noworldsystem.com


U.S. Gives Up Economic Independence to the IMF

U.S. Gives Up Economic Independence to the IMF

http://www.youtube.com/watch?v=xbTCmSdHvrk

 



Gold Runs Out In Germany

Gold Runs Out In Germany

Allan Hall
London Evening Standard
October 12, 2008

Risk-averse Germans are turning to gold in troubled times – but there’s none left.

German gold dealers say demand has skyrocketed this past week to 10 times normal so no more orders can be taken for the foreseeable future.

“The demand exceeds our capacities by a great deal,” said Heiko Ganss, head of precious metal company Pro Aurum.

“The requests cannot be satisfied right now,” a dealer from the Düsseldorf WGZ Bank confirmed.

“Demand for gold as a conservative investment has risen dramatically,” said stephan Henkel. “right now the demand is about 10 times as high as in normal times.”

Gold deliveries now take between four and six weeks.

The US mint said on Monday it had exhausted some of its supply of bullion coins and was struggling to meet demand for gold, silver and platinum.

South Africa’s Rand Refinery, producer of the world’s most popular gold bullion coin, the Krugerrand, temporarily ran out of the coins in August.

 

Londoners Queue-Up on Sidewalk to Buy Gold in Rush for Money Haven

Bloomberg
October 9, 2008

Londoners stood in line outside the largest gold coin and bar retailer in the city’s West End shopping district, clogging the lobby and trading among themselves as they sought a safe haven for their money.

“People want something tangible, something they can hold on to, something the banks can’t give them,” said Chris Burrow, the owner of ATS Bullion, the gold dealer in the Strand that traces its roots back to the 17th century. “There’s no time to breathe. We’re rushed off our feet. Staff are exhausted.”

As U.K. stocks tumbled to a five-year low, paced by financial-services companies, gold advanced. Since Lehman Brothers Holdings Inc.’s Sept. 15 filing for bankruptcy protection, exacerbating the worldwide credit crisis, gold for immediate delivery has jumped 19 percent.

“Investors are rushing to safe havens and physical gold seems to be the favorite one,” said Frederic Panizzutti, a senior vice president at MKS Finance, one of Switzerland’s four bullion refiners.

British government action to prop up the banking industry has failed to reassure investors. The U.K. on Oct. 8 promised 50 billion pounds ($86 billion) of capital to banks, the same day the Bank of England cut its benchmark interest rate by half a percentage point. Last month, the government brokered a takeover of HBOS Plc, Britain’s largest mortgage lender, and seized control of Bradford & Bingley’s mortgage division.

Read Full Article Here

 

Austria Witnesses New Gold Rush

BBC
October 12, 2008

The financial crisis is prompting people to look for safer forms of investment than stocks and shares.

The interest in gold coins is so great that many of the world’s major mints are struggling to keep up with demand, including the Austrian Mint, which produces the Vienna Philharmonic – one of the best-selling bullion coins worldwide.

Sales of Vienna Philharmonic gold coins have gone up by more than 230% since last year.

Kerry Tattersall, the director of marketing at the mint, says production has gone into overdrive.

“We are running at present something like three shifts on all of the machines, on the presses, producing both gold and the silver bullion coins.

Read Full Article Here

 

Central banks all but stop lending gold

Javier Blas
Financial Times
October 8, 2008

Central banks have all but stopped lending gold to commercial and investment banks and other participants in the precious metals market, in a move that on Tuesday sent the cost of borrowing bullion for one-month to more than twenty times its usual level.

The one-month gold lease rate rocketed to 2.649 per cent, its highest level since May 2001 and significantly above its five-year average of 0.12 per cent, according to data from the London Bullion Market Association.

Gold lease rates for two, three, and six months and for a year also jumped to levels not seen in the last seven years.

Traders said the jump reflects the fact that central banks — mostly European — have almost completely stopped lending gold in the last few days and are not rolling forward old leases after maturity. This is because of fears that some borrowers might not repay their bullion loans if they are engulfed by the financial crisis.

“A number of central banks have been cutting back on their gold lending,” said Tom Kendall, a precious metals strategist at Mitsubishi in London.

John Reade, a commodities strategist at UBS, added that there had been a lot of talk about some central banks being unwilling to lend their gold because of a redoubled focus on the risk of borrowers not returning it.

