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The Goldbugg Report – July 14, 2009

July 14, 2009

- A case for silver’s quiet strength.

- John Embry monthly commentary.

- Gold price poised for spectacular and prolonged rally – Peter Schiff

GOLD

- Preserve Your Wealth with Precious Metals from Nick Barisheff. In this extraordinary environment, preserving your personal wealth becomes priority one. Before you make another major financial decision, it is imperative to understand the big picture by recognizing and understanding three critical issues.

First, we are in a secular bear market for financial assets (stocks and bonds). Second, the consequences of the global bailouts will likely be highly inflationary. Third, we are at a pivotal point in the long-term investment cycle. Let’s examine each of these three keys in more detail. Read more here – http://www.321gold.com/editorials/barisheff/barisheff070309.html or http://news.goldseek.com/GoldSeek/1246582800.php

Preserve your portfolio’s purchasing power. A minimum 10-15 percent allocation is considered adequate in a bull market, but a much larger allocation is suggested for protection in a secular bear market. If you have not already done so, now is the time to rethink your investment strategy. Physical bullion adds an asset class that will keep its value, regardless of where the economic downturn takes us inflation, deflation or hyperinflation.

For the first time in history, the central banks have an unlimited ability to print as much money as they need to avoid a deflationary depression. Precious metals are the only currency that will survive intact, because while governments can print infinite amounts of money, they cannot increase the supply of hard assets with intrinsic value.

Investors, institutions and central banks will turn in droves to the historical safe haven of precious metals, as real wealth replaces wishful thinking. This secular bear market is expected to last for many years, eating away at investors’ hopes and dreams and portfolios along the way. Don’t let your portfolio be one of them. Now is the time to make an investment in your future, because the future is precious metals bullion.

- Trusting in gold Austria’s Erste Bank. Austria’s Erste Bank’s latest Special report on Gold still rates the yellow metal positively as an investment. A minimally edited version of the introduction to this report is published below. Read more here – http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=85867&sn;=Detail

Full 53 page report here – http://mineweb.co.za/mineweb/action/media/downloadFile?media_fileid=243 or http://produkte.erstegroup.com/CorporateClients/en/ResearchCenter/Overview/Research_Detail/index.phtml?ID_ENTRY=752

Gold vs. other asset classes since June 2008

- Gold Myth No. 1: Gold is (too) expensive. The following note is abstracted from a Special Report on Gold published by Austria’s Erste Bank and written by gold expert Ronald Stoeferle. Other abstracts and analysis from this report will also be published in due course. Read more here – http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=85854&sn;=Detail

- Gold Myth No. 2: Gold is of no interest to Euro investors. The second in a series of gold myths from Erste Bank’s Ronald Stoeferle in his latest Special Report on Gold. Read more here – http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=85909&sn;=Detail

- John Embry monthly commentary. Once gold decisively tops $1,000, it’ll stay there. Read more here – http://www.sprott.com/Docs/InvestorsDigest/2009/June_2009.pdf and http://www.thebullandbear.com/articles/2009/_print-2009/p-0609-Embry.html

- Peter Grandich commentary. Once gold closes comfortably above $980 (and that should happened no later than after gold’s seasonally weakest period of June-August is past us) we can see four digit gold here to stay and a steady rise to $1,500 in the next 3-5 years. Read more here – http://news.goldseek.com/Grandich/1246943627.php

- Gold price poised for spectacular and prolonged rally Peter Schiff. Gold bullion and gold-related investments, especially gold mining stocks, will be the best bets in the protracted and severe inflationary environment likely to result from current global monetary policies. Read more here – http://www.321gold.com/editorials/davis/davis070809.html or http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=85982&sn;=Detail

- Aden Sister gold commentary. Read more here – http://www.321gold.com/editorials/aden/aden070309.html or http://news.goldseek.com/AdenResearch/1246514940.php

- Ned W. Schmidt’s gold thoughts. Read more here – http://news.goldseek.com/NedSchmidt/1246943343.php

- Inflation-boosted gold price to reach new record high, GFMS tells China. After a possible short-term fallback below $900/oz, the gold price would reach a new record high in the second half of 2009 as the threat of inflation would drive a new wave of investment, consultancy GFMS said on Wednesday at the launch of its13th Chinese-language version of its annual Gold Survey in Beijing.

"The price may have pulled back a fair bit from the February highs but that was largely just the market’s reaction to jewellery demand crumbling and scrap booming. We believe that it’s far from game over for investors. The gold price in the coming months could easily re-attain the $1 000 mark and is likely to push up towards a fresh record high before the end of the year," Philip Klapwijk said. Read more here – http://www.miningweekly.com/article/inflation-boosted-gold-price-to-reach-new-record-high-gfms-tells-china-2009-07-08

- Catching The Gold Bug. Worried about a harrowing, inflation-ridden future, Scott Van Steyn has found the answer in a batch of glittering one-ounce gold coins. In fact, they make up a large chunk of the physician’s assets.

"There’s 2,000 years of history to show that gold is the best thing to own during bad inflation," says Dr. Van Steyn, a 45-year-old orthopedic surgeon in Columbus, Ohio. "People used to laugh at me for buying gold. They don’t anymore." Read more here – http://online.wsj.com/article/SB10001424052970203577304574275953355412882.html

SILVER

- A case for silver’s quiet strength. The price of sterling has historically followed the price of gold; right now it’s lagging. Gold gets all the glamour when it comes to precious metals, but it’s not the only thing you can hide under your mattress as a hedge against financial ruin. Silver is just as much money as gold. The French word for money is, after all, argent, or silver. Like gold, the metal is a store of money that protects against the frailties inherent in paper currency.

Those frailties are fairly obvious today, with the printing presses running at a high pitch and trillions in notional derivatives outstanding. Money supply is growing quickly and while official (and in my opinion “massaged”) inflation numbers don’t register it, it’s not hard to imagine that prices will move higher as the value of money falls. It just makes sense that if you multiply the supply of money available, it will lose its value.

So the case for precious metals is easy to make. The case for silver is, too: silver prices have a long correlation to gold prices, but that link has broken down recently. The price ratio between the two has averaged about 70:1 over the past year. The average going back 200 years is about 32:1. If the ratio were to revert to that average, silver would outperform gold by a factor of two times.

