The Fed’s $700 Billion Magic Trick

“We’re closing in on the five year anniversary of the most severe market drop in recent history. From the last week of September 2008 through the beginning of October 2008 the Dow shed over 2,000 points – representing an overall market drop of more than 23%.”   Continue reading on dailyreckoning.com

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Gold Bulls Raise Wagers Most in Month on Stimulus: Commodities

“Hedge funds’ combined holdings in gold futures rose the most this month as continued U.S. monetary stimulus spurred investors to sell short contracts and sent prices toward the first quarterly advance in a year. The net-long position in bullion jumped 12 percent to 78,654 futures and options in the week ended Sept. 24, the most […]

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Strong Silver Coin and Bar Demand From India and U.S.

“Today’s AM fix was USD 1,335.75, EUR 989.59 and GBP 827.30 per ounce. Friday’s AM fix was USD 1,321.50, EUR 978.45 and GBP 822.03 per ounce. Gold climbed$12.30 or 0.93% Friday, closing at $1,336/oz. Silver rose $0.02 or 0.05%, closing at $21.72. Gold rose 0.81% while silver slid 0.09% for the week. Gold moved to […]

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First U.S. Shutdown in 17 Years Imminent With No Talks

“Republicans and Democrats say they don’t want to close the government, though neither side is budging from their positions. House Republicans, led by Speaker John Boehner, want to delay President Barack Obama’s Affordable Care Act for a year and make other changes to the law. Democrats, led by Obama, say that won’t happen. Obama will […]

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China to ease gold trade restrictions – central bank

“The proposed policy change could boost imports by China, which is expected to overtake India this year as the world’s top gold consumer, and where gold normally trades at a premium to London spot prices. “If it comes into effect, supply into China could increase and (local) prices could ease depending on demand,” said a […]

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Lower gold price spurs rush to buy bullion

“Falling gold prices in recent months have encouraged bargain hunters across Asia to buy more of the precious metal. Gold has traditionally been bought in India and China as insurance against currency fluctuations and inflation.”   Continue reading on radioaustralia.net.au

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London bullion body could charge more or disband gold rates

“In July, the International Organisation of Securities Commissions (IOSCO) – a global umbrella group for market regulators – detailed a series of principles on financial benchmarks, after the Libor (London Interbank Offered Rate)manipulation scandal. The scandal led Madrid-based IOSCO to study how Libor, which was rigged by British banks, including Barclays (BARC.L), and other money […]

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T-Minus 15 Hours: The Complete Government Shutdown Summary

“Today sees the Senate reconvene after yesterday saw the Republican-led House voted in favour of a modified continuing resolution (CR) which includes a one-year delay to Obamacare (the Affordable Care Act). The Senate is not scheduled to meet until 1400ET today meaning that if the new bill is rejected there is not enough time to […]

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Balance Sheet Liquefaction And The Race For Precious Metals

  The Fed seems to be stuck because of housing market weakness and its associated mortgage backed securities. The repo market appears to be where the stress is most threatening, though hidden from view. These trillion dollar daily transactions are the lifeblood of world financial markets. Furthermore, the size of global financial markets has become […]

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Gods forbid – India's temples guard their gold from government

(Reuters) – India’s temples are resisting divulging their gold holdings – perhaps nearly half the amount held in Fort Knox – amid mistrust of the motives of authorities who are trying to cut a hefty import bill that is hurting the economy. The Reserve Bank of India (RBI), which has already taken steps that have […]

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