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The GoldBugg Report - September 2, 2008

September 2, 2008

-Special Got Gold Report, Silver Investors Sucker Punched by Two U.S. Banks. Once the evidence now coming to light reaches the mainstream Wall Street press, just about everyone will likely conclude that silver investors worldwide were just sucker punched by two, very well-funded U.S. banks.

If silver really was just taken down by a couple of very big U.S. banks to irrationally low levels, it won't be long before the laws of supply and demand reassert themselves. Got silver? Read more here-http://www.resourceinvestor.com/pebble.asp?relid=45611

-Gold to scale new peaks as mining costs grow.

-Gold, the Dollar and Inflation. The best way to view this latest correction in the price of gold is as a temporary setback of no real consequence from an investment perspective (unless you use it as a buying opportunity). David Galland

GOLD

-Tyche group senior manager Martin Hennecke Sees `Huge Upside' for Gold, Price at $6,000. See video here-http://www.bloomberg.com/avp/avp.htm?N=av&T=Hennecke%20Sees%20%60Huge%20Upside%27%20for%20Gold%2C%20Price%20at%20%246%2C000&clipSRC=mms://media2.bloomberg.com/cache/vbWY9m2tQ2b4.asf

-The Bull Is Still In Charge. As we write, gold is indeed back above $820, signalling that the major bull market that started seven years ago remains intact. That's the big picture and it's most important. Mary Anne & Pamela Aden-Read more here-http://news.goldseek.com/AdenResearch/1219940738.php

-Mint to ration gold coins as it resumes taking orders. The U.S. Mint said it will resume limited distribution of its 1-ounce American Eagle gold coins a week after suspending sales because investors and collectors depleted the supply.

In a memo today to authorized dealers, Cathy Laperle, a Mint official, said the coins will be allocated "on a weekly basis until we are able to meet demand." The Mint will resume taking orders Aug. 25, Laperle said.

Citing "unprecedented demand," the Mint halted sales Aug. 15. Gold prices soared over the past year, with the most active gold futures reaching a record $1,033.90 an ounce on March 17. Prices have since declined. American Eagle coins are available in other weights as well as in silver and platinum, the Mint said. Bloomberg

-U.S. gold coin demand suggests Asian-style physical metal hoarding spreading to the West. The problems the U.S.Mint has had in servicing demand for the popular one ounce Gold Eagle coins suggest that physical gold is again becoming a key store of value for the man in the street in Western economies too. Read more here-

http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=60798&sn=Detail

-Frank Barbera: Precious Metals Heading to All-Time Highs. In my opinion, the broad range of support for gold between $760 and $800 will hold. In the case of silver, the price action for silver is also likely to base out in this $12 to $14 area and we'll probably see silver prices moving right back up towards $16 to $17 in the weeks ahead.

Looking out two or three years, I'm confident we'll see gold prices above $5,000 an ounce. I'm confident we'll see silver prices above $100 an ounce. So I'd say the best is still in front of us as far as precious metals investing goes. I think right now you're in about the second or third inning of what is still a nine-inning game and this is an excellent opportunity for long-term capital coming into the market. Read more here-http://seekingalpha.com/article/92863-frank-barbera-precious-metals-heading-to-all-time-highs

-Gold to scale new peaks as mining costs grow. Gold prices are likely to scale new peaks as market fundamentals tighten because producers need at least a 20 percent rise in bullion prices just to make new investment viable, a leading fund manager said this week.

"Gold mining is a very complicated and expensive business and you really need to see the gold price a lot higher before you see any increase in gold production," Ian Henderson, who manages around $5 billion at JP Morgan's Global Natural Resources fund, told Reuters.

"Gold should have a sustained price level of over $1,200 an ounce before we see any significant new mine build," he said. His concerns over miners' margins echoed those of Gold Fields chief executive Nick Holland, who told Mining Weekly the company would need to see a gold price of $2,000 an ounce to replace its infrastructure. "We love gold. We have a substantial part of our portfolio in gold mining companies," added Henderson. "I think the gold price will surpass its previous peak." Reuters

-Buy Gold says UBS we already are say investors. The necessary conditions have been satisfied and it is time to invest in gold once more; while ETC flow suggest interest in commodities has returned. UBS Commodity Strategist John Reade has put out a note today Thursday 28th August 28th urging clients to "Buy Gold".

He is recommending that investors buy gold with an initial target of $850 (the fix on the morning of 28th August was $833.50), which is also the UBS one-month forecast price, with further gains expected "towards $900 and beyond." Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=60904&sn=Detail

-Newmont's O'Brien Says Gold May Reach New Records in a Year. Newmont Mining Corp. Chief Executive Officer Richard T. O'Brien said gold prices ``probably'' will reach records in the next year as investors seek a buffer against accelerating inflation. Gold has declined 20 percent since credit market losses and a weak dollar drove the price to an all-time high of $1,033.90 an ounce in March.

Investor interest in the metal may be revived as inflation reduces the value of other assets, O'Brien said yesterday in an interview from Denver, where the company is based. Newmont is the largest U.S. gold producer. O'Brien's view that inflation will accelerate contradicts that of Federal Reserve Chairman Ben S. Bernanke, who said last week that price increases may slow later this year as oil declines and the dollar strengthens. Higher energy and food costs pushed consumer prices to the steepest gain in 17 years in the 12 months through July, government figures show.

"People are starting to get a whiff that inflation will not be as bad as they thought a month or two ago that is not what I believe,'' said O'Brien, 54. "We continue to see the potential for worldwide inflation, and gold continues to offer a place for investors that is uniquely positioned.'' The metal has gained for seven straight years. Reduced production and increasing jewelry purchases outside the U.S. also may boost prices later this year, O'Brien said. Bloomberg

-A Rough Projection of Gold and Silver Prices. Read and see more charts here-http://libertyvalley.com/rough_projection_gold_and_silver_prices

-Gold Will Start Shining Again: An Interview with Rob McEwen. The cost of producing an ounce of gold is going up. In 2001, the average price to produce an ounce was $160. Today, the cost is over $400. And that's in the space of six years, seven years. Gold is a monetary metal, and therefore it plays a very different role than most of the other metals that are produced, which are industrial.

Gold is a store of value, and at certain times, such as we're in right now where there's a great deal of financial uncertainty, people will seek to protect capital by using gold, as a place to put their money. And I can see much, much higher prices than we have today coming out of that concern about the financial system imploding on itself right now.

