Newsroom

The GoldBugg Report - April 15th

April 15, 2008

"Precious Metals - The lows are getting higher and highs are getting higher. Buy the lows!"

-"We can't stress enough that you should stay invested in the major gold uptrend, which still has years to run. Don't get left behind or shaken out." "The biggest difference between the bull market today and the 1970s is demand (more buyers than supply). This is much more powerful. When the current bull market runs its course, it will be the greatest bull market in history." We see demand growing, a gold bull market that is seven years old reaching a record high, yet the public is not in the market yet and gold hasn't been mentioned much in the financial press.

This means gold fever still lies ahead. The almost 300% gold rise since 2001 is just the start. "We got a glimpse of gold fever in 1979 when the gold price soared from $300 to its $850 peak in 20 weeks. That was a 183% gain in about four months. The upcoming gold run will likely make that rise look like child's play. "With gold in a new era, many are asking, what is the likely forecast for the years ahead? If the up trending channel since 2001 stays intact, gold would be near $2200 by 2012.

Interestingly, this level in real terms is equivalent to the $850 peak in 1980. "Of course, gold could go much higher and it most likely will, but this is a reasonable target for now. The 65-week moving average has been in identifying the major trend since 2001. Gold has stayed consistently above this average since August, 2001 and as long as it stays above it, now at $780, the major trend will remain up and prices are headed higher. Aden Sisters

-Since 2001, gold has outperformed stocks, bonds, and just about every investment you can name. And it's done this with no yield, no cash flow, and no Wall Street gurus pushing it on their clients. Yet I would wager that less than 1 in 10,000 investors actually own the stuff. Only 10% of worldwide demand for gold is for investment purposes. This won't last for long.

Globally, entire gold markets that didn't exist in 1980 are now beginning to buy the precious metal. Vietnam started trading gold futures in June 2007. Already the exchange trades around $100 million in gold futures a day. China's Shanghai Futures Index started trading gold futures just a few months ago. The latter country has already surpassed the U.S. as the second largest consumer of gold behind India.

Gold is a great inflationary hedge. However, in light of the growing number of gold investors, it's going to be a great investment simply due to supply and demand as well. Sure, $2,000 gold may sound ridiculous. But $1,000 gold sounded ridiculous just three years ago. And we flirted with that level earlier this year.

I strongly suggest buying gold during this recent pullback if you haven't already done so. Bear in mind, I'm not a trader. I'm an investor. I look for investments of value. And to me, gold remains one of the last cheap asset classes relative to its historic levels. Graham Summers

March's wholesale-level inflation jumps hotter-than-expected 1.1%; core rate on mark
http://www.marketwatch.com/news/story/marchs-wholesale-level-inflation-jumps-hotter-than-expected/story.aspx?guid=%7B01377D4E%2D89A3%2D4D50%2D8DB7%2D1F2CD8D3AF44%7D&siteid=bnb

Gold Futures Rise as Record Energy Costs Spur Inflation Concern
http://www.bloomberg.com/apps/news?pid=20601012&sid=aEPYX79La6W4&refer=commodities

Gold futures edge higher, as crude oil hits record
http://www.marketwatch.com/news/story/gold-futures-edge-higher-crude/story.aspx?guid=%7B3E861554-43BE-427B-9109-3ED3A54153E9%7D&dist=msr_1

Foreclosures jump 57% in March
The housing bust continues to take its toll, with over 50,000 homes lost to foreclosure.
http://money.cnn.com/2008/04/15/real_estate/foreclosures_march/index.htm?postversion=2008041509

-Double Dip Recession. When the gross domestic product (GDP) growth slides back to negative after a quarter or two of brief positive growth. In other words, a recession followed by a short-lived recovery, followed by another recession.

The causes for a double-dip recession vary. However, they often include a slowdown in the demand for goods and services because of layoffs and spending cutbacks from the previous downturn. A double-dip (or even triple-dip) is a worst case scenario. Fear that the economy will move back into a deeper and longer recession makes recovery even more difficult. Investopedia.com

-Bear Market. A market condition in which the prices of securities are falling or are expected to fall. Although figures can vary, a downturn of 15-20% or more in multiple indexes (Dow or S&P 500) is considered an entry into a bear market.

When you see a bear what do you do? Tuck in your arms and play dead! Fighting back can be extremely dangerous because it is quite difficult for an investor to make stellar gains during a bear market unless he or she is a short seller. Investopedia.com

-"The gold standard makes the money's purchasing power independent of the changing, ambitions and doctrines of political parties and pressure groups. This is not a defect of the gold standard; it is its main excellence." Ludwig von Mises

-Of course, for all the talk about taxpayer bailouts, none of the U.S. senators bothered to mention that, for the moment, no tax increases are actually on the table. Instead, the bailouts are being financed by savers, pensioners, wage earners, investors and the elderly on fixed incomes, who all suffer staggering increases in their costs of living, as the Fed uses inflation to rob Main Street to pay off Wall Street. Peter Schiff -Read more at-http://news.goldseek.com/EuroCapital/1207325044.php

-Questions for the Fed. Read more at-http://online.wsj.com/article/SB120718721266185319.html?mod=opinion_main_commentaries

GOLD

-Gold prices could climb to US $1200 by early 2009. Gold prices could move sideways in the near term and may not make much of a move in the next two quarters, but they should turn upward after that, according to Martin Murenbeeld, chief economist at DundeeWealth Economics. "These projections may be considered somewhat bearish by some readers, but we assure them that the medium and long-term outlook remains quite bullish indeed," he told clients in a note. Read more at-
http://network.nationalpost.com/np/blogs/tradingdesk/archive/2008/04/07/gold-prices-could-climb-to-us-1200-by-early-2009.aspx

-Why gold is likely to keep moving higher over the long run. Read more at-http://www.usagold.com/amk/abcs-goldengutcheck.html

-Gold's Recent Correction is Only Blip in Long-term Fundamentals. Declining gold production worldwide along with strong demand from investors and the jewelry industry should continue to underpin gold prices and sustain a bullish outlook for gold, said a senior executive at Barrick Gold Corp. "Despite the recent correction in gold, nothing has fundamentally changed," said Alexander Davidson, executive vice president of exploration and corporate development, at a mining conference in Singapore.

