US millionaires grew 7.8% in 2009 | read this item
U.S. Millionaires Grow 16% to 7.8 Million in 2009
Follows Sharp Decline the Year Before
Households Worth $5 Million or More Increase 17% to 980,000
The number of U.S. households with a net worth of $1 million or more, not including primary residence (NIPR), grew 16% to 7.8 million in 2009, up from 6.7 million the year before, [...]
Dollar update: Target 1.20 to EURO by 2011 | read this item
EUR/USD
BofA had some really tough thoughts for he queen of all crosses, EUR/USD.
Weakness in EUR-USD year to date has run ahead of our once aggressively bearish forecasts. We have adjusted our forecast profile, as a result. The underlying story of receding global liquidity exposing underlying euro frailty and over-valuation remains. In terms of specific forecast [...]
A disaster around the corner? CDS to settle in Gold | read this item
There seems to be some kind of new trend developing in large opaque world of credit derivatives. Traders seem to demand CDS payment in Gold rather than in EURO which was the currency of choice till now.
Janet Tavakoli of Tavakoli Structured Finance, Inc. writes:
Remember AIG? When prices moved against AIG on its credit default [...]
From a blog Arabian Money
The shift in interest from gold as a raw material for jewelry manufacture to pure investment use mainly accounted for a 15 per cent fall in gold imports to Dubai last year.
Yet the City of Gold still traded a whopping 576 tonnes of the yellow metal, albeit down from 674 tonnes [...]
A very useful primer on Gold and its unstoppable rise:
I think every bullion banker should read it and next they will think twice before they short it.
In Gold we Trust
Fresbee
Gold is in what I call “No Mans Land”. It is one of the most difficult situations to be in as there are equal number of Gold bears and bugs around. Mind you Gold bugs: Bears have their case and it is not as bad as it looks like for the bears.
But I personally think [...]
India wants to buy more GOLD: A price war in making? | read this item
This is disaster for the bullion banks and the FED. With China and India both in the fray to lap up the remaining Gold from the IMF, I cannot imagine the consequences for the bullion banks.
The Reserve Bank of India (RBI), which has increased its gold holdings to diversify its reserves, looks set to be [...]
China has confirmed the intention to purchase 191.3 tons of gold from the International Monetary Fund at an open auction, Finmarket news agency said.
World central banks started to increase their gold reserves after prices on gold began to climb in 2001. The IMF sells gold within the scope of a program to diversify sources of [...]
Goldonomics: The Economics of Gold | read this item
Gold Economics is an art in itself and I think B-Schools should start introducing this as part of their courses. Of special mention should be the study of Gold price suppression and how it is essential for the survival of capital markets. I call it GOLDONOMICS: The Economics of Gold.
Attached is summary of latest demand [...]
FED dare not increase Policy Rate | read this item
Gross was on record saying “Discount rate hike is not an indication of policy rate”. He believes that FED has no chance of raising rates while civilian unemployment rate is at 10%. I disagree with him.
Rising Inflation and falling appetite for Bond auctions will trigger a chaos which is far worse than unemployment at 12%.
We [...]
Dollar update: Target 1.20 to EURO by 2011 | 
Gold updates and Introspection | 
Goldonomics: The Economics of Gold | 