I believe that by the end of 2010, we'll be seeing $2,000 gold, and before the gold cycle is out, it will go up and touch $5,000, and that will be the end of the mania phase. I don't believe that we're out of the woods on the financial problems, and the economy has quite a bit to shake off before it will start to look good. And there will be more people looking for answers where to put their money so they can protect it. Gold will start shining.

The annual production of gold expands the world supply by about 1% a year, whereas the money supply has been expanding at better than 8% a year around the world, so gold is in short supply. And as we talked about at the beginning, the cost of producing an ounce of gold is going up, and it's going up rapidly while annual production is going down. It's harder to find gold; it's more expensive to produce gold; and it takes longer to build new mines, yet more people want to buy it. Read more here-http://www.theaureport.com/pub/na/1570

-Is Gold About To Decouple From The € and Rise With The $? Read more here-http://news.goldseek.com/GoldForecaster/1219849200.php

-Delusional seems to be mental state of investment community as September approaches. Nonsensical talk of the U.S. dollar having put in place a secular, or long-term, bottom is widespread. That EU economic growth rate might slow somewhat is interesting, but may be no more than statistical noise. That growth rate of Chinese economy might slow from "11+%" to "9%" is interesting, but is hardly a "dramatic" slowing.

Western economies would love to achieve that level of growth over two years. This week's chart shows U.S. economy collapsing into recession. As largely a measure of momentum of a number of real economic activities, it is not distorted by questionable inflation measures. With the U.S. financial system near dysfunctional, a further slide into recession is the only reasonable expectation.

Momentum chasing traders are pushing the U.S. dollar to another long-term top. With Putin, The Terrible flexing his military might, Pakistan moving slowly toward a hard line government in control of nuclear weapons, and Israel facing a "Window of Necessity" on Iran after the November U.S. election, many reasons exist to own Gold. Some investors around the world are no doubt looking at this situation and are moving funds out of local institutions into dollar deposits.

However, to look at the abysmal fundamentals of the U.S. economy and then to prognosticate a longer term bullish outlook for the U.S. dollar is pure fantasy. $Gold has put in place the 2008 bottom on the current dollar fantasy. Investors, now, need to turn their thinking to potential for a new high in the future. Given all the factors, adding to your Gold holdings at current bargain prices is imperative. Remember, many of the dollar bulls of today were FNM & FRE bulls of yesterday. Ned W. Schmidt

-Greg Peel: The great U.S. gold shortage. Read more here-http://www.fnarena.com/index2.cfm?type=dsp_newsitem&n=FC7CEB81-1871-E587-E1AEF23473328901

-John Lee on gold coin rationing: Where there's smoke, there's fire. Read more here-http://www.gata.org/node/6524

-The Strange Case of Dr. GLD & Mr. Bullion. Read more here-http://seekingalpha.com/article/92191-the-strange-case-of-dr-gld-mr-bullion

-Bundesbank says gold reserves gaining importance. Read more here-http://www.gata.org/node/6513

-The Kondratieff Winter Is Upon Us. In an exclusive interview with Long Wave Analyst Ian Gordon, Resource Investor learns that the Kondratieff Winter is upon us, that the future looks very grim and that there is only one haven gold. Read more here-http://www.resourceinvestor.com/pebble.asp?relid=12400

-Gold-Plated Church Windows Purify Air. Medieval stained-glass windows colored in gold nanoparticles help purify air when lit by the sun, a new study finds. Read more here-http://www.livescience.com/health/080821-church-windows.html

-A landlord can enforce a clause in 1912 lease requiring that rent be paid in gold coin for a landmark building in Cleveland, a federal appeals court ruled Wednesday. A three-judge panel of the 6th U.S. Circuit Court of Appeals in Cincinnati sent the case back to a U.S. District Court in Cleveland to determine the equivalent rent that S&R Playhouse Realty Co. would owe for the Halle building with the "gold clause" enforced. The lower court also must address any remaining defenses by S&R.

The building is owned by 216 Jamaica Avenue LLC, which filed a breach-of-contract lawsuit in 2006 against S&R demanding rent equivalent to the value of 35,000 1912 gold coins. S&R has paid $35,000 annually in U.S. currency since assuming the lease in 1982 and balked at paying what would be a much higher amount. The lower court, finding for S&R, refused to enforce the gold clause. Read more here-http://www.gata.org/node/6536

SILVER

-The Usual Suspects after All. Read more here-http://news.silverseek.com/SilverSeek/1219962959.php

-Ted Butler silver commentary. Read more here-http://news.silverseek.com/TedButler/1219417468.php

-Silver Arbitrage from David Morgan. Read more here-http://news.silverseek.com/SilverInvestor/1219384768.php

-Once-upon-a-time, in 'never-never' land, there were two competing silver prices. Read more here-http://www.321gold.com/editorials/degraaf/degraaf082708.html

-Gold/Silver Market Updates from Clive Maund. Read and see charts here-http://www.321gold.com/editorials/maund/maund082608.html

-Richard J. Greene: Amateur hour in the precious metals markets. Read more here-http://news.goldseek.com/ThunderCapitalManagement/1219350515.php

-Gold and silver outlook both seen as gloomy, but some glimmers of brightness. The precious metals analysis in the latest Metals Market report for Fortis Bank from the VM Group is generally gloomy on the current outlook for gold, silver and platinum group metals, but does recognize some more positive pointers. Read more here-

http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=60617&sn=Detail

PLATINUM-PALLADIUM

-The platinum market is looking "fantastic" says Ian Henderson, who manages around $5 billion at JP Morgan's Global Natural Resources fund. Prices have slipped by more than a third since they struck a record high of $2,290 an ounce in March, leading a number of analysts to suggest the precious metal may have been oversold. "The platinum market is going to be in deficit until probably 2010 and that means prices will continue to be high," said Henderson.

Fears over the outlook for the automotive sector, which consumes around a third of the world's platinum each year for use in catalytic converters, may have been overstated, he said.

"The changes in emission legislation for buses and commercial vehicles within Europe is going to be rolled out across the planet," he said.

