Five megabanks–Barclays, JPMorgan Chase, Citigroup, the Royal Bank of Scotland and UBS–are expected to plead guilty to rigging currencies markets; collectively, they will pay fines in the billions of dollars. And, we’re supposed to continue believing that the bullion banks never manipulated the gold and silver markets.
It was an embarrassing defeat for the US as it failed to keep its major allies from seeking membership in the China-sponsored Asian Infrastructure Investment Bank (AIIB), which will provide Asian countries an alternative to the US-dominated IMF, World Bank and Asian Development Bank. Allies seeking membership include the UK, Australia, Germany, France and South
The US Justice Department recently announced–with much bravado–that BNP Paribas, a major French bank, had agreed to pay a record penalty of $8.9 BILLION for transferring money on behalf of Sudan and other countries sanctioned by the United States. The fine is more than triple the amount paid collectively by six other banks for similar
Ron Paul recently interviewed Bill Haynes, CMI Gold & Silver Inc. president, for the RonPaulChannel.com. Ron and Bill discussed the gold industry, the right forms of gold to buy and developments that affect the precious metals market.
A precious metals wholesale trader issued a commentary on the metals’ price decline this week. He cited three reasons for the drop: 1) calmer voices about Ukraine, 2) higher than expected durable goods orders, and 3) improved consumer sentiment.
A long-time client, who is a financial advisor, sent this: I thought it was interesting that the Christie’s Art Auction brought in a record 745 Million yesterday. A Francis Bacon piece sold for 80.8 Million and keep in mind that same piece sold for 15 Million 10 years ago. Looks like the uber wealthy wants
Europe’s economy remains in the doldrums, and central planners there are hinting at fundamental Keynesian moves to weaken the euro, which, in their thinking, would stimulate growth in the eurozone by making European goods cheaper on the world market and foreign goods more expensive for Europeans.
Jim Sinclair recently predicted $3,200 – $3,500 gold by 2020 and “emancipated gold” hitting $50,000. Because of Sinclair having made some really accurate calls in the past, his prediction caused quite a stir in the gold community. Even Ron Paul commented and gave reasoning why Sinclair’s predication is not preposterous.
For most investors, the primary reason for buying gold is to hedge against currency debasement, which, of course, comes about because of excessive money creation by central banks and via fractional reserve banking. At times, gold investors stand alone, even being ridiculed by mainstream investors. Now, though, one of Wall Street’s famed names, Merrill Lynch,
So wrote Gillian Tett in Friday’s Financial Times. Mr. Tett started his piece by noting that Nigeria’s central bank had announced that it would convert almost a 10th of Nigeria’s $43 billion reserves from dollars to renminbi. Tett went on to acknowledge that only 0.01 percent of the world’s central bank reserves are now held