Newsroom

The GoldBugg Report - June 17, 2008

June 17, 2008

-"There's a good chance that Gold may go back above $1,000 in the short- to medium-term," reckons Richard Davis at Blackrock, the investment group half-owned by Merrill Lynch.

"We're headed for inflationary times and gold has always been a safe asset to protect your wealth against inflation."  Reuters-Read more here-http://in.reuters.com/article/domesticNews/idINL1013902120080611

-Gold Remains Fringe and the Preserve of the Smart Money. Gold remains off the radar of the vast majority of investors who remain determinedly focused on property and equities despite their dreadful performance in the recent months and their likely underperformance in the coming years. The majority of investors know little or nothing about gold and the what, why and how of investing in gold.  Gold.ie

-Gold remains the preserve of the risk conscious and the knowledgeable. It is slow monthly and quarterly money and allocations from individual investors, pension funds and institutions pushing up prices because they want a finite currency and hard asset and need diversification as many remain overweight equities (some dramatically so) and overexposed to property markets.

Gold remains a fringe investment. This will change in the coming months and years and gold will again become a mainstream asset class alongside property and equities. It will then likely experience mass participation and the herd will plow in as they unfortunately tend to do near market tops.

When gold is featured on the radio and T.V. and there are a large number of companies selling gold, then we will have reached the bubble stage and it will be time to sell. When gold is the investment topic du jour at dinner parties in the western world, it will be time to sell. When your taxi driver tells you to sell everything and buy gold then it will be time to sell your gold.

That day is a long way off yet.  Gold.ie

-Inflationary Psychology. The relationship between inflation and individuals' behavior. For example, in times of higher-than-average inflation, consumers have a higher likelihood of borrowing to buy things because they are assuming goods will cost more tomorrow than they do today. This increased buying only exacerbates inflation.  Investopedia.com

-Fisher Effect. A theory describing the long-run relationship between inflation and interest rates. This equation tells us that, all things being equal, a rise in a country's expected inflation rate will eventually cause an equal rise in the interest rate (and vice versa).  Investopedia.com

-Gold remains underpinned by international tensions, particularly those between Iran and Israel that were fanned last week after talk that Israel was prepared to move unilaterally against Iran if that country did not discontinue its nuclear program. All the war talk "increases the uncertainty in the geopolitical situation and adds to safe-haven buying in gold," said Matthew Zeman, a trader at LaSalle Futures Group in Chicago.  Kitco Daily Resource

-Ralph Preston, an analyst at Heritage West Futures in San Diego, went further. Calling gold a "barometer for geopolitical activity," he predicted that the metal would reach $1,200/ounce and oil would top $175/barrel "within 30 to 90 days stemming from an international event, whether it would be a coup in Pakistan" or an escalation of the unrest in the Middle East.  Kitco Daily Resource

-Looking down the road, wrote James Moore, an analyst at TheBullionDesk.com, "short-term direction is still likely to be dollar-driven." But Moore added that "with inflation on the increase, longer-term investors should continue to look favourably towards gold, with the metal likely to carry out further base building ahead of $850 before rallying back towards $1,000 later in the year."

Crude oil, which remains at nosebleed levels, is a primary driver of inflation, and after oil's meteoric rise, gold has a lot of catch-up still to play. And Matt Zeman, a metals trader at LaSalle Futures Group in Chicago believes that the difference between interest rates on euros and dollars is paramount, leading him to conclude that, "Traders are looking at the difference between rates. You've got to believe that people are going to step in and buy gold right now."  Kitco Daily Resource

-More financial land mines ahead. The worst of subprime mortgage crisis may now be out in the open. But more problems are lurking in prime mortgages, credit cards and auto loans.  Read more here-http://money.cnn.com/2008/06/10/news/economy/next_financial_woe/index.htm?postversion=2008061012

GOLD

-The Map of Gold for 2008 from Jim Sinclair:

Gold will now go to $960 on its way to $980, at that point scrapping with the metals dealers.

After $980 has been breached we will move on to cross $1000 once again, followed by a modest back off.

After that $1024 and $1033 are in Gold's site.