Read Full Article Here

Bullion Shortage and Spot Prices Tell Two Different Gold Stories
http://seekingalpha.com/article/99680-..ces-tell-two-different-gold-stories

Blatant Banker Manipulation Of Gold Prices
http://www.prisonplanet.com/blatant-banker-manipulation-of-gold-prices.html

No Mass Mania for Gold Yet – Less than 1% of Public in Western World Have Invested in Gold
http://news.goldseek.com/GoldSeek/1224161100.php

Spot Gold Price Is Now Meaningless
http://www.istockanalyst.com/article/viewarticle%2Barticleid_2713209.html

Gold expected to rally above $1000 in Q1 2009
http://network.nationalpost.com/np/b..o-rally-above-1000-in-q1-2009.aspx

What the Pros Say: All that Glitters is Gold
http://www.cnbc.com/id/27095525

Kiener: Gold Prices To Double On Paper Market Default
http://www.prisonplanet.com/kiener-..o-double-on-paper-market-default.html

 



Solar wind weakest since beginning of space age

Solar wind weakest since beginning of space age

Breitbart
September 24, 2008

http://www.youtube.com/watch?v=A33trOVuwW4

The intensity of the sun’s million-mile-per-hour solar wind has dropped to its lowest levels since accurate records began half a century ago, scientists say.

Measurements of the cosmic blasts of radiation, ejected from the sun’s upper atmosphere, were made with the Ulysses spacecraft, a joint mission between NASA and the European Space Agency (ESA).

The solar wind “inflates a protective bubble, or heliosphere, around the solar system,” which protects the inner planets against the radiation from other stars, said Dave McComas, Ulysses’ solar wind principal investigator and senior executive director at the Southwest Research Institute in San Antonio, Texas.

“With the solar wind at an all-time low, there is an excellent chance the heliosphere will diminish in size and strength,” said Ed Smith, NASA’s Ulysses project scientist at the Jet Propulsion Laboratory in Pasadena, California.

“If that occurs, more galactic cosmic rays will make it into the inner part of our solar system,” added Smith.

Scientists say the weakening of solar wind appears to be due to changes in the sun’s magnetic field, but the causes of these changes are unknown.

The weakened solar activity can be beneficial because it slows satellites around the Earth, allowing them to remain in orbit longer.

The sun normally experiences 11-year-cycles between periods of great activity and lesser activity.

But, Smith said, the Ulysses mission’s recent results, published in Geophysical Research Letters, show that “we are in a period of minimal activity that has stretched on longer than anyone anticipated.”

The Ulysses mission was the first project to survey the space environment over the sun’s poles. The data the spacecraft has collected has profoundly changed the way scientists view our nearest star and its effects on the Earth.

Gore urges civil disobedience to stop coal plants
http://www.reuters.com/article/environmentNews/idUSTRE48N7AA20080924

NAS reports: 50 million year cooling trend
http://wattsupwiththat.com/2008/09/25/nas-reports-50-million-year-cooling-trend/

Heavy Snow Fall In South Africa Blamed On Global Warming
http://www.prisonplanet.com/heavy-snow-fall-in-south-africa-blamed-on-global-warming.html

BBC investigated after peer says climate change programme was biased ‘one-sided polemic’
http://www.dailymail.co.uk/news/art..gramme-biased-sided-polemic.html

Polar ice increases 9% from last year
http://noworldsystem.com/2008/09/21/polar-ice-increases-9-from-last-year/

Global Warming Hoax Archive

 



Gold Hits $940, Oil $112, Euro $1.59

Gold hits highs of $940, Current Price is $924

IBT Times

April 11, 2008

Gold pushed as high as $940 just before the open of the New York session on Thursday, then fell off until the noon hour, but then reversed field once again, moving higher to finish at $929.40/oz., down $4.60. Overnight, gold has edged lower.

Platinum was higher in the European markets, but declined in New York, to end at $2026/oz., unchanged. Overnight, platinum has slipped lower.

Silver peaked at $18.40 in early London trading, fell off until mid-morning in New York, then traded sideways for the rest of the day, closing at $17.95, down 22 cents. Overnight, silver has been flat.