Meanwhile global production, which is expected to be curbed this year by an ongoing power shortage in major producer South Africa, is expected to remain under pressure. Power shortages in the country, which produces four out of every five ounces of the world's platinum, will not be resolved until 2012, he said. Reuters

-Platinum deficit shrinks dramatically. Read more here-http://www.miningmx.com/platinum/729654.htm

-Palladium is providing an alternative to platinum for automakers looking to reduce costs in developing automotive catalysts. While platinum is still used in the diesel sector, palladium is becoming increasingly used in petrol catalysts to reduce costs. "Automakers have replaced most platinum with palladium," said David Jollie, Johnson Matthey precious metals market analyst.

Figures from Johnson Matthey indicate that the demand for palladium autocatalysts increased by ten per cent during 2007. Mr. Jollie told Mining Weekly that rhodium is now being carefully used in standard automotive catalysts because of its record price.

While it still remains an important metal in controlling nitrogen oxide emissions, automakers can only reduce their rhodium usage by a certain amount. Mr. Jollie said that the price of rhodium had dropped by $1,000 during July because of a slowdown in the automotive market in the US. The price was also influenced by the increase in rhodium production in South African mines and revealed that the market was more vulnerable to daily price movement than platinum. Platinum.matthey.com

DEFINITIONS-QUOTES-QUICK HITS

-Federal Deposit Insurance Corporation FDIC. The U.S. corporation insuring deposits in the U.S. against bank failure. The FDIC was created in 1933 to maintain public confidence and encourage stability in the financial system through the promotion of sound banking practices.

The FDIC will insure deposits of up to US$100,000 per institution as long as the bank is a member firm. Before opening an account with a financial institution, be sure to check that it is FDIC insured. Investopedia.com

-Canadian Deposit Insurance Corporation CDIC. A crown corporation owned by the Canadian government that insures bank deposits up to C$100,000 per personal account held in member Canadian banks in they event that the financial institution fails. The corporation was formed under the Financial Administration Act and Canada Deposit Insurance Corporation Act in 1967. The CDIC is similar to the Federal Deposit Insurance Corporation in the United States.

Between 1967 and 2008, Canada experience the failure of 43 financial instutions, all of which were CDIC member banks. When using a bank in either in the United States or Canada, FDIC or CDIC membership is important to consider, as it provides depositors with some insurance against losing their savings. Investopedia.com

-"Oil prices have fallen lately. We include this news for the benefit of gas stations, which otherwise wouldn't learn of it for six months." William D. Tammeus

-"If gold goes to $1,500, silver can go to $40." John Embry Sprott Asset Management-BNN Aug 28 2008

-Physical demand remains very robust in the US, India, the Middle East and Asia. Reuters reports that dealers in Singapore and Hong Kong are also experiencing tight supply for gold bars. The large international refiner, Johnson Matthey has recently had an 8-10 week delay for 100 ounce silver bars and now they are no longer taking orders.

Clearly, this is about a lot more than blanks for coins and this is very important and should not be downplayed and underestimated. The bottom line is that this lack of supply and huge demand will result in materially higher prices in the coming weeks otherwise these supply/demand issues will become even sharper and the lack of availability of certain smaller bullion products will likely spread to other bullion products and may "move up the value chain" and affect the larger bar market as well. Gold.ie

-World's Largest Gold Refiner Runs Out of Krugerrands. Rand Refinery Ltd., the world's largest gold refinery, ran out of South African Krugerrands after an ``unusually large'' order from a buyer in Switzerland.

The order was for 5,000 ounces and it will take until Sept. 3 for inventories to be replenished, said Johan Botha, a spokesman for Rand Refinery in Germiston, east of Johannesburg. He declined to identify the buyer.

Coins and bars of precious metals are attracting investors as a haven against a sliding dollar and conflict between Russia and its neighbor Georgia. The U.S. Mint suspended sales of one- ounce "American Eagle'' gold coins, Johnson Matthey Plc stopped taking orders for 100-ounce silver bars at its Salt Lake City refinery and Heraeus Holding GmbH has a delivery waiting list of as long as two weeks for orders of gold bars in Europe.

"A lot of people are worried about the dollar, they're worried about inflation and now we have geopolitical risk with what's happening in Russia,'' said Mark O'Byrne, managing director of brokerage Gold and Silver Investments Ltd. in Dublin. O'Byrne said his company's sales are up fourfold this year, heading for a record since its founding in 2003. Read more here-

http://www.bloomberg.com/apps/news?pid=20601110&sid=acH4WhPh1WJ0

-Lacking any real change in fundamentals, such abrupt changes in sentiment following extreme price swings are as bullish a sign as I have ever seen. There is absolutely no basis for a significant dollar rally, or further weakness in gold, oil, or other commodities.

The U.S. is the focal point of the world's financial turmoil. We convinced creditors around the globe into loaning us trillions of dollars. Now that it's becoming increasingly apparent we cannot pay the money back, Wall Street has concocted a scenario where our shell shocked creditors respond by loaning us even more. More alarming is that many brain dead investors see this as a likely development.

The fact is that the outlook for the dollar has never been bleaker and the prospects for gold and other commodities have never been brighter. The rationale for a new dollar bull market, or bear markets in commodities, is just as flawed as those used to justify investments in internet stocks and subprime mortgages. Interestingly enough, it's mostly the same suspects advancing the arguments. Peter Schiff-Read more here-http://www.321gold.com/editorials/schiff/schiff082208.html

-Results of Absolute Auction in Tesoro Preserve. Postponed by tropical storm, Fay, the sale was held last night. Palm Coast, Florida-August 27, 2008-An absolute auction of a building lot in Tesoro, Bobby Ginn's private golfing community in Port St. Lucie, was scheduled for August 19th. Tropical storm, Fay, caused a delay. The rescheduled auction was held on-site last night under threatening skies.

In an absolute auction, the highest bidder wins, regardless of price. Eight bidders registered for the sale. They were joined by a handful of spectators. Bidding began at $25,000, jumped to $30,000, then to $35,000 when the bidding increment dropped to $1,000. It finally stopped at $49,000. A 10% buyer's premium (to pay the auction company) brought the sale price to $53,900. This Tesoro Preserve lot was originally purchased for $245,150. Elliot Paul & Company was the auctioneer. Jsmineset.com

RARE COLORED DIAMONDS

-Rio Tinto Launches Annual Argyle Pink Diamond Tender. Rio Tinto launched its 24th annual Argyle Pink Diamond Tender this past week in Perth, Australia, the company confirmed Monday. The Perth event, which took place August 21-22, was the first of six to be held around the world featuring "65 of the world's rarest pink diamonds from the Argyle mine in Australia."