After fighting at those levels, $1200 is in the cards this year.  Jsmineset.com

-John Embry June commentary, gold will recover stronger and faster than ever.  Read more here-http://www.sprott.com/pdf/investorsdigest/digest.pdf

-An Historic Year for Gold: That Was the Year That Was.  Read chart here-http://news.goldseek.com/GoldSeek/1213206060.php

-Gold coins outshine gold shares.  Read more here-http://www.miningmx.com/met_heads/518064.htm

-India gold demand beginning to pick up as prices fall. The falling price of gold already seems to be having an impact in the vitally important Indian gold market.  Read more here-

http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=54643&sn=Detail

-Dubai gold imports expected to rise again. High gold prices are unlikely to affect the level of imports into Dubai, despite the recent 7.6% fall in purchases by the ‘City of Gold' say industry executives.  Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=54360&sn=Detail

-Does gold, commodities surge signal war? Gold bug sees impending attack on Iran.  Read more here-http://www.marketwatch.com/news/story/does-gold-commodities-surge-signal/story.aspx?guid=%7bD534C413-16E9-4738-A2A2-5BF0D81936DB%7d&print=true&dist=printMidSection

-Medicine is going for gold as experts rediscover the ancient properties of the precious metal.  Read more here-http://www.dailymail.co.uk/health/article-1024865/Medicine-going-gold-experts-rediscover-ancient-properties-precious-metal.html

SILVER

-Silver's more than a sparkle in investors' eyes. Analysts see price for 'undervalued' metal hitting $50 in next few years. Silver has been notorious for moving in tandem with gold, but silver prices have yet to trade anywhere near their record level.

Like gold, investors' appetite for silver has been a key catalyst for the increase in the metal's prices, according to CPM Group, a commodity research and consulting-services provider. Gold futures climbed past $1,000 an ounce in March to mark their highest level. Around the same time, silver futures reached a high of around $21 an ounce four times higher than the price five years ago, but a far cry from the peak level around $50 in 1980.

"Silver remains the most undervalued of all the commodities and all the precious metals and at the very least, the $50 per ounce nominal high of 1980 is very likely to be reached in the next 2 to 3 years," said Mark O'Byrne, a director at Gold and Silver Investments Ltd.  Read more here-http://www.marketwatch.com/news/story/silvers-more-sparkle-investors-eyes/story.aspx?guid=%7bA59BEE16-7BF7-4A72-8C4F-582FCF3BC72D%7d&print=true&dist=printMidSection

-Strategist Donald Coxe of BMO Capital Markets is also bullish on an old commodities standby: gold. He sees it as a further hedge against both currency risk and the ongoing financial contagion on Wall Street. When investors panic about the prospects of banks, gold a.k.a. "the one true currency" tends to rise.

But investors might also investigate another precious metal: silver. Whereas gold touched new all-time highs above $1,000 an ounce earlier this year before pulling back, silver remains 60% below its 1980 record price of $50 an ounce, even after more than tripling over the past five years. Plus, potential new industrial uses for silver in cutting-edge batteries and nanotechnology could add to demand.  Read more here-http://money.cnn.com/2008/06/06/pf/retirement/okeefe_hot_commodities.fortune/index.htm

-Ten Phony Reasons To Sell Gold and Silver Now from Roger Wiegand. Keeping Score on Nonsense Is a Full Time Job; the highs are in for gold and silver. The market will be over-run with central bank gold selling should these markets get out of hand. Technically, we forecast gold at a minimum price of $2,960 with a probability of much higher prices. Silver is near $17 and $50 is a sure thing with our expectations of $176 to $256 within five years.

Markets ebb and flow with cycles and profit-taking. Do not be fooled with hollow selling bearish news and threats by those who prefer gold sell-off to lower prices. Gold is the only real money in the world and its rally has barely begun. Also, keep in mind the adjusted for inflation gold and silver prices have farther to go.  Read more here-http://www.kitco.com/ind/Wiegand/printerfriendly/jun112008.html

-U.S. Mint says its silver supply will be cut in half. Silver Eagle Rationing Gets Even Tighter By Dave Harper Numismatic News, Cincinnati, Ohio Friday, June 6, 2008. I just received a copy of a letter being sent to the U.S. Mint's authorized purchasers of silver American Eagles. The tight supply situation continues and will get even tighter next week. The text of the letter follows.

