Saturday, January 8, 2011
10 US States introduce Gold as Currency Bills
From TPMDC:
Legislators in at least ten states have introduced bills in the past few years to allow state commerce to be conducted with gold and silver.
As we reported, Georgia state Rep. Bobby Franklin (R) recently reintroduced legislation to force his state to conduct all monetary transactions with U.S. gold or silver coins -- including the payment of taxes.
The Georgia bill has a long way to go before become law -- but it's by no means the only state that's considering a future in gold. Lawmakers in Montana, Missouri, Colorado, Idaho, Indiana, New Hampshire, South Carolina, Utah, and Washington have proposed legislation, mostly in 2009, to include gold and silver in its accepted currency forms.....read on
Two charts to bring a tear to a Silverbug's eyes
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Silver Eagle Bullion Coins |
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Bill Gross of Pimco pimping the Bond and Stock Markets
Of more interest is the exchange between Bill and the CNBC's interviewer re Gold, it feels so staged, like a Dorothy Dix question asked in the Australian Parliament to provide a segway into a prepared response rather than a question seeking insight.
Here is the text of the exchange:
CNBC: With incomes in America not rising as quickly as inflation......why not invest in anything but Gold?
Bill: Well Gold is a very difficult entity to invest in and very volatile, investors need something more stable....
Maybe Bill is not on the internet and hasn't heard of Google, but a quick search with the term "Buy Gold Bullion" returns 2.3 million results. Buying physical gold is as about has hard as buying physical bread and eggs, just go to a bullion shop like ABC Bullion and hand over your cash or swipe your card and walk out with as much gold as you wish. Doesn't sound like a difficult entity to invest in to me.
As to gold being very volatile, say compared to the share market, well I'll let the graph below to retort to Bill.
Yes the DOW has has gone nowhere in the last 5 years and Gold has gone up a "very volatile" 140%, nice call Bill.Saudi Arabia prepares for gold rush with world’s largest gold factory
From ArabianMoney.net:What is billed as the world’s largest gold factory is set to open in Jeddah in the Kingdom of Saudi Arabia before the end of the year, reported Arab News. Taiba for Gold and Jewels Company’s 220,000 sq ft facility is already under construction, and will employ 800 when completed.
It was only last year that the oil-rich kingdom surprised the world with the revelation that gold reserves held by its central bank had more than doubled from 143 to 322 tons, ranking Saudi Arabian gold reserves the largest in the Middle East. Now the focus is on burgeoning demand from the retail sector. Taiba has 2,500 retail outlets across the kingdom.....read on
Friday, January 7, 2011
Weekend chill out
Music video
CFTC meets next next week to set postion limits
RELEASE: pr5960-11
January 6, 2011
CFTC to Hold Open Meeting on Ninth Series of Proposed Rules under the Dodd-Frank Act
Commission to also Consider Adoption of a Final Rule
Washington, DC – The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, January 13, 2011, at 9:30 a.m. to consider:
- the issuance of a proposed rulemaking regarding position limits for derivatives;
- the issuance of a proposed rulemaking regarding swap trading relationship documentation requirements for swap dealers and major swap participants; and
- the adoption of a final rule that addresses requirements for derivatives clearing organizations, designated contract markets and swap execution facilities regarding the mitigation of conflicts of interest.
The meeting will be open to the public on a first-come, first-served basis.
What: | Meeting of Ninth Series of Proposed Rules under the Dodd-Frank Act | |
Where: | CFTC Hearing Room, 1155 21st Street, NW, Washington, DC | |
When: | Thursday, January 13, 2011, 9:30 a.m. | |
Viewing/Listening Information: | ||
• Watch a live broadcast of the meeting via webcast on www.cftc.gov • Call-in to a toll-free or toll-telephone line to connect to a live audio feed. Call-in participants should be prepared to provide their first name, last name and affiliation. Conference call information is listed below: | ||
Domestic Toll-Free Number: 877-951-7311 | ||