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Moody’s warns on US credit rating; Standard & Poor’s warns B of A and Citibank.
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Standard & Poor’s warns B of A and Citibank.
A recent Financial Times noted that the proposed overhaul of US financial rules threatens the credit ratings of Bank of America and Citibank. Standard & Poor’s, one of the world’s top two credit rating agencies, says that as proposed, the rules would make it less likely that the banks would be bailed out by taxpayers if the bank ran into trouble again.
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Zimbabwe defaults; US raises debt ceiling limit
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In moves that should have surprised no one, last week Zimbabwe defaulted on debt repayments and the United States raised its debt ceiling limit to avoid defaulting.
Zimbabwe owed Caledonia Mining a mere $3 million. Because the debt was in US dollars and could not be printed (at least not by the Zimbabwean central bank), Zimbabwe [...]
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End the Fed
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An audit of the Fed may be in the works, but in reality it may be time to put an end to central banking. Ron Paul gives reasons in his bestselling End the Fed.
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Rob McEwen sees $5,000 gold
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Rob McEwen, who can almost be called a living legend in the gold mining industry, says gold prices may reach $5,000 an ounce – and as soon as 2012 but maybe not until 2014. McEwen sees loss of faith in the dollar being the reason for gold’s coming rise.
“Money supply has expanded so rapidly that [...]
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Fed + Treasury = Inflation
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A long-time client, and successful commodities trader I add, sent the below:
The following comments come from a Merrill Lynch publication today.
“To repeat our Mantra:
1) Whatever MUST happen, WILL happen.
2) In a debt crisis, inflation is the ONLY solution.
3) The FED + US Treasury can create inflation.
4) As such, there WILL be Inflation.
In this light, we [...]
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Ron Paul Reception
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Bill and Mickie Haynes to hold reception for Congressman Ron Paul on his visit to Arizona December 4-5, 2009.
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IMF sells 200 tons of gold to India
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In a move that the gold market did not anticipate, the IMF sold 200 tons of gold directly to India’s central. It was widely known–commented on on this blog February 12, 2008–that the IMF would be a gold seller.
Several years ago, the IMF let known its intentions to sell 400 tons of gold and announced [...]
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2009-dated US Mint Buffalo Gold coins being shipped
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Friday, CMIGS began shipping the year’s first 2009-dated US Mint Buffalo Gold Coins. Before the release, there was speculation that the mintage would be low because the Mint did not produce them until late in the year.
However, as of this writing, the Mint’s web site shows that 86,000 Buffalo Gold Coins have already been sold. [...]
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US Mint to release Gold Buffaloes
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U.S. Mint announces release of 2009-dated American Buffalo gold coins. Fractional-ounce American Eagle gold coins to be released in December.
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Fractional Krugerrands available
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For the first time in twenty-five years, fractional-ounce Krugerrands are being imported into the U.S. in large quantities
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Name: Jay, aka "jaybol"