 20 came as Luxembourg Prime Minister Jean-Claude Juncker complained of a 'dangerously high' euro. The push for weaker currencies is being driven by a need to find new sources of economic growth as monetary and fiscal policies run out of room. The risk is as each country tries to boost exports, it hurts the competitiveness of other economies and provokes retaliation. The skirmish may lead to a clash of G-20 finance ministers and central banks when they meet next month in Moscow, three months after reiterating their 2009 pledge to 'refrain from competitive devaluation of currencies.'" Continue reading →

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Pacific Group to Convert 1/3 of Hedge-Fund Assets to Gold

"The Pacific Group Ltd., founded by a former PaineWebber Inc. trader, is converting one-third of its hedge-fund assets into physical gold, betting that prices will go up as governments print more money to pay off debt. The Hong Kong-based asset manager plans to take delivery of $35 million worth of gold bars that can be traded on the London Bullion Market Association and other international markets, William Kaye, its founder and chief investment officer, said in a telephone interview on Jan. 18. It has secured vault space at Hong Kong International Airport to store the gold, he said." Continue reading →

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Kyle Bass Tells ‘Nominal’ Stock Market Cheerleaders: Remember Zimbabwe

"Bass starts by reflecting on the ongoing (and escalating) money-printing (or balance sheet expansion as we noted here) as the driver of stock movements currently and would not be surprised to see them move higher still (given the ongoing printing expected). However, he caveats that nominally bullish statement with a critical point, 'Zimbabwe's stock market was the best performer this decade - but your entire portfolio now buys you 3 eggs' as purchasing power is crushed. Investors, he says, are 'too focused on nominal prices' as the rate of growth of the monetary base is destroying true wealth." Continue reading →

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Retirement Savings Accounts Draw U.S. Consumer Bureau Attention

"The U.S. Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments. The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams. Americans held $19.4 trillion in retirement assets as of Sept. 30, 2012, according to the Investment Company Institute, an industry association; about $3.5 trillion of that was in 401(k) plans." Continue reading →

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Chipotle Salary Can Top $95,000 Annually

"You might not think slinging burritos is the most glamorous job out there, but apparently it’s possible to make a heck of a lot of money doing it. Climbing the ladder at locations of the fast food chain Chipotle Mexican Grill can result in some big bucks, according to CBS Los Angeles. One employee interviewed by the network, Lidia Castillo, said she worked her way up from a service manager all the way to restaurateur (Chipotle's title for a general manager) within a year, a position with an average salary of $99,000 annually. That’s significantly more than the median annual salary for fast food workers of around $18,230, according to Daily Finance." Continue reading →

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Why sales is a hot new job

"In theory, people were all going to start doing their buying directly online. No need for legions of salesclerks. Instead, in some ways the Internet is expanding the need for salespeople – particularly those who sell scientific and technical products and services, which can be lucrative. In 2010, the US Bureau of Labor Statistics (BLS) reports, these sales engineers earned a median annual salary of $87,390 (including base pay, bonuses, and commissions), making that the highest paid of all sales categories. In second place were sales reps in wholesale and manufacturing, specifically for technical and scientific products, who earned a median yearly income of $73,710." Continue reading →

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81 gold coins found during pub work

"Builders carrying out stabilisation work on an old pub building have unearthed one of the most significant finds of gold coins ever recorded in Ireland. Eighty-one coins, mostly guineas and half guineas dating back to the 17th century, were dug up from clay underneath floorboards in a fire-damaged premises on Main Street, Carrick-on-Suir, Co Tipperary." Continue reading →

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1794 Silver Dollar sets 10 Million + World Record at Stacks Bowers Auction in NY

"The highlight of the evening was the $10,016,875 sale of the coveted 1794 Flowing Hair silver dollar, a superb Gem Specimen example, the finest known to exist. This set a new world-record price for any coin. Attended by hundreds of enthusiasts, collectors, investors and dealers, and resulting in nearly $27 million in rare coins crossing the block, the auction of The Cardinal Collection and other important consignments took place as part of the Stack’s Bowers Galleries New York Americana Sale." Continue reading →

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Financial Times: Other Countries Should Follow Germany’s Gold Repatriation Lead

"The Bundesbank's move is important: not for what it says about Germany's faith in French or American vaults; nor for the cost of shifting 674 tonnes of gold; but because it is a major victory for transparency in the gold market. Central banks are notoriously secretive about their gold-trading activities. Most report, on a monthly basis, their gold reserves to the International Monetary Fund. But these data fall a long way short of full transparency. They tell us nothing about derivative positions in the gold market -- for example, gold loans, agreements for future sales, or options transactions." Continue reading →

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Tripling in Chinese Debt to $1.7 Trillion Drags on Economy

"Chinese companies are spending more than ever to service debt after their borrowing almost tripled over five years, prompting strategists to warn of rising default risk and a threat to economic growth. Total short- and long-term borrowing by 3,895 publicly traded non-financial companies rose to almost $1.7 trillion in their latest filings, from $604 billion at the end of 2007, data compiled by Bloomberg show. Financing costs, including interest, on all forms of debt climbed to the highest level as a percentage of gross domestic product last year, according to Sanford C. Bernstein & Co." Continue reading →

Continue ReadingTripling in Chinese Debt to $1.7 Trillion Drags on Economy