Bahrain rejects change in currency's dollar peg


From Reuters
via Khaleej Times, Dubai
Sunday, January 14, 2007

MANAMA, Bahrain -- Bahrain will not change its policy on pegging the dinar currency to the US dollar, the central bank governor said on Sunday after the United Arab Emirates raised the prospect of a region-wide revaluation.

Ron Paul to seek Republican presidential nomination


By Joe Stinebaker
Associated Press
Thursday, January 11, 2007

U.S. Rep. Ron Paul, the iconoclastic, nine-term lawmaker from southeast Texas, took the first step Thursday toward a second, quixotic presidential bid -- this time as a Republican.

Paul filed papers in Texas to create a presidential exploratory committee that will allow him to raise money. In 1988 Paul was the Libertarian nominee for president and received more than 400,000 votes.

Western Australia's GATA sympathizers meet for lunch Jan. 22 in Perth


7:43p ET Thursday, January 11, 2007

Dear Friend of GATA and Gold:

Gold and GATA sympathizers in Western Australia are invited to the second local GATA lunch -- to be held at noon Monday, January 22, at the Subiaco Hotel at the corner of Hay Street and Rokeby Road in Perth. It is being organized by David Evans ( and he'll post a "GATA" sign near the hotel entrance to make it easy to find our group. RSVPs are helpful but not crucial.

Gulf Arabs reconsider their currency pegs to dollar


By Will Rasmussen
Thursday, January 11, 2007

ABU DHABI -- Gulf Arab oil producers are reviewing currency pegs to the falling dollar and could decide as early as March whether to keep or change their exchange rate regime, the United Arab Emirates central bank said on Thursday.

Last European bank will stop handling dollars for Iran


Iran Begins to Feels
the Financial Squeeze

By Michael Connolly
The Wall Street Journal
Wednesday, January 10, 2007

Evidence appears to be growing that Iranian firms are feeling the pinch of the U.S.-led drive to have banks curtail transactions with Iran's state-controlled banks. Iranian banks and companies, for instance, are now having to put up large deposits -- as high as 100% -- in foreign banks to get them to issue letters of credit for foreign transactions.

Gold ETFs expected to start in India within month


From Press Trust of India
Monday, January 10, 2007

MUMBAI -- Traditional household investment in gold will soon have a new option with the much awaited gold exchange-traded funds (GETFs) expected to be launched within a month.

"The GETF hopefully should be launched within a month," Association of Mutual Funds in India Chairman A.P. Kurian told reporters.

Russian commercial banks can't get enough gold


From Interfax News Service
Monday, January 10, 2006

MOSCOW -- A total of 42 commercial banks signed contracts to buy 161.9 tonnes of gold from producers in 2006, a source at the Gokhran precious metals and gemstones repository told Interfax.

Not all of the gold will have been delivered by the end of last year, so there could be some discrepancy between the amount of gold ordered and actually received, the source said.

Nadler refuses debate on manipulation but releases Fort Knox photos


2:52p ET Wednesday, January 10, 2007

Dear Friend of GATA and Gold:

Kitco market analyst Jon Nadler, perhaps the most notorious of the deniers of the central bank gold price manipulation scheme, has refused an invitation to debate the manipulation issue with GATA Chairman Bill Murphy and other speakers at the Vancouver Resource Investment Conference this month. So the conference will hold a panel discussion on the issue featuring Murphy, GoldMoney founder and GATA consultant James Turk, Long Wave Analyst newsletter editor Ian Gordon, and another conference speaker or two.

Hedge fund borrowing examined by U.S. and European regulators


By Rich Miller and Jesse Westbrook
Bloomberg News Service
Tuesday, January 9, 2007

U.S. and European regulators, turning a spotlight on one of Wall Street's most profitable businesses, are conducting a joint probe into whether banks and securities firms set strict enough limits on loans to hedge funds.

The U.S. Securities and Exchange Commission, the Federal Reserve Bank of New York and the Financial Services Authority in London met last month with some of the biggest lenders to the hedge-fund industry, seeking information on how they decide the amount of collateral required, SEC Commissioner Annette Nazareth said in an interview in Washington. Swiss and German authorities were also involved.

William Pesek: Time for Asia to kick its strong-dollar habit


By William Pesek
Bloomberg News Service
Monday, January 8, 2007

We all start January pledging to kick this or that bad habit. It is always a tough promise to keep, and how much more so when the bad habit is decades old, like the Asian addiction to raising economic growth by keeping currencies weak.

As the 10th anniversary of the Asian financial crisis approaches, it is high time for the world's fastest-growing economic region to get out of the trap of export dependence.