June 6, 2008

MEMORANDUM TO ALL
AMERICAN EAGLE
AUTHORIZED PURCHASERS

FROM: Cathy Laperle
Team Lead, Bullion Program
United States Mint

SUBJECT: American Eagle Silver Bullion Coin Update

The United States Mint has been informed by its silver blank vendors that the volume of blanks they will be shipping to us in the coming weeks will be significantly reduced. Specifically, the quantities they will ship to us during the week of June 9 are expected to be less than half the quantities they shipped to us during the week of June 2. Our vendors, however, expect to be able to make incremental increases in supplies each week thereafter.

In the mean time, the significant reduction in the number of blanks they supply to us will, of course, directly affect the quantity of coins we can make available for allocation to our Authorized Purchasers. Accordingly, the United States Mint will continue allocating American Eagle Silver Bullion Coins per the process initiated on April 21, 2008. As you know, in the first six months of 2008 production, the United States Mint produced more American Eagle Silver Bullion Coins (10.07 million) than we did during the entire 12-month period of 2007 (9.03 million).

The United States Mint stands ready to continue this high level of production as additional blanks become available from our suppliers. The United States Mint is making every effort to increase its acquisition of silver bullion blanks that meet the specifications and requirements of the law. In our efforts to meet unprecedented demand, the United States Mint is again preparing a request for proposals for additional silver blank suppliers.

Additionally, we are not using incoming supplies of silver blanks to produce numismatic versions of these coins (American Eagle Silver Proof and Uncirculated Coins); all incoming inventory is being used solely for silver bullion coins during this reduced supply period. Thank you for your patience and your continued support of the United States Mint American Eagle Silver Bullion Coin Program.  GATA.org

-Mint replies to Silver Institute's complaint about shortage of coins.  Read more here-http://www.gata.org/node/6349

-Got Gold Report Keep Focused on Gold, Silver This Summer. Keep focused on the big picture and the prize during this best, most powerful secular bull market for precious metals in a generation.  Read more here-http://www.resourceinvestor.com/pebble.asp?relid=43437

-Silver Delivery "Delays".  Read more here-http://www.financialsense.com/fsu/editorials/2008/0607.html

-Silver commentary from David Morgan.  Read more here-http://news.silverseek.com/SilverInvestor/1212763382.php

-Gold/Silver Market Updates from Clive Maund.  Read more here-http://www.321gold.com/editorials/maund/maund060608.html

-Silver jewellery gaining popularity. Gold used to be the top priority of women in jewellery, but the trend is changing and silver jewellery is gaining popularity, said silver jewellery designer Maria Athar on Monday. Maria is a young designer from Islamabad. An exhibition of silver jewellery designed by her is on display at the Pakistan Fashion Design Council (PFDC). The sterling silver, popularly known as rhodium plating, with semi precious stones looked stunning and glamorous, she said.

Earrings designed by her are up to four inches in length. Silver rings studded with semi precious stones are also displayed there. Maria said that rhodium plating protected jewelry from turning black. She said that since gold prices had skyrocketed, silver was gradually taking its place. Talking about the people's response, she said that it was wonderful. The exhibition will end today.  Dailytimes.com.pk

COMMODITIES

-Scotiabank: Some high metal prices are sustainable in commodity ‘supercycle' During this second most powerful expansion in commodity prices since World War II, Scotiabank Group is confident that some high metals prices are sustainable, during what they termed "the commodity price supercycle."  Read more here-

http://www.mineweb.com/mineweb/view/mineweb/en/page67?oid=54345&sn=Detail

-Corn jumps to record for 6th day on Midwest floods.  Read more here-http://biz.yahoo.com/ap/080612/commodities_review.html?.v=3

OIL

-BP's Hayward Says Era of Cheap Energy Prices Is Over. Read more here-http://www.bloomberg.com/apps/news?pid=20601085&sid=abCY6FIqVnAw&refer=europe

-Gazprom Sees Oil at $250 in 'Foreseeable Future'. Read more here-http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aIjhO.KunHcE

