When Vladimir Putin says the U.S. is endangering the global economy by abusing its dollar monopoly, he’s not just talking. He’s betting on it.
Not only has Putin made Russia the world’s largest oil producer, he’s also made it the biggest gold buyer. His central bank has added 570 metric tons of the metal in the past decade, a quarter more than runner-up China, according to IMF data compiled by Bloomberg. The added gold is [...]
from Ambrose Evans-Pritchard:
Bears beware. A monetary revolution is underway.
They are tearing up the script, embracing the new creed of nominal GDP targeting (NGDP), a licence for yet more radical action.
The side-effects of this currency warfare — or “beggar-thy-neighbour’ policy as it was known in the 1930s — is an escalating leakage of monetary stimulus into the global system.
So don’t fight the Fed, and never fight the world’s central banks on [...]
traderdannorcini.blogspot.ca / By Trader Dan / December 19, 2012
Reports coming out of the IMF indicate that Brazil has DOUBLED its holdings of gold since the end of August of this year. It is now officially holding 2.18 million ounces compared to 1.08 million ounces at the end of August. IMF data reveals that Brazil purchased 472,000 ounces in November.
Also, the World Gold Council is reporting that it expects official sector gold [...]
by GoldCore Gold Bullion
Russia , Turkey, Ukraine Buy Gold But Bullion Tiny Part Of FX Reserves
Today’s AM fix was USD 1,663.50, EUR 1,325.18 and GBP 1,053.52 per ounce.
Yesterday the London Bullion Market was closed for a national holiday.
Friday’s AM fix was USD 1,666.50, EUR 1,329.16 and GBP 1,051.88 per ounce.
Gold fell $5.90 or 0.35% in New York on Friday and closed at $1,663.90. Silver climbed to $31.241 then retreated but [...]
Published on Apr 24, 2012 by CapitalAccount
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Welcome to Capital Account. With Italian and Spanish bond yields back on the rise, we’ve recently seen the Dutch government collapse under the weight of austerity talks and French president Nicolas Sarkozy defeated after the first-round of elections. As price discovery is guarded against in the financial markets, are we seeing its emergence reflected in the delicacy of eurozone governments as discontent is [...]
Headlines (A must read on all of them):
Banks’ overnight ECB deposits near record
IMF cuts China 2012 growth forecast to 8.25%
China growth could halve if Europe crisis worsens: IMF
Data Show Greece’s Debt Ratio Growing as Economy Shrinks
Europe’s debt rose to 82 percent of output at end-Q3
Portugal sounds out advisers on debt restructuring
Britain Prepares for Worst as EU Strives to End Euro Crisis
China bans airlines from joining EU emissions scheme
New York AG [...]
Anne Gudefin, PIMCO’s global equities portfolio manager, likes gold.
“The largest position in [our] fund is gold, which we think is a very good form of protection against what can go wrong,” said Gudefin in an interview with Fortune published on May 12.
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“We were encouraged by the fact that a lot of the central banks, especially in Asia, are big buyers. We think that’s an [...]