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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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Peter Schiff Blog: It’s All Part Of An Ongoing Depression

"I think it’s all part of an ongoing depression, where we have a series of recessions punctuated by artificial growth caused by stimulus. That’s really what is happening now—the stimulus is wearing off and the hangover is setting in.

 

"And of course, the bigger the stimulus, the bigger the hangover. As the economy builds up a tolerance for stimulus, you need more and more of it to get any effect. We’ve had record doses of stimulus and we’ve barely had any kind of phony growth." - by Peter Schiff

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allAfrica.com: Zimbabwe: Small-Scale Miners Target 50 percent Gold Output

allAfrica.com: Zimbabwe: Small-Scale Miners Target 50 percent Gold Output | Gold and What Moves it. | Scoop.it

"Small-scale miners, buoyed by equipment support from Government, this year target to produce between 50 and 55 percent of the country's total gold output. In 2005, Zimbabwe produced about 14 023 kilogrammes of gold, with small-scale miners contributing more than half. But Zimbabwe Miners' Federation president Mr Trynos Nkomo said repeated police raids on small-scale gold miners under "Operation Chikorokoza Chapera" was disrupting production.

 

"In 2005 we contributed between 50 and 55 percent of the Zimbabwe's total gold output. We want to revert to the old days especially with equipment support from Government," he said. ..."

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Gold: Contagion | John Ing | Safehaven.com

Gold: Contagion | John Ing | Safehaven.com | Gold and What Moves it. | Scoop.it

by John Ing:

 

"... The Americans too spent more than $3 trillion to bailout Wall Street and debt today is a staggering 100 percent of their gross domestic product. The US consumer already saddled with almost $3 trillion of debt, is a no show in this growth scenario. The federal deficit this year will exceed $1 trillion for the fourth consecutive year in a row. Yet still, money comes into the United States. The threat of the EU unraveling has caused a "dash for cash", with funds once again piling into US government debt, an even weaker sovereign credit whose debt load is greater than combined debt of the entire eurozone and United Kingdom. Left unsaid is the United States is not too big to fail. ...

 

"... Despite the recent pullback in gold, we believe the case for higher prices remain in place. We remain bullish as ever. Gold is not consumed and is a traditional destination for risk averse investors. Despite Warren Buffett's musings, it protects wealth. Gold has been accepted as a medium of exchange for well over four thousand years, outlasting governments, various fiat money systems and monetary standards. The break-up of the euro would not be the first or even last ( the last time was the Russian breakup in 1992). Gold simply is the ultimate store of value in both good and the worst of times. ..."

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R.I.P. Ray Bradbury, Author of Fahrenheit 451 and The Martian Chronicles

R.I.P. Ray Bradbury, Author of Fahrenheit 451 and The Martian Chronicles | Gold and What Moves it. | Scoop.it
Ray Bradbury — author of The Martian Chronicles, Fahrenheit 451, Something Wicked This Way Comes, and many more literary classics — died this morning in Los Angeles, at the age of 91.

 

Yes, it doesn't really relate to gold or silver or global economies overall, but I just wanted to mark the passing of a fantastic author.

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Caesar - Gold To Be Viewed As Risk Free Asset In This Chaos

Caesar - Gold To Be Viewed As Risk Free Asset In This Chaos | Gold and What Moves it. | Scoop.it

Caesar Bryan told King World News:

 

"... I think the big picture going forward is going to be the continued response of the global central banks to the economic data and to the very high debt levels, especially in Europe. Although the central banks profess their independence, I think they are actually going to become much more active.

 

"This is a trend that has been in place, but it will become more obvious to investors, especially as the ECB increasingly becomes involved in rescuing the banking system in Europe. This will simply mean that gold should be a strong performer going forward.”