It was a mixed day for the precious metals, with early weakness giving way to a spate of buying later in the day, and no major changes by the end.

Read Full Article Here

 

Oil Prices Above $112 As Supplies Fall, Current Price $110

AP

April 9, 2008

The price of oil has surged to a new record, with a barrel a crude trading above $112 a barrel on the New York Mercantile Exchange.

A government report that oil and fuel supplies were lower than expected last week gave crude a push past its latest milestone. But months of buying by speculators and by investors seeking refuge from a falling dollar have also lifted oil to its new heights.

Light, sweet crude for May delivery has traded as high as $112.16, surpassing the previous trading record of $111.80 set ast month.

 

US Dollar Hits New Record Low Against Euro

RTT
April 10, 2008

The US dollar declined against its major counterparts in early deals on Thursday, hitting a fresh record low against the euro. Against its other major counterparts, the dollar weakened to new multi-day low during this time period.

The US trade balance, initial jobless and continuing claims are the major economic events slated for release later in New York morning.

The US dollar plummeted to new record low of 1.5915 against the euro at about 5:10 am ET Thursday, compared to yesterday’s closing value of 1.5832.

Read Full Article Here

 

The dollar may face $1.65 against the euro by October

Bloomberg
April 7, 2008

Optimism for a dollar rebound that pervaded the currency market at the start of the year is fading.

Futures traders doubled bets against the greenback in the past two months, data from the Commodity Futures Trading Commission in Washington show. Citigroup Inc., Deutsche Bank AG and Royal Bank of Scotland Group Plc, which handle almost 40 percent of global foreign exchange trading, say the currency may slump to $1.65 per euro by October.

Read Full Article Here

Recent News:

Treasury Secretary Henry Paulson says economy has turned down sharply
http://www.reuters.com/article/topNews/idUSWBT00874120080410

Fed: Severe Downturn Possible
http://www.reuters.com/article/ousiv/idUSTRS00005820080409?sp=true

South Africa: Analysts Say Gold Can Top $1000 Again
http://allafrica.com/stories/200804100124.html

Greenspan: I have no regrets on Federal Reserve’s past policies
http://news.yahoo.com/s/nm/20080408/bs_nm/usa_economy_greenspan_dc

The Great Chinese Crash of 2008
http://www.fool.com/investing/in..reat-chinese-crash-of-2008.aspx

Soros: USD Won’t Be World’s Reserve Currency
http://www.nytimes.com/2008..Y&pagewanted=print

Soros sounds the alarm again on world economy
http://www.iht.com/articles/2008/04/11/business/11soros.php

Federal Credit Cards Misused
http://www.washingtonpost.com/wp-dy../ST2008040803504.html

U.S. Economy: Consumer Sentiment Drops to 26-Year Low
http://www.bloomberg.com/apps/n..=af8M_eEjb_QY&refer=home

Gas, Diesel Prices Hit New Records
http://www.bloomberg.com..087&sid=af8M_eEjb_QY&refer=home

Gas Tops $4 In Chicago
http://cbs2chicago.com/consumer/gas.prices.milestone.2.697232.html

G24: IMF Regulatory Failures Caused Crisis
http://news.yahoo.com/s..bNmbqT52QemoOrgF

Official: UAE to maintain dollar-peg policy
http://news.xinhuanet.com/english/2008-04/08/content_7940355.htm

WaMu gets $7 billion infusion, cuts jobs, sees big loss
IMF: Mortgage Crisis May Cost $945 Billion
Dollar Falls Against Euro, Heads for Weekly Decline, Before G-7
US Fed prepares to replenish war chest
US trade deficit jumps despite weak dollar
Pound falls to 80p against the euro
IMF Says U.S. Crisis Biggest Since 1930s
IMF: Global Intervention Needed On Credit Crisis
Current crisis is worst since Great Depression: Soros
Soros Predicts End Of Easy Borrowing
Govt Expects Gas To Hit $4

U.S. Economic Collapse News Archive

 



Gold Hit $980 and Oil $103 a Barrel

Gold powers to record on oil, eyes $1,000

Reuters
February 29, 2008

Fbiiraqisbein_mn

Gold powered to a new high near $980 an ounce on Friday after crude oil set an all-time high of above $103 a barrel, igniting inflation worries and another round of buying from investors and speculators.
Palladium jumped to its highest level in more than six years and silver hit a 27-year peak. Platinum rebounded from its lows but given the absence of new developments in South Africa’s supply problems, gains are likely to be capped.