Inflation risks, geopolitical tensions, negative real interest rates in the United States and fears of a recession there continue to draw investors to gold, Davidson said. Fundamentally, Davidson said the gold industry is struggling to bring on new mines, as there has been a scarcity of new discoveries, while development timelines have lengthened. Read more at-
http://www.diamonds.net/news/NewsItem.aspx?ArticleID=21235

-Got Gold Report-Gold, Silver 'Bubbles' Pricked? Rubbish. This offering of the Got Gold Report focuses on the notion that very large institutional interests are now rotating out of precious metals and into other assets once again. The idea that the gold and silver markets have been in a "bubble" and that an exodus of capital away from precious metals will now decimate metals prices.

We've seen that same argument become popular several times since the Great Gold Bull began in 2001-2002, haven't we? Didn't we hear it when gold first managed to eclipse the $425 level late in 2003? Remember those very same gold-bull-is-over calls when gold touched $730 in May of 2006? Then again at $750, at $800, at $900 and now this one with gold having just tested $1,000 for the first time.

Quite a few analysts, commentators and market watchers are, once again, of the opinion that a bubble of sorts has just been pricked in precious metals and it sometimes seems all of these metals-bearish experts somehow find their way onto televised financial media. To hear them tell it, actions by the FED and the U.S. congress have been the pin that just got stuck into the over-inflated balloon of precious metals and commodities.

Really? Experts "Schmecksperts" I believe it was Mark Twain who said, "Few things are more irritating than when someone who is wrong is also very effective in making his point." What if these expert analysts are invited on the business TV programs not because they are good at what they do, but instead are very good at how they say it? (Or worse, because they are good looking.) Read full story at-http://www.resourceinvestor.com/pebble.asp?relid=41689

-Why people hold Gold to their hearts. From gold exchange-traded funds (ETFs) to gold stocks to buying physical gold, investors now have several different options when it comes to investing in the royal metal. But what exactly is the purpose of gold? And why should investors even bother investing in the gold market?

Indeed, these two questions have divided gold investors for the last several decades. One school of thought argues that gold is simply a barbaric relic that no longer holds the monitory qualities of the past. In a modern economic environment, where paper currency is the money of choice, gold's only benefit is the fact that it is a material that is used in jewellery.

On the other end of the spectrum is a school of thought that asserts gold is an asset with various intrinsic qualities that make it unique and necessary for investors to hold in their portfolios. In this article, we will focus on the purpose of gold in the modern era, why it still belongs in investors' portfolios and the different ways that a person can invest in the gold market.

The Importance of Gold In the Modern Economy-Given the fact that gold no longer backs the U.S. dollar (or other worldwide currencies for that matter) why is it still important today? The simple answer is that while gold is no longer in the forefront of everyday transactions, it is still important in the global economy.

To validate this point, one need only to look as far as the reserve balance sheets of central banks and other financial organizations, such as the International Monetary Fund. Presently, these organizations are responsible for holding approximately one-fifth of the world's supply of above-ground gold. In addition, several central banks have focused their efforts on adding to their present gold reserves.

Gold Preserves Wealth-The reasons for gold's importance in the modern economy centers on the fact that it has successfully preserved wealth throughout thousands of generations. The same, however, cannot be said about paper-denominated currencies. Read more at-http://www.commodityonline.com/news/topstory/newsdetails.php?id=7129

-The IMF is selling metal, currently valued at better than $US13 billion, and said it would also substantially cut costs, by $100 million over the next three years, as part of an efficiency drive. Managing Director Dominique Strauss-Kahn said the IMF had made "difficult but necessary choices" to close an income shortfall pegged at about $400 million by fiscal 2010, and to make the multilateral agency more efficient through a "new and sustainable income and expenditure framework."

"If approved, gold sales would be conducted in a transparent manner with strong safeguards to ensure that they do not add to official sales and avoid any risk of market disruption," the IMF said. Announcing this does not make it a done deal, of course. For one thing, Congress must approve any such action on the part of the IMF. And member countries also will have to enact legislation to expand the IMF's investment authority. Kitco Daily Resource-Read more at-http://www.resourceinvestor.com/pebble.asp?relid=41767

-World Gold, Dubai Commodities Plan Gold Share Venture. Dubai Multi Commodities Centre, a tax-free business park in the United Arab Emirates, plans to start a venture with the World Gold Council to trade the first Islamic securities backed by gold bullion. Through a joint venture called Dubai Gold Investments, the partners plan to create Dubai Gold Shares and list them on the Dubai International Financial Exchange Ltd., they told reporters at a briefing in Dubai today.

Dubai Gold Shares will comply with Islamic Shariah law, WGC Chief Executive Officer James Burton said at the briefing. The shares will allow holders to gain from advances in the price of gold without having to insure, store and move the metal, he said.

The venture follows exchange-traded gold securities started by the WGC on nine other exchanges including bourses in London, New York, Singapore and Paris. Those securities held gold worth $24.2 billion at the end of March, according to notes distributed at the briefing.

Each Dubai Gold Share will represent 0.1 ounce of gold held in custody by the center and HSBC Holdings Plc, according to Burton. Scholars of Islamic law employed by Shariah Capital Inc. will ensure the securities comply with Islamic principles. Dubai started the commodities center in 2002 in a bid to develop its non-oil economy, providing a physical market for traders in gold, diamonds, energy and tea. Bloomberg

-Two sets of forces work on market prices. Internal factors, or market's technical conditions, can in some periods dominate all others. The second set of forces are fundamental factors. The latter is that which is happening in the world that might influence the market. The much enjoyed rally from last summer's lows to the joyous move above US$1,000 was driven by latter. Investors wanted to protect their purchasing power from collapse of purveyors of paper assets.

Internal factors seem now to be more important at the present time. In this week's chart, the green line portrays the six month rate of change in monthly average $Gold price using right axis. As a measure of price momentum, it helps in assessing the technical nature of the market.

An observation approaching 40% appears to be an abnormal reading, or indicative of a seriously over bought condition.. Last time $Gold's return approached that level, return on Gold turned down. That appears to again be happening. This writer's view is that technical factors are dominant at this time, and imply $Gold price weakness rather than strength.