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Gold, dollar climbs steeply — TalkVietnam

Gold, dollar climbs steeply — TalkVietnam | Gold and What Moves it. | Scoop.it
Price of gold in Vietnam surpassed VND42.4 million a tael (1.2 ounces) on June 6 as global price advanced strongly on hopes that the European Central Bank...
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WHEN GOLD JUMPS 5% PER DAY | The Prospector Blog

WHEN GOLD JUMPS 5% PER DAY | The Prospector Blog | Gold and What Moves it. | Scoop.it
TheProspectorSite.com

 

"Last Friday was nothing short of the purest example of a typical day for future gold. When fear and uncertainty grip millions, maybe I should say billions, the results are a monetary flight to all things real. We are living history and the world is soon to realize paper assets cannot compare to the real protection within silver and gold. How many days like last Friday will it take before the masses line up to pay 2 or 3 times today’s physical gold offering? Let last Friday go down as a sign of the times.

 

"I wasn’t alive during the Great Depression to witness shuttered banks wipe out the wealth of good honest folks. I wasn’t around to watch folks in Germany push carts of currency necessary to buy hyper-inflated groceries during the days in Weimar Germany. But I will be around to witness the greatest wealth transfer in the history of mankind, this is all but certain.


"It takes a loss of faith to push something like PM (precious metals) to the point of last Friday. I want you to think back making a mental list of who and how many predicated such a gold advancement like one witnessed last Friday. My list is empty. My point is we have entered a period of perpetual volatility on a massive level and anyone willing to make short-term predictions are unwise or arrogant. ..."

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Countdown to the Next Megashock! How to Profit

Interesting read:

 

"The countdown to the next Lehman-type event has begun …

 

"May 25, 2012 — the first major shock: Bankia, one of Spain’s largest banking conglomerates, reveals it needs an additional $23.8 billion to cover massive losses — money which the Spanish government simply does not have.

 

"Result: Major bank runs, already under way in Greece and Spain, accelerate.

 

"May 29 — the last nail in Spain’s coffin: Retail sales plunge 9.8%.

 

"Result: This landmark event is expected to drive the country’s 24.4% unemployment rate to unheard-of levels.

 

"May 30 — a new, unexpected element to the crisis: The world’s biggest trade credit insurer suspends all new coverage for anyone shipping goods to Greece. ..."

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Why should I Buy Britain’s Gold Back? | The Daily Gold

Why should I Buy Britain’s Gold Back? | The Daily Gold | Gold and What Moves it. | Scoop.it
Posted MAY 30 2012 by JAN SKOYLES in BUY BRITAIN’S GOLD BACK, ORIGINAL COMMENTARY

 

"This month, The Real Asset Company announced the launch of a new campaign to Buy Britain’s Gold Back.

 

"The aim of the campaign is, in short, to get individuals to buy back their share of the gold which Gordon Brown sold. We hope to show that gold investment is entirely accessible. For instance, to buy back your share of the gold which Gordon Brown sold, it would cost you less than £500 (at current gold prices).

 

"But why should you care? Why should you buy gold bullion?

 

"Well, it’s all very well saying that it isn’t our fault that 395 tonnes of gold was sold over a decade ago, and so we should get the government to buy it back. But, as one MP pointed out to me, the government doesn’t have any money. They are running around shouting about the need for austerity, so they’re not likely to see it as a positive move for them to be spending £13 billion on an asset which does not, in the short term, directly impact the electorate.

 

"As recent events have shown, politicians and their economists aren’t great at predicting what the best remedy for this situation is. This isn’t so surprising considering that it was their policies and election friendly spending which got us into the financial crisis.

 

"The problem is, worryingly, that the majority of politicians don’t even truly understand how the monetary system works but they believe they can fix it with yet more debt, achieved through money printing – the medicine which placed the UK as the West’s most leveraged nation in the first place.

 

"The Real Asset Co believes it is time to start taking our money back into our own hands in placing it outside of the banking system in an asset which is tested and proven as the best store of value during financial crises. ..."

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Jim’s Mailbox « Jim Sinclair's Mineset

Jim’s Mailbox « Jim Sinclair's Mineset | Gold and What Moves it. | Scoop.it

by Jim Sinclair:

 

"Cash in banks is unsafe as the FDIC insurance on accounts is under-funded.

 

"You either keep the cash itself since there is no interest paid to speak of, or buy gold."

