Tag Archives: Asia

India gold price at all-time high

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“As we have discussed in previous articles, gold is synonymous with savings and security for many of India’s 1.24 billion people and recent events clearly show why. With capital leaving the country, investors fleeing the stock market and dumping Indian bonds, the only asset that has protected capital has been gold. In fact, holders of gold have prospered in an environment where there are few safe assets. The RBI has attempted to make gold ownership difficult and expensive for Indian buyers by restricting imports and increasing taxes, yet the chart below is evidence they have failed in their campaign.”

http://www.sprottgroup.com/thoughts/articles/chart-of-the-week-india-gold-price-at-all-time-high/

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India Bans All Gold Coin Imports, Increases Capital Controls

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“Not satisfied with raising import tariffs on gold and putting in place jarring new FX flow capital controls, it seems the war on a weakening Rupee continues. We previously discussed the unintended consequence of such actions – including the rise of the gold smuggler – but the latest total ban on the importation of gold coins and medallions is edging India closer and closer to the Argentinian edge of Cristina Fernandez totalitarianism (after the initial ban on sales in June). In an effort to ‘moderate outflows’ of Rupee, the Indian central bank slashed the amount of money families can send out of the country per year to $75k and limited overseas investment to 100% of net worth (from 400%).”

http://www.zerohedge.com/node/477636

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The cost of being the world’s No.1 uranium producer

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“Kazakhstan has steadily risen to become the world’s No. 1 uranium producer, surpassing such nations as the United States, Canada, and Australia, which require more cleanup. Rather than employing miners to haul rock up to the surface, mine operators in Kazakhstan have embraced a newer – and generally cleaner – process by which a chemical solution is injected down a pipe to dissolve the underground uranium deposits and then is sucked back up to the surface. This in situ leach (ISL) method avoids making a mess above ground, but leaves toxic levels of heavy metals in the ground water.”

http://www.csmonitor.com/World/Asia-South-Central/2013/0828/The-cost-of-being-the-world-s-No.1-uranium-producer

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Gold flows from Britain to Switzerland surge in first half

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“Britain’s gold exports to Switzerland surged in the first half of this year, Australian bank Macquarie said on Monday, suggesting bullion being sold out of exchange-traded funds may be heading for Swiss refineries before being sold on in Asia.  The UK exported 240 tonnes of gold to Switzerland in May alone, while its exports over the first half of this year totalled 797 tonnes. In contrast, Britain exported just 92 tonnes of bullion to Switzerland in the whole of last year. ‘The UK does not have gold mines, so where has it all come from? The obvious source is the gold exchange-traded funds (ETFs), most of which hold their gold holdings in London vaults, and which saw huge outflows in 1H 2013,’ Macquarie said.”

http://www.reuters.com/article/2013/08/19/gold-uk-exports-macquarie-idUSL6N0GK2M920130819

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In Bhutan, a stock trade a day keeps stress away [2009]

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“The outside world is coming to Bhutan, slowly. Television arrived here in 1999 and there are now around 10,000 Internet connections in a country of under 700,000 people. Bhutan still has no traffic lights since the first one was withdrawn after protests from residents that it was unsightly. In the stock exchange’s bare trading floor, computers sit on sparse wooden desks. There are no TVs on the walls, no shouts into telephones, no empty coffee cups or discarded paper. Peldon, dressed in traditional Bhutanese dress, typed in her one trade for the day before an 11 am deadline, when buy and sell orders are matched up by computer software that has not been updated since 1993.”

http://www.reuters.com/article/2009/12/09/us-bhutan-stockmarket-idUSTRE5B840620091209

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India’s Sonia Gandhi seeks support for law to banish hunger

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“Gandhi told MPs to send a message to the world that India was ready to eradicate hunger and malnutrition. ‘The big message which will go out to the country and rest of the world is clear and concrete: that India is taking the responsibility of providing food security of all its citizens,’ she said.  ‘Our goal for the foreseeable future must be to wipe out hunger and malnutrition from our country,’ Italian-born Gandhi told lawmakers to applause in the Lok Sabha, the lower house of parliament. Her government says the programme will add 230 billion rupees ($3.6 billion) annually to India’s existing 900-billion-rupee food subsidy bill.”

http://www.rawstory.com/rs/2013/08/26/indias-sonia-gandhi-seeks-support-for-law-to-banish-hunger/

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Jim Rogers: Need to own real assets in India

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“Jim Rogers: Your politicians have been making mistakes for decades and every time you just push into the future, the problems get build up and get worse and worse and worse. There are plenty of smart Indians and there are plenty of smart people who could help India. Unfortunately, the government does not listen to them. But if I were doing it, I would abolish all exchange controls, I would abolish all capital controls, I would abolish all subsidies, I would abolish the absurd laws governing a restraining agriculture. I would cut spending so that there is no deficit spending.”

http://economictimes.indiatimes.com/opinion/interviews/need-to-own-real-assets-in-india-jim-rogers/articleshow/22092601.cms

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Emerging market turmoil ‘not another’ currency crisis: analysts

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“Back then, investors reacted by panicking, withdrawing funds en masse, resulting in the Thai baht eventually collapsing. The phenomenon then spread like a wildfire throughout Asia, and even to Russia, with foreign capital vanishing almost with the blink of an eye. Short of capital, emerging countries suffered acute shortages of credit, plunging them even deeper into the crisis. Fifteen years on, India’s Prime Minister Manmohan Singh last week said emerging countries are now much better equipped. The Economist’s Ryan Avent wrote on his blog that a bigger concern are potential policy errors on behalf of governments and central banks as they try to stem the slide of their currencies.”

http://news.yahoo.com/emerging-market-turmoil-not-another-currency-crisis-064543689.html

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Dubai And Saudi Stock Markets Getting Totally Smoked

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“There’s a lot of ugly stuff today. Emerging markets (India, Indonesia, Turkey, etc.) are getting crushed on all the standard emerging market worries. Plus there’s all the Syria stuff that seems to be having a financial market impact. You can really see that in Mideast stock markets. Dubai is getting simply demolished, as the stock market there is down 7%. Saudi Arabia is down 3.5%.”

http://www.businessinsider.com/dubai-and-saudi-stock-markets-getting-totally-smoked-2013-8

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Two U.S. sailors admit to Okinawa rape charges

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“Okinawa is the reluctant host of more than half of the 47,000 US military personnel in Japan. The rape provoked outrage and led to a nationwide curfew on all American military personnel in Japan.  Despite the curfew, misconduct involving US servicemen, much of it drunken, has continued to fuel anti-US sentiment in communities with bases.  The attack came amid already high tensions in Okinawa, which saw demonstrations last year against the US deployment to the island of Osprey aircraft. Local activists charge they have a poor safety record. Washington sees the island as a vital strategic base in a region that is increasingly wary of the power of China’s rising military.”

http://www.rawstory.com/rs/2013/02/26/two-u-s-sailors-admit-to-okinawa-rape-charges/

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