Friday, June 7, 2013
Weekend Chillout - Trying to fit in
I thought I would take the piss out of myself this week for the chillout. For those who did not come in contact with me this week I am having to wear a "moon boot" and use crutches after falling down some stairs last week and fracturing the ankle bone in one foot (although I did convince one of my clients this week that it was a sex injury). I am trying to make the best of the situation; hey I got a seat on the bus all week and I am taking perverse pleasure in randomly crashing into people - so far I have taken out two expensive suits (hopefully bankers, I do working the bank HQ section of Sydney) that thought they owned the footpath, and more enjoyably the annoying bugger that blocks the doorway to my office building handing out pamphlets. My foot might be sore but my shoulders are just fine :-)
Indian Rupee may plunge further to 57.80 driven by domestic, global factors
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| Mumbai gold dealer |
From The Economic Times
Article link
MUMBAI: A confluence of adverse domestic and global factors is threatening to push the Indian rupee to historic lows, making the import of crude oil and coal more expensive and aggravating the problems of an economy already battered by decade-low growth and poor investments.
The currency breached the psychological level of 57 to the US dollar, making importers nervous. But the government and the Reserve Bank of India (RBI), which have made gold imports difficult to shore up the currency, appeared to be unmoved.
"There is no cause for alarm on the Indian rupee, and capital flows are strong," said Finance Minister P Chidambaram. "I think the rupee will stabilise and find its correct level," he said.
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Reserve Bank of India advises against selling gold coins
From The Economic Times
Article link
MUMBAI: RBI has advised banks not to sell gold coins to retail customers, Finance Minister P Chidambaram said a day after the government increased import duty on the metal amid widening Current Account Deficit.
"I think the RBI has advised banks they should not sell gold coins," he said at the AGM of the Indian Banks' Association (IBA) here today.
This is in addition to RBI's restrictions on gold imports by banks and other agencies. Banks have also been advised to restrict advances against gold coins.
Both the government as well as the Reserve Bank have been taking steps to curb the gold imports, which have averaged 152 tonnes in April and May, resulting in foreign exchange outgo of about USD 15 billion. The average monthly gold import was 70 tonnes in the last fiscal.
Last night the import duty on gold was increased to 8 per cent from 6 per cent, the second increase within six months.
Chidambaram said the surging imports are unsustainable and advised the banks to tell customers not to invest in the precious metal.
"Banks have a role to play in dampening the enthusiasm for gold... I would urge all banks to please advise their branches that they should not encourage their customers to invest in or buy gold," he said.
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Thursday, June 6, 2013
NY Fed's Gold Vault
Well the door to the dock at least. I just looked up the NY Fed on Google Maps for a article I was writing and thought well while I am here I may as well go for a walk around the block. Whilst taking the digital stroll I found the dock door to the infamous Fed Gold vault. Nice to see the Federal Reserve police in attendance, not sure if they are gold investors but it they seem to regularly invest in jelly doughnuts.
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| Image from Google Maps |
Catherine Austin Fitts - Gold Going to More of a Sound Money System
From Greg Hunter
Catherine Austin Fitts, founder of The Solari Report, points out the world is buying physical gold. Fitts contends, "What that means is there is going to be a much more broad-based bull market in gold. . . I think it's going to more of a sound money system, and gold is going to be a part of that." Not everybody wants to be brought into the so-called new world order. Fitts predicts, "Remember, to come out with a one world currency, you need everybody. There can be no leakage. There can be no exceptions. The Russians are determined to be the stinker at the party is what I think." Join Greg Hunter as he goes One-on-One with investment banker and money manager Catherine Austin Fitts.
Catherine Austin Fitts, founder of The Solari Report, points out the world is buying physical gold. Fitts contends, "What that means is there is going to be a much more broad-based bull market in gold. . . I think it's going to more of a sound money system, and gold is going to be a part of that." Not everybody wants to be brought into the so-called new world order. Fitts predicts, "Remember, to come out with a one world currency, you need everybody. There can be no leakage. There can be no exceptions. The Russians are determined to be the stinker at the party is what I think." Join Greg Hunter as he goes One-on-One with investment banker and money manager Catherine Austin Fitts.
Wednesday, June 5, 2013
Keiser Report - Fake it till you make it or Potemkin policies
From RussiaToday
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the emergence of a new economic theory of Potemkinism where posters of thriving towns substitute for towns that aren't actually thriving. And, if that fails, then the towns are demolished to avoid seeing such failure. In the second half, Max talks to writer, producer, journalist, Charlie Skelton about the upcoming Bilderberg event in Watford, UK and the protest groups around it.
In this episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the emergence of a new economic theory of Potemkinism where posters of thriving towns substitute for towns that aren't actually thriving. And, if that fails, then the towns are demolished to avoid seeing such failure. In the second half, Max talks to writer, producer, journalist, Charlie Skelton about the upcoming Bilderberg event in Watford, UK and the protest groups around it.
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