On the fundamental side, the red line is six month rate of change for U.S. money supply, M-2, annualized using left axis. Until recently, the two seemed to have some commonality. Creating U.S. dollars at a faster rate tended to cause return on $Gold to rise. That view seems reasonable. Now with the Federal Reserve abandoning restraint, U.S. money supply growth has exploded to the highest level in years.

Producing more dollars at a faster rate should cause the value of dollar to fall and $Gold to rise. However, the market correctly predicted the Fed's actions and discounted them in advance. The technical factors and the discounting in advance of Fed actions seem to be dominating $Gold. Given these factors, this analyst would expect $Gold to stage short rallies followed by a continuation of a correction.

The first intermediate buy signal has already been given. Expect more to follow as it usually takes a number of oversold periods to create the end of a correction. Since we will never know till after the fact the final low for this correction, investors should commit part of their cash to Gold on each price decline that creates an over sold condition. You do want to own Gold for the final ride to more than US$1,500, but getting on the train at the right station can increase the pleasure derived from the ride. Ned W. Schmidt

-Gold Fields SA ops chief says winter could bring more power problems. Read more at-http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=50466&sn=Detail

-2007 gold production fell marginally and 2008 output to stabilize-GFMS. Read more at-http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=50465&sn=Detail

-Gold could rally strongly and post fresh highs later this year and into 2009. But in the longer term it is likely to fall quite rapidly to an equilibrium level around $600/oz, according to Philip Klapwijk, Chairman of the precious metals research consultancy GFMS, who launched the Gold Survey 2008 report at an impressive presentation in London. Read more at-
http://www.resourceinvestor.com/pebble.asp?relid=41816

SILVER

-The bullish case for gold, that has been made in this article, is even more powerful for silver. Whereas most of the gold that is used, eventually gets recycled, most of the silver that is used, ends up in landfill. Small amounts are used in every cell phone, computer, refrigerator, TV set, laptop, satellite, electrical switches, medical wound coverings, water filters etc. The 2.5 billion ounces that existed in US government stockpiles when I first became interested in silver in the early 1960's are gone! Used up! Finished!

During the recent drop in silver a few weeks ago, the number of ounces in the SLV, silver ETF actually increased! A very bullish development! Silver seems to bottom towards the end of each quarter: March, June, September and December often carve out a bottom in silver. The drop in March came right on schedule. It was my pleasure to meet Mr. Nelson Bunker Hunt at a convention; just after the Comex board changed the rules on silver contracts, and finished his run at silver in early 1980.

I asked him about the gold to silver ratio. He told me that he felt that in time, the ratio would shrink to 10 ounces of silver for an ounce of gold. More than 25 years have passed since that conversation, and many more uses for silver have been discovered. Less and less silver is being found. Due to environmental concerns it is more difficult now to open a mine than at any time in history. (Congress is currently discussing mining legislation HR 2262).

It is my belief that the ratio between gold and silver will shrink in time, to 5 ounces of silver buying an ounce of gold. We are a long way from having to be concerned about an exit strategy from our gold and silver positions. For those of you who worry about tops, I'll share my exit strategy with you. When 2 ounces of gold or 10 ounces of silver are equal in value to the daily quote for the Dow industrials, I'll start making plans to sell most of my metals, and I'll buy blue chip stocks or real estate with the proceeds. Today the ratio between gold and the Dow is 13.6 ounces of gold or 700 ounces of silver versus the Dow. That is a long way from my exit. Peter Degraaf-Read more at-http://www.321gold.com/editorials/degraaf/degraaf040908.html

-From the beginning, I have steadfastly maintained that a silver commitment should be made for the long term, after one has done sufficient investigation into the facts surrounding the commodity. Now, more than ever, I believe that to be the correct approach. Over the past few years, the price of silver has climbed impressively, enriching many and validating the bullish case. However, that doesn't mean you should accept only what you want to hear or read.

You can't profit on that which has already occurred. Profit accrues on what happens in the future and how you are positioned to take advantage. Even if you were fortunate enough to initially invest at much lower than current prices, you should be on guard for changing supply and demand circumstances that might dictate that the silver price is no longer undervalued. After all, the time to consider selling is when you feel the price becomes overvalued compared to the fundamentals.

A long-term holding is much like a long journey, a travel that will occupy a good portion of your life. Sometimes the journey will be successful and bring financial and intellectual rewards, other times not. Long-term investment journeys, like other life paths, can be adhered to or changed, depending on your readings of the mile markers and signposts along the way. Obviously, if you start getting signs that danger lies ahead, a change may be in order.

Likewise, confirmation that you are on the right path should encourage you to stay the long-term course. Ending a silver investment based upon the many periodic short-term price sell-offs has been generally a mistake, even though those sell-offs can be unnerving. So what signs, aside from price action, should you look at along the way, to reinforce you are on the correct long-term path? What and how seem pretty straight-forward to me.

You look at the facts and you rely on your common sense to observe and interpret those facts compared to your original motivation for buying silver. Do the facts, as you see them, confirm or undermine your original decision for buying silver? The first thing I see is a current retail investment tightness or shortage in silver for the first time in history. I also see that the US Mint has run out Silver Eagles, for the first time ever, amid record retail demand. I don't know if this tightness or shortage will continue.

I just know it has occurred for the very first time in my, or anyone else's, lifetime. I don't know if this retail tightness will lead to a wholesale tightness, but my common sense suggest to me that it easily could. The next thing I see is that, also for the first time, there was no liquidation in the metal holdings of the silver ETF in the face of a fairly sharp sell-off. In fact, there has been a significant increase in those holdings very recently, which is also unprecedented.

This suggests to me that deep and strong hands of the wholesale variety are interested in buying and holding silver, in spite of temporary price weakness. Next, I see evidence that the retail shortage is unique to silver. I am aware of no reports of retail gold shortages. I also see no signs that the US Mint is having trouble keeping up with gold coin demand, or that gold coin sales are anywhere near a record high. If anything, Gold Eagle sales are very much closer to record lows, not highs. This is not a knock on gold.