In fact, during the highly inflationary 1970s, the ratio was 16:1. Interestingly, the physical ratio of silver to gold in the Earth’s crust is about the same. The basic idea is that silver has the same investing attributes as gold but it might be relatively cheap if history is a guide. Fabrice Taylor-Theglobeandmail.com

- Brad Zigler of hardassetsinvestor.com looks at why strengthening gold might actually make now a good time to buy silver. Read more here – http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=85939&sn;=Detail

- Ted Butler and Israel Friedman silver commentary. If you think like me that silver is in short supply and sooner or later a shortage will come, you should get your silver before it goes up. All these things these big shorts have been doing to keep the price low makes the coming price rise more certain. When it comes, it will go so high the whole world will ask how this could happen. Read more here – http://news.silverseek.com/TedButler/1246988868.php

- Ted Butler online interview, listen here – http://www.kingworldnews.com/kingworldnews/Gold+_Broadcast/Entries/2009/7/2_Ted_Butler_files/Weekly%20Wrap%20Ted%20Butler%2007:02:2009.mp3

- I believe the situation is even more dire in silver than in gold because gold is not being consumed but rather is becoming scarce because it is being hoarded by more and more smart investors. Silver is becoming scarce because it is both being hoarded by smart investors and being consumed by industry and ending up in landfills never to be recovered.

The U.S. Geological Survey estimates that silver will become extinct by 2020 — just 11 years from now all silver in the earth’s crust will have been mined and consumed. Yet silver now is trading at only its cost of production. The world cannot live without silver. Paper derivatives can not be used to make cell phone batteries or RFID transmitters or electrical solder, etc.

Adrian Douglas-Read more here – http://www.gata.org/node/7559

- Deutsche Bank mildly bullish on gold into 2H09, silver to outperform. As Deutsche Bank forecast the Central Bank Gold Agreement soon will be extended another five years, bank strategists advised the influence of gold ETFs on gold prices is starting to wane. Given the risk of central bank gold activity to the gold price, Deutsche Bank anticipates “the ongoing out-performance of silver relative to gold.”

“Indeed we believe the production cuts that have occurred across the industrial metals complex may have important implications for silver,” the strategists asserted. “We find that of total silver production, more than 60% is mined as a by-product with other industrial metals such as zinc, lead and copper.

“We believe silver production could face similar challenges to the ones likely to occur across the industrial metals complex as a result of the significant decline in capex spending that has occurred over the past two years,” they said. Read more here – http://www.mineweb.net/mineweb/view/mineweb/en/page31?oid=85938&sn;=Detail

- Austrian silver euro coins being used to beat German taxes. Read more here – http://www.gata.org/node/7560

- Strong sales of silver and gold coins reported. Read more here – http://online.wsj.com/article/SB10001424052970203577304574274450380620612.html?mod=googlenews_wsj and https://fx1.oanda.com/mod_perl/news/article.pl?id=972941

- G-8 leaders to be given symbolic gold coins. Read more here – http://www.gata.org/node/7572

CHART OF THE WEEK-QUOTES-QUICK HITS

- Here’s an ugly stat courtesy of Whitney Tilson’s T2 Partners: Home vacancies are still at all-time highs. With yet more foreclosures coming, it’s no wonder they’re just tearing down houses in some places. Read more here – http://www.businessinsider.com/chart-of-the-day-vacancies-2009-7

- If you don’t read the newspaper you are uninformed, if you do read the newspaper you are misinformed. Mark Twain-Bio here – http://en.wikipedia.org/wiki/Mark_Twain

- I place the economy among the first and most important virtues, and public debt as the greatest of dangers to be feared we must not let our rulers load us with perpetual debt. We must make our choice between economy and liberty or profusion and servitude. Thomas Jefferson-Bio here – http://en.wikipedia.org/wiki/Thomas_Jefferson

- “If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence.” Bertrand Russell-Bio here – http://en.wikipedia.org/wiki/Bertrand_Russell

- I am often asked, “What advice do you have for the average investor?” My reply is, “Don’t be average.” Most of us know of the 80/20 rule. That rule is a good rule for averages. And in the world of money, the rule is 90/10. This means 90 percent of the people make 10 percent of the money and 10 percent of the people make 90 percent of the money.

This 90/10 rule holds true in almost anything financial. Take the game of golf, for example. Ten percent of the professional golfers make 90 percent of the money. Taking the ratio to the next level, the top 10 percent of professional golfers make 90 percent of the money. Just look at Tiger Woods. When you compare his winnings plus endorsements, he is in a league unto himself.

It matters little if the game is golf, tennis, or money. Ten percent of the people will always make 90 percent of the money. When the markets began crashing in 2007, the money did not disappear. Ninety percent of the money went to 10 percent of the investors. A financial crisis is a great time for professional investors and a horrible time for average ones. If you’re going to invest, don’t be average. It’s time to turn pro or take up tennis. Robert Kiyosaki-Read more here – http://finance.yahoo.com/expert/article/richricher/175190

- Silver is set to outperform gold, argued Citigroup in a note published Thursday, with the broker saying investment flows into gold are moderating while the outlook for silver is improving. The ratio for gold-to-silver prices should return to its historical norm between 55 and 60 from the current 71, it said. Read more here – http://www.marketwatch.com/story/story/print?guid=AE0D158D-A227-4D9D-9A3E-3DCF5F454F02

- South Korea to buy gold, expecting it to replace dollar. The Bank of Korea has not purchased gold for 11 years but is expected to go on a gold buying spree, as the world’s central banks have bought the commodity since the global economic erupted in September last year.

A Bank of Korea official said yesterday, “The bank has begun to set up a plan to manage foreign exchange reserves for next year. It has also closely watched central banks in other nations and trends in the global gold market. Given the changing global financial environment, the bank’s management plan is critical.”

According to experts, the comment implies that the bank plans to buy gold soon. Korea has the world’s sixth most foreign exchange reserves but ranks just 56th in gold holdings. China, which has the world’s largest foreign exchange reserves, has secretly bought 454 tons of gold over the past six years. This has intensified global competition to obtain more gold.

The amount of gold bought by China over the period is 32 times larger than the Bank of Korea’s gold reserves. The world’s central banks have rushed to buy gold, since they believe the metal will replace the greenback when the dollar’s status as the world’s leading currency weakens.