Gold jumped as high as $975.90 an ounce, up from $968.90/969.70 late in New York on Thursday. Gold has gained more than 16 percent this year, and the next upside target pegged by dealers is $1,000.

Record high oil and expectations of more interest rate cuts in the United States add to inflation pressures, elevating gold’s appeal as a hedge against rising prices, while volatile stock markets have encouraged investors to shift some of their money into gold and other precious metals.

“The target is $1,000. I personally hope it will be $1,000 within a month,” said Yukuji Sonoda, precious metals analyst at Daiichi Commodities in Tokyo, adding that gold was likely be driven by movements in oil in coming weeks. Crude oil rallied to another record above $103 a barrel as Ecuador shut a key export pipeline and a fire hit a major European natural gas plant.

While oil is at a record price in inflation-adjusted as well as nominal terms, gold has lagged. According to analysts at GFMS gold’s inflation-adjusted record is $2,079 an ounce.

“Most of the funds are buying inflation hedges such as gold, silver and oil. It’s still a bull market, where hedge funds and banks buy precious metals,” said William Kwan, a dealer at Phillip Futures in Singapore.

“I think inflation is really getting out of hand. I am looking at $955 for support and resistance at $985,” said Kwan, who pegged upside target for silver at $20.

Silver rose as high as $19.92 an ounce, its highest in 27 years, up from $19.74/19.79 an ounce in New York.

Read Full Article Here

 

Oil Tops $103 For The First Time In History

AP
February 29, 2008

Fbiiraqisbein_mn

Oil prices briefly surpassed $103 a barrel for the first time Friday as persistent weakness in the U.S. dollar and the prospect of lower interest rates attracted fresh money to the oil market.

Light, sweet crude for April delivery on the New York Mercantile Exchange jumped to a new trading record of $103.05 a barrel in electronic trading before slipping back to $102.02 a barrel, down 57 cents, by midday in Europe.

On Thursday, the contract jumped $2.95 to a record settlement price of $102.59 a barrel.

Prices were supported by comments Thursday from Federal Reserve Chairman Ben Bernanke, who said the American economy is not immediately threatened with stagflation, a combination of economic weakness and rising inflation.

Investors chose to see the comments as confirmation of their beliefs that the Fed will continue cutting interest rates to try to shore up the economy.

“It seems that further interest rate cuts, additional dollar weakness and more investment buying will anchor oil to higher prices,” energy risk management firm Cameron Hanover said in its daily report. “It can’t go on forever, but it looks like it can go on for a while.”

Read Full Article Here

 

Euro hits fresh high against dollar

Financial Times
February 29, 2008

The dollar hit another record low against the euro on Friday, as data continued to support the view that the European Central Bank will keep interest rates on hold for the foreseeable future.

Headline inflation in the eurozone stood at 3.2 per cent in January, tallying with earlier estimates and market expectations as food and energy prices leapt. Meanwhile, unemployment in the eurozone held at a record low of 7.1 per cent in January.

“With headline inflation running at a 14-year high and the lingering threat of second round effects, it is premature for the ECB to switch to an easing bias in their policy stance just yet,” said Martin van Vliet at ING.

While the ECB remained unlikely to cut eurozone interest rates at its next policy meeting on Thursday, markets were fully pricing in a cut of 50 basis points at the US Federal Reserve’s meeting on March 18.

“Markets are probably wisely bracing themselves for further monetary policy divergence between the US and eurozone over the next few months,” added Mr van Vliet.

The euro rose to a record high of $1.5238, before retreating to $1.5206, little changed on the session.