The remaining five showings include in New York from September 2-5, London (September 9- 11,) Hong Kong (September 15 -20,) Tokyo (September 24-26,) and finally in Sydney (October 1-2.) Successful bidders will be notified in October. "The pink diamond jewelry market has grown in popularity and is now worth hundreds of millions of dollars as the desire to own the rarest has sent prices skyrocketing," said Raj Kandiah, general manager Argyle Pink Diamonds.

"Pink diamonds are worth approximately 20 times the cost of the same size white diamond. However, the sky is the limit when it comes to Rio Tinto's Argyle Signature Stones each diamond is so unique that it warrants an individual price tag." Rio Tinto said the exclusivity of the Argyle diamonds was enhanced by the limited life span of the Argyle mine, which is expected to be depleted by 2018.

The first pink diamonds were recovered from Argyle in 1985. Among this year's collection, Rio Tinto is presenting "a captivating heart shaped pink diamond" for the first time in seven years. There are also a number of highly sought after purplish reds, intense and vivid pinks and three rare violets that add to the vibrancy of this collection. Rio Tinto has named two "hero" stones from the collection for the first time this year: ‘Aphrodite,' a 1.01 carat round purplish red, which takes its name from the Greek Goddess of love and passion; and ‘Ocean Seer,' a 1.41 rare violet stone, which symbolizes ancient wisdom and serenity.

In total, the collection showcases 62.46 carats of diamonds with 30 diamonds more than one carat in size. Attendance to the Pink Diamond Tender will be restricted to approximately 100 key clients, who will view the diamonds in secret locations in Sydney, Tokyo, London, Hong Kong, New York or Perth, the company explained. Due to the high security required for the tender, the exact location is not revealed to bidders until the very last minute. Bids are confidential and the names of successful bidders and the values achieved are not disclosed, Rio Tinto added. Diamonds.net

-Diversified mining group Rio Tinto mined a total of 7.853 million carats of diamonds in the first half of 2008, down 31 percent from 11.446 million carats in 2007. Despite the drop in production volume, diamond revenues were up, a result of rising rough diamond prices. Read more here-

http://www.idexonline.com/portal_FullNews.asp?id=31035

-The world's most expensive streets. Every city has one a retail thoroughfare that houses the most exclusive stores. Real estate slowdown or not, these luxury corridors are still thriving. Read more here-http://money.cnn.com/galleries/2008/fortune/0808/gallery.right_address.fortune/index.html

COMMODITIES-OIL

-Commodities Hint of Bottom on Mine Closings, Supplies. Corn and soybeans have rebounded as reduced crop yields push U.S. stockpiles to near five-year lows. Oil has reversed on U.S.-Russian tensions. Nickel has turned after Xstrata Plc closed a Dominican Republic plant.

The worst rout in the history of commodities may be ending, signaling a replay of the 2006 tumble that preceded a doubling of prices in the next 17 months as measured by the Standard & Poor's GSCI index. Only this time, the driver is supply cuts rather than increasing demand.

Supply constraints are ``coming more and more to the fore'' and that "will separate the performance of individual commodities,'' said Alan Heap, global commodity analyst at Citigroup Inc. in Sydney. "We're still looking for higher prices next year and in some cases the year after.''

Commodities are in their seventh year of gains, fueled by demand led by China and India and disruptions to mine and farm supplies. A rebound in raw materials from four-month lows may boost profits at BHP Billiton Ltd., raise costs at Nestle SA and stoke inflation, limiting the ability of central bankers Ben S. Bernanke and Jean-Claude Trichet to cut interest rates and revive growth in the U.S. and Europe. Read more here-http://www.bloomberg.com/apps/news?pid=20601110&sid=aYfqSdetquJ8

-Some reasons not to expect a collapse in raw-materials prices. Read more here-http://www.economist.com/finance/displayStory.cfm?story_id=11993243&source=features_box_main

-Jim Rogers Forecasts Oil Price Rises to Extend Over Next Decade. Jim Rogers, who in April 2006 correctly forecast the oil price would reach $100 a barrel and gold $1,000 an ounce, said he expects oil to continue to increase over the next decade.

"Over the course of time, it's a bull market,'' the chairman of Rogers Holdings said today after at an investor conference in Kuala Lumpur. While the oil price could fall to $75 or rise to $175, the market will continue to increase over the next 10 years, he said. Read more here-http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aW2b1ZBusAlo

-Oil drillers scramble for workers. As the oil biz booms, filling jobs that often require living in the middle of the ocean for extended periods of time is getting more difficult, and more expensive. Read more here-http://money.cnn.com/2008/08/26/news/economy/oil_workers/index.htm?postversion=2008082613

U.S. BANK FAILURES

-US regulators shut Kansas bank. Columbian Bank of Topeka, reported $92 million in delinquent loans in the second quarter. Read more here-

http://money.cnn.com/2008/08/23/news/companies/kansasbank_closure/index.htm or http://www.bloomberg.com/apps/news?pid=20601087&sid=a9iX_1ShWWAs&refer=home

-Problem bank list keeps growing. FDIC says list of troubled banks in 2nd quarter grows to 117 with $78 billion in assets up from 90 banks, $26 billion in assets in 1st quarter. Read more here-http://money.cnn.com/2008/08/26/news/economy/fdic_banks/index.htm?postversion=2008082615 or http://www.bloomberg.com/apps/news?pid=20601087&sid=aOaSmPh0G3QU&refer=home

-What the 'problem bank' list doesn't say. More banks are in trouble nowadays, but some experts wonder just how accurate a picture the FDIC's list paints of the industry. Read more here-http://money.cnn.com/2008/08/28/news/companies/fdic_banks/index.htm?postversion=2008082813

-FDIC Urges U.S. Banks to Improve Their Liquidity Measurements. The Federal Deposit Insurance Corp. today urged U.S. banks to develop contingency plans that will ensure they have sufficient capital to weather unforeseen events such as the loss of a large depositor.