The bank has said nothing officially, simply saying, “We have made no decision on the purchase of gold and cannot say if we have considered it.” It will finalize by November its plan to manage foreign exchange reserves for 2010, but experts forecast that the bank will have no choice but to buy gold soon. Read more here – http://www.gata.org/node/7564

- Historic trends dictate we may well see another spike in the precious metal in the next 3-4 months. No investment ever goes straight up or straight down. During the last bull market in gold, the precious metal rose 2,329% from a low of $35 in 1970 to a high of $850 in 1980. However, during that time, there was a period of 18 months in which gold fell nearly 50%.

From mid-1971 to December 1974, gold rose 471%. It then fell 50%, from December ‘74 to August ‘76. After that, it began its next leg up, exploding 750% higher from August ‘76 to January 1980. Now, in its current bull market (2001 to March 2008), gold rose over 300% from $250 to a little over $1,000. And just like in the mid-70s, it began showing signs of weakness after its first big rally up to $1,014 in March ‘08. At one point, it even fell to $700, a 30% retraction. Granted, it wasn’t a full 50% retraction like the one that occurred from 1974-76. But we are experiencing a financial crisis. And gold is the most common catastrophe insurance.

If we were to go by the historic pattern of the gold market in the ‘70s, gold should experience upwards resistance for 19 months after its first peak today. Gold’s recent peak was $1,014 in March ‘08 (roughly 14 months before the writing of this report). If this bull market parallels the last one, then gold should renew its upward momentum in a very serious way starting in October 2009. And this next leg up should be a major one (the biggest gains came during the second rally in gold’s bull market in the ‘70s). Graham Summers-Read more here – http://www.kitco.com/ind/Summers/jul062009.html

- Yes. Printing more money, creating more money makes gold prices higher. It’s very simple. If you have an island and an economy on an island where four coconuts come down from the trees everyday, and there are four dollar bills on the island, the cost of coconuts is a dollar. Every day the people get up, they go to the marketplace, it’s four dollars and four coconuts, they exchange.

Now, you could have in an advanced island, where four fish are caught every day, and four coconuts are produced every day, and let’s say have eight dollars on the island and everybody likes coconuts and they like fish roughly the same, so the price of everything is a dollar, and that goes on for months and months and years on the island. Then someone comes to the island with a motorboat and a printing press and prints an extra $4.

Now, the motorboat comes to the dock and there is someone on the dock. Somebody gets that $4 first. They take that $4, that extra $4, and they go into the marketplace and let’s say, they buy all the coconuts. They give the guy, coconut seller, they give the guy $4, they get four coconuts. Now, you have $4 extra in the economy along with the $8 that’s already there.

So, now you’ve got $12 floating around on the island that day and when everyone else gets up to go to the marketplace, there are no coconuts, the guy who got the money first on the dock bought the coconuts but there is now $12 in circulation and there are only four fish left. The price of fish is going up to $3 and that is the horrifying thing about printing money.

The guy at the dock gets the money first and hurts the purchasing power of everyone else in the marketplace. In the modern economy, the people at the dock are the banks, the big corporations and very wealthy people. They get the benefit by borrowing or getting the motorboat money first or by the privilege from the government (who own the motorboat and the printing press on the boat) as leveraged bank credit or loans and they get the benefit of the old prices early. You cannot print wealth, you have to produce wealth and you can’t be wealthier as a nation by going into more and more debt. That’s it. Ken Gerbino-Read more here – http://finance.yahoo.com/news/Gold-Becomes-More-Valuable-twst-586185760.html?x=0&.v=1

- How do you keep any kind of perspective in this yo-yo market? The irrepressible Dan Norcini, writing on jsmineset.com, comments: "There is really not much to say about any of this – deflation is battling inflation and until one side gets a clear advantage and dethrones the thinking in the other camp, we are going to see no trends, no orderly markets, no sanity and nothing but idiotic volatility and casino-like markets.

"The markets have been completely taken over by the day trading, one minute bar chart geeks who wouldn’t know a pork belly from a brisket cut or a grain of wheat from a cocoa pod but who are enamoured with lots of squiggly lines and dream of coming back from their bathroom break and discovering that they have traded in and out of the same market 15 times during that period and made $100,000 on each turn.

"The rest of us normal people who actually have lives to lead and families to raise, etc. are better served keeping a longer term perspective and understanding that the Dollar’s days of supremacy are forever over and that the rise of the BRIC nations means that America is beginning to go the same path as the once mighty and proud British Empire. Its leaders too spent it into oblivion and destroyed its currency in the process." Indeed they have, and gold will one of the few things that ultimately benefits. Casey Daily Resource

- World Bank tells G8: 2009 remains dangerous year. The Group of Eight nations should not presume a global economic recovery is near, World Bank President Robert Zoellick said in a letter to G8 host Italian Prime Minister Silvio Berlusconi obtained by Reuters on Monday.

The letter, dated July 1 and copied to all G8 leaders, said interventions by central banks and governments appeared to have “broken the fall in the global economy” by stabilizing financial markets and boosting demand. “Yet 2009 remains a dangerous year. Recent gains could be reversed easily, and the pace of recovery in 2010 is far from certain,” Zoellick wrote. Read more here – http://www.reuters.com/article/ousiv/idUSL619527520090706

- Protectionism could cause extended harm: World Bank. Read more here – http://www.reuters.com/article/ousiv/idUSTRE56519420090706

- Roubini Sees Six More Months of Recession, ‘Shallow’ Recovery. "This is a great recession that could have ended up in a near depression," Roubini, the New York University economist who predicted the credit crisis, said on Bloomberg Radio’s "Surveillance." "We’re not out of the woods."

Yale University Professor Robert Shiller, speaking during the same program in New York today, said the economic crisis continues despite the $12.8 trillion pledged by the U.S. government and Federal Reserve. President Barack Obama needs to propose another stimulus plan, Shiller added. Read more here – http://www.bloomberg.com/apps/news?pid=20601087&sid;=a6qhJ4aCIlD0

- Seven U.S. Banks Seized in Busiest Year for Closures Since 1992. Six banks in Illinois and one in Texas were seized by regulators as the deepening financial crisis pushed the toll of failed U.S. lenders this year to 52, the most since 1992. Read more here – http://www.bloomberg.com/apps/news?pid=20601103&sid;=acr01Xb3Fkz0

- Economist: FDIC gearing up for bank closures. The Federal Deposit Insurance Corp. is gearing up to handle a large number of bank failures expected as a result of bad mortgages, both in residential and commercial real estate, an economist said Tuesday.

