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The Goldbugg Report – July 6th, 2010

July 6, 2010

-Before the secular bear market in U.S. equities and the secular bull market in precious metals ends, both the Dow and the gold price will be sitting at 5,000. David Rosenberg

-12 Must-See Charts That Gold Bulls Will Love.

-Analyst Dan Smith Sees `More Upside’ for Silver Prices. Watch video in report.

GOLD

-Watch World Wide Precious Metals power point presentation on investing in precious metals. Watch video here-http://www.youtube.com/watch?v=qJ_cjvb-eMo&feature=youtu.be and http://www.youtube.com/user/thegoldbugg

-World Wide Precious Metals Live Metals Quotes. See quotes here-http://www.wwpmc.com/quotes.aspx

-Read Testimonial letters from World Wide Precious Metals clients. Read letters here-http://www.wwpmc.com/testimonials.html

-Before the secular bear market in U.S. equities and the secular bull market in precious metals ends, both the Dow and the gold price will be sitting at 5,000. David Rosenberg-Gluskin/Sheff-Read more here-http://www.businessinsider.com/david-rosenberg-is-dow-5000-really-possible-2010-6

-The allure of the equity market is likely not going away; however, one cannot deny that bonds and bullion have clearly been, and will likely remain, the top-performing asset classes. David Rosenberg-Gluskin/Sheff

-When we lunched with Bob Farrell two weeks ago, he brought along a report he wrote back on December 27, 1999 titled “Here Comes Santa Clause and the Bus Stops Here.” The major point on the front page of the report was that investor expectations for annual returns from the equity market “in the next 10 years have risen from 14 per cent to 19 per cent in the past year.”

However, instead of +19% per year, investors have endured -3% returns annually over the past decade. The allure of the equity market is likely not going away; however, one cannot deny that bonds and bullion have clearly been, and will likely remain, the top-performing asset classes. David Rosenberg-Gluskin/Sheff

-12 Must-See Charts That Gold Bulls Will Love. Read more here-http://www.businessinsider.com/erste-bank-gold-12-charts-2010-6

-Fantastic Presentation On How To Analyze And Think About Gold Prices. Read more here-http://www.businessinsider.com/jason-ruspini-gold-2010-6

-Precious Metals or Mining Stocks? Those who want to invest in the precious metals sector are confronted with a decision: should they buy precious metals (i.e. gold, silver, and platinum) or mining stocks?

The answer partly depends on factors like risk tolerance, timing, and understanding of the mining industry. However, certain basic principles can help guide those interested in profiting from the secular precious metals bull market.

For most investors, the choice is clear. First, accumulate physical metal as the anchor to your portfolio. Gold, silver and platinum are safer and devoid of the risks that accompany their respective mining stocks (e.g., poor management, mining accidents, political risk).

Accumulating physical metal on a regular basis is the best and safest way to profit from the long-term precious metals bull market. Read more here-http://goldmoney.com/precious-metals-or-mining-stocks.html

-For the Last Time, Is Gold in a Bubble? While a few mainstream outlets are coming around to at least acknowledging gold’s stellar run, most remain skeptical or outright bearish. And the blasphemy they purport is that gold is in a bubble. Let’s settle it, right now, and shut these naysayers up.

Gold returned 10 (and as much as 14) times your money in the 1970s bull market, and the Nasdaq advanced over 1,900% during its run. Our current gold price is up about 400% (when measured on a daily basis, not monthly as in the chart). In fact, the Nasdaq gained 182% in the final year of its peak, and gold surged 80% in four weeks during the blow-off top of January 1980.

None of this is happening to our current gold price. Note to doubters: we’ve got a long way to go before we start legitimately using the “bubble” word. Besides, the fact that these skeptics aren’t buying and don’t even own any gold in the first place is further proof we’re not in a bubble. Ever notice none of them claim to own it? And they definitely need to catch up on world affairs.

The World Gold Council (WGC) reported that Russia, Venezuela, the Philippines, and Kazakhstan all bought gold in the first quarter. Central bank sales, meanwhile, remain depressed. Russian President Medvedev won’t quit his quest to move international reserve assets away from the dollar.

And his country’s central bank is backing up his words; it increased its gold reserves by $1.8 billion and decreased its currency reserves by $6.6 billion so far this year. China, the world’s largest gold producer, already buys all the gold produced within its country.

But the WGC recently forecasted that overall gold consumption in China could double in the coming decade, a demand that production certainly won’t be able to match. The Iran/Israel showdown appears closer almost every week.

As further evidence that each side is preparing for conflict, Saudi Arabia recently agreed to permit Israel to use a narrow corridor of its airspace to shorten the distance for a bombing run on Iran all done with the agreement of the U.S government. Simultaneously, the UN Security Council imposed a new round of sanctions on Tehran. Nobody appears to be backing down.

And the current run in gold is with no inflation. Core CPI has fallen to the lowest level since the mid-1960s but what happens when inflation does set in? And what if it’s as bad or worse as the 14% rate we got in the ‘70s?

Sure, deflation is the immediate concern, but with a U.S. federal debt of $13 trillion, unfunded future liabilities exceeding $50 trillion, and a current budget deficit of over 10% of GDP, a massive debasement of the dollar is virtually ensured, triggering an onslaught of inflation. It’s coming. With all these concerns, these guys don’t want to own gold?

Bubble, schmubble. Stocks are vulnerable, bonds are toast, currencies are fiat. Other than cash, where are you going to put money right now? Gold could correct, of course, and I frankly hope it does. I’m not counting on it, though.

The price is just as likely to head the other direction. But if it does temporarily fall, while the bubble-heads are smirking, I’ll be buying. Someday I think we’ll be reversing roles. Read more here-http://www.caseyresearch.com/editorial/3479?ppref=GLD178ED0610D and http://news.goldseek.com/GoldSeek/1277445960.php

-Why the recent gold price surge is definitely not a bubble. In another excerpt from the Erste Bank Special report on Gold, Ronald Stoeferle explains why gold is not another example of a price bubble ready to burst. Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=106984&sn=Detail&pid=33

-IMF Gold Holdings Fall 15.25 Tons in May as Russia’s Assets Rise. Read more here-http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aK_B.CGNr5js

-Russia Buys 22 Tons Of Gold In May. Read more here-http://www.zerohedge.com/article/russia-buys-22-tons-gold-may

-Chart of the week: Russia Is On A Gold Binge. If anyone has been buying gold on strength, then it’s Russia. The nation just bought another 22.5 tonnes of gold reserves in May, after adding 27.6 tonnes in April. This continues a long streak of gold additions since 2005, as shown in the chart below.