"Some institutions have underestimated the difficulty of obtaining or retaining funding sources during times of financial distress,'' the Washington-based insurer of U.S. deposits said in guidelines released to banks. Read more here-http://www.bloomberg.com/apps/news?pid=20601110&sid=au5Swzu04zJs

-Federal Deposit Insurance Corp. Chairman Sheila Bair said Tuesday her agency might have to borrow money from the Treasury Department to see it through an expected wave of bank failures. Ms. Bair said the borrowing could be needed to cover short-term cash-flow pressures caused by reimbursing depositors immediately after the failure of a bank. The borrowed money would be repaid once the assets of that failed bank are sold. Read more here-http://www.gata.org/node/6530

-FDIC gets ready for bank failures. Regulator, insurer boosts its staff and provisions as it faces its biggest challenge in decades. Read more here-

http://www.statesman.com/business/content/shared/money/stories/2008/08/fdic_0824_1.html

-FDIC Adds Office Space in Dallas, Ready for More Bank Failures. The Federal Deposit Insurance Corp. is preparing to sign a five-year lease to add five floors of space at its Dallas regional office as the agency prepares to increase scrutiny of failing and troubled U.S. banks. Read more here-

http://www.bloomberg.com/apps/news?pid=20601087&sid=a4CHPudHiwIs&refer=home

-U.S. Bank Earnings Plunge to Second-Lowest Level Since 1991. U.S. bank and thrift earnings from April through June tumbled to the second-lowest level since 1991, as lenders added to their reserves for mounting loan losses, the Federal Deposit Insurance Corp. said.

FDIC-insured lenders reported net income of $4.96 billion, down from $36.8 billion in the same quarter a year ago, the agency said today in its quarterly report on the banking industry released in Washington. The agency reported 117 "problem banks'' in the period up from 90 in the first quarter.

"By any yardstick, it was another rough quarter for bank earnings,'' FDIC Chairman Sheila Bair said in a statement. ``But the results were not unexpected as the industry coped with financial market disruptions, the housing slump, worsening economic conditions and the overall downturn in the credit cycle.''

The world's largest banks and securities firms have announced more than $500 billion in asset writedowns and credit losses since 2007 linked to declines in mortgage-backed securities.

Nine banks have failed this year, including California- based mortgage lender IndyMac Bancorp Inc., the third-largest federally insured institution to be seized by U.S. regulators. The FDIC is running a successor institution, IndyMac Federal Bank FSB, while it seeks a buyer. Read more here-

http://www.bloomberg.com/apps/news?pid=20601110&sid=aP.J6oKGB21s

-It's more than Fannie and Freddie, U.S. banking system in trouble. Read more here-http://news.goldseek.com/MillenniumWaveAdvisors/1219614778.php

SUBPRIME LOSSES HIT 506 BILLION

-Banks' Subprime Market-Related Losses Reach $506 Billion. The following table shows the $506.1 billion in asset writedowns and credit losses at more than 100 of the world's biggest banks and securities firms as well as the $352.6 billion capital raised to cope with them. See table here-

http://www.bloomberg.com/apps/news?pid=20601110&sid=aDmQ66OoJbfw

FREDDIE-FANNIE

-Fannie Mae and Freddie Mac, the two largest mortgage finance companies, "don't have any net worth,'' billionaire investor Warren Buffett said. "The game is over'' as independent companies said Buffett, the 77-year-old chairman of Berkshire Hathaway Inc., in an interview on CNBC today. "They were able to borrow without any of the normal restraints. They had a blank check from the federal government.'' Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid=aTMSz3VoUqu0&refer=home

-Billionaire investor Warren Buffett said Friday he believes mortgage giants Fannie Mae and Freddie Mac are too big to fail, but shareholder equity in those companies could be wiped out. During a live appearance on CNBC, Buffett predicted the federal government eventually will have to step in to help because the troubles of Fannie Mae and Freddie Mac seem to be growing and feeding on themselves.

"They're looking for help, obviously. And the scale of help is such that I don't think it can come from the private sector," Buffett said. Though the timing was not clear, Buffett acknowledged that he had been approached by the government-sponsored enterprises for help and passed on getting involved. Read more here-

http://news.yahoo.com/s/ap/20080822/ap_on_bi_ge/mortgage_giants_crisis_20&printer=1;_ylt=AtN7mbvOsAkOqmMMulX1.bNv24cA

-Freddie, Fannie Failure Could Be World `Catastrophe,' Yu Says. A failure of U.S. mortgage finance companies Fannie Mae and Freddie Mac could be a catastrophe for the global financial system, said Yu Yongding, a former adviser to China's central bank.

"If the U.S. government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be catastrophic,'' Yu said in e-mailed answers to questions yesterday. "If it is not the end of the world, it is the end of the current international financial system.'' Read more here-

http://www.bloomberg.com/apps/news?pid=20601080&sid=aslo2E01QVFI&refer=asia

-Fannie, Freddie Attract Buyers to Short-Term Debt. Fannie Mae and Freddie Mac sold $3 billion of short-term notes at yields that suggest the largest U.S. mortgage-finance companies are still capable of financing their businesses without government assistance. Read more here-http://www.bloomberg.com/apps/news?pid=newsarchive&sid=alj9yV4EiQUk

-Fannie Replaces Top Managers Amid Capital Concern. Fannie Mae Chief Executive Officer Daniel Mudd replaced three top managers at the beleaguered mortgage-finance provider as the company struggles to convince investors it has enough capital to weather the housing slump.

Financial chief Stephen Swad, 47, Chief Business Officer Robert Levin, 52, and head of risk management Enrico Dallavecchia, 46, will all leave, according to a statement today by the Washington-based company. Read more here-http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aqNRdniRRX_4

-JPMorgan Says Fannie, Freddie Investment Declined. JPMorgan Chase & Co., the second- biggest U.S. bank, said the value of a $1.2 billion investment in Freddie Mac and Fannie Mae shares has declined by half so far this quarter. Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid=aCs8thOoVAHw&refer=home

U.S. BANKRUPTCY

-Bankruptcy filings surge to 1 million up 29%. Number of bankruptcy filings in recent 12-month period rises to nearly 1 million.

http://money.cnn.com/2008/08/27/news/economy/bankruptcy/index.htm

-Alabama County Prepares for Bankruptcy in Debt Crisis. Jefferson County, Alabama, officials told their lawyers to prepare a bankruptcy filing if the county can't reach an agreement with creditors over how to escape from $3 billion of bonds with soaring interest rates.

The Jefferson County Commission voted unanimously this week to have the law firm Bradley, Arant, Rose and White LLP and the county attorney take over negotiations with creditors led by JPMorgan Chase & Co. and draw up bankruptcy papers should talks falter. The two replace bankers and advisers including Citigroup Inc., whose proposals failed to win support.