It could be that things will change and gold retail sales will suddenly soar like silver sales, but this exercise is about observing facts and signposts. Further, I see many credible reports of the widespread melting of gold by the public in response to the higher prices and tough economic times. A recent prominent story in the NY Times enlightened me to jewelry parties (much like Tupperware parties) where women came together in a social setting, with a gold-buying representative present, to weigh and evaluate old gold jewelry to be melted and write a check out on the spot.

I am aware of and have read no such stories of unusual silver melting or silver parties. Take a moment and try to transport yourself back a few years ago, when silver was in the sub $5 price range (and gold around $300). If someone suggested that silver would be in the $17 to $20 price range at this time, most observers would have sworn that would bring silver for melting out of the woodwork, causing a glut of metal.

Few would have suggested a surge in gold melting at current prices. Even fewer would have predicted a surge in silver investment demand. Here we have a five-fold increase in the price of silver, and instead of a glut of household silver available for melt, we face an unprecedented tightness and record demand. My expectation was that there was less above ground silver than gold. Furthermore, there was less silver in the world every day, due to silver's industrial consumption.

I always knew that silver offered more relative value than gold, no matter what the current price of each was. I thought there would be a shortage in silver, while it would be impossible for there to be a gold shortage. This has been a signature issue of mine from the very beginning. I hope and expect that gold continues to increase in price, but I don't have to hope silver will outperform gold, as the facts demand that out-performance.

Gold investors are doing themselves a disservice by not over-weighting their metal exposure to silver. Make the switch now, based upon the clear evidence right in front of you. Don't wait until silver's price performance has made itself clear. It will be much more costly to switch later, after the majority see the real facts. If and when the time comes when it appears the silver journey is reaching its final destination, amid credible evidence of serious surplus and net selling and the resolution of the concentrated short position, prudence will dictate a reevaluation.

I know of no such current evidence. What is most important is how you reconcile what you see with your own silver journey. This is you and your family's financial future at stake. It is your own journey. Do you see any signposts that undermine your original decision to buy silver for the long term? Even more to the point, ask yourself this question in light of what you see with your own eyes, do you have enough silver? Ted Butler

-Clive Maund, gold and silver market updates. Read more at-http://www.321gold.com/editorials/maund/maund040708.html

-Mint Short on Silver American Eagles. A shortage of 2008 American Eagle silver one-ounce coins is preventing buyers from purchasing during the current dip in silver prices.

The U.S. Mint suspended sales twice this year. The first time was Feb. 4 to March 3, and the second time was March 19 and continuing into early April. The Mint notes that from Dec. 27, 2006, to March 19, 2007, it sold 3,497,000 coins while in the same period this year, sales have been 6,549,500 pieces, which is 87 percent more. Numismatic News

PLATINUM-PALLADIUM

-Johnson Matthey involved in palladium catalysis research. Johnson Matthey has been involved in research to understand the role of carbon in palladium catalysis. Read more at-
http://www.platinum.matthey.com/media_room/1207648815.html

COMMODITIES-FOOD

-Letter Bullish On Long-term Resources Run. Commodities have been volatile, but a top letter says think long-term. Read more at- http://money.cnn.com/news/newsfeeds/articles/djhighlights/200804070037DOWJONESDJONLINE000012.htm

-China, the world's biggest copper consumer, may increase imports of ore used to make the metal by 20 percent to a record this year, said Trafigura Beheer BV, the country's top supplier. Read more at-
http://www.bloomberg.com/apps/news?pid=20601109&sid=alWlh3m3fv50&refer=home

-Chavez's Threats, Commodities Boom Converge to Fuel Arms Race. South American nations, flush with cash from increased prices for oil, soy, copper and other commodity exports, are going on a military spending spree. In the wake of Venezuelan President Hugo Chavez's arms purchases, which saw him order $1.3 billion in military aircraft and 100,000 assault rifles in 2005, nations across the region are bulking up. Read more at-http://www.bloomberg.com/apps/news?pid=20601109&sid=a3J3JJ6v3wJQ&refer=home

-Chavez Plans to Nationalize Venezuela Cement Industry. Venezuelan President Hugo Chavez said he will nationalize the country's cement companies to boost supplies of construction materials, a pledge that threatens the operations of Cemex SAB of Mexico, the largest producer. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=aAdDfAmeLQ78&refer=home

-India to Face Coal Shortages, WCL Chief Says. Read more at-http://www.resourceinvestor.com/pebble.asp?relid=41749

-Food Shortages Cause Worldwide Price Spike. Read more at-http://www.realtruth.org/news/080408-002-international-print.html

-Egypt's Rising Food Prices Swell Bread Lines, Deficit. Read more at http://www.bloomberg.com/apps/news?pid=20601109&sid=amxCfY1PA_ek&refer=home

-Grains Gone Wild. Read more at http://www.nytimes.com/2008/04/07/opinion/07krugman.html?_r=1&ei=5087&em=&en=814beb53994fd272&ex=1207800000&pagewanted=print&oref=slogin

-China's Winter Wheat Less Healthy Than Normal by Early April. Read more at-http://www.resourceinvestor.com/pebble.asp?relid=41852

-Chinese Govt. Purchasing Corn to Buoy Domestic Market. Read more at- http://www.resourceinvestor.com/pebble.asp?relid=41746

-Rice Jumps to Record on Philippine Imports, Curbs on Exports. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=ahRifIz3hjh0&refer=home

-Rice Run Prompts Curbs to Rival Credit Market Seizure. Read more at-
http://www.bloomberg.com/apps/news?pid=20601087&sid=aRnBO9RP59Xw&refer=home

OIL-GASOLINE

-IEA Chief Energy Economist Birol Says Oil Prices to Stay High. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=aJRvT9j7xjt4&refer=home

-Mexico unveils oil reform plans. Read more at-http://news.bbc.co.uk/2/hi/americas/7338211.stm

-Gas Prices Slip From Record, but Could Reach $4 a Gallon This Spring, the Government Said. Read more at-http://biz.yahoo.com/ap/080408/oil_prices.html?.v=10&printer=1

-Are you prepared to pay $8 a gallon at the pump? Read more at-http://www.sltrib.com/portlet/article/html/fragments/print_article.jsp?articleId=8822746&siteId=297

INFLATION-STAGFLATION

-Asian Inflation Begins to Sting U.S. Shoppers. Read more at-
http://www.nytimes.com/2008/04/08/business/worldbusiness/08inflate.html?_r=2&hp=&oref=slogin&pagewanted=print