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Jesse's Café Américain: Gold Is At Imporant Intermediate Term Resistance - Long Term GATA Has It Right

Jesse's Café Américain: Gold Is At Imporant Intermediate Term Resistance - Long Term GATA Has It Right | Gold and What Moves it. | Scoop.it

"... Now we see how the physical delivery situation plays out in June and July and if gold can finally break the downtrend. As I said, I do not think that the next leg up may have such an easy time of it because the foundation of the market manipulation is to suppress the gold price for the sake of a macroeconomic policy being put forward by the central banks.

 

"As several commentators have pointed out, Kosares, Coxe and even my lowly self among them, the great trend change in the central bank attitudes towards gold which had driven the twenty year bear market with their organized selling has changed. Central banks are now net buyers of gold. It was their change in selling that marked the first turn in the market in 2000. And now that they are buying we may see the next turn, until the market clears, or until they try to reinstitute a gold standard and fix the price at whatever valuation they believe they can sustain without provoking a 'black market' assault on their authority.

 

"Make no mistake, they are still fighting the rally in gold every step of the way, not so that they can stop it, but because they want to control it, make sure it is 'orderly.' This is the underlying fundamental message of the market, and you will not find it in the Commitments of Traders reports. But you will find it in the kind of analysis and information being promoted by GATA for example. For the last fifteen years they are the only group, as far as I can see, who have 'gotten it right. ...'

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US Economists Warn The Fed Is Setting Us Up For Deflation

US Economists Warn The Fed Is Setting Us Up For Deflation | Gold and What Moves it. | Scoop.it

by Moran Zhang:

 

"Home prices are stagnant, crude oil is tumbling and copper has fallen to a seven-month low. Inflation is not the problem. What is the problem is inflation's evil twin, deflation.

 

"And as good as today's beginning stages of deflation may feel, especially when filling up at a service station or shopping for a house, economists warn that there is a high price to pay down the road and that current monetary policy is only raising that price.

 

"Of course, not all price reductions are created equal. A price drop that stems primarily from an increase in technological efficiency is not deflation; it's progress. Deflation is a fall in prices that stems from a shrinking money supply, just as inflation is a price hike that stems from an increase in the supply of money.

 

"Deflation ramps up when people borrow to make a big purchase on the assumption that what they are buying will be worth more later. But if prices fall, the loan will have to be repaid in dollars that are worth more than the dollars they borrowed, making the debt more onerous. As a result, when people expect falling prices, they become less willing to spend, and in particular less willing to borrow. And when that happens, the economy may stay depressed because people expect deflation, and deflation may continue because the economy remains depressed. It's a nasty cycle and it can often be traced back to the central bank's balance sheet expansion. ..."

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The Golden Truth: Thinga-ma-jigs That Leave Me Speechless

The Golden Truth: Thinga-ma-jigs That Leave Me Speechless | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"QE is coming in one form or another, both in Europe and the U.S. It has to happen in both places because the European banks are blowing up and the U.S. banks, via massive derivatives exposure, are exposed to the European banks on a significantly leveraged basis.

 

"Not only is QE coming, but Obama is starting to hint at more fiscal stimulas (read: Government borrowing and spending money to employ more public union workers). What I found staggering is that Obama referenced giving Americans money to spend on "thinga-ma-jigs" recently in a campaign speech in Minnesota. (Sourced from zerohedge.com) Obama: "there are some folks here who could use $3,000 a year...Let's get that done right now...it helps you pay down your credit cards...maybe someone will replace some thinga-ma-jig for their furnace." Truly staggering. Here's the video link: LINK

 

"So Big O is basically floating a trial balloon for initiating some kind of program to stick $3,000 in the pocket of each household in order to pay down credit cards and buy thinga-ma-jigs. I wouldn't have believed it unless I saw the video myself. Half of the population in this country lives in households that get Government benefits: LINK More troubling, the number of people who actually pay taxes now is less than 50%. So what Obama is proposing is to take money from those who pay taxes and give it to everyone so they can pay off credit cards and go shopping. Think about that for a bit..."

 

Click through for the rest.

