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Texas to create bullion depository…and get its gold back
- June 15, 2015
- Posted by: Orkan Ozkan
- Category: News
No CommentsDon’t mess with Texas’ gold. Texas Governor Greg Abbott has signed a bill into law to establish a Texas gold bullion depository and repatriate $1 billion of the state’s gold reserves held at the Federal Reserve Bank of New York, AP reported Friday. The law will make Texas the first state in the U.S. to have
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Zimbabwean quadrillionaires trade their currency for U.S. dollars
- June 12, 2015
- Posted by: Orkan Ozkan
- Category: News
Photo: “$100 Billion Dollars…” by Erik Charlton via Flickr, used under a Creative Commons license Zimbabweans possessing quadrillions in “Zim dollars”, the country’s severely inflated currency, now have the opportunity to exchange their virtually worthless money for U.S. dollars at a new exchange rate. The rate? 35,000,000,000,000,000 (35 quadrillion) Zim dollars per $1 USD. The new exchange rate is part of an effort
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Think you can trust your money with the banks? Think again.
- May 20, 2015
- Posted by: Orkan Ozkan
- Category: News
A press release from the U.S. Department of Justice revealed Wednesday that major banks Citicorp, JPMorgan Chase & Co., Barclays PLC, The Royal Bank of Scotland plc, and UBS AG have agreed to plead guilty to felony charges. Conspiracy and Manipulation Citicorp, JPMorgan Chase & Co., Barclays PLC, The Royal Bank of Scotland plc agreed
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BofA strategists warn about stocks, recommend adding gold
- May 19, 2015
- Posted by: Orkan Ozkan
- Category: News
Bank of America Merrill Lynch (BAML) strategists have joined the ranks of finance professionals sounding the alarm on the stock market. In a research note sent to clients Monday morning, the BAML strategists led by Michael Hartnett issued the following warning: “Investors remain trapped in ‘The Twilight Zone’, the transition period between the end of QE and the
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Gold jumps 2.2% to 5-week high on disappointing retail sales
- May 13, 2015
- Posted by: Orkan Ozkan
- Category: News
“Bad news is good news for gold”, as the saying goes, and Wednesday was no exception. New numbers from the Commerce Department showed disappointing April retail sales, boosting expectations that the Fed will wait to raise interest rates. In response, COMEX gold jumped by $25.80 (2.2%) to close at a five-week high of $1,218.20/oz. Silver also
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Gold hits 3-week high
- April 28, 2015
- Posted by: Orkan Ozkan
- Category: News
Gold continued its rally Tuesday, hitting a three-week high as investors speculated on the Federal Reserve’s next move. The Fed concludes its two-day monetary policy meeting on Wednesday. “The last several days have given investors fresh reasons to buy gold,” writes the Wall Street Journal. Spot gold rose 0.9% to $1,213.90/oz. on the COMEX, the highest price
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Gold rallies 2.4%, Venezuela makes $1B gold swap
- April 27, 2015
- Posted by: Orkan Ozkan
- Category: News
COMEX gold rose 2.4% on Monday to $1,203.20/oz., its biggest gain in over three months. What is believed to be one of the drivers of the rally is rather intriguing. In a deal with Citibank, the central bank of Venezuela has swapped a portion of its gold reserves for over $1 billion in cash, Reuters reported
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Russia’s gold appetite returns, China steps up its gold game
- April 22, 2015
- Posted by: Orkan Ozkan
- Category: News
China and Russia, two of the world’s top gold-holding countries, are buying even more gold. China in particular is stepping up its gold game. As of March 2015, China has the sixth largest gold reserves in the world at 1,054.1 tonnes. Russia ranks fifth with 1,207.7 tonnes. See the full top 10 in our infographic: Which Countries Hold the
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BofA Merrill Lynch: Gold “could rise to $1,500/oz by 2017”
“The Wall Street Bull” by herval via Flickr, used under a Creative Commons license Bank of America Merrill Lynch (BofAML) analysts believe the worst may be over for gold. According to a recent report, they see gold reaching $1,500/oz. by 2017. At the same time, a global BofAML survey revealed concerns of overvaluation in the equity and bond markets. A press
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Gold hits 7-week high on more weak jobs data
Gold closed Monday at a seven-week high of $1,218.60/oz., a 1.5% gain, after more disappointing jobs data eased gold investors’ worries over the Fed raising interest rates. The U.S. employment data, which was released on Friday, showed far fewer jobs were produced in March than expected. In addition, the Institute for Supply Management on Monday reported its non-manufacturing index
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