Wednesday, June 22, 2011
The central bank’s final draft decree on managing gold trading stipulates that people can buy bullion as an investment – it had earlier considered allowing people to sell but not buy -- but not use it as a means of payment.
To be eligible for a three-month license for gold trading, businesses must meet certain conditions related to capital, revenue, and network, it says without spelling out the requirements.
Businesses producing and trading gold jewelry too must register for a license from the central bank.
The SBV also seeks to restrict gold exports and strictly regulate imports......read on
Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and a run on the banks.
Pledges by socialist prime minister George Papandreou that his government would “save the country” have been widely discounted by the public. However, parliament gave him a vote of confidence late on Tuesday night. The socialists have a six-seat majority in the 300-member house.
Sales of gold coins have soared as savers seek a safer and fungible source of value.
“When the global financial crisis started, our sales of coins to investors overtook bullion for the first time,” said Harry Krinakis, at Sepheriades, a Greek precious metals trader. “Now the sales ratio has reached five to one.”
Tomas, a computer technician, has exchanged his euro savings for gold coins: “I keep them at home just like my grandmother did in the second world war.”
Monthly bank withdrawals were running at €1.5bn-€2bn (£1.3bn-£1.8bn) in the first quarter. Last year, depositors withdrew €30bn, equivalent to 12.3 per cent of total savings, according to the central bank.....read on
The Baltic Dry Index (BDI) is a number issued daily by the London-based Baltic Exchange. Not restricted to Baltic Sea countries, the index tracks worldwide international shipping prices of various dry bulk cargoes.
Because dry bulk primarily consists of materials that function as raw material inputs to the production of intermediate or finished goods, such as concrete, electricity, steel, and food, the index is also seen as an efficient economic indicator of future economic growth and production. The BDI is termed a leading economic indicator because it predicts future economic activity.
Because it provides "an assessment of the price of moving the major raw materials by sea," according to The Baltic, "... it provides both a rare window into the highly opaque and diffuse shipping market and an accurate barometer of the volume of global trade -- devoid of political and other agenda concerns."
Silver-coin sales from the Perth Mint have surged to a record as buyers seek to protect their wealth with the metal known as poor man’s gold.
The mint sold 10.7 million one ounce silver coins since July 1 last year, according to Sales and Marketing Director Ron Currie. That’s 66 per cent higher than the previous full fiscal year and about 10-fold more than five years earlier. Sales of one ounce gold coins will be close to a record, he said.
Think you could avoid the TSA's body scanners and pat-downs by taking Amtrak? Think again. Even your daily commute isn't safe from TSA screenings. And because the TSA is working with Immigration and Customs Enforcement (ICE) and Border Patrol, you may have your immigration status examined along with your "junk".
As part of the TSA's request for FY 2012 funding, TSA Administrator John Pistole told Congress last week that the TSA conducts 8,000 unannounced security screenings every year. These screenings, conducted with local law enforcement agencies as well as immigration, can be as simple as checking out cargo at a busy seaport. But more and more, they seem to involve giving airport-style pat-downs and screenings of unsuspecting passengers at bus terminals, ferries, and even subways.
VIPR operations are now even targeting freight trucks on highways. In addition to the random checks on public transit systems, it makes you wonder: can private vehicles be far behind? Will there be any mode of transportation beyond the reach of the TSA?UPDATE: According to at least one news report out of Brownsville, Texas, TSA/VIPR has already conducted unannounced inspections of private passenger cars and trucks........read story in full
This week Max Keiser and co-host, Stacy Herbert, report on how to improve your self esteem with mountains of debt. In the second half of the show, Max talks to Demetri Kofinas in Athens about the global insurrection against banker occupation happening in Syntagma Square and the role of credit default swaps and mountains of debt in making that occupation possible in the first place.