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oftwominds-Charles Hugh Smith: The Dominant Dynamic: Debt and Deleveraging

oftwominds-Charles Hugh Smith: The Dominant Dynamic: Debt and Deleveraging | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"Though many rightly expect central banks to unleash more "quantitative easing" to goose the global economy, the dominant dynamic will be debt writedowns and deleveraging for a long time to come.

 

"The news media is constantly clamoring about the "Three Ds" that are buffeting the markets: debt, deleveraging, and deflation. We intuitively sense that they're linked -- but how, exactly?

 

"Understanding this linking is critical; as debt has fueled the global expansion, it will also dominate its contraction.

 

"Debt and Deleveraging

 

"To illustrate the forces of debt and deleveraging, let’s consider a home mortgage. Suppose a buyer of a $100,000 home qualifies for a mortgage that requires only a 3% down payment in cash. The buyer ponies up $3,000 in cash and obtains a $97,000 mortgage. The cash collateral is thus leveraged about 33-to-1: Each $1 in cash has been leveraged into $33 of borrowed money.

 

"Let’s say the owner wants to refinance at a later date, and to qualify for the new loan he must have 20% collateral for the new loan. ..." click through for the rest.

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Collapse At Hand |

Collapse At Hand | | Gold and What Moves it. | Scoop.it

"Ever since the beginning of the financial crisis and quantitative easing, the question has been before us: How can the Federal Reserve maintain zero interest rates for banks and negative real interest rates for savers and bond holders when the US government is adding $1.5 trillion to the national debt every year via its budget deficits? Not long ago the Fed announced that it was going to continue this policy for another 2 or 3 years. Indeed, the Fed is locked into the policy. Without the artificially low interest rates, the debt service on the national debt would be so large that it would raise questions about the US Treasury’s credit rating and the viability of the dollar, and the trillions of dollars in Interest Rate Swaps and other derivatives would come unglued.

 

"In other words, financial deregulation leading to Wall Street’s gambles, the US government’s decision to bail out the banks and to keep them afloat, and the Federal Reserve’s zero interest rate policy have put the economic future of the US and its currency in an untenable and dangerous position. It will not be possible to continue to flood the bond markets with $1.5 trillion in new issues each year when the interest rate on the bonds is less than the rate of inflation. Everyone who purchases a Treasury bond is purchasing a depreciating asset. Moreover, the capital risk of investing in Treasuries is very high. The low interest rate means that the price paid for the bond is very high. A rise in interest rates, which must come sooner or later, will collapse the price of the bonds and inflict capital losses on bond holders, both domestic and foreign. ..."

 

hat tip to : http://twitter.com/#!/Dayadog ;

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Jesse's Café Américain: MF Global Hid Risk To Avoid Capital Requirements While FINRA Regulators Looked On

Jesse's Café Américain: MF Global Hid Risk To Avoid Capital Requirements While FINRA Regulators Looked On | Gold and What Moves it. | Scoop.it

"One of the common elements in most of the great financial debacles seems, at heart, to involve accounting fraud that is tolerated and excused by all those entrusted with the safeguarding of the public interest and the innocent.

 

"What characterizes the modern financial system, and its vast influence on the fabric of society, the political process, and the dialogues of public policy is the power of easy money, obtained through the mispricing of risk and brazen fraud, to corrupt the corruptible in every station of life, from the press corps to the politicians to the professors.

 

"Truth, honor and goodness are collateral damage when everything has its price. Greed and selfishness abound, and the 'best lack all conviction, while the worst are filled with passionate intensity.' ..."

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Twitter / lmgross: Hong Kong-China #gold flow

Instantly connect to what's most important to you. Follow your friends, experts, favorite celebrities, and breaking news.
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Gold hits 1-month high as Euro strength boosts commodities

Gold hits 1-month high as Euro strength boosts commodities | Gold and What Moves it. | Scoop.it

by: By Jan Harvey

 

LONDON (REUTERS) -


"Gold rose more than 1 percent on Wednesday to its highest in a month, rising along with the euro, stocks and other commodities as investors hoped a European Central Bank policy meeting later would result in action to combat the euro zone financial crisis.


