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Daily Dispatches
ETF talk boosts platinum but analyst says there's too little metal for one
Submitted by cpowell on Tue, 2006-11-21 00:08 Section: Daily DispatchesPlatinum Surges to Record
on Speculation Over EFT
By Chia-Peck Wong
Bloomberg News Service
Tuesday, November 21, 2006
http://www.bloomberg.com/apps/news?pid=20601103&sid=awqfkHR79NDw
SINGAPORE -- Platinum for immediate delivery jumped to a record amid speculation that an exchange-traded fund may be introduced, potentially boosting demand for the commodity.
ETFs purchase and store metal, allowing investors to trade assets without owning them. Silver had its biggest jump in 11 years on April 28, when Barclays Plc began offering a silver- backed ETF.
Home sales plummet in 38 states in 3rd quarter
Submitted by cpowell on Mon, 2006-11-20 22:28 Section: Daily DispatchesBy Lauren Villagran
Associated Press
Monday, November 21, 2006
http://news.yahoo.com/s/ap/20061121/ap_on_bi_ge/economy
The feeble U.S. housing market showed more frailty when third-quarter home sales plummeted in 38 states, hitting Nevada, Arizona, Florida, and California particularly hard, government data showed on Monday.
The once-booming real estate market's persistent weakness over the past year has reined in expectations for economic growth but hasn't been severe enough to offset a rising stock market, lower gas prices, and improved consumer expectations.
Hong Kong plans gold depository to compete with U.S., Europe
Submitted by cpowell on Mon, 2006-11-20 22:17 Section: Daily DispatchesGold Depository Means
to Raise Hong Kong's
Financial Standing
Olivia Chung
The Standard, Hong Kong
Tuesday, November 21, 2006
http://www.thestandard.com.hk/news_detail.asp?pp_cat=1&art_id=32305&sid=...
A gold depository at Hong Kong International Airport is in the final planning stages, Airport Authority chairman Victor Fung Kwok-king said Monday.
"The gold depository would enhance Hong Kong's status as an international financial center," Fung told reporters on the sidelines of a Hong Kong General Chamber of Commerce luncheon. "We are discussing with the Hong Kong gold industry how to operate it."
Derivatives market grows by a quarter in just six months
Submitted by cpowell on Mon, 2006-11-20 02:07 Section: Daily DispatchesBy Gillian Tett
The Australian, Sydney
Monday, November 20, 2006
http://www.theaustralian.news.com.au/story/0,20867,20785202-36375,00.html
The global derivatives market surged by almost a quarter to $US370 trillion in the first half of this year as bankers, investors, and companies turned to these complex instruments to manage their risks or place speculative bets on markets.
At the end of June, the face value of all outstanding derivatives contracts in the global over-the-counter (OTC) market had risen 24 percent or $70,000 billion, according to the Bank for International Settlements in Basel. The latest figures mean the derivatives world has almost quadrupled in size since the start of the decade, with a face value on its contracts 30 times the size of the US economy.
Freeport-McMoRan pays 33% premium to acquire Phelps Dodge
Submitted by cpowell on Sun, 2006-11-19 19:16 Section: Daily DispatchesFrom Reuters
Sunday, November 19, 2006
http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reut...
NEW YORK -- Freeport-McMoRan Copper & Gold Inc. said on Sunday it agreed to acquire Phelps Dodge Corp. for $25.9 billion in cash and stock, creating the world's largest publicly traded copper company.
Growth in demand will prevent crash in mineral prices, World Bank says
Submitted by cpowell on Sun, 2006-11-19 18:54 Section: Daily DispatchesBy David Uren
The Australian, Sydney
Sunday, November 20, 2006
http://www.theaustralian.news.com.au/story/0,20867,20786046-643,00.html
Surpluses in mineral supply will emerge in 2008, but continued growth in demand and rising mining costs will stop prices from dropping back to their level of the 1990s, according to the World Bank.
The bank says long-term demand growth will remain strong, while the industry faces challenges in raising its supply.
GATA's reception in New Orleans draws conference notables
Submitted by cpowell on Sun, 2006-11-19 03:21 Section: Daily Dispatches2:11a CT Sunday, November 19, 2006
Dear Friend of GATA and Gold:
GATA's reception Saturday evening during the New Orleans Investment Conference drew more than 130 people, including conference notables Mark Faber, Frank Veneroso, Bob Bishop, Brien Lundin, John Embry, Peter Grandich, Ian McAvity, David Tice, and James Turk.
The reception was held at Latrobe's on Royal, the former Louisiana State Bank building on Royal Street in the French Quarter (or, en francais, le Vieux Carre). Latrobe's has some fascinating architecture and it was gloriously made up.
New York museum shows glory of gold, if not central banking
Submitted by cpowell on Fri, 2006-11-17 20:36 Section: Daily Dispatches7:25p CT Friday, November 17, 2006
Dear Friend of GATA and Gold:
Here's a story about the opening of a fascinating exhibit about gold at the American Museum of Natural History in New York, but it contains a terrible error. It reports that all the gold ever mined totals "330 million tons." The World Gold Council estimates that the total gold mined as of 2001 was only "145,000 tonnes," and yearly gold production since then has been less than 3,000 tonnes.
Gartman flees argument with Veneroso on gold price suppression
Submitted by cpowell on Fri, 2006-11-17 20:09 Section: Daily Dispatches7p CT Friday, November 17, 2006
Dear Friend of GATA and Gold:
From GATA's point of view, the most interesting part of the 2006 New Orleans Investment Conference so far was today's exchange between GATA consultant Frank Veneroso of Veneroso Associates and Dennis Gartman, editor of the Gartman Letter. They had been invited to discuss, among other things, whether the gold market is manipulated.
New Congress seen likely to favor dollar devaluation
Submitted by cpowell on Fri, 2006-11-17 12:44 Section: Daily DispatchesBy Jephraim P Gundzik
Asia Times, Hong Kong
Saturday, November 18, 2006
http://www.atimes.com/atimes/Global_Economy/HK18Dj02.html
Last week's sweeping victories for Democrats in the US mid-term elections could prompt significant economic policy changes in the United States over the next 24 months.
Boosting US exports will top the Democrats' economic agenda. In addition to stepped-up efforts aimed at prying export markets open, the 110th Congress may pressure the increasingly pliant administration of President George W Bush to reverse course on exchange-rate policy and encourage the depreciation of the dollar. Intensifying trade disputes, the sliding value of the dollar and weakening US demand could produce a sharp slowdown in Asia's export and economic growth next year.
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