If Russia kept up the April-May 2010 rate of gold additions in June, then Q2 buying will prove itself the largest quarterly accumulation of gold reserves for Russia in recent history. (Note the last data point shown is only a 2-month period comprised of April and May)

Given gold’s performance, Russia has been looking smart, so far at least, despite today’s golden air pocket. Across the same period, America has added virtually nothing, as shown in blue. Luckily America’s stagnant gold reserves are still more than 10 times even Russia’s latest 703 tonne stash. Read more here-http://www.businessinsider.com/chart-of-the-day-gold-russia-2010-7

Source: chartoftheday.com

-Gold the optimal investment in deflation and inflation. Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page103855?oid=106795&sn=Detail

-Gold in the context of the financial crisis. In another article from the Erste Bank 2010 report on gold, Ronald Stoeferle looks at the metal in respect to the current financial crisis and draws parallels from history. Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=106932&sn=Detail&pid=33

-In which phase of the gold bull market are we? Gold is seen as transitioning from phase 2 to phase 3 in an ongoing bull market which still has some way to run. Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=106818&sn=Detail&pid=33

-Government action can decimate your wealth: gold may be the answer. As global sovereign debt and large government deficits continue to play havoc with major currencies, gold is exhibiting classic bullish signs. Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page34?oid=106999&sn=Detail&pid=34

-Now China sources newly mined gold from the USA. We are now used to China sourcing huge volumes of metals from external sources to drive its industrial machine forwards, but the latest announcement from Coeur d’Alene Mines on its deal to have its gold concentrates purchased and processed by China’s largest gold producer suggests that precious metals are on China’s vast shopping list too.

China is already the world’s largest gold miner, and many analysts now assume following the country’s announcement last year that it had been building up its gold reserves for six years unknown to the West that it is still expanding its gold holdings in a way that does not necessarily show the gold going into official reserves.

And now it appears to be looking elsewhere to purchase supplies of the yellow metal without overtly impacting the market. What is significant, perhaps, is that this suggests that China’s commitment to gold is both ongoing and likely to increase.

The country, through its financial institutions and state television advertising, has been persuading its ever growing middle classes to purchase gold (and silver) as a good investment. There seems little doubt that the state is doing the same thing itself as a means of diversifying its huge reserves. Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=106850&sn=Detail&pid=92730 and http://www.gata.org/node/8767

-Gold price could double in next three years-Rule. Rick Rule says, while the price of gold could go significantly higher, it will be a spectacularly volatile ride and he would love to be wrong. The gold price could well double in nominal terms over the next three years says Global Resource Investments founder, Rick Rule, but the circumstances surrounding such a move could include extreme social unrest, and will definitely involve massive volatility.

“I’m afraid I’m a good old-fashioned gold bug. You’ve heard all of the arguments through Aristotle forward about why gold is simultaneously a store of value and a medium of exchange. Despite the fact that those arguments are old, they’re still very valid,” he told Mineweb.com’s Gold Weekly podcast.

“Gold works reasonably well as money, as value separate and apart from its utility as money, but probably most importantly in the first instance there’s no constituency for devaluation in gold – it isn’t simultaneously somebody else’s liability.

As Rule explains, “while it can be a financial instrument in my hand, it isn’t an asset that is simultaneously someone else’s obligation or promise to pay, which a banknote is. It is solely an asset, not anybody else’s liability.”

Added to this, he says, if the US continues to flood the world with dollars, as he suspects it will, people who want access to the US market will have to devalue their own currencies to continue to compete in it. Read more here-http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=107168&sn=Detail&pid=102055

-Peter Grandich, who sees no end in sight to the “mother of all gold bull markets,” expects the price of the yellow metal to climb past $2,000+ before the ride eventually comes to an end. Read more here- http://news.goldseek.com/GoldSeek/1277994322.php

-Gold May Rise to $1,385 on Trend Channel: Technical Analysis. Read more here-http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=a0_V3T_qv8BU

-Alex Cowie: Why gold is trending toward $27,163. Read more here-http://www.gata.org/node/8775

-Clive Maund gold market update. Read more here-http://www.clivemaund.com/article.php?art_id=68

-James Turk: People are starting to distinguish between paper gold and real gold. Listen here-http://www.gata.org/node/8770

-Central Banks See Growing Reserve Asset Role for Gold. Read more here-http://www.gata.org/node/8760 and http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=106888&sn=Detail&pid=33

-Imagine gold’s price if any of this cash had gone into actual metal. Read more here-http://www.gata.org/node/8783

-World’s Biggest Gold Coin Auctioned for $4.02 Million. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=abq.jFPtmODI

-1983 magazine profile shows BIS constantly intervening in gold market in secret. Read more here-http://www.gata.org/node/8773

-Why central banks do care about gold: the connection to interest rates. Read more here-http://www.gata.org/node/8774

-Lawrence Williams: Central banks, investment houses probably rig gold. Read more here-http://www.gata.org/node/8782

-Adrian Douglas: Is discovering the gold fraud worse than the fraud itself? Read more here-http://www.gata.org/node/8769

-Adrian Douglas: Manipulative derivatives in gold and silver keep growing. Read more here-http://www.gata.org/node/8771

-Jason Hamlin: Gold price manipulation exposed. Read more here-http://www.gata.org/node/8776

-Zero Hedge: Was AIG manipulating the precious metals markets? Read more here-http://www.gata.org/node/8785

-Tinfoil hats are surrounding Kitco’s senior market analyst. Read more here-http://www.gata.org/node/8781

-Wall Street Journal patronizes trend toward taking possession of gold. Read more here-http://www.gata.org/node/8762

-Commodity position limits included in financial regulation bill. Read more here-http://www.gata.org/node/8780

SILVER

Gold to silver ratio at 80 to 1 with gold at $1,500 the silver price would be $18.75

