Precious Metals

Credit Suisse Says Governments Are Discouraging Gold Holdings – And What It Misses

"In a globalist, technocratic society, civil society arises as a kind of negotiation between the demands of the state and the desires of its citizens. But in reality this is an entirely unequal discussion, as the state intends to impose its demands by force. What Credit Suisse and other firms are missing, however, is that the current arrangement is an unstable one that arrogates more and more power over time to the state. If citizens in various repressive states are hoarding gold, it is because they don't trust government-run currencies. Perhaps they hoard gold as well because taxes are continually rising and because price inflation is out of control." Continue reading →

Continue ReadingCredit Suisse Says Governments Are Discouraging Gold Holdings – And What It Misses

Minting Pennies & Nickels Cost U.S. Taxpayers $436 Million Since 2006

"Pennies and nickels have cost more than their face value to mint since 2006, resulting in a loss of at least $436 million to U.S. taxpayers. The CHART OF THE DAY shows that in 2012, the penny cost almost 2 cents to make and the nickel more than 10 cents, according to the U.S. Mint’s annual report released in January. Those prices have almost doubled over the past seven years. American lawmakers seeking a model need not look beyond the Royal Canadian Mint, which stopped distributing pennies to financial institutions on Feb. 4, saving C$11 million ($11 million) annually. The last Canadian cent was minted in May." Continue reading →

Continue ReadingMinting Pennies & Nickels Cost U.S. Taxpayers $436 Million Since 2006

The Herd: Wrong About Alaska, Wrong About Gold

"My message lately has been very simple: buy low. And do it now. The essential formula for investing, as you know, is to buy low and sell high. So easy to say, so hard to do. It takes real mettle to be a successful contrarian, and it's precisely because so many investors are so nervous about our market today that it's a buyer's market. Let me digress for a crucial, relevant sliver of history." Continue reading →

Continue ReadingThe Herd: Wrong About Alaska, Wrong About Gold

India bans gold jewellery from Thailand

"In a fresh clampdown, India has officially banned the import of gold jewellery from Thailand. The authorities suspect that Indian importers are misusing the duty free pact with Thailand to import bullion from the South East Asian nation. The commerce ministry has recommended suspension of gold jewellery imports from Thailand in view of the increasing imports from the country. For some time now, the government has been looking to bring down imports of the precious metal into the country and has added several stages of import duties." Continue reading →

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Arizona bill would make gold, silver coins acceptable forms of payment

"Arizonans who fear the federal government will make their folding money worthless may soon be able to substitute privately minted gold and silver coins. The measure is crafted to get around a provision of the U.S. Constitution which bars states from minting their own coins. But supporters also note it says that states cannot 'make any thing but gold and silver coin a tender in payment of debts.' That, they contend, permits states to recognize coins minted by others. Crandell said the ultimate bottom line is a lack of confidence in the dollar -- or at least the real value of the dollar, what with the Federal Reserve Bank continuing to print new money." Continue reading →

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Peter Schiff: Gold Pullback Explained

"Reports of the death of the gold bull market have been greatly exaggerated. In the global currency war the biggest loser wins. However, the real winner will be gold. The race to debase means no fiat currency is safe. Savers are assured of being collateral damage unless they protect their purchasing power with a monetary asset central banks cannot print." Continue reading →

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India mulling further efforts to curb gold imports

"The world's biggest gold importer has been trying to get its population to buy less of the metal. Late January, the government hiked the import duty on gold and platinum to 6% from 4% to curb imports of the precious metal. However, realising that an import duty hike was in the offing, bullion retailers purchased 23% more gold in January this year, ahead of the duty hike. 'The shipment was the highest in 18 months and clearly undermined the government's efforts to cap imports. A purchase of 100 tonne in one month is 40% more than the monthly average. This has got the government worried once again,' said Baijal Pushpesh, bullion retailer." Continue reading →

Continue ReadingIndia mulling further efforts to curb gold imports

Baubles to bars: India gold culture defies curbs

"Gold has been deeply entwined in Indian culture for thousands of years. Nowadays, India is by far the world's biggest buyer of gold and those imports are an increasing drain on an economy that is growing too slowly to reduce widespread poverty. Last year Indians imported 864 tons of gold, about one fifth of world sales. The unquenchable appetite for gold coins, bars and jewelry has swelled India's trade deficit and weakened its currency, making crucial imports such as fuel more expensive. Industry experts say there are signs that higher import taxes have encouraged smuggling, which hasn't been a problem since India lifted strict gold controls more than 20 years ago." Continue reading →

Continue ReadingBaubles to bars: India gold culture defies curbs