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Daily Dispatches
Miners are dangerous foes for Bolivia's president
Submitted by cpowell on Fri, 2007-02-09 15:04 Section: Daily DispatchesBy Eduardo Garcia
Reuters
via Yahoo News
Friday, February 9, 2007
http://news.yahoo.com/s/nm/20070209/lf_nm/bolivia_miners_dc_1
Roger Mamani rides a rickety elevator deep underground, hikes through flooded tunnels and crawls through a maze of muddy burrows to dig silver ore at the San Jose mine in Bolivia's Andes.
As the 22-year-old crouches and breaks rock with a pickaxe, two fellow miners roll up dynamite in sheets of used notebook paper. They have two minutes to run to safety before a blast shakes tunnels propped up by splintered beams.
Doug Hornig: About those IMF gold sales
Submitted by cpowell on Fri, 2007-02-09 14:58 Section: Daily Dispatches2:55p ET Friday, February 9, 2007
Dear Friend of GATA and Gold:
Doug Hornig of Doug Casey's International Speculator letter cites GATA and our friend Mike Kosares of USAGold.com/Centennial Precious Metals in an analysis "About Those IMF Gold Sales." Hornig concludes:
"If IMF sales do happen and if they depress gold's price, that's a buying opportunity ... for bullion and especially for the high-quality junior exploration stocks that pack the most punch in a rising gold market."
ROB-TV's Jim O'Connell interviews Sprott's John Embry
Submitted by cpowell on Thu, 2007-02-08 22:42 Section: Daily Dispatches10:40p ET Thursday, February 8, 2007
Dear Friend of GATA and Gold:
There's something good on TV tonight and will be each night (and day) for a week: Sprott Asset Management's chief investment strategist, John Embry, was interviewed by Jim O'Connell on ROB-TV in Canada today. Embry talked about gold's and silver's prospects generally and about a lot of mining companies specifically. You can find the program in the Thursday 12:30 p.m. slot at the ROB-TV archive here:
Bolivia to seize mineral refinery
Submitted by cpowell on Thu, 2007-02-08 20:43 Section: Daily DispatchesBy Carlos Valdez
Associated Press
via Yahoo News
Thursday, February 8, 2007
http://biz.yahoo.com/ap/070208/bolivia_mining_nationalization.html?.v=3
LA PAZ, Bolivia -- President Evo Morales said Thursday he would nationalize a mineral processing plant owned by the Swiss mining company Glencore International AG, the first step of his plan to take control over a larger share of Bolivia's mineral wealth.
South Korea considers moving reserves into foreign stocks
Submitted by cpowell on Thu, 2007-02-08 19:46 Section: Daily DispatchesBy Song Jung-a and Florian Gimbel
Financial Times, London
via Yahoo News
Friday, February 9, 2007
http://news.yahoo.com/s/ft/20070209/bs_ft/fto020820071921434000
South Korea's central bank said yesterday it was considering investing part of the nation's huge international reserves in overseas stocks, and especially the blue chips of advanced countries, in an effort to gain higher returns.
Subprime mortgage bond risk surges, credit-swap index suggests
Submitted by cpowell on Thu, 2007-02-08 16:44 Section: Daily DispatchesBy Jody Shenn and Shannon D. Harrington
Bloomberg News Service
Thurdsay, February 8, 2007
http://www.bloomberg.com/apps/news?pid=20601087&sid=avxemW08upao&refer=home
NEW YORK -- The perceived risk of owning low-rated subprime mortgage bonds surged today after the two largest U.S. lenders reported growing problems stemming from the loans, an index of credit-default swaps suggests.
An index used to create swaps based on 20 BBB- rated bonds sold in the second half of 2006 and consisting of home loans to the riskiest borrowers fell 2.3 percent to about 88.5 today, the lowest since it was created Jan. 18, according to Deutsche Bank AG. The so-called ABX index was down 10 percent before today.
Clive Maund replies: You hurt my feelings
Submitted by cpowell on Thu, 2007-02-08 16:14 Section: Daily Dispatches4:13p ET Thursday, February 8, 2007
Dear Friend of GATA and Gold:
Gold market analyst Clive Maund has responded to Tuesday's GATA dispatch (www.gata.org/node/4789) criticizing his grudging acknowledgement of and hearty indifference to manipulation of the gold market.
Maund calls that criticism a "personal attack" and declines to answer any of it. But he does quote approvingly another analyst who writes that "markets being managed is nothing strange or evil."
Spending spree over as Americans walk tightrope without safety net
Submitted by cpowell on Wed, 2007-02-07 21:49 Section: Daily DispatchesBy Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, February 6, 2007
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/02/07/cnusec...
Americans are drawing down their personal savings at the fastest rate since the depths of the Great Depression, suggesting that U.S. household finances may be more fragile than they look.
The savings rate fell to minus 1pc in 2006 and has now been negative for 21 consecutive months, according to Commerce Department data. Such a rate was last seen in 1933, when a quarter of the American workforce was unemployed and whole families were kept alive by charitable soup kitchens.
S. African Reserve Bank adds 700,000 gold ounces to reserves in January
Submitted by cpowell on Wed, 2007-02-07 21:37 Section: Daily DispatchesBy Evan Pickworth
I-Net Bridge, South Africa
Wednesday, February 7, 2007
http://corporate.hosted.inet.co.za/news/story/2204630
The South African Reserve Bank's holdings of gold reserves increased markedly in January to 4.684 million ounces from 3.990 million ounces in December 2006, and according to a leading economist, this could be due to the bank's taking the opportunity to build up reserves when it is "hard to argue against a long-term bullish view on gold."
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