Read Full Article Here

Recent News:

Sterling falls to all-time low vs. euro
http://uk.reuters.com/article/businessNews/idUKL297106920080229

Bush: U.S. Is Not Headed Into Recession
http://www.roguegovernment.com/news.php?id=6947

U.S. Home Sales At Lowest Levels In 13 Years
http://news.xinhuanet.com/english/2008-02/27/content_7682150.htm

Video: Why the price of wheat has skyrocketed over the past year
http://abcnews.go.com/Video/playerIndex?id=4320837

Bernanke: U.S. Not Facing 1970s-Style Stagflation
http://www.reuters.com/article/reute..0846020080228?sp=true

Bush & Bernanke Lie About Economic Crisis
http://www.roguegovernment.com/news.php?id=6967

Silver Now Outperforming Gold
http://www.321gold.com/editorials/watson/watson022808.html

Iraq war may cost US USD 7 trillion
http://www.presstv.ir/detail.aspx?id=45204&secti..3510203

The U.S. Dollar Is Being Destroyed
http://www.roguegovernment.com/news.php?id=6920

Potato growers warn of food shortages unless pay improves
http://www.abc.net.au/news/stories/2008/02/25/2171765.htm

U.S. Home Foreclosures Jump 90% as Mortgages Reset
http://www.bloomberg.com/apps/n..=azx0LzcT19ao&refer=us

Iraq war ’caused slowdown in the US’
http://www.theaustralian.news.com.au/story/0,25197,23286149-2703,00.html

$4 Gasoline By Spring Predicted
http://www.iht.com/articles/2008/02/27/business/26gasweb.php

USD Falls To Record, Jobless Claims Rise
Bernanke Acknowledges Economic Trouble
Government To Lift Fannie & Freddie Limits
City watchdog warns of ‘permanent’ end to easy credit in wake of crunch
Bank Of America Won’t Let You Access Your Money
Carlyle To Invest $4 Billion In Asian Companies
California City Moves Closer to Bankruptcy Filing
Ron Paul: Bernanke Deliberately Destroying Dollar
Middle Class May Be Subject To Food Rations, Warns UN
Shoppers Warned Food Prices Set To Rise
Traitor Greenspan Urges Gulf States To Abandon Dollar
Stiglitz Blames Greenspan For Recession

 



Another Fed Cut May Spur Gold Rally

Another Fed Cut May Spur Gold Rally

Dilip Kumar Jha
Business Standard
February 17, 2008

Fbiiraqisbein_mn

More interest rate cuts by the US Federal Reserve to protect its slowing economy are likely to strengthen gold prices further with the metal being a safe haven for investors having offered handsome returns in the last year-and-a-half.

Additionally, closure of mines in the wake of power shortage in South Africa have affected supplies badly. As a consequence, the metal has enjoyed great support from retail and institutional investors which will continue to boost it in the future.

Thus, gold is set to touch $915 an ounce this week. However, after breaching this level, the metal may take another two to three months to hit the $950 an ounce-mark.

In India, however, standard gold may see good support at the present level of Rs 11,630 per 10 grams and is likely to rally beyond Rs 11,800 per 10 grams this week. The breach of the Rs 12,000-mark is on the cards, too.

The US Federal Reserve cut the key lending rate twice (75 and 50 basis points) last month to 3 per cent, providing fresh funds for the US and world economy.

However, experts believe the rate cuts haven–t help revive the economy. Hence, prospects of a further 50 bps cut looms large.

High prices have dampened demand in India severely as total imports in January were a meagre 4 tonnes from 62.5 tonnes in January 2007.

India, the world–s largest gold consumer, is a market sensitive to price fluctuations. The nominal imports in January were a result of the knee-jerk reaction to volatile and high prices.

–Even if the price moves in the higher range, consumers will get used to it and demand will resume,– said Jayant Manglik, head (commodities) at Religare Enterprises. Manglik believes that both gold demand and prices will continue to go up.

In the last year-and-a-half, gold offered 32 per cent returns which other asset classes failed to achieve. Reportedly, the International Monetary Fund (IMF) is unlikely to offload gold in the physical market before two to three months as it may wait for prices to rise further.

Meanwhile, investors from other classes are gradually shifting their funds towards gold which is evident from the record gold trading in London during January.

Trading volumes in London rose to a 19-month high in January at an estimated average of 25.3 million ounces. Trading volumes in January 2007 stood at 17.1 million ounces.

Gold remained volatile last week in Jhaveri Bazar, a major spot market in Mumbai, with prices touching high of Rs 11,895 per 10 grams on Monday.