U.S.-U.K. RECESSION-FINANCIAL CRISIS

-Buffett: We're still in a recession. Billionaire investor says financial crisis will continue in the near term as credit market continues to drag on financial industry. Read more here-

http://money.cnn.com/2008/08/22/news/economy/buffett.ap/index.htm

-U.K. Economic Growth Stagnated in Second Quarter. The U.K. economy stagnated unexpectedly in the second quarter, ending the nation's longest stretch of economic growth in more than a century.

Gross domestic product was unchanged from the previous quarter, the Office for National Statistics said, compared with a previous estimate for growth of 0.2 percent. Economists had expected a 0.1 percent expansion, according to the median estimate of 34 economists. Growth was 1.4 percent from a year earlier, the weakest since 1992. Read more here-

http://www.bloomberg.com/apps/news?pid=20601087&sid=a1XgwRQPudug&refer=home

-The economic growth mirage. Sure, the economy grew at a decent clip in the second quarter. But economists say the gain may be temporary and warn of tougher times ahead. Read more here-http://money.cnn.com/2008/08/27/news/economy/economy_outlook/index.htm

-Economy gets big stimulus boost. U.S. gross domestic product grew by 3.3% in the second quarter much more than previously stated. Economists say the economic stimulus package contributed to the rise. Read more here-http://money.cnn.com/2008/08/28/news/economy/gdp/index.htm

-U.S. view of economy is getting worse poll. Three out of four Americans believe the economy is in bad shape, CNN/Opinion Research Poll shows. Read more here-

http://money.cnn.com/2008/08/25/news/economy/cnn_poll/index.htm?postversion=2008082510

-The Perfect Storm of a Global Recession by Nouriel Roubini-Read more here-http://www.project-syndicate.org/commentary/roubini7

-Bernanke: Financial storm not yet over. Fed chief suggests problems in credit markets not yet over and are a threat to economy; encouraged by lower oil prices. Read more here-

http://money.cnn.com/2008/08/22/news/economy/bernanke/index.htm?postversion=2008082211

-Financial crisis enters new, uncertain stage. Losses expected to double, while Fed remains under microscope. The financial crisis has entered a new phase and will likely bring total credit losses above $1 trillion, according to a leading academic who has been studying the turmoil since its beginning a year ago. Read more here-

http://www.marketwatch.com/news/story/economist-sees-new-uncertain-stage/story.aspx?guid={CD14AD72-143B-4794-A2A5-B34FE777F4BD}

-Financial Crisis Is Absent From Agendas of Parties, Candidates. The U.S. is facing the worst financial crisis since the Depression. You would never know that from the Democrats' platform in Denver or its Republican counterpart, or from listening to Barack Obama or John McCain.

While both candidates have bemoaned the ravages of the subprime crisis, they have yet to spell out steps for tackling it, such as using taxpayer money to shore up banks and housing.

"They fail to come to grips with the biggest danger that is going to hit the next president in his first few months in office: the crisis in the capital markets,'' said David Smick, a Washington-based consultant to hedge funds and author of ``The World is Curved: Hidden Dangers to the Global Economy.'' Read more here-

http://www.bloomberg.com/apps/news?pid=20601070&sid=a.7OGRdxkXSE&refer=home

-The box office indicator. When times get tough, consumers beeline to the movies. Read more here-http://money.cnn.com/2008/08/21/news/companies/Movies.fortune/index.htm

U.S. ENTITLEMENT DEBTS

-Boomers won't bust us Health care will. As the general election campaign heats up, you'll hear more about a looming entitlements crisis. And there is a real problem.

http://money.cnn.com/2008/08/26/pf/bottom_line.moneymag/index.htm

U.S. DOLLAR

-Dollar rescue plan was drawn in March, Japanese paper says. he United States, Europe, and Japan had planned to intervene and rescue a weak U.S. dollar in March, business newspaper Nikkei reported on Wednesday.

Officials from the U.S. Treasury Department, Japan's Finance Ministry, and the European Central Bank reportedly drew up a currency contingency plan to be undertaken over the March 15-16 weekend, Nikkei reported, citing sources familiar with the situation.

The monetary officials also agreed on a framework for coordinating dollar-buying intervention, the report said. The officials did not specify an exchange rate for initiating the dollar rescue plan, but in the event of a free-fall, they all agreed to aggressively buy the greenback and sell yen and euros, according to Nikkei. Read more here-http://www.gata.org/node/6532

-Criminals dumping weak US dollar for euro. The weakened US dollar has fallen out of favor with organized crime groups to pay for drug shipments or to settle scores, a Canadian government report said Friday.

And if the greenback continues its slide in 2008, as expected, more and more criminals are likely to exchange euros for illicit goods, said Criminal Intelligence Service Canada in its annual report. "The US dollar weakened significantly against other major currencies in 2007 and according to some economists, is expected to depreciate further in 2008," said the report.

"As a consequence, other currencies particularly the euro are poised to weaken the US dollar's dominance as the currency of choice for international remittances and payments," it said. "This trend could also drive an increase in observed instances of bulk-cash transfers denominated in currencies other than Canadian and US dollars," the report added. Read more here-

http://news.yahoo.com/s/afp/20080822/wl_canada_afp/canadauseucrimemoney_080822212441&printer=1;_ylt=ArmWQ01nLqsPnb2Knb49Rz_6OrgF

-Beijing swells dollar reserves through stealth. China has resorted to stealth intervention in the currency markets to amass US dollars, using indirect means to hold down the yuan and ease the pain for its struggling exporters as the global slowdown engulfs the economy.

A study by HSBC's currency team in Asia has concluded that China's central bank is in effect forcing commercial banks to build up large dollar reserves, using them as arms-length proxies in a renewed campaign of exchange rate intervention. Read more here-http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/08/26/ccchina126.xml

-Gulf states remain wedded to dollar. As oil prices soared and the value of the U.S. dollar plunged, a chorus of academics and policy experts took up the cry that Saudi Arabia and neighbouring Gulf countries should abandon their currency peg to a depreciating dollar to help combat the social ravages of inflation that were spreading across the region. Read more here-http://www.iht.com/articles/2008/08/25/business/gulfeconomy.php?page=1

INTEREST RATES

-Fed Policy Makers Agree Next Move on Rates Will Be an Increase. Federal Reserve policy makers agreed this month that their next change in interest rates will be to raise them, while reaching no conclusion on the timing of such a decision.