"They know they’re going to take down a large number of banks and they can’t do it until they’re staffed up," said Mark Dotzour, chief economist and director of research for the Real Estate Center at Texas A&M; University.

Dotzour expects federal regulators to establish an agency, similar to the Resolution Trust Corp. that disposed of assets belonging to insolvent S&Ls; in the late 1980s and early 1990s.

"Once they start to sell [foreclosed real estate], we’ll find out what the market really is," Dotzour told attendees at an economic summit hosted by a handful of real estate groups in Tampa, Fla. Read more here – http://www.bizjournals.com/washington/stories/2009/07/06/daily39.html

- Bank of America Corp., the biggest U.S. lender, faces a 10 percent jump in uncollectible loans to $7.6 billion when it reports second-quarter earnings, Credit Suisse said in a report. Bad debts included $1.9 billion tied to home equity, and about 10.4 percent of credit card loans will be written off, analyst Moshe Orenbuch wrote in the report dated today. The bank, based in Charlotte, North Carolina, charged off $6.9 billion in the first quarter, he said. Read more here – http://www.bloomberg.com/apps/news?pid=20601087&sid;=a9gldUvl3Ucw

- A group of the biggest U.S. banks said they would stop accepting California’s IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap. Read more here – http://online.wsj.com/article/SB124692354575702881.html

- BOE Keeps Asset-Purchase Plan at 125 Billion Pounds. The Bank of England stuck to its plan to buy bonds with 125 billion pounds ($202 billion) of newly printed money as officials assess whether the worst of Britain’s recession is over. The nine-member Monetary Policy Committee, led by Governor Mervyn King, kept the interest rate at 0.5 percent and refrained from expanding its asset-purchase plan. Read more here – http://www.bloomberg.com/apps/news?pid=20601068&sid;=a.H3mBwHioCE

- Global 500: 20 money losers. In a dismal year, these 20 companies saw the biggest losses. Badly timed acquisitions, exposure to subprime mortgages, and rising oil prices are a few of the culprits. Read more here – http://money.cnn.com/galleries/2009/fortune/0907/gallery.G500_money_losers_fortune.fortune/index.html

- Brand name companies go bankrupt. As consumers cut back, businesses are scrambling. 12 brands you know from an NHL hockey team to Obama’s suit maker that are hitting the skids. Read more here – http://money.cnn.com/galleries/2009/news/0906/gallery.companies_going_bankrupt/index.html

- Gerald Celente on Fox News: Obamageddon is coming! Watch video here – http://www.youtube.com/watch?v=_18t2_XvZRA&eurl;=http%3A%2F%2Fgoldismoney.info%2Fforums%2Fshowthread.php%3Ft%3D388716&feature;=player_embedded

- U.S. consumers fall behind on loans at record pace. Soaring U.S. unemployment and a shrinking economy drove delinquencies on credit card debt and home equity loans to all-time highs in the first quarter as a record number of cash-strapped consumers fell behind on their bills. Read more here – http://www.reuters.com/article/ousiv/idUSTRE56638720090707

- Biden: We ‘Misread the Economy.’ Read more and watch video here – http://blogs.abcnews.com/george/2009/07/biden-we-misread-the-economy-.html

- Kuwait wants oil price above $60. Read more here – http://www.reuters.com/article/ousiv/idUSTRE5640JW20090705

- Goldman May Lose Millions From Ex-Worker’s Code Theft. Goldman Sachs Group Inc. may lose its investment in a proprietary trading code and millions of dollars from increased competition if software allegedly stolen by a former employee gets into the wrong hands, a prosecutor said. Read more here – http://www.bloomberg.com/apps/news?pid=20601087&sid;=axYw_ykTBokE

- Goldman Sachs Loses Grip on Its Doomsday Machine: Jonathan Weil. Read more here – http://www.bloomberg.com/apps/news?pid=20601039&sid;=aFeyqdzYcizc

- GATA urges SEC, CFTC to probe Goldman trading program. Read more here – http://www.gata.org/node/7569

- ‘Commodities of finite supply’ might get position limits. U.S. regulators say they may clamp down on oil and gas price speculators by limiting the holdings of energy futures traders, including index and exchange-traded funds.

The Commodity Futures Trading Commission will hold hearings this month and next to explore the need for government-imposed restrictions on speculative trading in oil, gas and other energy markets, Chairman Gary Gensler said today in a statement. Read more here – http://www.bloomberg.com/apps/news?pid=20601087&sid;=aIEgmYChpWg8 or http://www.gata.org/node/7567

- U.S. warns of multiple al-Qaida plots. Last week, German authorities discovered that groups of terrorists may have been dispatched from training bases in Pakistan to launch crippling attacks. Read more here – http://www.wtop.com/?nid=778&sid;=1711695

- U.S. military chief says clock ticking on Iran nuke. The top U.S. military officer warned on Tuesday that time is running out for dialogue with Tehran to avoid either a nuclear-armed Iran or a possible military strike against the Islamic Republic.

Admiral Mike Mullen, chairman of the U.S. Joint Chiefs of Staff, said it is critical for diplomatic efforts to reach a solution before Iran develops a nuclear weapon or faces an Israeli or U.S. strike to turn back its nuclear program.

“That window is a very narrow window,” Mullen told an audience at the Center for Strategic and International Studies, a Washington think tank. “There’s a great deal that certainly depends on the dialogue and the engagement,” he said. “I’m hopeful that that dialogue is productive. I worry about it a great deal if it’s not.” Mullen noted that some forecasters believe Iran could be as little as a year away from developing a nuclear bomb, adding: “The clock has continued to tick.” Read more here – http://in.reuters.com/article/worldNews/idINIndia-40879020090707

- Biden Says Israel Has ‘Sovereign Right’ to Hit Iran. Vice President Joe Biden asserted Israel’s "sovereign right" to attack Iran’s nuclear facilities and reiterated a U.S. offer to meet with the Tehran government over its suspected weapons program.