However, weak sentiment continued to prevail throughout the week with fresh orders for weddings drying up. The metal ended the week at Rs 11,630 per 10 grams.

 

Oil surges above $96 to one-month high

Randy Fabi
Reuters
February 15, 2008

Fbiiraqisbein_mn

Oil rose above $96 a barrel on Friday, surging to a one-month high as investors fixated on the possibility — however slim — of OPEC member Venezuela halting supplies to top consumer the United States.

The South American country, one of the largest crude exporters to the United States, cut shipments to Exxon Mobil (XOM.N: Quote, Profile, Research) earlier this week after the U.S. oil major won court orders to freeze over $12 billion of Venezuela’s assets.

Venezuelan President Hugo Chavez, a critic of U.S. President George W. Bush, imposed the embargo on Exxon after threatening to cut off all shipments to the United States in the row over nationalization of Exxon assets in Venezuela.

U.S. crude CLc1 was up 45 cents at $95.91 by 1015 GMT, after earlier hitting $96.05. London Brent crude LCOc1 rose 25 cents to $95.41.

“I can’t believe the Venezuelans will actually go ahead and do that, but as long as there is this uncertainty it’s going to continue to have a bullish impact,” said Tony Machacek at Bache Commodities.

U.S. Energy Secretary Sam Bodman said on Thursday he did not expect Exxon to have trouble replacing oil supplies from Venezuela, but said the nation’s Strategic Petroleum Reserve would be available if needed. nN13311576

“Venezuela will not affect the crude supply fundamentally. There will be some risk premium but there will not be any natural shortfall in crude,” said Gerard Burg of National Australia Bank in Sydney.

Major oil producers in the Middle East have already assured the United States they could compensate for a supply disruption if Venezuela slows exports.

Read Full Article Here

IMF to sell off Gold Reserves
http://www.wakeupfromyourslumber.com/node/5684

FDIC Chairperson Bair: “Housing Crisis Has Just Begun”
http://www.cnbc.com/id/22933893

Federal Reserve gives away Billions to banks!
http://mparent7777-2.blogspot.com..gives-away-billions-to.html

OPEC considers dumping US dollar
http://www.presstv.ir/detail.aspx?id=43221&secti..3510213

Recession to be longer than usual: University of Michigan
http://www.reuters.com/article/domesticNews/idUSN0826726720080208

Imploding Credit Bubble to Hit $1 Trillion
http://www.washingtonindependent.com/view/part-two-the-united

Banks Begging For Government Bail Out
http://www.reuters.com/article/ousiv/idUSN1440273120080214

Global Inflation Climbs To Historic Levels
http://www.iht.com/articles/2008/02/12/business/inflate.php?page=1

Credit Card Rates Continue To Rise
http://www.washingtonpost.com/..0/AR2008021002537_pf.html

Chavez ‘may cut oil supplies to US’
http://www.spacewar.com/2006/080210153450.k8y2za8p.html

A $43 Trillion Dollar Market That Most People Have Never Heard Of
http://www.huffingtonpost.com/jac..ar_b_86199.html

World bourses lost 5.2 trillion dlrs in January
http://afp.google.com/article/ALeqM5gFCytl_9hgGZdhCYPN01fbFqosHg

G.M. Loss Worst Ever for U.S. Carmaker
http://www.wsmv.com/automotive/15278246/detail.html?rss=nash&psp=news

U.S. Economic Collapse News Archive

 



Bush Unveils $3.1 Trillion Spending Plan

Bush Unveils $3.1 Trillion Spending Plan

AP
February 4, 2008

http://www.youtube.com/watch?v=H5HYIAQn4Lg

President Bush unveiled a $3.1 trillion budget on Monday that supports sizable increases in military spending to fight the war on terrorism and protects his signature tax cuts.

The spending proposal, which shows the government spending $3 trillion in a 12-month period for the first time in history, squeezes most of government outside of national security, and also seeks $196 billion in savings over the next five years in the government’s giant health care programs _ Medicare for the elderly and Medicaid for the poor.

Even with those savings, Bush projects that the deficits, which had been declining, will soar to near-record levels, hitting $410 billion this year and $407 billion in 2009. The all-time high deficit in dollar terms was $413 billion in 2004.