-A professional shopper looks for inflation. Labor Department researcher scours store aisles to help determine Consumer Price Index. Read more at-
http://money.cnn.com/2008/04/08/news/economy/inflation_shopper/index.htm?postversion=2008040815

-Middle-class discontent: Poll. -http://money.cnn.com/2008/04/09/news/economy/middle_class.ap/index.htm

-For Many, a Boom That Wasn't. How has the United States economy gotten to this point? Read more at-http://www.nytimes.com/2008/04/09/business/09leonhardt.html?_r=2&oref=slogin&ref=business&pagewanted=print

-How derivatives suppress commodities to conceal inflation. Read more at-http://www.financialsense.com/Market/kirby/2008/0407.html

-Zimbabwe unveils $50-million bank note to cope with rampant inflation. Authorities in Zimbabwe have issued a new mega bank note in an attempt to cope with the troubled African country's runaway inflation. The size of the new note? Fifty million Zimbabwean dollars.

The new bill, issued Friday, marks the third time in three months that the central bank in Harare has issued a higher denomination note in response to the country's 100,000 per cent annual inflation rate. In practical terms, the $50-million bill is worth just $1 US in trading on Zimbabwe's widely used black market. That means it can buy just three loaves of bread. CBC.ca

-Stagflation is clearly emerging as a real and present danger to western economies and to the UK economy and the BoE (like the Federal Reserve) is caught between a rock and a hard place. The property markets and economy again need the life elixir of cheaper money but the inflation genie is out of the bottle and should sterling fall even further inflation will increase even more which would require sharp rate increases (possibly to double digit levels) in order to control the grave threat that is real and serious inflation. Gold.ie

INTEREST RATES

-Iceland Raises Benchmark Interest Rate to 15.5%. Read more at-http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atYTED7QcGbo

-Trichet Not Ready to Cut Rates Even as Risks Mount. Read more at-
http://www.bloomberg.com/apps/news?pid=20601087&sid=armg9RkeRAII&refer=home

-Bank of England Lowers Rate to 5% on Recession Risk. The Bank of England cut the benchmark interest rate for the third time since December as higher credit costs and the worst housing slump in 16 years threatened to push the economy into a recession. Read more at-http://www.bloomberg.com/apps/news?pid=20601068&sid=aZ1ylSDeYV.s&refer=home

U.S. DOLLAR-TRADE GAP

-Goodbye to the dollar? As the world's financial leaders meet in Washington this month at the World Bank-International Monetary Fund annual meeting, perhaps they should be glad there is no clear alternative to the dollar as the global currency standard. If the euro were fully ready for prime time, we might well be seeing it's dollar exchange rate jump to over 2.00, and not just to 1.65 or 1.70, as it seems poised to do anyway. Read more at-http://www.sundaytimes.lk/080406/International/international00010.html

-The German finance ministry is opposing using interventions to prop up the weak U.S. dollar, weekly magazine Der Spiegel reports Saturday, citing a finance ministry document prepared for Finance Minister Peer Steinbrueck. Read more at-http://www.tradingmarkets.com/.site/news/Stock%20News/1313760/

-Iran to OPEC: Stop Oil Sales in Dollars. Read more at-http://www.reuters.com/article/telecomm/idUSL0743596620080407?sp=true

-Interview with Jim Rogers: More Pain for the Greenback, and the Failure of the Federal Reserve. Read more at-http://www.321gold.com/editorials/fitz-gerald/fitz-gerald040808.html

-U.S. Economy: Trade Gap Unexpectedly Grew on Imports. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=aDq_o7vTwgJM&refer=home

IMF SAYS FINANCIAL-ECONOMIC LOSSES MAY REACH $945 BILLION

-IMF Says Financial, Economic Losses May Swell to $945 Billion. The International Monetary Fund said financial losses stemming from the U.S. mortgage crisis may approach $1 trillion, citing a "collective failure'' to predict the breadth of the crisis. Falling U.S. house prices and rising delinquencies may lead to $565 billion in mortgage-market losses, the IMF said in its annual Global Financial Stability report, released today in Washington.

Total losses, including the securities tied to commercial real estate and loans to consumers and companies, may reach $945 billion, the fund said. The forecast signals the worst of the credit crunch may be yet to come, because banks and securities firms so far have posted $232 billion in asset writedowns and credit losses. Policy makers, concerned that lenders' deteriorating balance sheets will hobble economic growth, are pushing companies to raise capital.

"The current turmoil is more than simply a liquidity event, reflecting deep-seated balance-sheet fragilities and weak capital bases, which means its effects are likely to be broader, deeper and more protracted,'' the report said. The fund warned of the risk of ``a serious funding and confidence crisis that threatens to continue for a significant period.'' Today's report comes days before finance ministers and central bank governors from the IMF's 185 members gather in Washington for spring meetings of the fund and World Bank. Group of Seven policy makers meet April 11. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=aBCSyLv7HQmU&refer=home

WORLD LIQUIDITY-FINANCIAL CRISIS

-Fed auctions another $50 billion to banks. Read more at-http://money.cnn.com/2008/04/08/news/economy/Fed_auction.ap/index.htm?postversion=2008040811

-The International Monetary Fund urged U.S. policy makers to strengthen their response to the housing slump and called on the European Central Bank to lower interest rates as the global economy cools. The Washington-based lender estimated a 25 percent chance of a worldwide economic downturn in its semiannual World Economic Outlook, released today.

The fund lowered its global growth forecast to 3.7 percent this year from a 4.1 percent prediction in January. The fund anticipates a ``mild recession'' in the U.S., with expansions slowing in Europe and Japan. While central banks have acted ``aggressively'' to inject cash into the financial system, further efforts may be needed because of the danger of a ``full- blown credit crunch,'' the IMF said.