"A number of participants worried about the possibility that core inflation might fail to moderate next year unless the stance of monetary policy was tightened sooner than currently anticipated by financial markets,'' according to minutes of the Federal Open Market Committee meeting released today. At the same time, officials agreed that the timing of any move will depend on economic and financial developments. Read more here-http://www.bloomberg.com/apps/news?pid=20601110&sid=arn0BWk.Hj08

-Lockhart Says Fed Rate Consistent With Inflation Drop. Federal Reserve Bank of Atlanta President Dennis Lockhart said the central bank's interest-rate stance is ``consistent'' with slowing inflation, while signaling readiness to raise borrowing costs if needed.

"Current Fed policy is consistent with an easing in overall inflation given the dynamics of the economy,'' Lockhart said in a speech today in Atlanta. At the same time, ``I am mindful of today's elevated risks and am prepared at any point to change tactics to ensure inflation expectations do not become unanchored.''

Policy makers agreed on Aug. 5 that their next change in rates would be an increase, according to minutes of their meeting released yesterday. A number of officials concerned at rising risks of inflation favored an increase earlier than traders expected, the minutes also showed. Lockhart will vote on rates for the first time in 2009. Read more here-

http://www.bloomberg.com/apps/news?pid=20601110&sid=a65YCR7xG1m8

-Weber Says Higher Rates May Be Needed After Recovery. European Central Bank council member Axel Weber said there's no room for interest-rate cuts and policy makers may need to raise borrowing costs once the economy emerges from its slump.

"Monetary policy at the moment is roughly where it should be and I think the discussion about declining rates in Europe is premature,'' Weber, 51, said in an interview in his office in Frankfurt yesterday. ``If the economic outlook brightens somewhat again towards the end of the year and next year, which I still expect, we'll have to see if action is necessary.''

Europe's economy contracted in the second quarter and may not recover in the third, raising the risk of the region's first recession since the euro was introduced in 1999. Weber said the ECB, which increased its benchmark rate by a quarter point to 4.25 percent in July, remains focused on fighting inflation. Read more here-

http://www.bloomberg.com/apps/news?pid=20601087&sid=ayYHUgl5LQZs&refer=home

INFLATION

-US Federal Reserve chairman Ben Bernanke has said the inflation outlook for the country is "highly uncertain". And he said that rising prices, coupled with the effects of the credit crunch, had given the US economy a battering.

Mr. Bernanke, speaking to a Kansas City Federal Reserve Bank conference in Jackson Hole, Wyoming, said Fed policy makers had to preserve price stability. US prices rose by 5.6% in the year to July, the fastest inflation rate since 1991, recent figures showed. Read more here-http://news.bbc.co.uk/2/hi/business/7577357.stm

-Economists: Inflation threat growing. Survey of top economists finds inflation concerns closing fast on credit market woes as top threat to economy. Read more here-

http://money.cnn.com/2008/08/25/news/economy/nabe_survey/index.htm?postversion=2008082505

-Price vs. Value in the Inflation/Deflation Debate by James Turk. Read more here-http://www.kitco.com/ind/Turk/turk_aug262008.html

WORKING HARDER TO TAKE HOME LESS

-Work harder, take home less. From 2000 to 2007, worker productivity rose significantly in the United States, but real income fell for middle-class families, a group of economists says. Read more here-http://money.cnn.com/2008/08/27/news/economy/state_of_working_america/index.htm

-Canadians earn more, lose buying power, statistics suggest. Read more here-http://www.cbc.ca/money/story/2008/08/27/payroll-earnings.html

REAL ESTATE

-Home prices plummet in a new record. National prices fell 15.4% in past 12 months. Las Vegas was the worst-hit city, while Denver and Boston saw the biggest price increases. Read more here-http://money.cnn.com/2008/08/26/real_estate/Case_Shiller_home_price_report/index.htm?cnn=yes or http://www.bloomberg.com/apps/news?pid=20601110&sid=ahhmUgCw1IO8

-Housing Rebound Unlikely Before 2009, HUD Chief Says. A recovery in the U.S. housing market from the worst slump since the Depression is unlikely until ``well into 2009,'' Housing and Urban Development Secretary Steve Preston said today.

"I think we're right in the middle of it, and I think we have a ways to go before we start seeing a turnaround,'' Preston said today in an interview at the agency's Washington headquarters. "We'll be well into 2009 before we see some real energy in this market.'' Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid=a4nfoY47rBfo&refer=home

-New-Home Sales in U.S. Rose From 17-Year Low, Inventory Plunged. New-home sales in the U.S. improved in July from a 17-year low and construction cutbacks by builders reduced the glut of properties on the market by the most in almost five decades.

Sales increased 2.4 percent to a 515,000 annual pace that was lower than anticipated after a downwardly revised 503,000 rate in June, the Commerce Department said today in Washington. The number of unsold homes on the market fell 5.2 percent, the most since November 1963, to a 416,000 pace. Read more here-

http://www.bloomberg.com/apps/news?pid=20601087&sid=ar.KdCVQw3wc&refer=home

-U.S. Existing Home Sales Rose 3.1 Percent in July. Sales of previously owned homes in the U.S. rose in July from a 10-year low, while the gain wasn't enough to reduce the supply of properties on the market.

Resales rose 3.1 percent, more than forecast, to an annual rate of 5 million from 4.85 million in June, the National Association of Realtors said today in Washington. The median price dropped 7.1 percent from July 2007, and the number of homes for sale jumped to a record.

Record foreclosures have pushed property values down even more, luring some bargain hunters into the market. Still, stricter lending rules, rising unemployment and a glut of unsold houses signal the outlook for residential real estate remains grim.

"It'll be a while before we get a real recovery in housing,'' Stephen Gallagher, chief U.S. economist at Societe Generale in New York, said before the report. ``These things take time to work through. Prices have come off, so that's helping home sales a little.'' Read more here-http://www.bloomberg.com/apps/news?pid=20601087&sid=aPQQLAXTQnWg&refer=home

-U.K. House Prices Drop Most Since 1990, Retail Index Plunges. U.K. house prices declined at the fastest annual pace in almost two decades and an index of retail sales plunged to a 25-year low in August as Britain's economy edged closer to a recession.

