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Precious Metals News - March 2010

10 March 2010 - FT - CFTC urges end to derivatives secrecy
A leading US financial regulator called for the prices of derivatives trades to be disclosed in the same way as stock prices, saying only large Wall Street banks benefited from the current lack of transparency

09 March 2010 - Times - Pound takes new beating on growing trade gap
Fresh concerns were raised over the strength of Britain’s economic recovery this morning after it was revealed that the country's trade deficit with the rest of the world had widened unexpectedly during January.

09 March 2010 - New York Times - The Lithium Chase
For many years, few metals drew bigger yawns from mining executives than lithium, a lightweight element long associated mostly with mood-stabilizing drugs. Suddenly, the yawns are being replaced by eurekas. As awareness spreads that lithium is a crucial ingredient for hybrid and electric cars, a global hunt is under way for new supplies of the metal.

06 March 2010 - Telegraph - China ready to end dollar peg
The head of China’s central bank has given the strongest signal yet that the country will move away from pegging its currency to the dollar, but he said any changes would be gradual.

05 March 2010 - Bloomberg - Venezuela Central Bank to Increase Gold Purchases
Venezuela’s central bank will boost its gold reserves this year and will buy more than half the estimated 20 metric tons of domestic production, bank director Jose Khan said today at an event in Caracas.

05 March 2010 - Business Insider - Marc Faber: It's Dead Simple, The Supply Of Dollars Will Grow Way Faster Than The Supply Of Gold
The supply of dollars is indeed likely to grow faster than that of gold, but it still remains to be seen whether gold has already gone too far too fast. His argument above also simply argues for why gold should outperform cash kept under your mattress, not stocks or all kinds of other investments going forward.

05 March 2010 - Zealllc.com - Euro Gold Records 2
While gold continues consolidating high here in the States, the Europeans just saw euro gold hit new all-time-record highs. At €834 per ounce this week, euro gold has never traded higher. Remember that the composite euro currency is a relatively new creation, born in January 1999. So today’s secular gold bull is the first that this young currency has witnessed.

5 March 2010 - FT - Budget aims to erase Canada's deficit by 2015
Canada's minority Conservative government sought to have the best of both fiscal worlds in a budget tabled on Thursday, pledging to continue stimulus spending for another year while aiming to virtually erase the budget deficit by 2015.

05 March 2010 - Times - Bank of England held interest rates at 0.5 per cent
The Bank of England’s Monetary Policy Committee left interest rates unchanged at 0.5 per cent yesterday and also held back from any increases to its asset purchase programme.

05 March 2010 - FT - Tokyo move sparks intervention talk
Japan is set to raise its borrowing limit for foreign exchange intervention for the first time in six years, sparking speculation that it is gearing up to step in and stem the recent rise in the yen.

04 March 2010 - Bloomberg - Germany Snubs Greek Aid Plea as Protest Snarls Athens Traffic
Greece’s pledge to deepen planned budget-deficit cuts failed to yield an offer of assistance from Germany, Europe’s biggest economy, as protesters in Athens seized the finance ministry building and blocked roads in the city center.

03 March 2010 - Kitco - Gold rise linked to sovereign credit bonds: BMO's Coxe
Sovereign credit bonds are as significant in fueling gold's current rise as is a lack of supply, Don Coxe, Strategy Advisor for BMO Capital Markets, said Wednesday.

03 March 2010 - BusinessWeek - Gold Rises to Six-Week High on Demand for Currency Alternative
Gold climbed to a six-week high in New York on speculation that escalating sovereign-debt concerns will boost demand for the metal as an alternative to currencies.

03 March 2010 - FT - Global banks warn on rates and house prices
Mortgage rates will rise, home prices will fall and the supply of credit will diminish when the US Federal Reserve and other central banks wind down emergency programmes, a group of global banks warned on Wednesday.

03 March 2010 - Marketwatch - Some fund firms shredded investor wealth in decade
To learn that your mutual-fund firm's lineup posted negative returns over a decade is one thing; to realize that almost $60 billion of investors' wealth was wiped out is another matter entirely.

02 March 2010 - FT - Prospect of rate rise lifts Canadian dollar
The Canadian dollar rose to a five-week high on Tuesday as traders bet that the Bank of Canada would join the ranks of central banks exiting from ultra-loose monetary policy.

01 March 2010 - Times - Sterling tumbles amid growing fears of hung Parliament
Sterling plummeted to a nine-month low against the dollar today and could tumble further, analysts warned, as fears mounted that the general election could result in a hung parliament.

01 March 2010 - Reuters - IMF says Chinese currency substantially undervalued
The U.S. dollar is still somewhat overvalued while the Chinese renminbi is substantially undervalued, the International Monetary Fund said on Monday in an assessment of Group of 20 major economies.

01 March 2010 - Berkshire Hathaway - Warren Buffett's Berkshire Hathaway Annual Letter to Shareholders

01 March 2010 - Invest With An Edge - PHYS: Now You Can Store Your Gold in Canada
Sprott Physical Gold Trust (PHYS), the latest physically backed gold exchange-traded product began trading yesterday (2/26/10) on the NYSE. The fund also applied for listing on the Toronto Stock Exchange under the symbol PHY, but it appears that Canadian trading has not yet commenced. The fund will be managed by Toronto-based Sprott Asset Management and will store its gold at the Royal Canadian Mint.

09 March 2010 - Telegraph - Fitch warns Britain and questions Greek rescue as sovereign risks grow
Fitch Ratings has delivered a serious blow to the credibility of the Government's budget plans, warning that Britain risks a loss of investor confidence and erosion of its AAA rating unless it maps out clear austerity measures

10 March 2010 - Bloomberg - Budget Deficit in U.S. Widens to Record $221 Billion
The U.S. budget deficit widened to a record in February as the government boosted spending to help revive the economy. The excess of spending over revenue increased to $221 billion last month, compared with a shortfall of $194 billion in February 2009, according to Treasury Department figures released today in Washington. The figures show the deficit this year will likely surpass the record $1.4 trillion in the fiscal year that ended in September.

11 March 2010 - Information Clearing House - Empires on the Edge of Chaos
Imperial collapse may come much more suddenly than many historians imagine. A combination of fiscal deficits and military overstretch suggests that the United States may be the next empire on the precipice

11 March 2010 - Zero HedgeIt's Going To Implode: Buy Physical Gold - NOW
Evidence seems to be mounting that we are headed towards some sort of implosion in the paper Gold market, and perhaps the currency/bond markets in general. Let’s take a look: Jacksonville, FL based EverBank – a bank with approximately $8 billion in assets and 1800 employees according to the company website – recently sent this notice to customers...

11 March 2010 - Telegraph - Europe's banks brace for UK debt crisis
UniCredit has alerted investors in a client note that Britain is at serious risk of a bond market and sterling debacle and faces even more intractable budget woes than Greece

13 March 2010 - Sprott Asset Management - It’s Déjà Voodoo Economics... All Over Again

12 March 2010 - Silver Seek - Answering the Skeptics
Recently, I was contacted by a reporter for the Financial Times of London. He was looking to write a story about the CFTC’s upcoming hearing on precious metals. I could tell in my conversations with him that he was skeptical about my claims of a downward manipulation in the price of silver. As a result, the story he wrote reflected his skepticism, which was rooted in how could such a manipulation exist for as long as I alleged and how could silver be manipulated if it doubled in price over the past five years?