"Spot gold was up 1 percent at $1,633.18 an ounce at 0941 GMT, while U.S. gold futures for August delivery were up $17.80 an ounce at $1,634.70.

 

"Other precious metals rose in gold's wake, with both silver and palladium climbing nearly 3 percent to their day's highs. Commodities rallied broadly, with crude oil up nearly 1 percent, as a stronger euro supported interest in dollar-priced assets.

 

"This morning there is a general commodities run; the whole sector is up by different degrees," RBS Global Banking & Markets analyst Nikos Kavalis said. "This to a large extent is linked to the euro doing rather well. ..."

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Four Key Charts & What to Expect in Markets Going Forward

Four Key Charts & What to Expect in Markets Going Forward | Gold and What Moves it. | Scoop.it

Today top Citibank analyst, Tom Fitzpatrick, warned that, despite rallies, we should expect to see more downside action in the weeks ahead for global stock markets. Fitzpatrick, a 28 year veteran and top analyst at Citibank, which has $1.3 trillion in assets, also provided four important charts of key markets. Here is what Fitzpatrick wrote in this timely and important note to clients: “Last week we highlighted the levels in focus on a monthly close basis. Across equity indices we saw many bearish monthly closes including monthly reversals on the Dow Industrials and Dow Transports. Here we take a shorter-term look at the price action and suggest that the weeks (and possibly even days) ahead could be quite concerning.”

 

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Why the US Dollar will Hyperinflate - The Dollar Vigilante Blog -

Why the US Dollar will Hyperinflate - The Dollar Vigilante Blog - | Gold and What Moves it. | Scoop.it

by Stuart Bishop:

 

"... I hope you could read between the intentional sarcasm there and grasp the bigger point. At some point in the near future, the United States and its government is going to have to voluntarily or be forced by the market to face its spending problem. The United States government is the most indebted government in the history of mankind. It owes almost $16 trillion. It has unfunded liabilities estimated by many at $75 trillion and by some at over $110 trillion. It has a spending problem, where roughly $3.7 trillion dollars are spent, and $2.3 trillion dollars are received in taxes. In this context, the above speech is a near total impossibility for Obama or any other future US president to make. Neither is any Congressman, Senator or significant politician going to demand this. Maybe a wild card Ron Paul presidential election victory could make this possible. Even then I doubt it. The cuts required and the immediate pain that would be imposed would be so severe, that this would be a non starter. Enough people are dependent enough on the government to come out ’en masse’ to block any attempt at electing Ron Paul. This alone is the strongest reason I anticipate a major hyperinflation of the US dollar within the next few years.

 

"So to argue that anything other than a full blown hyperinflation is coming to the United States, you would need to argue one of two things. The US Government consumption machine will stop living beyond its means by choice. A full default on an entire generation of people that can all vote for more spending when threatened with lower living standards. ..."

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oftwominds-Charles Hugh Smith: "Monetary Easing" Fixes Nothing

oftwominds-Charles Hugh Smith: "Monetary Easing" Fixes Nothing | Gold and What Moves it. | Scoop.it

by Charles Hugh Smith:

 

"Central banks keep pulling their one lever to "fix" the economy, but nothing is fixed. Monetary easing only compounds the problems.

 

"Stripped of acronyms and pseudo-economics, Central banks have one lever: monetary easing. Whatever the name offered for creating money electronically and suppressing interest rates, it boils down to making money abundant and cheap to borrow, at least for banks and other favored players, such as buyers of homes using 3% down-payment FHA mortgages.


"The problem is that easy money doesn't fix what's broken. We can state this simply ..."

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Gold COT (CFTC - Commitment of Traders) for Period 5/23-5/29/2012 | Marshall Swing | Safehaven.com

Gold COT (CFTC - Commitment of Traders) for Period 5/23-5/29/2012 | Marshall Swing | Safehaven.com | Gold and What Moves it. | Scoop.it

by Marshall Swing:

 

"... I want to be very clear as to what is going on here. It is just as criminal what these so-called advisors are doing to these speculators as it is criminal what the commercial speculators have done through their massive short positions.