Gold to silver ratio at 70 to 1 with gold at $1,500 the silver price would be $21.43

Gold to silver ratio at 60 to 1 with gold at $1,500 the silver price would be $25.00

Gold to silver ratio at 50 to 1 with gold at $1,500 the silver price would be $30.00

Gold to silver ratio at 40 to 1 with gold at $1,500 the silver price would be $37.50

Gold to silver ratio at 30 to 1 with gold at $1,500 the silver price would be $50.00

Gold to silver ratio at 20 to 1 with gold at $1,500 the silver price would be $75.00

Gold to silver ratio at 15 to 1 with gold at $1,500 the silver price would be $100.00

-The major monetary metal in history is silver, not gold. Nobel Laureate Milton Friedman-Read more here-http://www.dailyreckoning.com.au/silver-a-brief-history-of-de-monetisation/2010/06/29/

-The U.S. Mint had more sales to report for the final day of June. They sold another 8,500 ounces of gold eagles and another 1,000 24-K gold buffaloes. They didn’t add to their silver eagle sales. For the month of June, the U.S. Mint sold 151,500 ounces of gold eagles in various sizes 33,500 24-K gold buffaloes and 3,001,000 silver eagles.

Year-to-date 673,000 ounces of gold eagles have been sold 160,500 24-K gold buffaloes along with 18,168,500 silver eagles. That gargantuan number in silver eagles represents virtually every ounce of silver that the U.S. has mined so far this year. Ed Steer-Read more here-http://www.caseyresearch.com/displayGsd.php?id=234

-Silver in Best Streak Since 1980 as Economy No Hurdle. Silver, the precious metal most used in industry, is attracting investors betting on both faster and slower economic growth as prices extend the longest run of quarterly gains in three decades.

Doubling as a store of value for buyers concerned about the economy and as an industrial material for those bullish on growth, silver is outperforming metals from copper to zinc this year and keeping pace with gold. It will rise as much as 20 percent to $22 an ounce before December, according to Daniel Brebner, an analyst at Deutsche Bank AG.

While the Federal Reserve warned last week that financial conditions are “less supportive” of growth, investors held a record amount of silver in exchange-traded products backed by the metal, Barclays Capital data show. Options giving traders the right to buy the metal at $25 before Nov. 23 are the most widely held on the Comex in New York.

“Silver is really attractive because you have strong investment demand and strong fabrication demand,” said Jeffrey M. Christian, the managing director of CPM Group, a research company in New York. Silver rose 68 percent since he recommended buying the metal in a Bloomberg interview in October 2008.

“You buy gold when you think the world is going to hell in a handbasket. You buy copper when the economy is booming. In between those two, if you’re a bit confused, you buy silver.” Silver will trade as high as $21 by the end of this year, according to the median in a Bloomberg survey of 27 analysts and traders.

Open interest in the call options expiring in November to buy at $25 was almost 7,200 contracts June 25. The next biggest positions are the call options for $20 and $30 by the same date, Comex data show.

“Silver is still below its recent highs and the speculation has not run amuck yet in the precious metals universe,” said Chip Hanlon, president of Delta Global Advisors Inc. in Huntington Beach, California, who predicted in March last year that silver would reach $20, something it came within 0.8 percent of doing May 13.

“If you’re convinced of a precious metals bull market, there’s still time to accumulate silver. Half of silver demand, or 435.1 million ounces, goes into industrial applications including electrical conductors, alloys, solar panels and batteries, according to GFMS Ltd., which compiles reports for The Silver Institute, a Washington-based industry group.

That compares with 12 million ounces for gold, 3.85 million ounces for platinum and 6.19 million ounces for palladium. Industrial demand for silver will gain 14 percent in 2010, the most since at least 1988, Barclays estimates.

New applications such as plasma screens are compensating for a drop in demand for film, now 9 percent of usage from 24 percent in 2000, data from London-based GFMS show. Eastman Kodak Co., based in Rochester, New York, said last year it would stop making Kodachrome film after more than seven decades.

Solar-panel installations may jump 44 percent this year to about 33 billion watts of capacity, the Brussels-based European Photovoltaic Industry Association forecast in May, enough to supply about 66 million European homes. Crystalline silicon solar panels use as much as 0.12 gram of silver per watt of capacity.

The metal accounts for about 35 percent of a silver oxide battery and as much as 40 grams of silver are used in a 32-inch plasma TV screen, VM Group estimates. An ounce of gold buys almost 68 ounces of silver. While that’s down from 70 at the beginning of this month, it’s still above the five-year average of 59.

The higher the ratio, the cheaper silver is relative to gold. “Silver is still cheap,” said Gijsbert Groenewegen, a partner in New York at Gold Arrow Capital Management, which manages $600 million. “People say that it’s the poor man’s gold. It will have to catch up.”

The ratio averaged 36 in 1980, when silver jumped to $50.35. Nelson and William Hunt of Dallas were convicted in 1988 of conspiracy for attempting to manipulate prices and were ordered to pay $130 million. Demand for silver, which attracted buying from Warren Buffett’s Berkshire Hathaway Inc. in the 1990s, is also coming in the form of coins.

The U.S. Mint sold almost 17.7 million ounces of American Eagle silver coins this year, 28 percent more than a year earlier, according to data on its website. “The store-of-value component of silver has been a positive,” said Deutsche Bank’s Brebner, the London-based analyst who expects silver to rise as high as $25 next year.

“The industrial component has been negative and depressing the performance but we think that’s run its course.” Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=aC8UBqjy.UPE

-Analyst Dan Smith Sees `More Upside’ for Silver Prices. Watch video here-http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=auBVCh0FWfhc

-Chart of the week: We’re Not The First Empire To Have A Serious Currency Problem. The U.S. government’s current debt problem is perceived to be a once in a life time event by some, but governments have long been suffering from debt worries.

