During Wednesday’s House hearing and a similar hearing earlier in the day before the Senate Committee on Foreign Relations, Republicans and Democrats called on the White House to get tougher on Iran.
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On Thursday, the Shanghai Daily reported on a “Voice of China” radio program that claimed Chinese housewives are propping up gold prices. The program said those women reportedly spent 100 billion yuan ( billion) over the past two weeks, buying up 300 tons of gold and helping keep prices steady at around ,468 an ounce.
It’s Not News Yet
Arizona Governor Jan Brewer vetoed a measure on Thursday that would have made gold and silver legal tender in the state, saying the legislation could have resulted in lost tax revenue.
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The World Gold Council has advised Italy to deploy its 2,000 tonnes of gold to break free of EMU austerity dictates. By using the reserves — the world’s fourth largest — to collateralise the first chunk of any losses for bondholders, Italy could raise â¬400bn or so on the capital markets and determine its own future for a while.
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There is gold in Sudan? In Darfur to be precise. Sudan hopes to be producing 50 tons of the Yellow metal.
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The last audit, and the last public visit, was in 1953, just after U.S. President Dwight Eisenhower took office. No outside experts were allowed during that audit, and the audit team tested only about 5% of gold there. So, there hasn’t been a comprehensive audit of Fort Knox in over 60 years.
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Even if Connecticut’s plan to track all gold sales isn’t a harbinger for a modern day Roosevelt-like ban on gold ownership, it will at the very least drive gold bullion dealers out of business with the cost of complying with the new regulation. That will create artificial scarcity in Connecticut and could set a precedent for other US States.
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A rather popular initiative by the Swiss Peoples Party, or SVP, has gained traction in Switzerland, and the country is now getting ready to hold a referendum on whether its central bank can sell gold reserves.
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Commodity prices have been falling since September, culminating in a rout over the past two weeks. That is a classic warning for the global economy.
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Gold slump has wiped 0 billion from the value of central bank reserves after its price dropped 13% in the last two days. Global investors are switching to equities in a bid to generate income.
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