Tag Archives: Precious Metals

Gold’s Protective Power In Action: India’s Ongoing Currency Destruction

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“Although the Indian currency has been falling against the dollar for four decades now, it certainly is in an accelerating downtrend lately. The following paragraphs, quotes and charts paint a picture of a country desperately trying to save its economy and currency. The victims of this situation are of course the citizens. In their attempt to run to gold, they are stopped by their own government. How ironic is this situation when looking as an outsider. Did you ask yourself: am I prepared if this situation hits my country? In this global currency war, that just started two years ago and is expected to last till at least 2020, every country will be hit sooner or later. Are you prepared?”

http://goldsilverworlds.com/money-currency/golds-protective-power-in-action-indias-ongoing-currency-destruction/

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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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South African labor unrest spreads, gold, construction strikes loom

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“Tens of thousands of construction workers prepared to down tools next week and unions in the gold sector also signaled their intention to call a strike over wages. NUM represents about 64 percent of the roughly 140,000 miners in the South African gold industry, where major operators include AngloGold Ashanti, Gold Fields, Harmony and Sibanye Gold. Seshoka also announced that NUM’s 90,000 members in the construction industry would go on strike from Monday.  South Africa’s faltering economy is already losing an estimated $60 million a day to a strike by 30,000 workers in the car manufacturing sector that accounts for 6 percent of gross domestic product.”

http://www.reuters.com/article/2013/08/22/us-safrica-strikes-idUSBRE97L0BA20130822

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Paulson Offsets Gold Bullion ETF Sale with Gold Swaps

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“Hedge fund manager and gold bull John Paulson made headlines this week after regulatory filings revealed he cut his stake in the largest bullion-backed ETF by more than half in the second quarter. However, Paulson offset much of the sale by buying gold swaps in the over-the-counter market, the Financial Times reports, sourcing a person familiar with the matter. ‘Paulson & Co.’s decision to shift a chunk of its gold holdings out of the ETF and into the OTC market reflects the relative costs of the two,’ the FT reports. GLD charges an expense ratio of 0.40%.”

http://finance.yahoo.com/news/paulson-offsets-bullion-etf-sale-151238295.html

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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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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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Gold Producer Write-Downs: Death Sentence or Opportunity?

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“Once a company has written down an asset, that loss no longer trickles down to the bottom line in the form of depreciation expense. Suppose you have a mine written down to zero, because operations provide effectively zero return at lower prices, but the company keeps mining because management believes prices will go up, and mine closure would be both expensive and hard to reverse. Then prices do rise, and the mine starts making money hand over fist, with no depreciation to impact net income. That’s why it’s so important to separate still-viable assets that are written down from those that really were based on foolish assumptions and are never likely to be profitable.”

http://www.caseyresearch.com/cdd/write-downs-death-sentence-or-opportunity

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Bill Bonner: Sooner or later, markets change

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Bill-Bonner2

“What’s a share in a company really worth? What’s a bond worth? Heck, what’s the dollar itself worth?  All of these questions will draw the same reply: it depends.  Among the things it depends on is the ‘trust’ in the society…in its leaders…in its capital structure…and in its future.  When the sun is shining, it’s easy to have trust in a society. It’s when the chilly winds blow that the question marks begin to fly. You see them picked up by the gusts of wind like plastic bags…floating around until they are snagged on some barren tree.  That’s when it gets interesting…when the hopes and hallucinations that undergirded the boom give way.  Our guess is that investors are about to go back to school.”

http://www.equitymaster.com/dailyreckoning/detail.asp?date=08/26/2013&story=2&title=Sooner-or-later-markets-change

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Jim Rogers: Financial Calamity – It’s Coming, Be Worried, Be Careful

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Jim Rogers: Financial Calamity – It’s Coming, Be Worried, Be Careful

“Multi-millionaire investor Jim Rogers predicts, ‘They’re going to take money wherever they can. . . . They’re going to take our bank accounts and retirement accounts.’ Rogers concludes by saying, ‘We’ve had perilous times, and it’s going to get worse. . . It’s coming, be worried, be careful.’ Join Greg Hunter as he goes One-on-One with Jim Rogers, author of ‘Street Smarts, Adventures on the Road and in the Markets.'”

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Was Keynes a Brilliant Investor?

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The-Circle-Bastiat-311

“Keynes’ initial foray into investing led to a smash up. He lost everything he had unwisely borrowed and had to be bailed out by his parents. He did not do well in the 1920′s. He was taken unawares by the the 1929 Crash and also by the 1937 rout. In both instances, he came perilously close to being wiped out again because of very concentrated holdings and continuing use of leverage. In short, Keynes was a speculator, at the same time that he criticized speculators and the ‘casino’ atmosphere of the market. The article does disclose Keynes’s very large gold mining stock position in the 1930′s but fails to note the irony of this holding or his private praise of gold as a  portfolio diversifier.”

http://bastiat.mises.org/2013/08/was-keynes-a-brilliant-investor/

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