Take the Roman Empire which, in 55 BC, was already concerned about its public debt and the devaluing of its currency against silver. Note complaints about “public assistance” even back then. It had a great many more years of decline before its demise, but the devaluation of the Roman currency seems to have played some part in the collapse of the period’s largest empire. Read more here-http://www.businessinsider.com/chart-of-the-day-roman-denarius-2010-6?utm_source=Triggermail&utm_medium=email&utm_campaign=CS_COTD_062510

Source: chartoftheday.com

-Clive Maund silver market update. Read more here-http://www.clivemaund.com/article.php?art_id=67

-Physical demand overpowering COT, Ted Butler tells Eric King. Listen here-http://www.gata.org/node/8768

CHARTS OF THE WEEK-QUOTES-QUICK HITS

-Chart of the week: Reminder, The Deficit You’re Freaking Out About Is Bush’s Fault. President Obama’s administration has been blamed for reckless spending that has put America into its debt hole. But in reality, much of that spending emanates from policies of President Bush, according to the Center on Budget and Policy Priorities.

They argue that Iraq, Afghanistan, and the Bush tax cuts (along with the economic downturn) are what is driving the U.S. deficit, not stimulus spending. The CBPP focuses on lower to middle income issues and may be directly involved with the Democratic Party. Read more here-http://www.businessinsider.com/chart-of-the-day-bush-policies-deficits-2010-6

Source: chartoftheday.com

-Chart of the week: America’s Debt Problem Will Be Fine If Politicians Just Do Absolutely Nothing. The Congressional Budget Office shows us below how U.S. long-term debt will stabilize and actually be okay, if the government simply does absolutely nothing.

Matthew Yglesias argues: See that line where the debt to GDP ratio is stable? That’s what happens under current law. If congress changes nothing, or the president vetoes everything, then this is what happens. No apocalypse. But nobody believes that’s going to happen. Nobody believes the Bush tax cuts will fully expire. Nobody expects the AMT phase-in to happen.

Nobody expects physicians’ Medicare reimbursement rates to be held in check. And though I think he’s mistaken about this, Doug Elmendorf is sceptical that some cost-saving elements of the Affordable Care Act will ever be implemented. That’s the “alternative fiscal scenario” in which the debt level skyrockets.

But note that congress doesn’t need to do these things that it’s projected to do under the alternative fiscal scenario. Congress can stick to current law, and we’ll be fine. Read more here-http://www.businessinsider.com/chart-of-the-day-federal-debt-held-by-the-public-2010-6

Source: chartoftheday.com

-Protect yourself. You are the bulldozer. Pay no attention and you will become the pavement. It will be your fault that your finances become asphalt.” Jim Sinclair-Jsmineset.com

-Protecting your assets is imperative in these times of fiscal insecurity. The card house called the U.S. economy will collapse sooner or later, and you’ll be glad to have taken some precautions. One of the easiest ways to accumulate a nest egg for rougher times is to invest in precious metals physical gold and silver. You don’t want to be unprepared when the walls come crashing down around you. Doug Casey

-Change makes some people uncomfortable. It makes other people rich. Monty Guild

-The Chinese use two brush strokes to write the word “crisis”. One brush stroke stands for danger; the other for opportunity. In a crisis, be aware of the danger but recognize the opportunity. John F. Kennedy, Speech in Indianapolis, April 12, 1959

-It is impossible to produce a superior performance unless you do something different from the majority. Sir John Templeton

-We have tried spending money. We are spending more than we have ever spent before and it does not work. We have never made good on our promises. I say, after 8 years of the Administration, we have just as much unemployment as when we started and an enormous debt to boot! Henry Morgenthau, Secretary of the Treasury during the New Deal, May 1939

-We’re heading towards a double dip recession. The party is over for fiscal support. These hard-money men are fighting the last war. They don’t recognise that money velocity has slowed and we are going into deflation. The only default option left is to crank up the printing presses again. Chris Whalen, a former Fed official and now head of Institutional Risk Analystics, 24 June 2010

-I am on record as saying I think there is a 60-40 chance we slip back into recession in 2011, as I think the economy will soften in the latter half of the year and a large tax increase in 2011 (from the expiring Bush tax cuts) will tip us into recession. John Mauldin-Read more here-http://news.goldseek.com/MillenniumWaveAdvisors/1277733562.php

-When analysing investments and savings it is always important to keep a medium and long term perspective. This is especially the case given the degree of financial and economic uncertainty besetting financial markets today. In focusing on daily market movements, participants, analysts and the media can sometimes end up ‘not seeing the wood for the trees’.

Too much attention can be given to the trivial such as short term breaking news and daily market movements and not enough attention is paid to the medium and long term trends. This is especially the case if one does not have a historical perspective.

The most important trend happening today is a fundamental re-evaluation of monetary risk and investment risk as they pertain to currencies and assets. The importance of having an allocation to gold in order to hedge and protect against fiat currency risk inherent in all paper assets is also being realized.

This sea change in investor and saver sentiment is of a long term nature and will likely lead to gold again becoming considered an essential diversification in most portfolios in the coming years. Goldcore.com

-Jim Sinclair: There are times when you must ignore the hedgie madness in the marketplace and revert to why we are doing what we are doing. The deflation being spoken of today is the catalyst for the coming hyperinflation. The fact is it has been so in all historic examples.

The flooding of markets with debt has been brought on for different reasons, but the ways and means of hyperinflation has always been the same. Therefore it is today’s financial market deflation talk that is the reason why you should own gold.

This continued downturn in business will find government in a panic, not in austerity when their constituency does the Greek dance of panic as the pain on Main Street becomes intolerable. It will.

Contemplate what each of the following means to you one at a time.

Do not try to do them all at once. You do not want to do this as a routine memory exercise as much as a meditation on why you have bought the insurance you have.

-Gold is a currency with no liabilities attached.

-Gold is competition to paper currency.

-Gold is not a commodity.

-Gold is a barometer of fear.

-Gold is a barometer of confidence in Government.

-Gold is insurance.

-Insurance is not something to trade.

-Gold is money when money fails.

-Hyperinflation is a currency event, not an economic event.

-Hyperinflation is a currency event described as a loss of confidence in the currency.

-Gold in your hand eliminates counter-party risk.

-Gold is the high ground when the global tsunami hits.

-Gold removes financial agents between you and your assets.