The average value of a home fell 10.5 percent to 164,654 pounds ($301,500), the biggest drop since the final quarter of 1990, Nationwide Building Society said today. A gauge of retail sales fell to minus 46 from minus 36 the previous month, the Confederation of British Industry said in a separate report. That's the lowest since its survey began in July 1983.

Today's reports indicate Britain is heading for its first recession since the early 1990s after stagnating in the second quarter as higher living costs hurt spending and the credit squeeze ripples through the economy. As the outlook worsens, economists at banks including Societe Generale SA and Bank of America Corp. now forecast the Bank of England will be forced to set aside inflation concerns and cut interest rates this year.

"The big issue is how long and how severe'' the U.K.'s recession is going to be, said Jim O'Neill, head of global economic research at Goldman Sachs Group Inc. ``We're in it. It shouldn't be news anymore.'' Read more here-http://www.bloomberg.com/apps/news?pid=20601110&sid=a5skYtM7P168

-London Real Estate Shakeout Means REITs Lose 50% on Attrition. London developers are adding the equivalent of 160 trading floors of office space in the main financial district in the next two years. Their timing couldn't be worse.

Prices for offices in the City of London have plunged 25 percent since last August, the biggest drop since 1992, according to Investment Property Databank Ltd., and rents are declining for the first time in four years, said CB Richard Ellis Group Inc., which estimates rents may drop by a quarter by the end of next year. The commercial property market won't recover until at least 2013, said Mike Prew, a real estate analyst at Lehman Brothers International Europe in London.

U.K. property stocks have fallen by more than half since Britain introduced real estate investment trusts in January 2007. The shares may fall by another 23 percent by the end of 2009 as building values decline and the country slides into a recession, said Morgan Stanley analyst Martin Allen. He has the lowest price target of any analyst covering British Land Co., the biggest landlord and developer in the City.

"We don't have a supply problem, we have a demand problem,'' said Patrick Sumner, head of real estate securities at Henderson Global Investors in London, which owns 1 billion pounds of property stocks. ``Tenants are not going to take big decisions until things are clearer than they are now.'' Read more here-

http://www.bloomberg.com/apps/news?pid=20601087&sid=aPm0gEaUR6SM&refer=home

FORECLOSURES

-2 million troubled borrowers avoid foreclosure. The Hope Now coalition reports that it completed a record number of mortgage workouts in July - but that was outpaced by the increasing rate of foreclosures. Read more here-http://money.cnn.com/2008/08/26/real_estate/Hope_now_hits_two_million/index.htm

-Mortgage fraud still soaring. A crackdown on underwriting has failed to halt an explosion of fraudulent home loans. Read more here-

http://money.cnn.com/2008/08/25/real_estate/soaring_mortgage_fraud/index.htm?postversion=2008082606

GEOPOLITICAL NEWS

-Iran's Ahmadinejad in new verbal attack on Israel. Iranian President Mahmoud Ahmadinejad renewed his verbal attacks on arch-foe Israel on Saturday, accusing it of dragging the world into turmoil and predicting its demise. "About 2,000 organised Zionists and 7,000 to 8,000 agents of Zionism have dragged the world into turmoil," Ahmadinejad told a rally in the central Iranian city of Arak carried live on state television.

He said that if the West does not restrain Zionism, "the powerful hand of the nations will clean these sources of corruption from the face of the earth," without specifying which nations.

Iran does not recognise the Jewish state and Ahmadinejad has drawn international condemnation by repeatedly saying since his election in 2005 that Israel is doomed to disappear. Read more here-http://www.breitbart.com/print.php?id=080823205825.ys8eb6lz&show_article=1

-Iranian cleric blasts Ahmadinejad. An Iranian cleric accused President Mahmoud Ahmadinejad of betraying the people and called on reformers to unite to defeat him in next year's elections, according to an interview in a German newspaper quoted by Reuters, Wednesday. Read more here-

http://www.jpost.com/servlet/Satellite?cid=1219572137344&pagename=JPost%2FJPArticle%2FShowFull

-Dimitri Medvedev raises spectre of new Cold War. Russia put the West on alert for a new Cold War that the Kremlin is ready to fight, its President said yesterday. President Medvedev set tensions soaring when he recognized the independence of two breakaway republics inside Georgia.

"We are not afraid of anything, including the prospect of a Cold War," he said. Hours earlier he had ordered his Foreign Ministry to start establishing diplomatic ties with the secessionist regions of South Ossetia and Abkhazia.

The move brought instant condemnation from the United States, Britain, France, Germany and other Western countries. President Bush appealed to the Kremlin to "reconsider this irresponsible decision". David Miliband, the Foreign Secretary, said that it was "unjustifiable and unacceptable". Read more here-http://www.timesonline.co.uk/tol/news/world/europe/article4615158.ece

-Russia may cut off oil and gas to Europe. Fears are mounting that Russia may restrict oil deliveries to Western Europe over coming days, in response to the threat of European Union sanctions and NATO naval actions in the Black Sea.

Any such move would be a dramatic escalation of the Georgia crisis and play havoc with the oil markets. Reports have begun to circulate in Moscow that Russian oil companies are under orders from the Kremlin to prepare for a supply cut to Germany and Poland through the Druzhba (Friendship) pipeline. It is believed that executives from lead-producer LUKoil have been put on weekend alert. Read more here-http://www.gata.org/node/6537

-Putin accuses U.S. of orchestrating Georgian war. Read more here-http://www.cnn.com/2008/WORLD/europe/08/28/russia.georgia.cold.war/index.html

-Story Highlights

-Russian Prime Minister Vladimir Putin accuses U.S. of plotting conflict

-Putin says U.S. did it to help one of the presidential election candidates

-Russia fails to win support of Asian security alliance over Georgia

-Russia had appealed to the Shanghai Cooperation Organization for backing

-N Korea's Kim died in 2003; replaced by lookalike, says Waseda professor. Read more here-http://www.japantoday.com/category/kuchikomi/view/north-koreas-kim-died-in-2003-and-was-replaced-by-lookalike-says-waseda-profesor

-US accuses North Korea of violating nuclear accord. Read more here-http://afp.google.com/article/ALeqM5hYUtAGMYu76LWa_Lsay0yNl3Hasw

The GoldBugg Report - September 2, 2008
Posted by Worldwide Precious Metals on Tuesday, September 02, 2008

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