Cocaine farmers in Colombia are leaving the drug business and moving into illegal gold-mining.
Saturday, November 19, 2011
The Big Story - Bloody Sunday: Blood Money?
http://www.presstv.com/Program/210599.html
14 people are killed and dozens injured when British Paratroopers opened fire on a civil rights march in Derry, Northern Ireland.
It was one of the most shocking events in the bitter struggle for Irish independence that had seen enmity on both sides.
14 people are killed and dozens injured when British Paratroopers opened fire on a civil rights march in Derry, Northern Ireland.
It was one of the most shocking events in the bitter struggle for Irish independence that had seen enmity on both sides.
'US military, intelligence community & professionals resist Iran war'
The head of Iran's Human Rights Council has strongly rejected allegations that his country has been after nuclear weapons.
Ron Paul: "FED is immoral"
Congressman Ron
Paul delivered a speech for the National Association of Home Builders at
the 29th Annual Cato Monetary Conference yesterday. The key topics were
the US monetary policy and the Federal Reserve.
Friday, November 18, 2011
Central Bank Gold Buying at 40-year High
Originally published at GATA.org
Central Bank Gold Buying at 40-year High
By Jack Farchy
Financial Times, London
Thursday, November 17, 2011
http://www.ft.com/intl/cms/s/0/c0025500-10ef-11e1-a95c-00144feabdc0.html
Central banks made their largest purchases of gold in decades in the third quarter, as a sharp drop in prices in September accelerated the shift to bullion as a means of diversification.
The scale of the buying, at 148.4 tonnes on a net basis, was far bigger than previously disclosed, surprising some traders.
The data were published in a quarterly report by the World Gold Council, a lobby group for the gold industry, on Thursday.
The WGC declined to identify of the central banks behind the majority of the buying citing "confidentiality restrictions," saying only that "a slew of new entrants emerged wishing to bolster gold holdings."
Central banks are one of the most important drivers of the gold market but few disclose details about the changes in their bullion reserves.
Central banks became net buyers of gold last year after two decades of heavy selling -- a reversal that has helped propel the price of bullion to a high of $1,920.30 a troy ounce, up 600 per cent in a decade.
Precious metals fall in New York trading
By CHRISTOPHER LEONARD, AP Business Writer
Metals prices fell sharply Thursday on fears that Europe's spreading financial crisis will slow the fragile U.S economic recovery.
Traders were worried that a spiraling financial crisis in Italy, Spain and France could hurt U.S. banks. If that happens, it could slow growth and cut demand for industrial metals like copper and palladium. It would also slow inflation, which undermines demand for precious metals like gold and silver.
December palladium fell nearly 8 percent Thursday to close at $603.70 an ounce. January platinum fell 3 percent, to $1,581.10 an ounce. Copper for December delivery dropped 3 percent to close at $3.3825 per pound.
Gold for December delivery lost 3 percent, to settle at $1,720.20 per ounce. December silver fell nearly 7 percent to close at $31.497 an ounce
Traders began selling metals after Fitch Ratings warned late Wednesday that large U.S. banks could be hit hard if Europe's debt crisis spreads. If that happens, it could the fragile U.S. economic recovery.
A weak economic recovery would mean that inflation won't be very severe. That undermines demand for gold, said George Gero, vice president at RBC Global Futures in New York. Traders buy gold as a way to hedge against a weaker dollar.
Slow economic growth also cuts demand for industrial metals like copper and palladium, which are used as raw materials in the world's factories.
On Thursday, traders moved money into cash and other safe investments. Kitco Metals Inc. analyst Jon Nadler summarized the bleak mood in note to clients:
"Sell everything. Run to cash. Hide. Take cover," he wrote. (Tears: Well he would, wouldn't he)
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