Israel "can determine for itself as a sovereign nation what is in its best interest," Biden said in an interview with the ABC News program "This Week," that was taped July 4 and aired yesterday. A U.S. offer to meet with Iran about its nuclear program remains "on the table," Biden said. Israeli Prime Minister Benjamin Netanyahu said May 18 after a White House meeting with President Barack Obama that a nuclear-armed Iran is "the worst danger we face." Read more here – http://www.bloomberg.com/apps/news?pid=20601103&sid;=azw2feO2poi4

- Joe Biden speech sparks fierce response from Ayatollah Ali Khamenei. One day after the American Vice-President said that the US would not stop Israel bombing Iran’s nuclear plants, Ayatollah Khamenei launched a fierce attack on "meddling" Western leaders, designed to rally his fractured people. Read more here – http://www.timesonline.co.uk/tol/news/world/middle_east/article6653069.ece

- A fresh wave of cyber attacks that slowed U.S. and South Korean websites this week hit more targets on Thursday, a Web security firm said, while the South’s spy agency has said the hacking may be linked to North Korea.

The impact of the attacks, aimed so far at dozens of sites including the White House and the South’s presidential office, was seen as negligible, experts said, but served as a reminder that Pyongyang has been planning for cyber warfare. “The anticipated attack did take place, but considerable countermeasures were taken and it did act as a defense to some degree,” an official at the online security firm Ahnlab said. Read more here – http://www.reuters.com/article/newsOne/idUSTRE56709E20090709

- Wary of naked force, Israelis eye cyberwar on Iran. Read more here – http://www.alertnet.org/thenews/newsdesk/LV83872.htm

- U.S. Food-Stamp Recipients Reached Record 33.8 Million in April. Read more here – http://www.bloomberg.com/apps/news?pid=20601110&sid;=aDhdHJrK42P0

- El Nino conditions are forming in the Pacific Ocean, which may limit the number of hurricanes that form in the Atlantic this year, the National Oceanic and Atmospheric Administration reported today.

El Nino is a warming of the eastern Pacific that occurs every two to five years, on average, and lasts about 12 months, the agency said in a statement. Sea surface temperatures in the area were about 1 degree Celsius above average in June, according to the National Weather Service’s Climate Prediction Center in Camp Springs, Maryland. Read more here – http://www.bloomberg.com/apps/news?pid=20601110&sid;=aFU7peSD1U2o

- Parts of Britain “near an H1N1 epidemic”; 14 dead. Read more here – http://www.reuters.com/article/topNews/idUSTRE5685ER20090709?feedType=RSS&feedName;=topNews&rpc;=22&sp;=true

- Buffett lunch auction won by Canadian firm Salida. The hedge fund manager that won Warren Buffett’s annual charity auction said the $1.68 million price for a steak lunch with the billionaire is "an investment in our future" amid the global recession. Read more here – http://www.bloomberg.com/apps/news?pid=newsarchive&sid;=abCmeZER9Ttg and http://www.reuters.com/article/ousiv/idUSTRE5675PN20090708

WWW.RARECOLOREDDIAMONDS.COM

- The Rare Colored Diamonds Historical Value Tracker system is the perfect tool for investors to view the potential future value of a rare colored diamond based on the current market trend of a particular type of diamond. Track the potential future value of colored diamonds here – http://www.rarecoloreddiamonds.com/HistoricalPriceTrackingsystem.html

- Watch BTV interview of Harold Seigel on colored diamonds and his website http://www.rarecoloreddiamonds.com/. Watch video here – http://www.rarecoloreddiamonds.com/watchnow.html

- “Today, if you had to go find a 5-carat vivid blue or a 5-carat vivid pink, you couldn’t buy it for less than $1 million per carat.” Nationaljewelernetwork.com Rahul Kadakia, head of jewellery at Christie’s, New York May 13,2009

- “I believe in the 3G’s-guns, gold and gems. You can never have enough.” An Anonymous Client June 5, 2009

- “Diamonds, jewels and cars have been outperforming other areas of the auction market as art collectors hesitate about purchases as prices decline in the economic slowdown.”

Bloomberg May 12, 2009

- Diamonds are a girl’s best friend, but they are also more wallet friendly than ever, costing 11 percent less on average. Henry Barguirdjian, president of Graff Diamonds, says while high end jewels like a rare 16.5 karat yellow diamond that costs 5 million dollars haven’t dropped in price, investing in the finest jewels can be better than putting your money in stocks.

“In the past 30 years the price of diamonds virtually never went down. At worst it stayed flat or went up. In the past five years it went up over 300 percent because of the global economy and the build up of new fortunes around the world,” says Barguirdjian. Read more here – http://www.wbir.com/news/national/story.aspx?storyid=92414&catid;=16

- Antonio Bianco, who has died aged 57, was a master diamond cutter, and created spectacular precious stones for some of the world’s wealthiest collectors. Royalty and Hollywood celebrities were among Bianco’s customers. He operated in cloistral seclusion from a windowless workshop in the diamond district of New York, cutting some of the biggest, rarest and most valuable stones of the age.

One of the most valuable was the “Flame” diamond, a flawless 100 carat pear-shaped gem that Bianco cut from a 169 carat rough stone mined in Angola. “The elegance and sheer beauty of the stone,” noted one expert, “surpasses all of the known historical pearshapes.” Read more here – http://www.telegraph.co.uk/news/obituaries/5701306/Antonio-Bianco.html

- The entire gem world is reacting to rumours of imminent recutting of the famous Wittelsbach diamond by its new owner Laurence Graf as if this gem’s survival in its current form were as important as the survival of the spotted owl or snow leopard. Leave this historic treasure alone, urged the writers of an article on this diamond in the Winter 2008 issue of Gems & Gemology. And we can certainly understand their pleas for a hands-off policy to the stone’s future. Read more here – http://www.ncdia.com/news-events/index.cfm?sh=news&type;=2&id;=501&groupby;=&PageNum;_results=1

STOCK BEAR MARKET-1929 ALL OVER AGAIN

- Chart-master Doug Short observes that the behaviour of the market since August 2008 a violent 50% plunge followed by a major recovery almost perfectly tracks the market’s behaviour in the year after the peak in 1929. Of course, our current bear market started in 2007, not August 2008, so this pattern comes in the middle of our crash, not the start. But the similarity is still startling.

