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Daily Dispatches
James Turk: Gold isn't really up; the dollar is depreciating
Submitted by cpowell on Tue, 2007-01-02 08:54 Section: Daily Dispatches8:40a ET Tuesday, January 2, 2007
Dear Friend of GATA and Gold:
Gold's price isn't going up. Rather, the U.S. dollar is declining in value.
That's the point made by GoldMoney founder James Turk in his first commentary of the new year. Turk, editor of the Freemarket Gold & Money Report and consultant to GATA, writes that while gold's dollar price has averaged an appreciation of more than 15 percent over the last six years, gold's price in terms of oil is almost unchanged. Gold's "rate of return," Turk notes, is really the rate of depreciation of the dollar.
Banks and funds pay top dollar to secure commodity talent
Submitted by cpowell on Mon, 2007-01-01 15:04 Section: Daily DispatchesBy Kevin Morrison
Financial Times, London
Monday January 1, 2007
http://biz.yahoo.com/ft/070101/fto010120071424249461.html?.v=1
LONDON -- London Commodity traders, once the overlooked Cinderellas of the financial trading world, are being offered multi-million-dollar lock-in payments reminiscent of the early dotcom boom, when banks were also desperate to expand into new areas by offering guaranteed payments to key staff.
Report predicts China's currency will gain 5% on dollar in 2007
Submitted by cpowell on Mon, 2007-01-01 12:17 Section: Daily DispatchesFrom Xinhua News Agency, Beijing
Monday, January 1, 2007
http://news.xinhuanet.com/english/2007-01/01/content_5556950.htm
BEIJING -- The exchange rate of the renminbi, the Chinese currency, is expected to appreciate by some 5 percent to one U.S. dollar for 7.44 yuan, according to a Xinhua Economic Analysis Report released Monday.
The report projected that the pace of RMB appreciation would be faster in the first half of 2007 than in the second half.
10-gram gold contracts offered in India; gold deliveries rising fast
Submitted by cpowell on Mon, 2007-01-01 12:05 Section: Daily DispatchesFrom The Economic Times, New Delhi
Monday, January 1, 2007
http://economictimes.indiatimes.com/Markets/Commodities/NCDEX_to_launch_...
MUMBAI -- The National Commodity and Derivatives Exchange Ltd (NCDEX) will launch 10 grams immediate delivery gold contracts, to be traded on its electronic spot exchanges, in order to increase its bullion clients.
Chrysler goes to China to build small cars for U.S. market
Submitted by cpowell on Sun, 2006-12-31 17:26 Section: Daily DispatchesBuilding them in U.S. is too expensive.
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By Tom Krisher
Associated Press
Friday, December 29, 2006
http://news.yahoo.com/s/ap/20061230/ap_on_bi_ge/chrysler_chery
DaimlerChrysler AG's Chrysler Group and China's Chery Automobile Co. have agreed on a plan for the Chinese manufacturer to build small cars to be sold worldwide. The cars, which already are being designed, would be based on an existing model but will be modified jointly by Chrysler and Chery engineers, Chrysler spokesman Jason Vines said Friday. Chrysler is taking the lead on the design and will ensure that the vehicles meet high quality standards, he said.
Euro enjoys wide use outside European union
Submitted by cpowell on Sun, 2006-12-31 17:16 Section: Daily DispatchesBy Slobodan Lekic
Associated Press
Sunday, December 31, 2006
http://news.yahoo.com/s/ap/20061231/ap_on_bi_ge/europe_widespread_euro
Slovenia converts to the euro on Monday, officially becoming the 13th member of the eurozone -- and the first among the EU's newest members to qualify to use the currency.
But at least half a dozen other European ministates and territories are using the currency as legal tender -- without approval from the European Central Bank.
Spending China's dollars: CITIC buys Kazakhstan oilfield
Submitted by cpowell on Sun, 2006-12-31 12:07 Section: Daily DispatchesCITIC Buys Oil Company Stake for $1.91 Billion
By Scott McDonald
Associated Press
Sunday, December 31, 2006
http://news.yahoo.com/s/ap/20061231/ap_on_bi_ge/china_kazakhstan_oil
China, which is aggressively seeking overseas energy assets to fuel its booming economy, said Sunday that one of its biggest conglomerates has bought the Kazakhstan oil assets of a Canadian company for $1.91 billion.
At 5 years old, euro easily rivals other currencies
Submitted by cpowell on Sat, 2006-12-30 14:51 Section: Daily DispatchesBy Matt Moore
Associated Press
Friday, December 29, 2006
http://news.yahoo.com/s/ap/20061229/ap_on_bi_ge/euro_s_anniversary
The surging euro is confounding critics who once doubted it could rival the dollar, pound, and yen -- but Europe's shared currency still annoys some consumers five years after its introduction in cash form.
In 2006, it has surged in value, rising nearly 14 percent to 20-month highs and is about three or four cents off its all-time high of $1.36 in December 2004. It's a strong turnaround from an initial plunge to as low as 82 cents in 2000.
Gold finishes year up 23%, silver up 45%
Submitted by cpowell on Fri, 2006-12-29 17:31 Section: Daily DispatchesDon't worry -- We'll keep griping that it should have been a lot more!
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By Ciara Linnane
CBSMarketWatch.com
Friday, December 29, 2006
http://www.marketwatch.com/news/story/gold-closes-up-23-2006/story.aspx?...
NEW YORK -- Gold futures closed higher Friday to chalk up a 23 percent gain for 2006, leading a broader advance in the metals market as the dollar fell against most of its major rivals. Gold for February delivery finished the session up $1.10 at $638 an ounce, compared with the front-month contract close at $518.90 a year ago. Gold gained 18 percent in 2005. Silver futures finished down 0.5 cent at $12.935 an ounce for a 45.5 percent gain on the year.
GATA reception at conclusion of Vancouver conference
Submitted by cpowell on Fri, 2006-12-29 14:58 Section: Daily Dispatches2:45p ET Friday, December 29, 2006
Dear Friend of GATA and Gold:
GATA will hold a reception at the conclusion of the Vancouver Resource Investment Conference.
The reception will be held from 6 to 8 p.m. Monday, January 22, in the Cypress Suite at the Pan Pacific Hotel, 999 Canada Place, adjacent to the Vancouver Convention and Exhibition Centre, where the conference is being held. The Cypress Suite is on the hotel's restaurant level, one floor above the lobby.
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