-An ominous warning that the rapid rise in oil prices has only just begun.  Read more here-http://www.independent.co.uk/news/uk/home-news/an-ominous-warning-that-the-rapid-rise-in-oil-prices-has-only-just-begun-844217.html

-Oil price likely to hit $150 this summer Goldman. Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page38?oid=54347&sn=Detail

-Iran sees oil at 150 dollars a barrel this summer.  Read more here-http://www.breitbart.com/print.php?id=080608172829.ydg7ngw5&show_article=1

INFLATION

-Oil prices and overall price inflation will remain elevated for the foreseeable future, former U.S. Federal Reserve chairman Alan Greenspan predicted Friday. Read more here-http://www.thecanadianpress.com/english/online/OnlineFullStory.aspx?filename=b053098A&newsitemid=61695033&languageid=1

-Concerns on Economy Are Shifting to Inflation. In the past 48 hours, Wall Street has issued a sobering message: The days of easy money from the Federal Reserve are nearly over.Read more here-http://www.nytimes.com/2008/06/11/business/worldbusiness/11stox.html?_r=4&oref=slogin&ref=business&adxnnlx=1213189392-1ILNSOTCqnXQYlVBGy7dug&pagewanted=print

-Inflation Is Biggest Threat to Global Economy, Executives Say. Read more here-http://www.bloomberg.com/apps/news?pid=20601013&sid=a.keTd1NB52c&refer=emergingmarkets

-China Inflation Rate Falls From Close to 12-Year High. Read more here-http://www.bloomberg.com/apps/news?pid=20601013&sid=ackxCTWPdYz4&refer

-Japan's wholesale inflation rate surged to a 27-year high in May as companies charged clients more to meet record oil and commodity costs. Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid=aCWziCutwUCI&refer

-Russian Inflation Accelerated to 15.1% in May on Food.  Read more here-http://www.bloomberg.com/apps/news?pid=20601013&sid=aUsDv_RZrMkE&refer=emergingmarkets

-U.K. Producer Prices Rise at Fastest Pace Since 1986. Read more here-http://www.bloomberg.com/apps/news?pid=20601068&sid=aPRRwkNA82L8&refer=home

-Despite oil wealth, Venezuela inflation rises. Read more here-http://economictimes.indiatimes.com/articleshow/msid-3111726,prtpage-1.cms

-Iranian inflation tops 25 percent.  Read more here-http://afp.google.com/article/ALeqM5gzoNXv43CZC07ZQso6PD8ZvhmKkQ

-Get used to high prices. The Fed has a mandate to keep inflation in check. But global forces and worries about the U.S. economy will keep prices high for the foreseeable future.  Read more here-http://money.cnn.com/2008/06/12/news/economy/inflation_outlook/index.htm?postversion=2008061215

-Why higher prices are here to stay. Even if crude oil and crop prices come back down to earth, you won't pay less for gas or groceries. And investors won't make out like bandits while consumers suffer.  Read more here-http://articles.moneycentral.msn.com/Investing/JubaksJournal/WhyHigherPricesAreHereToStay.aspx?page=all

-Stagflation is back, but the outlook is grimmer this time. Which is worse, wages that keep up with inflation or wages that don't? Nowadays, a lot of comparisons are being made to the 1970s. This is because the U.S. economy is once again in the throes of stagflation. The combination of little or no growth (stagnation) and rapidly rising prices (inflation), the term stagflation was first coined by Iain Macleod, the chancellor of the exchequer, in a speech to the House of Commons in 1965.

He said, "We now have the worst of both worlds not just inflation on one side or stagnation on the other, but both of them together sort of a stagflation situation." At first glance, it does appear to be déjà vu all over again.  Read more here-http://www.marketwatch.com/news/story/if-only-were-70s/story.aspx?guid=%7b4D9BD801-7274-48F3-AFE9-75DF268CEC6E%7d&dist=msr_3&print=true&dist=printMidSection

INTEREST RATES

-Canada Unexpectedly Keeps Rate Unchanged on Inflation. The Bank of Canada unexpectedly kept its benchmark interest rate unchanged on concerns energy costs may push inflation past the top of its target band later this year.