Here’s hoping the current bear market doesn’t continue right on down to the -89% of the 1929 crash. Because from the top of our bear market, way back in 2007, that would mean a fall of more than 95%. Read more here – http://www.businessinsider.com/henry-blodget-bear-market-cliff-diving-1929-all-over-again-2009-7

BUFFETT-U.S. SHOULD PLAN SECOND STIMULUS

- Legendary investor Warren Buffett said in an interview aired on Thursday unemployment could hit 11 percent and a second stimulus package might be needed as the economy struggles to recover from recession. Buffett, the billionaire founder of Berkshire Hathaway said Americans suffered “a shock to the system” from the economic difficulties in the final quarter of last year but had started to rebound.

“We’re not in a freefall, but we’re not in a recovery either,” he told ABC’s “Good Morning America.” “We were in a freefall really in the last quarter of last year, starting in the financial markets and spreading to the economy, and we had this huge change in behavior.”

Buffett, a supporter of President Barack Obama during last year’s election campaign, said a second economic stimulus package might be needed. The Obama administration says it does not see a need for a second stimulus yet. “I think a second one may well be called for. It is not a panacea. A stimulus is the right thing. You hope it doesn’t get watered down,” he said.

He likened the first $787 billion stimulus package passed by Congress to “half a tablet of Viagra and then having also a bunch of candy mixed in it doesn’t have really quite the wallop.”

Buffett said unemployment had “a ways to go” and he would not be surprised to see it hit 11 percent before it recovers.

“I’m not predicting it but no that would not surprise me,” he said of the 11 percent figure. “We’re going to come out of this better than ever, the best days of America lie ahead but not next week or next month,” he said. Read more here – http://www.reuters.com/article/newsOne/idUSN0944100220090709 watch video here – http://abcnews.go.com/Business/story?id=8039651&page;=1

- U.S. should plan 2nd fiscal stimulus: economic adviser. The United States should be planning for a possible second round of fiscal stimulus to further prop up the economy after the $787 billion rescue package launched in February, an adviser to President Barack Obama said.

“We should be planning on a contingency basis for a second round of stimulus,” Laura D’Andrea Tyson, a member of the panel advising President Barack Obama on tackling the economic crisis. said on Tuesday.

Addressing a seminar in Singapore, Tyson said she felt the first round of stimulus aimed to prop up the economy had been slightly smaller than she would have liked and that a possible second round should be directed at infrastructure investment. “The stimulus is performing close to expectations but not in timing,” Tyson said, referring to the slow pace at which the first round of stimulus had been spent on the economy. Read more here – http://www.reuters.com/article/newsOne/idUSTRE56611D20090707

U.S. FACING DEBT EXPLOSION

- US lurching towards ‘debt explosion’ with long-term interest rates on course to double. The US economy is lurching towards crisis with long-term interest rates on course to double, crippling the country’s ability to pay its debts and potentially plunging it into another recession, according to a study by the US’s own central bank.

In a 2003 paper, Thomas Laubach, the US Federal Reserve’s senior economist, calculated the impact on long-term interest rates of rising fiscal deficits and soaring national debt. Applying his assumptions to the recent spike in the US fiscal deficit and national debt, long-term interests rates will double from their current 3.5pc.

The impact would be devastating by making it punitively expensive to finance national borrowings and leading to what Tim Congdon, founder of Lombard Street Research, called a "debt explosion". Mr. Laubach’s study has implications for the UK, too, as public debt is soaring. A US crisis would have implications for the rest of the world, in any case.

Using historical examples for his paper, New Evidence on the Interest Rate Effects of Budget Deficits and Debt, Mr. Laubach came to the conclusion that "a percentage point increase in the projected deficit-to-GDP ratio raises the 10-year bond rate expected to prevail five years into the future by 20 to 40 basis points, a typical estimate is about 25 basis points".

The US deficit has blown out from 3pc to 13.5pc in the past year but long-term rates are largely unchanged. Assuming Mr. Laubach’s "typical estimate", long-term rates have to climb 2.5 percentage points.

He added: "Similarly, a percentage point increase in the projected debt-to-GDP ratio raises future interest rates by about 4 to 5 basis points." Economists are predicting a wide range of ratios but Mr. Congdon said it was "not unreasonable" to assume debt doubling to 140pc. At that level, Mr. Laubach’s calculations would see long-term rates rise by 3.5 percentage points.

- Mountain of debt, rising debt may be next crisis. The Founding Fathers left one legacy not celebrated on Independence Day but which affects us all. It’s the national debt. The country first got into debt to help pay for the Revolutionary War. Growing ever since, the debt stands today at a staggering $11.4 trillion equivalent to about $37,000 for each and every American. And it’s expanding by over $1 trillion a year.

The mountain of debt easily could become the next full-fledged economic crisis without firm action from Washington, economists of all stripes warn. “Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth,” Federal Reserve Chairman Ben Bernanke recently told Congress.

Higher taxes, or reduced federal benefits and services – or a combination of both – may be the inevitable consequences. The debt is complicating efforts by President Barack Obama and Congress to cope with the worst recession in decades as stimulus and bailout spending combine with lower tax revenues to widen the gap.

Interest payments on the debt alone cost $452 billion last year – the largest federal spending category after Medicare-Medicaid, Social Security and defense. It’s quickly crowding out all other government spending. And the Treasury is finding it harder to find new lenders.

The United States went into the red the first time in 1790 when it assumed $75 million in the war debts of the Continental Congress. Alexander Hamilton, the first treasury secretary, said, “A national debt, if not excessive, will be to us a national blessing.” Some blessing. Since then, the nation has only been free of debt once, in 1834-1835. Read more here – http://apnews.myway.com/article/20090704/D997DOMG0.html

- Bailouts for Everyone, But Who’s Going to Rescue Uncle Sam? Read more here – http://finance.yahoo.com/tech-ticker/article/273773/Bailouts-for-Everyone-But-Who%27s-Going-to-Rescue-Uncle-Sam?tickers=^DJI,^GSPC,TBT,TLT,SPY,FXI,UDN&sec;=topStories&pos;=8&asset;=&ccode;

- America’s long-awaited fiscal train wreck is now underway. US public debt was 41% of GDP at the end of fiscal year 2008, a little above the 40-year average of 36%. The Congressional Budget Office (CBO) projects that in the next few years, deficits will be extraordinarily high by historical standards almost 12% of GDP in fiscal year 2009 and almost 8% in fiscal year 2010.

As a result, debt will grow to 60% of GDP by the end of fiscal year 2010. After peaking at 113% in 1945, federal debt held by the public declined as a percentage of GDP to its lowest level in the post World War II era, 24% in 1974.

