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Daily Dispatches
Former money manager Armstrong stays in jail for contempt
Submitted by cpowell on Tue, 2006-11-28 08:57 Section: Daily DispatchesFrom Bloomberg News Service
via The New York Times
Tuesday, November 28, 2006
http://www.nytimes.com/2006/11/28/business/28trader.html?_r=1&oref=slogin
Martin A. Armstrong, the former money manager imprisoned for almost seven years for contempt of court, will remain behind bars for defying a judge's order that he turn over $14.9 million in rare coins and gold bars in connection with a federal lawsuit.
Ford mortgages nearly all U.S. assets to borrow $18 billion
Submitted by cpowell on Tue, 2006-11-28 00:54 Section: Daily DispatchesFord Pledges Major Assets in Financing
By Nick Bunkley
The New York Times
Tuesday, November 28, 2006
http://www.nytimes.com/2006/11/28/business/28ford.html?_r=1&ref=business...
DEARBORN, Mich., Nov. 27 -- Executives at Ford Motor Co. have insisted they are willing to bet the company's future on a turnaround plan put in place earlier this year.
On Monday they essentially did just that, mortgaging nearly all of Ford's domestic assets -- its plants, office buildings, patents, and trademarks -- along with stakes in Ford Credit and Volvo, to raise $18 billion.
James Turk: Gold breaks out around the world
Submitted by cpowell on Mon, 2006-11-27 11:41 Section: Daily Dispatches11:30a ET Monday, November 27, 2006
Dear Friend of GATA and Gold:
GoldMoney's James Turk, editor of the Freemarket Gold & Money Report and consultant to GATA, today presented seven charts showing gold breaking up and out in major world currencies. Turk's analysis is headlined "Gold Around the World" and you can find it in the "Founder's Commentary" box at the top left of the GoldMoney home page here:
West warned to prepare to be surpassed by China and India
Submitted by cpowell on Sun, 2006-11-26 12:01 Section: Daily DispatchesFrom Agence France-Presse
Saturday, November 25, 2006
http://news.yahoo.com/s/afp/20061126/wl_asia_afp/australiachinaindiaecon...
SYDNEY, Australia -- Western nations must prepare for a future dominated by China and India, whose rapid economic rise will soon fundamentally alter the balance of power, former World Bank chief James Wolfensohn has warned.
Wealthy countries were failing to understand the impact of the invevitable growth of the two Asian powerhouses, Wolfensohn said in the 2006 Wallace Wurth Memorial Lecture at the University of New South Wales at the weekend.
Oil shows market manipulation is easy even without collusion
Submitted by cpowell on Sun, 2006-11-26 11:41 Section: Daily DispatchesBy Jeff Donn
Associated Press
Sunday, November 26, 2006
http://news.yahoo.com/s/ap/20061126/ap_on_bi_ge/ungushing_oil
You'd think it was Texas. Dusty roads course the scrubland toward oil tanks and warehouses. Beefy men talk oil over burritos at lunch. Like grazing herds, oil wells dip nonstop amid the tumbleweed -- or even into the asphalt of a parking lot.
That's why the rumor sounded so wrong here in California's lower San Joaquin Valley, where petroleum has gushed up more riches than the whole gold rush. Why would Shell Oil Co. simply close its Bakersfield refinery? Why scrap a profit maker?
Dollar assets hard to diversify, Chinese FX official admits
Submitted by cpowell on Sat, 2006-11-25 17:48 Section: Daily DispatchesFrom Reuters
Saturday, November 25, 2006
http://asia.news.yahoo.com/061125/3/2tgsm.html
BEIJING -- Countries holding large stockpiles of foreign exchange reserves face problems diversifying their holdings away from dollar-denominated assets because of the potential market reaction to any such move, a senior Chinese forex official said on Saturday.
The official, Guan Tao, deputy director-general of the general affairs department of the State Administration of Foreign Exchange (SAFE), highlighted the potential pitfalls of such a move without specifically referring to China or its plans for managing its reserves.
Kelvin Williams urges transparency, then toasts keepers of gold's secrets
Submitted by cpowell on Fri, 2006-11-24 21:21 Section: Daily Dispatches9p ET Friday, November 24, 2006
Dear Friend of GATA and Gold:
TheBullionDesk.com this week posted a long toast offered to the London Bullion Market Association during a dinner at Goldsmiths' Hall in London by the former marketing director of AngloGold Ashanti Ltd., Kelvin Williams, who retired this year. The text is appended and is remarkable for its insight into the gold business, its grudging recognition of GATA's work (if not quite by name), and, most of all, for its stunning self-contradiction.
China's deputy central bank chief: Dollar is going lower
Submitted by cpowell on Fri, 2006-11-24 19:25 Section: Daily DispatchesBy Parmy Olsen
Forbes.com
Friday, November 24, 2006
http://www.forbes.com/2006/11/24/dollar-china-closer-markets-currency-cx...
Americans may be spending their dollars with merry abandon as the Christmas shopping season begins this Black Friday, and that might be a good short-term strategy: The greenback slid on the foreign exchange markets after a Chinese central banker expressed fears about depreciation of the U.S. currency.
Hedge funds overleverage and 'anyone can go down,' Sprott warns
Submitted by cpowell on Fri, 2006-11-24 16:42 Section: Daily DispatchesBy Emily Mathieu
National Post, Toronto
Friday, November 24, 2006
http://www.canada.com/nationalpost/financialpost/story.html?id=28752457-...
Overleveraged and unchecked investments in the hedge fund industry are keeping investment guru Eric Sprott up at night.
"My biggest fear, as a hedge fund manager is 'Where is the cash?,'" Mr. Sprott, chief executive and portfolio manager of Sprott Asset Management Inc., said yesterday. "My gut reaction is that we need regulation" of the industry, he said.
John Embry: Who's selling? Gold scene rife with intrigue
Submitted by cpowell on Fri, 2006-11-24 08:20 Section: Daily Dispatches8:15a ET Friday, November 24, 2006
Dear Friend of GATA and Gold:
In his latest commentary for Investor's Digest of Canada, Sprott Asset Management's chief investment strategist, John Embry, describes this fall's blatantly price-manipulating selling of gold and silver on the commodities exchanges. But he adds that this selling apparently has not come from the usual central bank sources in Europe. You can find Embry's commentary, "Who's Selling? Gold Scene Rife with Intrigue," at the Investor's Digest site here:
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