-Why China’s currency has two names. Read more here-http://news.bbc.co.uk/2/hi/world/asia_pacific/10413076.stm

-GE Scientist’s Pliable Light-Producing Sheets May Outshine Bulb. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=a8G7MmTJIkgg

-The gambling man who co-founded Apple and left for $800. Read more here-http://www.cnn.com/2010/TECH/web/06/24/apple.forgotten.founder/index.html?hpt=Sbin

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 and http://www.b-tv.com/features/watch-now.html?id=326

-Rio Tinto’s Argyle Pink Diamond Tiara at Asprey’s Exhibit. Rio Tinto’s rare Argyle pink diamonds made debut at the Masterpieces London Fair, with a number of items showcased by luxury purveyor Asprey. On display are a heart-shaped 2.61 carat ring and the Pink Diamond Tiara.

The tiara features 178 Argyle pink diamonds and “combines the mystique and romance of a bygone era with the design of a contemporary treasure,” according to John Glajz. Masterpiece London is fair offering hundreds of millions of pounds worth of fine art, antiques, jewelry, vintage wine, classic cars and contemporary collectors’ items, many of which will be purchased by museums and private collections.

In addition to the two pink diamond items, Asprey is showcasing a 50 carat yellow diamond, named the Golden Sun. “The Argyle Pink Diamond Tiara is a reflection of the importance of exclusive design and quality craftsmanship when transforming these rare and precious diamonds into important pieces of jewelry,” said Argyle Pink Diamonds Business Manager Josephine Archer. Read more here-http://www.idexonline.com/portal_FullNews.asp?id=34181 and http://www.nationaljewelernetwork.com/njn/content_display/diamonds/supply/e3i5b94756fffe163f9183b61b9224c7530

-Hedging Millionaires Buy Jets, Art, Bling. As millionaires’ assets rebounded in 2009, they put more money in tangibles such as art, jets and gems, according to a report released this week by Capgemini SA and Merrill Lynch & Co.

“It was such a severe crisis, the investor psyche has really shifted,” said Ileana van der Linde, the Capgemini principal who managed the research, in a phone interview. “They don’t fully trust the financial markets and regulatory bodies. That’s why we are seeing a trend toward putting money into tangible assets like art and gold.”

Almost 30 percent of the world’s millionaires withdrew their assets or left wealth-management firms in 2008, when the Standard & Poor’s 500 Index dropped 38 percent, according to an earlier survey by Capgemini and Merrill. The index has gained 22 percent in the past 12 months.

Six “passion” investments listed in the “World Wealth Report” typically account for about a third of a millionaire’s total holdings, Van der Linde said: luxury collectibles such as yachts, jets and high-end cars; art; jewelry, gems and watches; other collectibles such as wine and coins; sports investments, including teams and race horses; and a “miscellaneous” category comprising club memberships, musical instruments and other items.

Most individuals with assets ranging from $1 million to $5 million, excluding primary residences, had 30 percent in luxury collectibles in 2009, up from 27 percent in 2008. Read more here-http://noir.bloomberg.com/apps/news?pid=20601214&sid=aZVaOUO6EZnQ

-Chinese diamond market catching up with US according to De Beers. Chinese diamond demand could reach the same level as the US, the biggest consumer, in the next decade, De Beers MD Gareth Penny said last week.

In a video interview with London’s Financial Times, he said at that stage China, including Hong Kong, would account for one-third of global demand for the precious stones as diamond engagement rings grow in popularity there.

“What we’re now seeing, with China growing as rapidly as it is, annual double-digit growth compounded over a period of five years,” Penny told the Financial Times. “We think you’ll see greater China, including Hong Kong, at not dissimilar levels overall to the US about a third of world demand in about ten years time.”

Penny said 20 years ago, hardly any Chinese brides received diamond engagement rings, but now nearly half of the couples getting married in the eastern seaboard cities of Beijing, Shanghai, and Guangdong were buying them. In 2009, the US accounted for about 40% of global consumer diamond demand, with China at around 6% to 7%.

In April, De Beers forecast China would account for 16% of global diamond demand by 2016. Diamond prices last week vaulted to their highest levels since November 2008, according to Polished Prices figures. The index is now 9% above its starting level for the year, and is 11,4% higher, compared with the same time last year.

Penny, meanwhile, said diamond supply would decline in the future. “These great mines that were discovered ten, 20, 30 years ago are not being replaced today. According to the data that is out there, we’re going to see some significant declines in diamonds.” Read more here-http://www.miningweekly.com/article/chinese-diamond-market-catching-up-with-us-de-beers-2010-06-23

PAUL KRUGMAN-U.S. IN THIRD DEPRESSION

-Recessions are common; depressions are rare. As far as I can tell, there were only two eras in economic history that were widely described as “depressions” at the time: the years of deflation and instability that followed the Panic of 1873 and the years of mass unemployment that followed the financial crisis of 1929-31.

Neither the Long Depression of the 19th century nor the Great Depression of the 20th was an era of nonstop decline on the contrary, both included periods when the economy grew. But these episodes of improvement were never enough to undo the damage from the initial slump, and were followed by relapses.

We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost to the world economy and, above all, to the millions of lives blighted by the absence of jobs will nonetheless be immense.

And this third depression will be primarily a failure of policy. Around the world most recently at last weekend’s deeply discouraging G-20 meeting governments are obsessing about inflation when the real threat is deflation, preaching the need for belt-tightening when the real problem is inadequate spending. Read more here-http://www.nytimes.com/2010/06/28/opinion/28krugman.html?pagewanted=print

-David Rosenberg: Paul Krugman’s Doom Warning Is Spot On. Read more here-http://www.businessinsider.com/david-rosenberg-paul-krugmans-doom-warning-is-spot-on-2010-6

TIME FOR THE U.S. TO START UP THE PRINTING PRESSES AGAIN

-Ambrose Evans-Pritchard: Bernanke needs fresh money blitz as U.S. recovery falters. Federal Reserve chairman Ben Bernanke is waging an epochal battle behind the scenes for control of US monetary policy, struggling to overcome resistance from regional Fed hawks for further possible stimulus to prevent a deflationary spiral.

Fed watchers say Mr Bernanke and his close allies at the board in Washington are worried by signs that the US recovery is running out of steam. The ECRI leading indicator published by the Economic Cycle Research Institute has collapsed to a 45-week low of -5.7 in the most precipitous slide for half a century. Such a reading typically portends contraction within three months or so.