``The worst is not yet over,'' said David Bloom, global head of currency strategy at HSBC Holdings Plc in London. ``If the IMF predictions prove true, it demands an urgent policy response to galvanize the world economy.'' Read more at-http://www.bloomberg.com/apps/news?pid=20601068&sid=aXJg7chaTKl4&refer=home

-The Federal Reserve is considering contingency plans for expanding its lending power in the event its recent steps to unfreeze credit markets fail. Among the options: Having the Treasury borrow more money than it needs to fund the government and leave the proceeds on deposit at the Fed; issuing debt under the Fed's name rather than the Treasury's; and asking Congress for immediate authority for the Fed to pay interest on commercial-bank reserves instead of waiting until a previously enacted law permits it in 2011. Read more at-
http://online.wsj.com/article/SB120768896446099091.html?mod=hpp_us_whats_news

-Tight global credit markets will persist ``for some time to come,'' Bank of Canada Deputy Governor David Longworth said today. ``We do not know just when or how this turmoil will ultimately be resolved,'' Longworth, 56, said in a speech he's giving today in Lake Louise, Alberta. He also repeated that the central bank will probably cut interest rates soon to boost flagging economic growth. The next rate decision is April 22. Read more at-http://www.bloomberg.com/apps/news?pid=20601082&sid=au7X1UX.mPsE&refer=canada

-Wall Street's Latest Illusion-Turning Losses into Paper Profits. Read more at-http://online.barrons.com/article/SB120736147391891897.html?mod=yahoobarrons&ru=yahoo

-Volcker Says Fed's Bear Loan Stretches Legal Power. Former Federal Reserve Chairman Paul Volcker questioned the central bank's decision to back a loan to an investment bank, saying the decision was at ``the very edge'' of its legal authority. ``The Federal Reserve has judged it necessary to take actions that extend to the very edge of its lawful and implied powers, transcending in the process certain long-embedded central banking principles and practices,'' Volcker said in a speech to the Economic Club of New York.

Fed Chairman Ben S. Bernanke last month agreed to take on $29 billon of Bear Stearns Cos.'s assets, paving the way for JPMorgan Chase & Co. to buy its Wall Street rival. Bernanke, who worked with Treasury Secretary Henry Paulson to broker the bailout, last week defended the move as necessary to prevent "severe'' damage to financial markets. Volcker, the Fed chair from 1979 to 1987, had implicit criticism for U.S. regulators and market participants who allowed for "excesses of subprime mortgages'' to spread into "the mother of all crises.''

The Fed's Bear Stearns loan was unusual, he said. "What appears to be in substance a direct transfer of mortgage and mortgage-backed securities of questionable pedigree from an investment bank to the Federal Reserve seems to test the time-honored central bank mantra in time of crisis: lend freely at high rates against good collateral; test it to the point of no return,'' he said.

Lawmakers, while praising the Fed and Treasury for averting a financial collapse, have also questioned the plan to subsidize Wall Street while the government resists using government funds to address homeowners in the worst housing crisis in 25 years. Volcker said the modern financial system has "failed the test'' of the marketplace. When asked whether he predicts a "dollar crisis,'' Volcker said, "you don't have to predict it, you're in it.'' Bloomberg

-Sub-prime crisis hits German bank. Read more at-http://news.bbc.co.uk/2/hi/business/7328694.stm

-The Mortgage Bust Goes Global. Read more at-http://www.nytimes.com/2008/04/06/business/06ubs.html?_r=1&ref=business&pagewanted=print&oref=slogin

-ANZ Increases Bad-Debt Provisions to A$975 Million. Australia & New Zealand Banking Group Ltd. increased bad-debt provisions by 71 percent, joining Commonwealth Bank of Australia in forecasting rising delinquencies this year amid financial market turmoil. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=awgxDvkCTOcM&refer=home

-Washington Mutual Inc., the largest U.S. savings and loan, will receive $7 billion from a group led by David Bonderman's TPG Inc. to replenish capital as it confronts more losses tied to subprime mortgages. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=a7M_ER.SKD9E&refer=home

-Japan says U.S. banks may need bailout. The Bank of Japan said on Tuesday Washington may have to use public funds to bail out U.S. banks hit by the credit crisis as Tokyo joined European calls for the Group of Seven states to work together calm financial markets. Read more at-
http://www.reportonbusiness.com/servlet/story/RTGAM.20080408.wg70408/BNStory/robNews/home

-Morgan Stanley's Mack Sees Crisis Lasting `Couple of Quarters.' Morgan Stanley Chief Executive Officer John Mack said the credit crisis is going to last "a couple of quarters'' longer as it spreads to commercial real estate, subprime mortgages in Europe and U.S. midsized banks. "It's going to be a difficult year for the Street,'' Mack said to reporters before the company's annual meeting today in Purchase, New York. Mack, 63, told shareholders the markets are facing the most difficult conditions he's seen in 40 years. Bloomberg

-Canaccord Leads Plan to Buy C$138 Million in Debt. Canaccord Capital Inc., a Vancouver- based brokerage, will lead a bailout of its clients to help win their support for a proposal to restructure about C$32 billion ($31.4 billion) of frozen commercial paper in Canada. Canaccord and unidentified investors will buy back as much as C$138 million from 1,430 individuals holding up to C$1 million each in asset-backed paper, according to a statement today. Read more at-http://www.bloomberg.com/apps/news?pid=20601082&sid=a9M_vWRPWwzk&refer=canada

-Canadian Investors Push to Delay C$32 Billion Vote. Some Canadian companies saddled with commercial paper that hasn't traded since August are pushing to delay a vote on a C$32 billion ($31.5 billion) restructuring plan because they need more time to study it. Read more at-http://www.bloomberg.com/apps/news?pid=20601082&sid=a13OL3SUDkTA&refer=canada

U.S.-GLOBAL RECESSION

-U.S. near recession amid global slump-IMF. International Monetary Fund shows U.S. sliding into recession and pulling down economic growth around the world. Read more at-
http://money.cnn.com/2008/04/09/news/international/world_economy.ap/index.htm

-Fed sees economy getting worse. Minutes from central bank's last meeting show fear of 'severe and protracted downturn'; some members worry economy could shrink in first half of year. Read more at-http://money.cnn.com/2008/04/08/news/economy/fed_minutes/index.htm or http://www.bloomberg.com/apps/news?pid=20601087&sid=adhv7YFQhdIQ&refer=home

-The tip of the iceberg. Economies in crisis: Despite the sanguine assurances of the Federal Reserve, the US recessession will be neither short nor mild. The economists all assure us that the recession will be short and mild. Anyone who finds this reassuring should remember that almost none of these economists ever saw the recession coming.