Democrats attacked Bush’s final spending plan as a continuation of this administration’s failed policies which wiped out a projected 10-year surplus of $5.6 trillion and replaced it with a record buildup in debt.

“Today’s budget bears all the hallmarks of the Bush legacy _ it leads to more deficits, more debt, more tax cuts, more cutbacks in critical services,” said House Budget Committee Chairman John Spratt, D-S.C.

Read Full Article Here

 

Platinum stable near record as gold solid above $900

Reuters
February 7, 2008

Fbiiraqisbein_mn

Cash platinum was hemmed in a tight band near its record high on Friday as another record high price in Japanese futures prices provided solid support due to concerns over supply problems in South Africa.

Spot gold was solid above $900 an ounce as the metal was supported despite the dollar jumping more than 1 percent against the euro on Thursday.

“There is no ceiling for platinum now as long as supply worries in South Africa remain,” said Tatsuo Kageyama, an analyst at Kanetsu Asset Management in Tokyo.

“You just can’t sell platinum considering that the country which supplies 80 percent of the world’s supply is facing trouble,” Kageyama said.

Cash platinum was trading at $1,840/1,850 an ounce as of 9:43 p.m. ET, from $1,841/1,846 late in New York on Thursday when it hit a record high of $1,850 an ounce the previous day.

Read Full Article Here

 

Peter Schiff On Fox Business News – (2/4/2008)

http://www.youtube.com/watch?v=JKCNZFJWiRc

Signs of Decline: New York Shoppers Can Now Pay in Euros
http://www.reuters.com/arti..RSS&feedName=domesticNews

Dozens of U.S. banks will fail by 2010: analyst
http://www.canada.com/ottawa..2-f8fbb851a367&k=53982

ICBC Deposes Citigroup as Chinese Banks Rule in New World Order
http://www.bloomberg.com/apps/ne..BhYtHt.s3gM&pid=20601103

Greenback Has Lost 30% in Past 7 Years, Becomes “Bernanke Peso”
http://www.dailyreckoning.com.au/greenback/2008/02/04/

IMF Calls For Revamping Global Government
http://www.imf.org/external/pubs/ft/fandd/2007/12/boughton.htmauthor

China’s Inflation Hits American Price Tags
http://www.nytimes.com/2..7600&en=51da850cefb4bbf5&ei=5087

UAE Likely To Revalue Dollar Pegged Currency
http://www.middle-east-online.com/english/business/?id=24186

U.S. recession could be worse than recent downturns
http://www.reuters.com/article/newsOne/idUSN0563297420080205

U.S. loses jobs for first time in 4-1/2 years
http://www.reuters.com/article/ousiv/idUSN3134479520080201

Zimbabwe Inflation At Over 26,000%
http://news.scotsman.com/world/Mugabe-in-poll-setback-as.3734498.jp

U.S. Loses Its Status As World Economic Power
http://www.newsday.com/news/o..n31,0,2812464,print.story

FDIC Gears Up For Large Bank Failure
http://www.marketwatch.com/news/story..yhoof&print=true&dist=printTop

 



New Gold Record at $923, Oil $91

New record for gold price at $923

BBC
January 25, 2008

Fbiiraqisbein_mn

The price of gold has set another record high, reaching $923 an ounce, after power cuts in South Africa closed mines and fuelled supply fears.

The metal was also boosted by the rise in oil prices. New York crude jumped $1.19 a barrel, extending heavy gains on Thursday to trade close to $91.

Gold is seen as an attractive investment in times of economic uncertainty and oil-led inflation.

Gold prices increased by more than 30% in 2007 and further gains are forecast.

Gold rush

Since the start of the year, the gold price has set a series of records, as many companies have predicted weaker earnings and global lending markets remain troubled.

Worries that the dollar will remain weak as a result of further US interest rate cuts are another factor behind the gold rush.

JP Morgan analysts forecast in a note to clients that gold could reach between $950 and $975 this year.

“Precious metals is a very strong picture,” said Graham Birch, head of BlackRock’s Natural Resources fund.

The rally was exacerbated by the suspension of production at some of the world’s biggest gold mines in South Africa, after the country’s state power supplier, Eskom, said it could not guarantee supplies.

Eskom said the power crisis would last for four weeks, but many observers expect the problems to persist for many years.

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