Key members of the five-man board are quietly mulling a fresh burst of asset purchases, if necessary by pushing the Fed’s balance sheet from $2.4 trillion (L1.6 trillion) to uncharted levels of $5 trillion. But they are certain to face intense scepticism from regional hardliners. The dispute has echoes of the early 1930s when the Chicago Fed stymied rescue efforts.

“We’re heading towards a double-dip recession,” said Chris Whalen, a former Fed official and now head of Institutional Risk Analystics. “The party is over from fiscal support. These hard-money men are fighting the last war: They don’t recognise that money velocity has slowed and we are going into deflation. The only default option left is to crank up the printing presses again.” Read more here-http://www.gata.org/node/8763

-Ambrose Evans-Pritchard: RBS expects ‘monster’ money printing by Fed. As recovery starts to stall in the US and Europe with echoes of mid-1931, bond experts are once again dusting off a speech by Ben Bernanke given eight years ago as a freshman governor at the Federal Reserve.

Entitled “Deflation: Making Sure It Doesn’t Happen Here,” it is a warfare manual for defeating economic slumps by use of extreme monetary stimulus once interest rates have dropped to zero, and implicitly once governments have spent themselves to near bankruptcy. Read more here-http://www.gata.org/node/8772

DOUBLE DIP RECESSION COMING

-Warning signals of a double-dip recession flash brightly across the world. Global bond markets are flashing warning signals of a sharp slowdown in growth across the world and a possible slide toward a double-dip recession and outright deflation. Read more here-http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7862380/Warning-signals-of-a-double-dip-recession-flash-brightly-across-the-world.html

-Deutsche Bank: U.S. Financial Conditions Just Collapsed Back To Crisis Levels. Read more here-http://www.businessinsider.com/deutsche-bank-financial-conditions-just-dropped-back-to-crisis-levels-2010-6

-John Hussman: It’s Official, The Data Says Another Recession Is Coming. Read more here-http://www.businessinsider.com/john-hussman-its-official-the-data-says-another-recession-is-coming-2010-6

-We Cannot Afford to Double Dip. Read more here-http://www.caseyresearch.com/editorial/3477?ppref=GLD144ED0610A

-David Rosenberg: Here’s 13 Signs The US Economy Has Hit A Brick Wall. Read more here-http://www.businessinsider.com/rosenberg-heres-13-us-economic-data-points-thatll-really-make-you-cringe-2010-6

-David Rosenberg muses on the creepy comparisons to 1930s. Read more here-http://www.theglobeandmail.com/report-on-business/top-business-stories/an-economist-muses-on-the-creepy-comparisons-to-1930s/article1616598/?cmpid=rss1

-David Rosenberg: Here’s Three Very Ugly Numbers From Tuesday’s Consumer Confidence Numbers. Read more here-http://www.businessinsider.com/david-rosenberg-heres-three-very-ugly-numbers-from-yesterdays-consumer-confidence-numbers-2010-6

-19 Signs The Economy Is Worse Now Than Ever In Your Lifetime. Read more here-http://www.businessinsider.com/pew-the-great-recession-has-changed-life-in-america-20106

-23 Doomsayers Who Say We’re Heading Toward Depression In 2011. Read more here-http://www.businessinsider.com/23-doomsayers-who-say-were-heading-toward-depression-in-2011-2010-5

-The three biggest lies about the economy. Read more here-http://www.marketwatch.com/story/story/print?guid=4CAD4B15-F472-4009-88AF-719A7CD7F5B4

U.S. NATIONAL DEBT SOARS TO HIGHEST LEVEL SINCE WWII

-The federal debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office. At the end of 2008, the debt equalled about 40 % of the nation’s annual economic output, according to the CBO. Read more here-http://content.usatoday.com/communities/onpolitics/post/2010/06/national-debt-soars-to-highest-level-since-wwii/1 and http://www.cbo.gov/ftpdocs/115xx/doc11579/SummaryforWeb_LTBO.pdf

-Why The U.S. Will Never Have A Balanced Budget Again. Read more here-http://www.businessinsider.com/why-the-us-will-never-have-a-balanced-budget-again-2010-6

-Big Call From Jeff Gundlach: “The US will ‘Politely Default’ on its Debt”. Read more here-http://www.zerohedge.com/article/big-call-jeff-gundlach-us-will-politely-default-its-debt

-20 Must-See Charts On America’s Disastrous Level Of Government Spending. Read more here-http://www.businessinsider.com/heritage-foundation-budget-spending-deficit-2010-6

-States of Crisis for 46 Governments Facing Greek-Style Deficits. Read more here-http://noir.bloomberg.com/apps/news?pid=20601109&sid=atxrhPqbty_4

-The 18 States Facing The Most Brutal Austerity Cuts. Read more here-http://www.businessinsider.com/18-states-facing-the-most-painful-austerity-cuts-for-next-year-2010-6

JOBS

-Yet another huge disappointment for markets to digest ADP’s June employment report showed just 13,000 new jobs were added from May to June on a seasonally-adjusted basis, vs. 61,000 expected. That’s clearly a huge miss. Read more here-http://www.businessinsider.com/adp-employment-report-2010-6 and http://noir.bloomberg.com/apps/news?pid=20601068&sid=a59wJXuZkPtc

-Majority of U.S. Workers Lost Jobs, Wages or Hours, Pew Says. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=ajhvjyZKRfC4

-Time runs out for 1.2 million on unemployment. Read more here-http://www.cnn.com/2010/US/06/29/unemployment.irpt/index.html

-Biden: We Can’t Recover All the Jobs Lost. Vice President Joe Biden gave a stark assessment of the economy today, telling an audience of supporters, “there’s no possibility to restore 8 million jobs lost in the Great Recession.” Read more here-http://www.cbsnews.com/8301-503544_162-20008924-503544.html

-Jobless Claims Show American Job Machine Sputtering. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=ab9XVXt4dJt4

-US Must Cut Public Sector or Fall Like Rome: Zell. Read more here-http://www.cnbc.com/id/37994720

U.S. DOLLAR

-Scrap dollar as sole reserve currency: U.N. report. A new United Nations report released on Tuesday calls for abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value. Read more here-http://www.reuters.com/article/idUSTRE65S40620100629