The overwhelming consensus among economists just a few months ago was that the problems in the housing market would cause somewhat slower growth, but posed little risk of a recession. Read full story at-http://commentisfree.guardian.co.uk/dean_baker/2008/04/the_tip_of_the_iceberg_1.html

-Feldstein says U.S. sliding into recession. Martin Feldstein, who leads the group that is considered the arbiter of U.S. recessions, said Monday that he personally believes the economy has been sliding into a recession since December or January. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=aIGfaau8QloM&refer=home

-Citigroup, Wells Fargo May Fuel Recession by Curtailing Lending. Read more at-http://www.bloomberg.com/apps/news?pid=20601109&sid=ay.wksrAwOGI&refer=home

-The Great Depression: The sequel-Is it coming to a soup kitchen near you? Here's how we'll know if the current recession is turning into something much worse. Read more at-
http://www.salon.com/opinion/feature/2008/04/02/depression/index.html

-U.S. Loses 80,000 Jobs, Unemployment Rate Increases. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=alfGIs6CKH_o&refer=home

-U.S. Economy: Employers Cut Most Workers Since 2003. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=azV.9Jrf9q5Y&refer=home

-Moelis Says Wall Street's Banks May Cut 35% of Jobs. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=aEiGgw2lOnUk&refer=home

-U.S. Consumer Borrowing Rose $5.2 Billion in February. Read more at-
http://www.bloomberg.com/apps/news?pid=20601068&sid=aM_Af10opvlc&refer=home

-Restaurants' triple serving of recession. Not only do they have to cope with a drop in business, but fuel surcharges and soaring food costs as well. Read more at-
http://money.cnn.com/2008/04/09/news/economy/restaurants/index.htm?postversion=2008040912

-Bankruptcies Jump 30% in March, Led by Housing-Bust States. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=aw8ifLmYMFlI&refer=worldwide

-BOJ's Shirakawa Says Japan Economy to Keep Slowing. Read more at-http://www.bloomberg.com/apps/news?pid=20601068&sid=aJGgigm1aqSE&refer=home

-Australian Consumer Confidence Slumps to 15-Year Low. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=a7YRi_hqWnwY&refer=home

-Weak Economy Sours U.S. Public's View of Future, New Poll Finds. Read more at-
http://www.nytimes.com/2008/04/03/us/03cnd-poll.html?ei=5065&en=150c88cced5c5f4a&ex=1207886400&partner=MYWAY&pagewanted=print

GREENSPAN SAYS U.S. IN RECESSION-WORST CREDIT CRISIS IN 50 YEARS-HOUSING MAY STABILIZE IN 2008

-Former Federal Reserve Chairman Alan Greenspan said on Tuesday the U.S. economy was in recession, and said it would be appropriate to tap public funds to resolve the mortgage-related crisis that has helped pull the economy under. In an interview with CNBC television in which he defended his chairmanship of the U.S. central bank against charges that his policy missteps had laid the groundwork for the current crisis, Greenspan said Fed decisions on his watch were rationally constructed based on evidence at the time.

"I have no regrets on any of the Federal Reserve policies that we initiated back then because I think they were very professionally done," Greenspan said. Read more at-
http://news.yahoo.com/s/nm/20080408/bs_nm/usa_economy_greenspan_dc&printer=1;_ylt=AqdOKYylPw1ZiZ2M1sjLP82b.HQA

-Greenspan Says Credit Crisis Is Worst in 50 Years. Former Federal Reserve Chairman Alan Greenspan said the current credit crisis is the worst in at least 50 years. "The current credit crisis is the most wrenching in the last half century and possibly more,'' Greenspan told a conference in Tokyo today via satellite from Washington.

Greenspan's remarks echo the assessments of economists including those at the International Monetary Fund, and may add to pressure on policy makers to strengthen their response to the credit crunch. Federal Reserve officials last week acknowledged that capital markets remain distressed even after the fastest interest-rate cuts in two decades. Greenspan, 82, said the extent of damage stemming from the collapse of the subprime-mortgage market won't be known for months.

"Have we reached a point where prices are stable? We cannot know that for a couple of months,'' he said. He added that prices may begin to stabilize by the start of 2009 as home inventories decline. Greenspan said inflation will be contained during the current slowdown before picking up as the world economy recovers momentum. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=aclMlgBb3taQ&refer=home

-Greenspan Says U.S. Home Prices May Stabilize in 2008. Former Federal Reserve Chairman Alan Greenspan said the drop in U.S. home prices will probably end "well before'' early next year as the number of houses on the market diminishes, aiding an economic rebound. "It will not be until early 2009 that we will get close to having eliminated most of this'' home inventory, Greenspan told a conference in Tokyo today sponsored by Deutsche Bank AG and co-hosted by Bloomberg LP.

"But it is very likely that home prices will stabilize well before that.'' Greenspan added that the extent of damage stemming from the collapse of the subprime-mortgage market won't be known for months. He described the credit crisis as the worst in 50 years, echoing the assessment of International Monetary Fund economists. "You won't see asset markets recover until housing prices stabilize,'' said Glenn Maguire, chief Asia-Pacific economist for Societe Generale SA in Hong Kong.

"If Greenspan is correct, you'll see weakness in the economy through 2008.'' Greenspan's successor, Ben S. Bernanke, and other Fed officials have highlighted declining home prices as a major economic risk that may further hurt household wealth and consumer spending. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=afx4_3cUthg4&refer=home

GEORGE SOROS CALLS FOR SEVERE RECESSION

-Soros predicts end of the road for cheap and easy borrowing. The City of London faces a severe recession and the UK economy is set to follow the US into a sharp downturn, according to a gloomy prognosis from the billionaire financier George Soros. Faced with over-valued houses, mountains of personal debt and a rise in unemployment, the UK is especially vulnerable to the effects of the credit crisis sweeping through financial markets, Mr. Soros said, and he warned not to expect a rebound at any point in the near future.

Indeed, the crisis is so serious that it will up-end 25 years of free-market thinking and bring to an end an era of cheaper and easier borrowing, he predicted. "It is not going to be like the 1930s we are not going to allow financial institutions to fail but this is a historic event like the Great Depression was."

