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Daily Dispatches
Ted Butler: Reflections
Submitted by cpowell on Wed, 2007-01-03 15:36 Section: Daily Dispatches3:23p ET Wednesday, January 3, 2006
Dear Friend of GATA and Gold:
Silver market analyst Ted Butler reflects on the last year and the one ahead for silver, congratulates the silver exchange-traded fund, and observes that the short position in silver is more concentrated and manipulative (and more promising for silver longs) than ever. You can find Butler's new essay, "Reflections," at GoldSeek's companion site, SilverSeek, here:
A European central bank is buying gold -- but who and how much?
Submitted by cpowell on Wed, 2007-01-03 00:04 Section: Daily DispatchesBuying Bullion: Central Banks
Seek Alternatives to the Dollar
By Ambrose Evans-Pritchard
The Telegraph, London
Wednesday, January 3, 2007
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/01/03/cngold...
Gold punched ahead in new-year trading on dollar weakness and the revelation that a member of the European Central Bank system had begun buying bullion, the first such purchase in years.
Fighting over gold in the land of Dracula
Submitted by cpowell on Tue, 2007-01-02 23:53 Section: Daily DispatchesBy Craig S. Smith
The New York Times
Wednesday, January 3, 2006
http://www.nytimes.com/2007/01/03/business/worldbusiness/03gold.html
ROSIA MONTANA, Romania -- Eugen David, a small-time farmer with a chipped tooth and muddy boots in this obscure wrinkle of Transylvania, is an unlikely man to attract the attention of movie stars and moguls. But he counts Vanessa Redgrave, George Soros, and Teddy Goldsmith among his backers in a land battle with a Canadian gold mining company.
NYTimes: Central banks tiptoeing away from the dollar
Submitted by cpowell on Tue, 2007-01-02 19:24 Section: Daily DispatchesBy Jeremy W. Peters
The New York Times
Tuesday, January 2, 2006
http://www.nytimes.com/2007/01/02/business/02cnd-dollar.html
Countries with large holdings of dollars in their foreign-exchange reserves are showing a new willingness to dump the dollar in favor of the rising euro.
The latest to make a major move is the United Arab Emirates, which joined Russia, Switzerland, Venezuela, and others late last month when it shifted a chunk of its reserves into euros.
James Turk: Gold isn't really up; the dollar is depreciating
Submitted by cpowell on Tue, 2007-01-02 08:54 Section: Daily Dispatches8:40a ET Tuesday, January 2, 2007
Dear Friend of GATA and Gold:
Gold's price isn't going up. Rather, the U.S. dollar is declining in value.
That's the point made by GoldMoney founder James Turk in his first commentary of the new year. Turk, editor of the Freemarket Gold & Money Report and consultant to GATA, writes that while gold's dollar price has averaged an appreciation of more than 15 percent over the last six years, gold's price in terms of oil is almost unchanged. Gold's "rate of return," Turk notes, is really the rate of depreciation of the dollar.
Banks and funds pay top dollar to secure commodity talent
Submitted by cpowell on Mon, 2007-01-01 15:04 Section: Daily DispatchesBy Kevin Morrison
Financial Times, London
Monday January 1, 2007
http://biz.yahoo.com/ft/070101/fto010120071424249461.html?.v=1
LONDON -- London Commodity traders, once the overlooked Cinderellas of the financial trading world, are being offered multi-million-dollar lock-in payments reminiscent of the early dotcom boom, when banks were also desperate to expand into new areas by offering guaranteed payments to key staff.
Report predicts China's currency will gain 5% on dollar in 2007
Submitted by cpowell on Mon, 2007-01-01 12:17 Section: Daily DispatchesFrom Xinhua News Agency, Beijing
Monday, January 1, 2007
http://news.xinhuanet.com/english/2007-01/01/content_5556950.htm
BEIJING -- The exchange rate of the renminbi, the Chinese currency, is expected to appreciate by some 5 percent to one U.S. dollar for 7.44 yuan, according to a Xinhua Economic Analysis Report released Monday.
The report projected that the pace of RMB appreciation would be faster in the first half of 2007 than in the second half.
10-gram gold contracts offered in India; gold deliveries rising fast
Submitted by cpowell on Mon, 2007-01-01 12:05 Section: Daily DispatchesFrom The Economic Times, New Delhi
Monday, January 1, 2007
http://economictimes.indiatimes.com/Markets/Commodities/NCDEX_to_launch_...
MUMBAI -- The National Commodity and Derivatives Exchange Ltd (NCDEX) will launch 10 grams immediate delivery gold contracts, to be traded on its electronic spot exchanges, in order to increase its bullion clients.
Chrysler goes to China to build small cars for U.S. market
Submitted by cpowell on Sun, 2006-12-31 17:26 Section: Daily DispatchesBuilding them in U.S. is too expensive.
* * *
By Tom Krisher
Associated Press
Friday, December 29, 2006
http://news.yahoo.com/s/ap/20061230/ap_on_bi_ge/chrysler_chery
DaimlerChrysler AG's Chrysler Group and China's Chery Automobile Co. have agreed on a plan for the Chinese manufacturer to build small cars to be sold worldwide. The cars, which already are being designed, would be based on an existing model but will be modified jointly by Chrysler and Chery engineers, Chrysler spokesman Jason Vines said Friday. Chrysler is taking the lead on the design and will ensure that the vehicles meet high quality standards, he said.
Euro enjoys wide use outside European union
Submitted by cpowell on Sun, 2006-12-31 17:16 Section: Daily DispatchesBy Slobodan Lekic
Associated Press
Sunday, December 31, 2006
http://news.yahoo.com/s/ap/20061231/ap_on_bi_ge/europe_widespread_euro
Slovenia converts to the euro on Monday, officially becoming the 13th member of the eurozone -- and the first among the EU's newest members to qualify to use the currency.
But at least half a dozen other European ministates and territories are using the currency as legal tender -- without approval from the European Central Bank.
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