Governor Mark Carney and his five deputies held the rate on overnight loans between banks at 3 percent, surprising all 30 economists surveyed by Bloomberg. Carney also surprised half the economists in a March poll by Bloomberg when he cut borrowing costs by half a point cut instead of 25 basis points.  Read more here-

http://www.bloomberg.com/apps/news?pid=20601087&sid=aJckn8gI1_is&refer=home

-Inflation data trigger rethink on rate rises. Investors are betting the Bank of England will have to raise interest rates at least once before the end of the year to curb inflation, after wholesale gas prices hit a new high and official data showed producer prices increasing at a record pace.  Read more here-http://www.ft.com/cms/s/0/398def1a-3688-11dd-8bb8-0000779fd2ac.html?nclick_check=1

-Inflation shock leaves markets fearing three interest rate increases this year. Investors have bet that the Bank of England will have to raise interest rates as many as three times before the end of the year.  Read more here-http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/10/cnrates110.xml

-India Raises Interest Rate to 8% to Rein in Inflation. Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid=adYX_8CTB4W0&refer=home

U.S. DOLLAR

-China urges U.S. to stabilize dollar.  Read more here-http://www.gata.org/node/6358

-Bush and Paulson try talking the dollar up.  Read more here-http://www.gata.org/node/6360

-The Fed's Strong Dollar Policy. Peter Schiff-Read more here-http://www.321gold.com/editorials/schiff/schiff060908.html

-The Weak-Dollar Threat to World Order.  Read more here-http://online.wsj.com/article/SB121296987173655833.html?mod=fallstreet.com

-The Fed's New Strong Dollar Policy.  Adrian Ash-Read more here-http://www.321gold.com/editorials/ash/ash061008.html

-Fed Not in It to Back a 'Strong Dollar' Policy. Let's get one thing straight: The Federal Reserve isn't going to raise interest rates to back a ''strong dollar'' policy. The dollar's value isn't a central consideration in the Fed's interest-rate policy deliberations. Only on rare occasions has it ever been, such as in the late 1970s when the country was having difficulty financing its current account deficit.  Read more here-http://www.bloomberg.com/apps/news?pid=20601039&sid=ahl4XeXsUduY&refer=home

-Bernanke Jeopardizes Dollar. Read more here-http://www.321gold.com/editorials/merk/merk061008.html

-Bernanke is 'walking a fine line' Fortune's Andy Serwer breaks down the Fed chairman's recent comments on the economic downturn.  Watch video here-

http://money.cnn.com/video/ft/#/video/fortune/2008/06/10/fortune.sl.bernanke.fortune

U.S. RECESSION-DEPRESSION

-IMF outlook on U.S. economy remains bleak. Read more here-http://www.reuters.com/article/idUSN0928809420080609

-U.S. Economy: Payrolls Fall, Unemployment Rate Climbs. Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid=aGhzl5b7XNZA&refer=home

-Unemployment pain to continue index. A new employment trends measure from the Conference Board signals that more months of job losses lie ahead.  Read more here-

http://money.cnn.com/2008/06/09/news/economy/job_trend_index/index.htm

-America's Money: Debt crush. Americans deep in debt are struggling more than ever amid the credit crisis and economic downturn. See how people got in the hole and what they're doing to get out.  Read more here-http://money.cnn.com/galleries/2008/news/0805/gallery.real_people_debt/index.html

-Stimulus gives a lift to consumers. May retail sales report shows 1% overall gain, twice what economists expected.  Read more here-http://money.cnn.com/2008/06/12/news/economy/retail_sales/index.htm

CREDIT CRISIS

-Investment firms steady Fed borrowing. A report released from the Federal Reserve says Wall Street borrowed an average of $8.4 billion a day over the past week.  Read more here-

http://money.cnn.com/2008/06/12/news/economy/investment_firms.ap/index.htm

-Tough love from Bernanke. By declaring war on inflation, the Fed signals it can't be there to hold investors' hands through the rest of the credit crisis.  Read more here-

http://money.cnn.com/2008/06/12/news/newsmakers/bernanke.inflation.fortune/index.htm?postversion=2008061208

-Federal Reserve and ECB are in no mood to save us from the consequences of our debt.  Read more here-http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/09/ccview109.xml