Similarly, when federal debt increased in the 1980s, its rise was followed by declining deficits from 1993 to 1997 and surpluses from 1998 through 2001. The systematic widening of budget shortfalls projected under CBO’s long-term scenarios has never been observed in US history. Read more here – http://www.finfacts.ie/irishfinancenews/article_1017099.shtml

U.S. DOLLAR-YUAN

- Jim Rogers Sells Dollars, Plans to Short Treasuries. The dollar and U.S. Treasuries are both likely to slide as soaring government debt in the world’s biggest economy undermines confidence in its assets, according to Jim Rogers, chairman of Rogers Holdings.

"The government is printing lots of money and borrowing even more; that’s not the basis for a sound currency," he said in a telephone interview today from Singapore. "The idea that anybody would lend money to the U.S. government for 30 years at 3 or 4 or 5 or 6 percent interest is mind-boggling to me."

Rogers, the author of books including "Investment Biker" and "Adventure Capitalist", said he holds fewer dollars than a year ago and plans to "short U.S. government bonds someday." A short bet involves selling a security you don’t own with a view to buying it back after the price has fallen. Read more here – http://www.bloomberg.com/apps/news?pid=20601087&sid;=aV5j5C_r6VdQ

- India Joins Russia, China in Questioning U.S. Dollar Dominance. Read more here – http://www.bloomberg.com/apps/news?pid=20601087&sid;=aR7yfqUwTb4M

- China officials call for displacing dollar, in time. Read more here – http://www.reuters.com/article/ousiv/idUSTRE5650WO20090706?virtualBrandChannel=11569

- Yuan starts on long slog to reserve currency status. Read more here – http://www.reuters.com/article/wtUSInvestingNews/idUSTRE5650W720090706

- Yuan Deposes Dollar on China Border in Sign of Future. Read more here – http://www.bloomberg.com/apps/news?pid=20601109&sid;=aqA9QhRSNeqM

UNEMPLOYMENT NUMBERS

- David Tice says Unemployment Rate May Reach 15%. Watch video here – http://www.youtube.com/watch?v=91yHqMc41Xc&eurl;=http%3A%2F%2Fgoldismoney.info%2Fforums%2Fshowthread.php%3Ft%3D389065&feature;=player_embedded

- True unemployment rate already at 20%. Read more here – http://blogs.moneycentral.msn.com/topstocks/archive/2009/07/06/true-unemployment-rate-already-at-20.aspx

- Today, the Labor Department reported that nonfarm payrolls (jobs) decreased by 467,000 in June. The stock market declined sharply on the news. Today’s chart puts that decline into perspective by comparing job losses during the current economic recession (solid red line) to that of the last recession (dashed gold line) and the average recession from 1954-2006 (dashed blue line).

As today’s chart illustrates, the current job market has suffered losses that are nearly three times as much as the average. In fact, if this were an average recession/job loss cycle, the number of jobs would have begun to increase three months ago. Read more here – http://www.chartoftheday.com/20090703.htm?T

- What’s the best way to express just how bad the job market is? You could look at the soaring unemployment rate, or perhaps the ever-shortening work week. How about this: Total nonfarm payrolls, notes economist James Hamilton, are now back to where they were in mid 2000, and in a few months they’ll certainly be back to pre-2000 levels. 21st century job creation: gone. Read more here – http://www.businessinsider.com/chart-of-the-day-2009-7

- Last week it was revealed that the average work week of non-farm workers had dropped to an all-time low of 33 hours. It’s a worrying sign that even with all the layoffs, employers aren’t making their existing employees work more. So what happened to the 40-hour work week? Turns out, that’s a long, distant memory. Read more here – http://www.businessinsider.com/chart-of-the-day-avg-work-week-decreases-2009-7

- Today’s chart simply represents the gap between male and female unemployment. As you can see, we’re in uncharted territory. Or, at least, newly charted territory. The zero line in the center of the graph means that men and women are equally unemployed. When the line dips below zero, as it did for 20 years between 1958 and 1978, it means that the female unemployment rate is higher than the male rate. When it climbs above zero, the male unemployment rate is relatively ascendant. Read more here – http://www.businessinsider.com/chart-of-the-day-unemployment-gender-gap-2009-7

REAL ESTATE-MORTGAGE-FORECLOSURE

- U.S. Home Prices to Fall Through 2011’s First Quarter, PMI Says. Home prices may fall in more than half of the largest U.S. cities through the first quarter of 2011 as unemployment and foreclosures rise, mortgage insurer PMI Group Inc. said.

Thirty of the 50 biggest metropolitan areas have at least a 75 percent chance of lower prices through March 31, 2011, Walnut Creek, California-based PMI said in a report today. The decline is likely to spread to "all regions of the nation" from California, Florida, Nevada and Arizona, the states most affected by the housing slump, PMI said.

"The housing market has been hit by a demand shock of high unemployment and a supply shock of distressed foreclosure sales," LaVaughn Henry, senior economist at PMI, the fourth- largest U.S. mortgage insurer, said in an interview.

Unemployment rose to 9.5 percent in June, bringing the total number of jobs lost to 6.5 million since December 2007, the Labor Department said July 2. Foreclosure filings may hit a record 1.8 million in the first half of the year as more jobless homeowners default on their loans, real estate data service RealtyTrac Inc. said last month.

Home prices in 20 major U.S. metropolitan areas dropped 18.1 percent in April from a year earlier, following an 18.7 decrease in March, according to the S&P;/Case-Shiller index. Prices are forecast to fall 41.7 percent from their peak, Deutsche Bank AG analysts led by Karen Weaver wrote in a June 15 report. Read more here – http://www.bloomberg.com/apps/news?pid=20601213&sid;=aWJ1aTFKp35E

- State of the Real Estate Market July 2009: Plenty More Downside. Read more here – http://www.businessinsider.com/henry-blodget-state-of-the-real-estate-market-july-6-2010-plenty-more-downside-2009-7 PDF file here – http://www.businessinsider.com/henry-blodget-t2-partners-presentation-on-the-state-of-the-housing-market-july-1-2009-2009-7

- U.S. office market continues to spiral down: report. The U.S. office market vacancy rate reached 15.9 percent in the second quarter, the highest level in four years, and rent fell by the largest amount in more than seven years as demand remained weak, according to a leading real estate research firm.

