UBS starts Singapore gold-vault service amid bullion rout

mineweblogo4

“Switzerland’s biggest bank started storing gold for wealth-management clients at a facility in Singapore.  The leased vault in the Singapore FreePort is available for clients in the city-state and Hong Kong. UBS joins Deutsche Bank AG and JPMorgan Chase & Co. in offering storage services in Asia.  The Singapore government has been promoting the country as a bullion-trading hub, removing a 7 percent sales tax from investment-grade precious metals last year. Millionaires in Asia outside Japan [are projected to] create $7 trillion in new wealth by 2016, boosting the share of global riches from emerging markets to about 37 percent from 24 percent in 2008.”

http://www.mineweb.com/mineweb/content/en/mineweb-gold-news?oid=196380&sn=Detail

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Jim Rogers: Never In History Has This Been Seen – All Central Banks Printing Money

Jim Rogers: Never In History Has This Been Seen – All Central Banks Printing Money

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Pro-democracy protest in Hong Kong draws tens of thousands

“Younger activists have become increasingly politicized. Surveys show they identify themselves more as Hong Kong citizens than Chinese nationals – a trend that alarms Beijing, which is eager for the city to show more ‘patriotism’ to the motherland.  Despite China’s pledge to allow a direct poll for the city’s leader in 2017, recent signs from senior Chinese officials have raised concern Beijing may somehow try to rig the rules to screen out opposition candidates from taking part.  The former British colony returned to Chinese rule on July 1, 1997, with the promise of universal suffrage as an ‘ultimate aim’ in its mini-constitution.”

http://www.rawstory.com/rs/2013/07/01/pro-democracy-protest-in-hong-kong-draws-tens-of-thousands/

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U.S. withdraws Bangladesh trade ‘privileges’ over worker safety

“The United States withdrew trade privileges from Bangladesh Thursday, citing dangerous conditions for workers in the wake of a factory building collapse that killed over 1,100 people. Multiple recent tragedies in the country’s huge garment sector ‘have served to highlight some of the serious shortcomings in worker rights and workplace safety standards in Bangladesh,’ said US Trade Representative Michael Froman.”

http://www.rawstory.com/rs/2013/06/27/u-s-cuts-bangladesh-trade-privileges-over-worker-safety/

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Gold rush as Lao prices drop

“The recent drop in gold prices on the Lao market has brought buyers out in droves to purchase gold jewellery while it remains cheap.  According to gold shops in Vientiane, sale prices yesterday were at 5,060,000 kip (US$655) per baht-weight for gold jewellery – down about 500,000 kip per baht-weight on previous months.  According to gold traders, large numbers of buyers have visited gold shops in Vientiane to purchase gold jewellery and bars as an investment.  Some shops at the Talatsao Mall were stripped bare of all of their wares as a result of the gold rush.”

http://sg.news.yahoo.com/gold-rush-lao-prices-drop-060002085.html

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Silver Demand Surges In India While Gold Premiums at $35/oz In China

“Attempts to prevent Indians from buying gold are contributing to them buying poor man’s gold, or silver. There has been a massive increase in silver demand in India in recent months and the government’s meddling and controls in the gold market will likely led to even more demand for silver.  While India imported 1,900 tonnes of silver in 2012, in the first five months of 2013 alone, imports have touched 2,400 tonnes.  According to industry estimates, silver imports during the January-March quarter stood at 760 tonnes. Imports shot up 720 tonnes in April alone, and in May, they further swelled by 920 tonnes.”

http://www.zerohedge.com/contributed/2013-06-27/silver-demand-surges-india-while-gold-premiums-35oz-china

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India central bank red flags ‘virtual currency’

“The Reserve Bank of India has expressed concern over the rise of ‘virtual currencies’  which are the likes of bitcoin. Virtual currencies or crypto currencies have also come under the focus of the police. In its financial stability report, RBI has for the first time raised the issue of virtual currency in India. ‘The unregulated link between virtual currency (if permitted), and traditional currency with a legal tender status poses challenges as the complete control over the differently denominated virtual currency is given to its issuer, who governs the scheme and manages the supply of money at will,’ RBI said.”

http://timesofindia.indiatimes.com/business/india-business/RBI-red-flags-virtual-currency/articleshow/20808495.cms

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Envoy says U.S. loses trust in Hong Kong after Snowden

“The top U.S. diplomat in Hong Kong warned on Thursday of a ‘big struggle’ ahead to repair Washington’s trust in the semi-autonomous Chinese territory. Speaking publicly for the first time since Snowden flew from Hong Kong to Moscow on Sunday despite a U.S. request to hold him to face charges of espionage, Consul General Stephen Young told Reuters that Washington’s confidence was ‘shaken’. Young did not specify how any deterioration in ties would play out but added: ‘I’ll say specifically in law enforcement co-operation – where we have a whole series of agreements, and protocols and practices – our confidence has been shaken.'”

http://www.rawstory.com/rs/2013/06/27/envoy-says-u-s-loses-trust-in-hong-kong-after-snowden/

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U.S. boss held captive by angry Chinese employees, released

“Chinese factory workers on Thursday released their U.S. boss, held captive for a week, after a compensation dispute was resolved. Chip Starnes, president of Specialty Medical Supplies, in the Beijing suburb of Huairou, was allowed to leave the factory and was resting in a hotel, the company official said. The workers had demanded severance packages identical to those offered to 30 employees who were recently laid off, even though the firm planned no further layoffs.  The workers’ demands followed rumors that the entire plant was being closed after the company’s plastic injection molding division began a move to India to lower production costs.”

http://www.rawstory.com/rs/2013/06/27/u-s-boss-held-captive-by-angry-chinese-employees-released/

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A million engineers in India struggling to get placed in an extremely challenging market

“Somewhere between a fifth to a third of the million students graduating out of India’s engineering colleges run the risk of being unemployed. Others will take jobs well below their technical qualifications in a market where there are few jobs for India’s overflowing technical talent pool. India trains around 1.5 million engineers, which is more than the US and China combined. However, two key industries hiring these engineers — information technology and manufacturing — are actually hiring fewer people than before.  Frustrated engineers are taking jobs for which they are overqualified and, therefore, underpaid.  A few exceptions have even turned to crime.”

http://articles.economictimes.indiatimes.com/2013-06-18/news/40049243_1_engineers-iit-bombay-batch-size

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