-Citi, Merrill, UBS Face Monoline Losses, Whitney Says. Citigroup Inc., Merrill Lynch & Co. and UBS AG may post losses of $10 billion on bond insurance after MBIA Inc. and Ambac Financial Group Inc. lost their top credit ratings, Oppenheimer & Co. analyst Meredith Whitney said. MBIA and Ambac, the world's largest bond insurers, had their AAA ratings cut two levels by Standard & Poor's June 5, which trimmed ratings on more than $1 trillion of securities they guaranteed. Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid=aWzDAfdNmgOw&refer=home

REAL ESTATE

-Canadian housing prices up 5.2% in April, slowest rise in 2 years: StatsCan.  Read more here-http://www.cbc.ca/consumer/story/2008/06/11/housing-index.html

-A 20% decline in home prices would put 25% of mortgages upside down and a 30% fall would put lots more under water, probably over 70% will walk away. That inventory then has to be cleared and that can only happen with lower prices no matter what government does to try to remedy the situation. We are probably looking at a $7 trillion loss. That would be a loss in household spending of $300 billion or about 2% of GDP.  Bob Chapman-Read more here-http://news.goldseek.com/InternationalForecaster/1213250760.php

-About 1 in 11 Mortgageholders Face Loan Problems. Read more here-http://www.nytimes.com/2008/06/06/business/06mortgage.html?_r=3&adxnnl=1&oref=slogin&partner=rssyahoo&emc=rss&pagewanted=print&adxnnlx=1213284549-K32r4xhuiXP6mf68DX0scQ

GEOPOLITICAL

-Iraq war could cost taxpayers $2.7 trillion. In addition to the cost of war, taxpayers pay for rising veteran health care costs, and returning soldiers faced with foreclosure and unemployment.  Read more here-http://money.cnn.com/2008/06/11/news/economy/iraq_war_hearing/index.htm?postversion=2008061212

-Israeli minister says alternatives to attack on Iran running out. An Israeli deputy prime minister on Friday warned that Iran would face attack if it pursues what he said was its nuclear weapons programme. "If Iran continues its nuclear weapons programme, we will attack it," said Shaul Mofaz, who is also transportation minister. "Other options are disappearing. The sanctions are not effective. There will be no alternative but to attack Iran in order to stop the Iranian nuclear programme," Mofaz told the Yediot Aharonot daily.

He stressed such an operation could only be conducted with US support. A former defence minister and armed forces chief of staff, Mofaz hopes to replace embattled Ehud Olmert as prime minister and at the helm of the Kadima party. Copyright AFP 2008, AFP stories and photos shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium.  AFP

-Israel tries to play down minister's warning of attack on Iran.  Read more here-http://www.guardian.co.uk/world/2008/jun/09/israelandthepalestinians.iran

-Iran warns of "painful" response if Israel attacks.  Read more here-http://news.yahoo.com/s/nm/20080610/ts_nm/iran_israel_dc&printer=1;_ylt=AkIbKcA0TzjRSc8Y04F16iVg.3QA

-As more than 50 mortar shells, Kassam and Katyusha rockets were fired into Israel from Gaza on Thursday, the Defense Ministry was still working to "exhaust" the dialogue with Egypt on a cease-fire with Hamas, sources in the Prime Minister's Office said.  Read more here-http://www.jpost.com/servlet/Satellite?cid=1212659716281&pagename=JPost%2FJPArticle%2FShowFull

-EU mulls asset freeze for Iranian banks. Read more here-http://news.bbc.co.uk/2/hi/middle_east/7444525.stm

-Ahmadinejad Says Bush Administration Can't Hurt Iran. Read more here-

http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aEGiHkOEuuHM

-Bush, Merkel Say More Iran Sanctions May Be Necessary.  Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid=aILJg4P_AuWk&refer=home

-Secret al-Qaida, Iraq files found on British train. Read more here-http://www.washingtonpost.com/wp-dyn/content/article/2008/06/11/AR2008061101776_pf.html or http://news.bbc.co.uk/2/hi/uk_news/7449255.stm

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

The GoldBugg Report - June 17, 2008
Posted by Worldwide Precious Metals on Tuesday, June 17, 2008