Russia may have the world’s third- largest gold output in 2015 as higher prices encourage mining companies to boost volumes, the head of a producers’ group said. Should gold prices maintain their gains, Russia’s gold output will continue to expand by 4 percent to 5 percent a year through 2020, Sergey Kashuba, chairman of the country’s Gold Producers’ Union, said today at a conference in Moscow. Read article here … [Read more...] about Russia May Be Third Among Gold Producers by 2015
"The world currency system is riding down the road to catastrophe.” Those were the words from James Rickards during a recent interview on Wall Street Journal, senior managing director of Tangent Capital Partners and author of the book Currency Wars: The Making of the Next Global Crises. “The world already has entered a currency war that began in 2010 on the heels of the Federal Reserve’s massive easing program. Since then, plenty of nations have joined in, including Brazil, Switzerland and … [Read more...] about James Rickards: World Currency System Moving Towards Catastrophe
It’s amazing that no one is talking about this. “China’s demand is robust” they’ll say. “China may overtake India as the top gold consumer” they’ll add. “Exports rise year over year” the chatter continues. But no one, and I mean no one, in the mainstream is calling a spade a spade. China is hoarding gold at a rate never seen before – like modern day conquistadors. Only today, unlike in the time of the conquistadors, the blood trail is tough to follow, as are the shipfuls of gold. It’s an … [Read more...] about How Much Gold Does China Really Have?…
The Federal Reserve’s massive easing program is going to end in financial disaster, says Peter Morici, a professor at the Robert H. Smith School of Business at the University of Maryland and former chief economist at the U.S. International Trade Commission. The Fed has become “an enabler of presidential and congressional inaction [on entitlements, etc.] by keeping interest rates artificially low for five years and now by printing money to buy U.S. bonds and mortgage backed securities at a $1 … [Read more...] about Morici: ‘Financial Markets Will Collapse’ Due to Continued Fed Easing
Dollar was as good as gold, just more liquid. Every country chose dollar treasury bills over holding gold, as holding T-bills paid interest. Gold didn’t. The US started building its Military Industrial Complex and took on adventures like the Korean and Vietnam War, running huge fiscal and trade deficits, putting pressure on dollar’s fixed peg to gold. In 1971, Nixon was forced to close the gold window. Dollar was no longer as good as gold, but it had already become a widely used reserve … [Read more...] about Pernicious influence: The world reserve currency – root of all evil?
The U.S. Mint resumed sales of American Eagle silver coins after being suspended for more than a week because of a lack of inventory. The Mint sold 1.123 million ounces of the coins yesterday, Michael White, a spokesman in Washington, said in a voice mail left late yesterday in response to questions from Bloomberg News. Before the suspension, sales this month totaled 6.01 million ounces, according to data on the Mint’s website. That compares with 6.107 million ounces in January 2012. White did … [Read more...] about U.S. Mint Silver-Coin Sales Surge After Temporary Suspension