In the UK, as in the US and the rest of the developed world, "ever looser lending standards and more aggressive supply of mortgages" have contributed to a house price bubble but, said Mr. Soros, "I think we have come to the end of the road". Read more at-http://www.independent.co.uk/news/business/news/soros-predicts-end-of-the-road-for-cheap-and-easy-borrowing-804978.html?service=Print

-Soros Lambastes Market Theory, Says It Created `Super-Bubble.' For 20 years, George Soros has challenged the theory that markets, however choppy, always move toward equilibrium.

Now a meltdown has handed him rich evidence that the hypothesis isn't just flawed, it's dangerous. We are facing the worst financial crisis since the Great Depression, Soros writes in "The New Paradigm for Financial Markets,'' a book rushed online this week.

The culprit, he says, is a misconception that markets can correct themselves, no matter how we short-circuit them with easy money, massive leverage and brain-bending synthetic instruments. "The belief that markets tend towards equilibrium is directly responsible for the current turmoil,'' the billionaire philanthropist writes. "It encouraged the regulators to abandon their responsibility and rely on the market mechanism to correct its own excesses.''

His solutions, laid out here in uncluttered prose, range from abandoning some financial instruments to curbing lending to creating an exchange or clearing house for credit-default swaps. Soros also gives glimpses of the trading strategies he's using to shield his wealth: He has bet against U.S. and European stocks, the dollar and 10-year Treasuries, preferring non-U.S. currencies and equities in China, India and the Gulf states. Read more at-http://www.bloomberg.com/apps/news?pid=20601088&sid=aErAvCsDM8ZU&refer=home

REAL ESTATE

-Across the Globe, Hints of More Perils in Housing. As a weakening housing market appears to be dragging the American economy into recession, the International Monetary Fund warned this week that home prices in other industrial countries were even more overvalued. Read more at-
http://www.nytimes.com/2008/04/05/business/05charts.html?_r=1&oref=slogin&ref=business&pagewanted=print

-U.S. Economy: Pending Home Resales Fell in February. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=a5d01wpv4svI&refer=home

-A Foolish Investment in California. Read more at-http://thehousingbubbleblog.com/?p=4361

-U.K. House Prices Fall the Most Since 1992, HBOS Says. Read more at-http://www.bloomberg.com/apps/news?pid=20601068&sid=ar4cEW7TvLSM&refer=home

-UK House Prices Fall Sharply. The UK housing market has taken a sharp turn for the worst with HBOS reporting a 2.5% fall in house prices, the largest monthly fall in UK house prices since 1992. House prices were forecast to fall just 0.3%. With all lenders having withdrawn 100% mortgages, borrowers will be severely hampered from entering the property market which is likely to put further downward pressure on property prices. Gold.ie

FORECLOSURES-MORTGAGES

-Lenders Swamped By Foreclosures Let Homeowners Stay. Read more at-
http://www.bloomberg.com/apps/news?pid=20601109&sid=aOluOO8Vy0gc&refer=home

-Foreclosure crisis reaches into rural communities, too Read more at-http://www.usatoday.com/money/economy/housing/2008-04-05-rural-foreclosures_N.htm?csp=34

-The Bush administration is expanding a federal mortgage insurance program to allow as many as 100,000 borrowers at risk of foreclosure to keep their homes. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=atnyyy4TGxus&refer=home

-The big risk in the foreclosure fix. FHA, a formerly obscure federal agency, is now at center of many plans to fix the housing market. But it may not be up to the task - and that could cost taxpayers a bundle. Read more at-http://money.cnn.com/2008/04/10/news/economy/fha/index.htm?postversion=2008041011

-The futile $100M foreclosure fix. A new bill would allocate millions for foreclosure counseling. But is that enough to help keep at risk borrowers in their homes? Read more at-http://money.cnn.com/2008/04/07/real_estate/new_counseling_funds/index.htm?postversion=2008040812

-Mortgage fraud reports up 42% in 2007. The U.S Treasury says there were 52,868 reports of fraud last year as banks are more suspicious of lies on loan applications. Read more at-
http://money.cnn.com/2008/04/03/real_estate/Mortgage_Fraud.ap/index.htm?postversion=2008040313

-International banks are scrambling to sell their holdings of Spanish mortgage debt at a steep discount, fearing that the country may be sliding into the worst economic downturn in its modern history. Read more at-http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=&xml=/money/2008/04/04/cnspain104.xml

GEOPOLITICAL

-Al Qaeda attacks in Yemen latest to target oil. The Al Qaeda terrorist organization, building on earlier claims, has taken responsibility for a rocket attack on a residential complex in Yemen that houses executives and the headquarters of Safer E&P Operations Co. "Al Qaeda has issued a statement claiming the attack," said a Yemeni security official. Residents reported no injuries after three rockets struck near the residences of US employees of the Yemen-owned Safer E&P. Read more at-
http://www.pennenergy.com/display_article/325095/7/PRARC/none/GenIn/1/Al-Qaeda-attacks-in-Yemen-latest-to-target-oil/

-Petraeus Says Iraq Too "Fragile' for Removing Troops. Read more at-http://www.bloomberg.com/apps/news?pid=20601087&sid=ai9WnIpMutt0&refer=home

-President George W. Bush endorsed a plan to suspend further force reductions in Iraq beyond July, saying the U.S. and Iraq must consolidate the gains made in the last 15 months. Read full story at-http://www.bloomberg.com/apps/news?pid=20601087&sid=aSVeuBe1G3IE&refer=home

-Iran has begun installing 6,000 new centrifuges at its uranium enrichment plant in Natanz, state television quoted President Mahmoud Ahmadinejad as saying Tuesday. Iran already has about 3,000 centrifuges operating in Natanz, and the new announcement is seen as a show of defiance of international demands to halt a nuclear program the United States and its allies say is aimed at building nuclear weapons. "The president announced the start of the phase of installing 6,000 new centrifuges in Natanz," state television reported. Read more at-
http://apnews.myway.com/article/20080408/D8VTKG8G0.html

© 2008, Worldwide Precious Metals.
www.wwpmc.com

The GoldBugg Report - April 15th
Posted by Worldwide Precious Metals on Tuesday, April 15, 2008