“It’s bad,” Reis Inc director of research Victor Calanog said. “It’s decaying and getting worse. Given the depth and magnitude of the recession, you can argue that we are facing a storm of epic proportions and we’re only at the beginning. Read more here – http://www.reuters.com/article/ousiv/idUSTRE5660MQ20090707

- Commercial Real Estate Is a ‘Time Bomb,’ Maloney Says. The $3.5 trillion commercial real estate market is a ticking "time bomb" that may lead to a second wave of losses at large U.S. banks, congressional Joint Economic Committee Chairwoman Carolyn Maloney said.

About $700 billion in commercial mortgages will need to be refinanced before the end of 2010 and "doing nothing is not an option," Maloney, a New York Democrat, said at a committee hearing today. This "looming crisis" may lead to significant losses for banks, force shopping center and hotel owners into bankruptcy, and impede economic recovery, she said.

The response by banks to this "growing threat has been slow and inadequate," said James Helsel, a partner at RSR Realtors in Harrisburg, Pennsylvania, and treasurer for the National Association of Realtors. "The lack of liquidity and banks’ reluctance to extend lending are also becoming apparent in the increasing level of delinquent properties."

There were 5,315 commercial properties in default, foreclosure or bankruptcy at the end of June, more than twice the number at the end of last year, with hotels and retail among the most "problematic,’ Real Capital Analytics Inc. said in a report yesterday. Losses on commercial mortgage-backed securities, or CMBS, will total 9 percent to 12 percent of the market, or as much as $90 billion, said Richard Parkus, a research analyst for Deutsche Bank Securities in New York. Read more here – http://www.bloomberg.com/apps/news?pid=20601110&sid;=aAXgbJTzHp4M

- Apartment Vacancies in U.S. Reach 22-Year High, Reis Reports. U.S. apartment vacancies rose to their highest in 22 years in the second quarter as job losses cut tenant demand and more units came to market. Vacancies climbed to 7.5 percent from 6.1 percent a year earlier, New York-based real estate research firm Reis Inc. said today. The last time landlords had so much empty space was in 1987, when vacancies reached 7.6 percent as the Standard & Poor’s 500 Index plummeted 23 percent in the last three months of that year.

"Vacancies continued to rise despite what has traditionally been a strong leasing period for apartment properties," said Victor Calanog, director of research at Reis. Job losses and falling wages are shrinking the pool of potential renters, defying forecasts that prospective homebuyers would rent rather that purchase as house prices decline. The U.S. unemployment rate rose to a 26-year high in June and U.S. payrolls dropped more than forecast in June, the government said last week.

Equity Residential, founded by billionaire Sam Zell and now the biggest U.S. apartment landlord by market capitalization, said in April that job losses made the company "cautious" and it was offering rent reductions to lure tenants. Asking rents for apartments fell 0.6 percent in the second quarter from the first, Reis said. That matched the rate of change in the first quarter, the biggest drop since Reis began reporting such data in 1999. Asking rents dropped 0.7 percent from a year earlier to an average $1,040 a month. Read more here – http://www.bloomberg.com/apps/news?pid=20601213&sid;=a5YNzreTGxLw

- Manhattan Rents Decline as Unemployment Cuts. Manhattan apartment rents fell as much as 18 percent in the second quarter from a year earlier as rising unemployment curbed demand. The median price dropped 3.1 percent to $3,100 a month, appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said today.

Studio prices fell 18 percent to $2,000; one-bedrooms declined 13 percent to $2,795; two-bedrooms were down 5.1 percent to $4,550 and three-bedrooms dropped 4 percent to $7,673. A separate report from broker Citi-Habitats Inc. showed average rents fell 8 percent for studio and one bedrooms and 11 percent for two- and three-bedrooms. Read more here – http://www.bloomberg.com/apps/news?pid=20601213&sid;=aKVGgC.tx5So

- Delinquencies on U.S. Home-Equity Loans Reach Record. Late payments on home-equity loans rose to a record in the first quarter as 18 straight months of job losses and a slumping economy left more borrowers unable to pay their debts, the American Bankers Association reported.

Delinquencies on home-equity loans climbed to 3.52 percent of all accounts from 3.03 percent in the fourth quarter, and late payments on home-equity lines of credit climbed to a record 1.89 percent, the group reported today. An index of eight types of loans rose for a fourth straight quarter, to 3.23 percent from 3.22 percent in October through December, the group said.

"The number one driver of delinquencies is job losses, which we’ve seen build and build," James Chessen, the group’s chief economist, said in a telephone interview. "Delinquencies won’t come down without a dramatic improvement in the economy and businesses will have to start hiring again."

The U.S. economy lost an average 691,000 jobs a month in the quarter, and more than 6.5 million positions have been shed since the recession began in December 2007. The economy this year will shrink the most since 1946, according to a Bloomberg survey of 61 economists last month. President Barack Obama predicted last month unemployment will reach 10 percent this year. The rate was at a 26-year high of 9.5 percent in June.

Delinquent bank-card accounts jumped to a record 6.60 percent of outstanding card debt in the first quarter from 5.52 percent in the previous period, a signal unemployed borrowers are relying on cards as falling prices erode the equity in their homes. More borrowers are using cards to meet daily expenses after losing their jobs, the ABA said. Read more here – http://www.bloomberg.com/apps/news?pid=20601087&sid;=axMDObJEk6eA

- U.S. mortgage fraud ‘rampant’ and growing-FBI. U.S. mortgage fraud reports jumped 36 percent last year as desperate homeowners and industry professionals tried to maintain their standard of living from the boom years, the FBI said on Tuesday. Read more here – http://www.reuters.com/article/bondsNews/idUSN0751853920090707

- So Many Foreclosures, So Little Logic. Last week, the stock market tumbled on news that housing foreclosures and delinquencies rose again in the first quarter. The Office of the Comptroller of the Currency said that among the 34 million loans it tracks, foreclosures in progress rose 22 percent, to 844,389. That figure was 73 percent higher than in the same period last year. Read more here – http://www.nytimes.com/2009/07/05/business/05gret.html?pagewanted=print

© 2012, Worldwide Precious Metals Canada Ltd.
www.wwpmc.com

The Goldbugg Report – July 14, 2009
Posted by Worldwide Precious Metals on Tuesday, July 14, 2009

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