"As I stated in the silver COT, it now appears that the CFTC commissioners are going to white-wash their investigation into silver manipulation and probably not even institute any position limits except maybe on the speculators as Bart Chilton seems convinced there is no manipulation and the massive short positions are bonafide hedge positions. What total rubbish!! The CFTC commissioners are all career criminals and hopefully one day they will go to jail because of what they have done and have been the third party. Accessory to "murder" I believe it should be labeled.

 

"I have been saying for years that Chilton is nothing but a good cop shill of the producer and finally I have been proven correct in my opinion as even Ted Butler has now given up all hope in Bart Chilton. ..."

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Jim Rickards: U.S. can't audit gold without revealing its importance and the tricks played with it | Gold Anti-Trust Action Committee

Jim Rickards: U.S. can't audit gold without revealing its importance and the tricks played with it | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

by James G Rickards:

 

"... Analysis should always be based on the best available evidence and not speculation. I have seen some evidence, gathered from military and Treasury officials, that the gold is where the government says it is. I have seen no evidence whatsoever that it is not. Based on this, I assume the gold is there. If I learn differently someday, I'll change my view, but until then I'll base my economic and monetary analyses on the fact that the United States is the proud owner of 8,133 metric tons.


"But what about the audit? What harm can there be in that if the gold is where the Treasury says it is?

 

"There are two powerful reasons not to do the audit even if the gold is in the vaults.

 

"The first has to do with the credibility of gold as a component of international reserves and monetary systems in general. Gold was officially demonetized by the International Monetary Fund in 1973 not long after President Nixon ended the convertibility of dollars into gold in 1971. Since then gold has been continually disparaged as a monetary asset, most recently in the remarks of Federal Reserve Chairman Ben Bernanke that the possession of gold by the United States was a mere "tradition." If that were so, why would the United States audit something so unimportant? An audit suggests that gold is somehow meaningful and deserving of respect. The official position is that gold is a legacy asset of no particular importance. In this context, refusing an audit makes sense. An audit would give gold too much credit and start to erode the official propaganda that gold is not a monetary asset. After all, no one audits the number of acorns in the national parks—they are too unimportant.

 

"Another reason has to do with not calling attention to a host of ancillary questions. Assume that the audit were conducted and everything was in good order, that the United States had the right number of ingots of 99.99 percent purity and everything was numbered and in its place. This would immediately lead to other questions: Is the gold leased? To whom? On what terms? ..."

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The Golden Truth: Jon Corzine And George Zimmerman Should Have A Lot In Common...

The Golden Truth: Jon Corzine And George Zimmerman Should Have A Lot In Common... | Gold and What Moves it. | Scoop.it

by Dave in Denver:

 

"... Here's one that should piss everyone off. The Government/FHA is introducing a new FHA mortgage refinance program - using taxpayer money of course - to incentivize homeowners to refinance their existing mortgage into one that carries much lower mortgage insurance fees. And guess what? This refi program is a no-income, no employment verification and it's okay to be under water program: "The new lender is not required to verify homeowner's income, employment or credit score. And no appraisal is required, so the homeowner can be underwater. ..."

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Europeans Flock To Buy New York Real Estate

Europeans Flock To Buy New York Real Estate | Gold and What Moves it. | Scoop.it
With Europe in turmoil, the affluent French, British and their continental neighbors are flying to buy one of the world's most stable investments: Manhattan real estate.

 

"With the island's limited supply and international prestige, New York's condo values -- underpinned by the strong U.S. currency -- are expected to increase, allowing the foreign buyer to use cash to generate returns with a resale and avoid high taxes at home.

 

"The election of French socialist party candidate François Hollande has been an additional worry in Paris and beyond. Hollande favors a tax rate of 75 percent on those earning more than 1 million euros ($1.24 million) per year, including capital gains. And his potential differences with German chancellor Angela Merkel could led to further breakdowns in euro zone talks and more delays in solving the problem. ..."

 

[What does big money know?]

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