-Dollar Share of Global Reserves Declines, IMF Says. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=a280sp4XTqt8

-U.S. debt to collapse U.S. dollar. Read more here-http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/6/25_Widening_US_Deficit_To_Collapse_the_Dollar.html

-SPX Driving US Dollar. Read more here-http://www.321gold.com/editorials/hamilton/hamilton062510.html

STOCK MARKET

-Jeff Saut: The Economy’s Rolling Over, And It’s Time To Get Cautious On Stocks. Read more here- http://www.businessinsider.com/jeff-saut-the-economys-rolling-over-and-its-time-to-get-cautious-on-stocks-2010-6

-Wall Street’s Invisible Gorilla is killing America’s soul. Read more here-http://www.marketwatch.com/story/story/print?guid=7075FEB4-9286-4106-84CB-209986BBB281

-”A Gigantic Ponzi Scheme, Lies and Fraud”: Howard Davidowitz on Wall Street. Read more here-http://finance.yahoo.com/tech-ticker/%22a-gigantic-ponzi-scheme-lies-and-fraud%22-howard-davidowitz-on-wall-street-514236.html?tickers=XLF,AIG,GS,JPM,BAC,C,FNM

-Today’s chart illustrates rallies that followed massive bear markets. For today’s chart, a ‘massive’ bear market is defined as a decline of greater than 50%. Since the Dow’s inception in 1896, there have been only three bear markets whereby the Dow declined more than 50% (early 1930s, late 1930s until early 1940s, and during the very recent financial crisis).

Today’s chart also adds the rally that followed the dot-com bust during which the Nasdaq declined 78%. The current Dow rally has followed a path that is fairly similar to that of the Nasdaq rally that began in late 2002 as well as the Dow rally that began in 1942.

It is worth noting that after 300 (plus or minus) trading days the market moved into a trading range-choppy phase that lasted for a year or more. Read more here-http://www.chartoftheday.com/20100625.htm?T

Source: chartoftheday.com

BILL GROSS-MEDIOCRITY IS HERE

-Gross Tells Old Story in Return ‘Mediocrity’ Call: Chart of Day. “Global financial market returns stand at the threshold of mediocrity,” according to Bill Gross, who oversees the world’s biggest bond fund. Investors have been there before. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=a6RNNuM1wYrM

-Global Returns at Threshold of Mediocrity, Gross Says. Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co., said most investors are ignoring signs that “global financial market returns stand at the threshold of mediocrity.”

Bond markets pricing in depression and yielding less than 3 percent are a “forerunner of returns to come,” Gross wrote in his July investment outlook posted today on the Newport Beach, California-based company’s website. Stocks face “low single- digit” prospects as well because they haven’t adjusted to the slower growth that will come from deleveraging, regulation and de-globalization, he wrote.

“Our ‘new normal’ two-word duality seems to resonate more on the ‘normal’ than the ‘new’ to economists whose last names aren’t Roubini, Reinhart, Rogoff, or Rosenberg” Gross wrote. “It’s as if ‘R’ has been eliminated from the financial alphabet, and ‘new’ from investors’ dictionaries worldwide.”

An overdependence on debt has the global economy entering a period of fundamental transformation that Gross calls the “new normal.” Pimco says mounting deficits and tighter financial regulation will dampen growth in the U.S. and the euro zone for the next three to five years. Emerging-market nations such as Brazil and China, with stable levels of government debt and expanding middle classes, should continue to thrive. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=aEtZXNHfKVjo

U.S. BANK FAILURES

-FDIC Closes Banks in Florida, Georgia and New Mexico. The FDIC has now closed 86 banks this year and is on pace to exceed last year’s total of 140, which was the most bank closings since 1992 as lenders across the country buckle under the weight of soured real-estate loans.

The failures will drain $60 billion over the next three-and-a-half years from the FDIC’s fund, the agency said June 22. The fund dipped into deficit in the third quarter. Read more here-http://www.wtop.com/?nid=111&sid=1659999 and http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=a.wCWedzWuVA

BRITAIN CAN’T SURVIVE ANOTHER BANK FAILURE

-Britain ‘might not cope with another bank emergency’. Britain’s mountain of debt could leave the country powerless to launch another rescue bid in the wake of a fresh financial crisis, the world’s central bankers warned yesterday.

Their “club” the Bank of International Settlements presented in its annual report a frightening picture of the impact of a second banking emergency on heavily indebted nations such as Britain. The Bank of England’s Governor, Mervyn King, has estimated that the Government has pumped as much as £1trillion of taxpayers’ money into the banking system.

Billions of pounds were spent part-nationalising the Royal Bank of Scotland and Lloyds Banking Group, as well as fully nationalising Northern Rock, in an attempt to stave off collapse. Measures such as the “special liquidity” scheme propped up other lenders and prevented the system from freezing up.

But a BIS report warned yesterday that repeating these measures could be impossible. It said: “Events coming out of Greece highlight the possibility that highly indebted governments may not be able to act as a buyer of last resort to save banks in a crisis. Read more here-http://www.independent.co.uk/news/business/news/britain-might-not-cope-with-another-bank-emergency-2013049.html

OIL

-BP’s Demise Would Threaten U.S. Energy Security, Industry, Jobs. Read more here-http://noir.bloomberg.com/apps/news?pid=20601082&sid=agL_vhZcM4zo

-At Least One Pension Fund Isn’t Invested In BP, BP’s Pension Fund. Read more here-http://www.businessinsider.com/at-least-one-pension-fund-isnt-invested-in-bp-2010-6

-Methane in Gulf “astonishingly high”: U.S. scientist. As much as 1 million times the normal level of methane gas has been found in some regions near the Gulf of Mexico oil spill, enough to potentially deplete oxygen and create a dead zone, U.S. scientists said on Tuesday. Read more here-http://www.reuters.com/article/idUSTRE65L6IA20100622

-Warning To Gulf Volunteers: Almost Every Cleanup Worker From The 1989 Exxon Valdez Disaster Is Now Dead. Read more here-http://www.businessinsider.com/warning-to-gulf-cleanup-workers-almost-every-crew-member-from-the-1989-exxon-valdez-disaster-is-now-dead-2010-6

