Wednesday, September 4, 2013

Rand Paul slams Kerry over Syria

Asia’s Richest Man, Li Ka-Shing, looking to make Gold Investments


According to Bloomberg, Asia’s richest man, Li Ka-Shing, is looking to make gold investments.

The Chinese born, Hong Kong business magnate, investor, and philanthropist is considered to be the richest person in Asia and the richest person of Chinese descent in the world. Forbes estimates he is the 11th richest person in the world with a net worth of $27 billion in U.S. dollars. Two of his sons are believed to be billionaires in their own right.

His primary operating company is Hutchison Whampoa Limited, owner of the mobile phone network, Three.

CEF Holdings Ltd., a venture between Li Ka-shing’s flagship company and Canadian Imperial Bank of Commerce, is looking to acquire gold assets after a slump in prices created buying opportunities.

“Long term, gold is a good place to be,” CEF Chief Executive Officer Warren Gilman, 53, said in an interview in Hong Kong.

Cheung Kong Holdings Ltd, controlled by Li, Asia’s richest man, and CIBC each own 50% of CEF. The venture is focused on owning gold mining companies globally.

Gilman previously co-founded Canadian Imperial Bank of Commerce’s (CIBC) global mining group and was later vice chairman of the bank’s CIBC World Markets.

“I was a little uncomfortable making investment in gold at $1,700 and $1,800 an ounce,” Gilman said yesterday. “The correction we’ve had this year from my perspective is great because we can hopefully fulfill that objective of making some gold investments.”

Li, 85, has an estimated net worth of $27 billion, according to the Bloomberg Billionaires Index.

CEF Holdings was established in 1974 by Cheung Kong and CIBC, Gilman said.

“It’s tougher and tougher to find economic gold deposits in safe jurisdictions,” Gilman said. “You see mine supply struggling to keep up with demand long term. That’s a great recipe for higher prices in the longer term.”

Ka Shing is known to have a penchant for hard assets and owns infrastructure, shipping, energy and real estate assets, but it is not known if he owns physical gold. Li Ka Shing charity foundation is called the “Heart of Gold” and has recently been extended from Mainland China to Hong Kong.

It is likely that he does, as most very wealthy people, especially in Asia, own some physical bullion for financial insurance purposes. Increasingly, high net worth individuals and family offices are investing in gold as means to protect wealth from currency devaluations.

The Poles want their Gold back from The Bank of England

Just like Australia (see here) Poland has almost of all of its central bank gold reserves stored in the gold vault of The Bank of England. And just like Australia a group of patriotic Poles want it back.


Translated from Polish:

To: The President of the Polish National Bank

Dear Mr. President,

Many gold market experts are concerned about the risks posed by the storage of Polish gold reserves abroad, and insist on bringing the gold reserves back to Poland.

In Germany, the process of returning gold reserves from the UK, USA and France is becoming a reality. A referendum is being written for a similar case in Switzerland, where the majority of citizens are in favor storage of gold reserves being returned to their homeland.

In the face of the ongoing financial crisis and exacerbating conflicts where to store gold reserves no longer only "journalistic subject".

We strongly believe that, contrary to the voices of some economists, similar demands and already implemented projects are not cheap populism. Professor Guido Hülsmann of the French Université d'Angers believes that "in a world drowning in debt, gold is the ultimate safe haven. The central banks know it better than most people, even if they pretend in their daily work, that such concerns are irrelevant. "

Given such a view is not surprising there have been massive purchases of gold by central banks of countries such as Russia, Mexico, South Korea and many other rapidly developing countries. No wonder also that the strengthening of its currency tends to hold gold in their national treasuries, so that it is always available. The importance of the availability of gold highlights John P. Cochran School of Business at Metropolitan State University in Denver: "The key to the success of any potential currency based on gold is the idea that the delivery of gold on demand (public) is critical."

But the most important argument raised by many economists to conclude that adequate reserves of gold in the country is essential to carry out any monetary reform. Germany and the Swiss behave in this matter very pragmatically.

As initiators of Polish return of our gold, now deposited in the Bank of England, we hope that the Polish National Bank will pursue this very important future operation of the Polish currency, and finally deposit Polish Polish gold in the country's own vaults.

A letter on behalf of the initiators of the shares signed Peter Wojda - Mint Vice President of Wroclaw

Greatest Mysteries of WWII: Hilter's Last U-Boat U-234

As we watch and wait for the US to enter another world war, early this time, a fascinating documentary on the quest for a WMD between Germany, Japan and the USA in the last world war.

Keiser Report: Ego-Nazi Nation

From RT

Published on Sep 3, 2013
In this episode of the Keiser Report, Max Keiser and Stacy Herbert present an American Labor Day special in which they compare the situation for the American worker and consumer with that of the Chinese. They also look at the headlines from China regarding 'secret gardens' and contaminated soil. In the second half, Max talks to Dan Collins of about housing bubbles, infrastructure, food safety and more in China.

Pic of the Week


Even in times of War one can always find a Silver lining