http://www.goldismoney2.com/ Money and currency is the topic here! en Thu, 23 May 2013 05:35:20 GMT vBulletin 60 http://www.goldismoney2.com/images/scarletrush/misc/rss.png http://www.goldismoney2.com/ http://www.goldismoney2.com/showthread.php?46989-Gold-Silver-Fall-on-Bets-Fed-May-Cut-U-S-Bond-Purchases&goto=newpost Wed, 22 May 2013 03:58:08 GMT Gold and silver futures resumed slumps on speculation that the Federal Reserve may scale back U.S. debt purchases, curbing demand for the precious metals as a store of value. Fed Chairman Ben S. Bernanke will discuss the economic outlook in congressional testimony and the central bank will publish... Gold and silver futures resumed slumps on speculation that the Federal Reserve may scale back U.S. debt purchases, curbing demand for the precious metals as a store of value.
Fed Chairman Ben S. Bernanke will discuss the economic outlook in congressional testimony and the central bank will publish minutes of its latest meeting tomorrow. The bank buys $85 billion of Treasury and mortgage debt a month. The dollar advanced as much as 0.6 percent against a basket of currencies. Yesterday, gold gained 1.4 percent, snapping the longest skid in four years.

“Tomorrow’s minutes are very important as there is some concern that the Fed may want to cut back on the stimulus,” Michael Smith, the president of T&K Futures & Options in Port St. Lucie, Florida, said in a telephone interview. “Also, the dollar’s strength is working against gold.”
Gold futures for June delivery fell 0.5 percent to settle at $1,377.60 an ounce at 1:43 p.m. on the Comex in New York. Trading was 30 percent above the average in the past 100 days for this time, according to data compiled by Bloomberg.
Yesterday, the price rebounded after touching $1,336.30, the lowest for a most-active contract since April 18. That snapped a seven-session slump, the longest since March 2009.

Bear Market
Gold has tumbled 18 percent this year, falling into a bear market last month as some investors lost faith in the metal after equities rallied. Fed Bank of Chicago President Charles Evans said yesterday the economy has improved “quite a lot.”
Yesterday, holdings in exchange-traded products dropped 10.9 metric tons to 2,187.4 tons, the lowest since July 2011. They have tumbled 17 percent this year, according to the latest Bloomberg data.
Sales from ETPs “will put downward pressure on prices,” said David Lennox, a resource analyst at Fat Prophets in Sydney.
Silver futures for July delivery fell 0.6 percent to $22.455 an ounce on the Comex. Yesterday, the price touched $20.25, the lowest since Sept. 14, 2010.
On the New York Mercantile Exchange, palladium futures for June delivery declined 0.4 percent to $748.10 an ounce.
Platinum futures for July delivery were 1.8 percent lower at $1,458.40 an ounce, the biggest drop since May 10.
To contact the reporters on this story: Debarati Roy in New York at droy5@bloomberg.net; Nicholas Larkin in London at nlarkin1@bloomberg.net
To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

http://www.bloomberg.com/news/2013-0...s-program.html ]]> Money - Fiat - Gold - Silver - Dollar REO 54 http://www.goldismoney2.com/showthread.php?46989-Gold-Silver-Fall-on-Bets-Fed-May-Cut-U-S-Bond-Purchases http://www.goldismoney2.com/showthread.php?45845-Interesting-story-Smithsonian-Gold-Sovereigns-Paper&goto=newpost Fri, 26 Apr 2013 13:27:46 GMT I hadn't heard of this, but my 9 year old wanted to know about the Smithsonian, and I stumbled across this. I guess the more things change, the more they stay the same...




British scientist James Smithson (d. 1829) left most of his wealth to a nephew, but when the nephew died childless in 1835, under Smithson's will the estate passed "to the United States of America, to found at Washington, under the name of the Smithsonian Institution, an Establishment for the increase & diffusion of knowledge among men."[4] Congress officially accepted the legacy bequeathed to the nation, and pledged the faith of the United States to the charitable trust on July 1, 1836.[5] The American diplomat Richard Rush was dispatched to England by President Andrew Jackson to collect the bequest; Rush returned in August, 1838 with 105 sacks containing 104,960 gold sovereigns (about $500,000 at the time).[6][7]

Once the money was in hand, eight years of Congressional haggling ensued over how to interpret Smithson's rather vague mandate "for the increase and diffusion of knowledge."[7][5] Unfortunately the money was invested in bonds which soon defaulted. After heated debate, Massachusetts Representative (and ex-President) John Quincy Adams persuaded Congress to restore[clarification needed] the lost funds with interest[8] and, despite designs on the money for other purposes, convinced his colleagues to preserve it for an institution of science and learning.[9] Finally, on August 10, 1846, President James K. Polk signed the legislation that established the Smithsonian Institution as a trust instrumentality of the United States, to be administered by a Board of Regents and a Secretary of the Smithsonian.[5]

https://en.wikipedia.org/wiki/Smithsonian_Institution


Someone check Irons' pacemaker after he reads about all those Sovs... ]]> Money - Fiat - Gold - Silver - Dollar Eat Beef http://www.goldismoney2.com/showthread.php?45845-Interesting-story-Smithsonian-Gold-Sovereigns-Paper