-Researchers Have Now Found Evidence Of Oil Contamination In Gulf’s Food Chain. Read more here-http://www.businessinsider.com/researchers-find-evidence-of-oil-contamination-in-gulfs-food-chain-2010-6

-To put the sheer size of the BP oil spill into perspective, click on the link then enter your home town in the location box at the top of the page and see how big it is if you were at ground zero. Read more here-http://www.ifitwasmyhome.com/

-Here’s Why Chinese Oil Demand Could Spike Way Faster Than Anyone Is Expecting. Read more here-http://www.businessinsider.com/heres-why-chinese-oil-demand-could-spike-way-faster-than-anyone-is-expecting-2010-6

REAL ESTATE-FORECLOSURES-MORTGAGES

-It’s amazing that the U.S. housing market started to collapse in 2007 and here we are in year three and there is still scant evidence of a bottoming out. David Rosenberg-Gluskin/Sheff

-Pending Sales of Existing U.S. Homes Fell 30% in May. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=aTGHzRJbiaBA

-Sales of U.S. New Homes Plunged 33% in May to Record Low. Read more here-http://noir.bloomberg.com/apps/news?pid=20601087&sid=a1YELQsDcXzs&pos=1

-Home Prices in U.S. Cities Rose 3.8% in Year to April. Home prices in 20 U.S. cities rose in April from a year earlier as sales got a boost from a tax credit aimed at reviving the industry that triggered the worst recession since the 1930s.

The S&P/Case-Shiller index of property values climbed 3.8 percent from April 2009, the biggest year-over-year gain since September 2006, the group said today in New York. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=aeJc3EL_REeU

-House Prices Are Still Too High And They’re Going To Tank-Ritholtz. Read more here-http://www.businessinsider.com/house-prices-are-still-too-high-and-theyre-going-to-tank-ritholtz-2010-6

-Goldman: Sorry, Housing Prices Will Keep Falling For Two Years. Read more here-http://www.businessinsider.com/goldman-housing-prices-will-keep-falling-for-two-years-2010-6

-14 Scary Facts About The US Real Estate Nightmare. Read more here-http://www.businessinsider.com/14-scary-facts-about-the-the-us-real-estate-nightmare-2010-6

-The Scariest Financial Chart In The United States, Bar None. Read more here-http://www.businessinsider.com/the-scariest-financial-chart-in-the-united-states-bar-none-2010-6

-Karl Case Says U.S. Housing Starts ‘Dead Flat in the Mud’. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=aRZs8faCPqIc

-Case-Shiller Foreshadows A Crash In New York Real Estate and Consumer Spending. Read more here-http://www.businessinsider.com/case-schiller-foreshadows-a-crash-in-new-york-real-estate-and-consumer-spending-2010-6

-Vancouver’s Real Estate Bubble Trouble. Brokers are rock stars, cabbies flip condos, and shacks are going for $1 million. Read more here-http://www.businessweek.com/print/magazine/content/10_27/b4185064551500.htm and http://noir.bloomberg.com/apps/news?pid=20601082&sid=aReNCM4FNl5U

-Foreclosed Homes Sell at 27% Discount as Supply Grows. Homes in the foreclosure process sold at an average 27 percent discount in the first quarter as almost a third of all U.S. transactions involved properties in some stage of mortgage distress, according to RealtyTrac Inc. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=axYOe9OQVOBA

-Bank of America Boosts Staff Handling Troubled Loans. Bank of America Corp., the second- largest U.S. home lender, added 2,000 employees since April to work with borrowers having trouble paying their mortgages, a senior executive said.

The lender now has more than 18,000 workers in “default management,” a 60 percent increase since January 2009. Read more here-http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aqqPxWVSG82I and http://247wallst.com/2010/06/30/foreclosure-sales-one-third-of-all-home-sales-in-q1/

-Of course Fannie Mae Is Cracking Down On Strategic Defaulters, Why Is Anyone Surprised? Read more here-http://www.businessinsider.com/of-course-fannie-mae-is-cracking-down-on-strategic-defaulters-why-is-anyone-surprised-2010-6

-Fannie-Freddie Bailout Could Cost Taxpayers $1 Trillion. Read more here-http://www.cnbc.com/id/37982580

-Greece starts putting island land up for sale to save economy. Desperate attempt to repay debts also driven by inability to find funds to develop infrastructure on islands. Read more here-http://www.guardian.co.uk/world/2010/jun/24/greece-islands-sale-save-economy

GEOPOLITICAL NEWS

-Everything You Ever Wanted To Know About An Israeli Attack On Iran (But Were Afraid To Ask). Read more here-http://www.zerohedge.com/article/everything-you-ever-wanted-know-about-israeli-attack-iran-were-afraid-ask

-USS Carrier Harry Truman Now Officially Just Off Iran, As Israel Allegedly Plotting An Imminent Tehran Raid. Read more here-http://www.zerohedge.com/article/uss-carrier-harry-truman-now-officially-just-iran-israel-allegedly-plotting-imminent-tehran-

-Map of the day: Are Israel and The U.S. About To Launch A Strike Against Iran? Read more here-http://www.businessinsider.com/iran-war-buildup-us-israel-2010-6

-CIA’s Panetta: Iran has enough uranium for 2 bombs. Read more here-http://news.yahoo.com/s/ap/20100627/ap_on_go_ca_st_pe/us_us_iran

-Iran Delays Possible Nuclear Talks Until Late August. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=avx9cjp0Oi.8

-‘Deep-Cover’ Russian Spy Ring Worked Since 1990s. Read more here-http://noir.bloomberg.com/apps/news?pid=20601110&sid=awmaiFvae_Tc

-‘Deep Cover’ Spies Worked Day Jobs to Glean Data for Russia. Read more here-http://noir.bloomberg.com/apps/news?pid=20601010&sid=aom6EM_OL8aA

-Russian intelligence found gold market info ‘very valuable,’ FBI says. Read more here-http://www.gata.org/node/8777

-U.S. intelligence debates China’s use of bond holdings as weapon. Read more here-http://www.gata.org/node/8761

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

The Goldbugg Report – July 6th, 2010
Posted by Worldwide Precious Metals on Tuesday, July 6, 2010

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