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Daily Dispatches
India approves exchange-traded funds for gold
Submitted by cpowell on Tue, 2007-01-16 13:51 Section: Daily DispatchesFrom Press Trust of India
via NewKerala.com
Tuesday, January 16, 2007
http://www.newkerala.com/news4.php?action=fullnews&id=80212
MUMBAI, Jan. 15 -- Market regulator SEBI today gave a go-ahead to mutual funds for floating gold exchange-traded funds (GETF), thus enabling the investors to trade in gold as shares in the stock market.
In a notification, SEBI said: "The gold held by a gold exchange-traded fund scheme shall be valued at the AM fixing price of London Bullion Market Association (LBMA) in US dollars per troy ounce for gold having a fineness of 995.0 parts per thousand." The Custodian of Securities Act has also been amended, enabling custodians of the proposed gold funds to outsource safekeeping of bullion to other agencies.
Dollar's prestige falls among Russians
Submitted by cpowell on Mon, 2007-01-15 22:49 Section: Daily DispatchesBy Yekaterina Dranitsyna
St. Petersburg (Russia) Times
Tuesday, January 16, 2007
http://www.sptimesrussia.com/index.php?action_id=2&story_id=20047
Russians are increasingly losing confidence in the U.S. dollar, experts from the Public Opinion Foundation said last week as it published its report, "The Dollar in Russia."
"In recent years the dollar in Russia has lost significantly more in prestige than in real exchange value," POF's Grigory Kertman said.
Goldman expects 'modest' fall in dollar, interest rate cuts
Submitted by cpowell on Mon, 2007-01-15 16:23 Section: Daily DispatchesBy Jessica Mortimer
AFX News via Forbes.com
Monday, January 15, 2007
http://www.forbes.com/markets/feeds/afx/2007/01/15/afx3328780.html
LONDON -- The dollar is set for modest declines in 2007 as US growth continues to slow, prompting the Federal Reserve to start cutting interest rates, according to Goldman Sachs.
"We see a modest decline in the dollar over 2007, which will be good for world markets rather than bad," Goldman's head of global economic research Jim O-Neill told a conference on global strategy here.
Peter Brimelow: After rude start to '07, gold bugs have reason to hope
Submitted by cpowell on Mon, 2007-01-15 09:10 Section: Daily DispatchesBy Peter Brimelow
CBSMarketWatch.com
Monday, January 15, 2007
http://www.marketwatch.com/news/story/after-rude-start-07-gold/story.asp...
NEW YORK (-- Three weeks into 2007, but it's already been a long year for gold bulls. However, relief may be in sight.
The year started with so much promise that The Gartman Letter -- loudly self-proclaimed a non-gold bug but also regarded as one of the best gold buyers around -- went long at the first opportunity.
GoldMoney's Turk, Resource Investor's Arensberg see upward turn for gold
Submitted by cpowell on Mon, 2007-01-15 09:03 Section: Daily Dispatches9a ET Monday, January 15, 2007
Dear Friend of GATA and Gold:
GoldMoney founder James Turk and Resource Investor's Gene Arensberg today offered technical analysis to suggest that gold and silver are resuming their climb.
Turk, editor of the Freemarket Gold & Money Report and consultant to power, titles his analysis "It's Looking More Like a Major Turning Point." It can be found in the "Founder's Commentary" box at the top left of the GoldMoney home page here:
Euro continues to displace dollar in bond markets
Submitted by cpowell on Sun, 2007-01-14 21:35 Section: Daily DispatchesBy David Oakley and Gillian Tett
Financial Times, London
Sunday, January 14, 2007
http://www.ft.com/cms/s/572b41a6-a414-11db-bec4-0000779e2340.html
The euro has displaced the US dollar as the world's pre-eminent currency in international bond markets, having outstripped the dollar-denominated market for the second year in a row.
The data consolidate news last month that the value of euro notes in circulation had overtaken the dollar for the first time. Outstanding debt issued in the euro was worth the equivalent of $4,836 billion at the end of 2006 compared with $3,892 billion for the dollar, according to International Capital Market Association data.
Chavez says private firms can hold minority shares in Venezuelan oilfields
Submitted by cpowell on Sun, 2007-01-14 20:25 Section: Daily DispatchesBy Natalie Obiko Pearson
Associated Press
Saturday, January 13, 2007
http://news.yahoo.com/s/ap/20070113/ap_on_bi_ge/venezuela_oil
Venezuelan President Hugo Chavez said Saturday his government will allow private companies to own minority stakes in lucrative Orinoco River basin oil projects that Venezuela plans to nationalize.
Chavez announced plans earlier this week for the state to take control of the country's largest telecommunications company, its electricity and natural gas sectors and four heavy crude upgrading projects now controlled by some of the world's top oil companies.
Nationalization in Latin America may not be expropriation
Submitted by cpowell on Sun, 2007-01-14 13:31 Section: Daily DispatchesBy Frank Bajak
Associated Press
Saturday, January 13, 2007
http://news.yahoo.com/s/ap/20070114/ap_on_bi_ge/latam_nationalizations
Hugo Chavez loves incendiary rhetoric and risk-averse investors understandably rushed to sell shares in Venezuela's biggest telecommunications and power companies after he announced this week that he would nationalize them.
But it later emerged that the Venezuelan president -- whose "21st-century socialism" has managed to co-exist with a vibrant private sector -- is disposed to pay fair market prices for the two utilities.
Central banks may put more reserves into equities, less into bonds
Submitted by cpowell on Sun, 2007-01-14 11:10 Section: Daily DispatchesBy Jamie McGeever
Reuters
Tuesday, January 9, 2007
http://today.reuters.com/news/articlenews.aspx?type=reutersEdge&storyID=...
LONDON -- Central banks around the world are looking to invest more of their $4.75 trillion foreign exchange reserves in equities at the expense of bonds, but the implications for currencies are far from clear.
Mere celebrities get more gold in their medals than real heroes do
Submitted by cpowell on Sun, 2007-01-14 11:00 Section: Daily DispatchesBy Johanna Neuman
Los Angeles Times
Saturday, January 13, 2007
http://www.latimes.com/news/nationworld/nation/la-na-medal13jan13,1,5728...
WASHINGTON -- One day after President Bush awarded the coveted Medal of Honor to the family of a Marine who died after throwing his helmet and his body on a grenade in Iraq, a California congressman introduced a bill to require the Pentagon to put more real gold in the medal.
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