Nov. 3 (Bloomberg) — Gold jumped to a record after India’s central bank bought 200 metric tons of the metal from the International Monetary Fund, heightening speculation that there may be more official purchases.
Posts Tagged ‘dollar collapse’
Gold Climbs to Record as India’s Central Bank Buys IMF Bullion
Posted by seumasach on November 4, 2009
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Jim Willie – Golden Accumulation Opportunity
Posted by smeddum on November 4, 2009
Jim Willie CB
October 28, 2009
Actually, the golden opportunity is for buying silver at current prices. The motive for lifting the USDollar was the gargantuan $115 billion in USTreasurys offered this week. With bond yields rising from gargantuan supply, the USGovt and USDept Treasury and USFed did not wish to have both bond principal values fall and the USDollar fall. So the maestros engineered a meager semi-lifeless US$ rally, and a full 100-cent silver price discount. The claim again came that the bond auction bid/cover was strong at over 3:1 ratio. But 1.0 of that comes from the primary dealers who are bound to bid. The rest came in majority from foreign central banks. Same Modus Operandi by the Usual Suspects. The difference is that precious metals were taken down in price, using the typical shorting of futures contracts sponsored and endorsed by the USGovt, free of collateral regulatory requirements. Heck, we could all bring down the price of cotton, and make boxer shorts (jockeys too) cheap, if we all were permitted to sell in gargantuan quantities without benefit of cotton in possession. Now is yet another opportunity to gather in gold, and especially silver, at a hefty price discount. The silver price after some stabilizing days will be ready for a serious assault on the $20 price level. See the brief technical review later in this article. Read the rest of this entry »
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‘Iran and Russia propose oil trade without USD’
Posted by seumasach on October 18, 2009
Venezuela’s president has said that countries including Venezuela, Russia and Iran have proposed the US dollar should be replaced as the currency used for oil trade.
Posted in Multipolar world | Tagged: dollar collapse, End of empire, Russian diplomacy | Leave a Comment »
Latam leftists agree on new currency, sanction Honduras
Posted by seumasach on October 18, 2009
17th October, 2009
Leftist Latin American leaders have agreed on the creation of a regional currency to scale back on the use of the US dollar as well as economic sanctions against Honduran coup leaders.
Posted in Multipolar world | Tagged: ALBA, Bolivarian Revolution, coup d'etat in Honduras, dollar collapse, sucre | Leave a Comment »
Dollar loses reserve status to yen & euro
Posted by smeddum on October 14, 2009
Dollar loses reserve status to yen & euro
By PAUL THARP
October 13, 2009
Ben Bernanke’s dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency. Read the rest of this entry »
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Death of Petro-Dollar, Told You So
Posted by seumasach on October 10, 2009
Jim Willie
8th October, 2009
The story hit like a thief in the night, even bearing Biblical proportions. The end of the exlusive sale of MidEast oil in USDollars, the rise of Russian and Chinese influence in the Persian Gulf, the rise in importance for the Intl Monetary Fund basket of currencies, the final clarion call for the free ride by Americans on the Dollar Credit Card, and hidden implications that the Saudis must shop for a new security lord in the region with broad military might, these are revolutionary steps with profound geopolitical implications.
Posted in Financial crisis, Multipolar world | Tagged: dollar collapse, End of empire, gold, Multipolar world, new financial architecture, reserve currencies | Leave a Comment »
Dollar exit for oil trade?
Posted by seumasach on October 8, 2009
F William Engdahl
9th October, 2009
Arab oil-producing nations and some of the world’s largest oil consumers including China and Japan are reliably reported to be planning a long-term exit from pricing their oil trade in US dollars. If true, it would spell the death knell for the dollar as the world’s reserve currency and for the United States as global economic power.
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Dollar’s demise plotted by oil producers, China and France, report says
Posted by smeddum on October 6, 2009
The world’s oil producers, as well as China and France, are planning to end using the dollar as the currency to buy and sell oil, the Independent newspaper reported.
06 Oct 2009
The move would see oil priced not in dollars but in a unit based on a basket of currencies including the Chinese yuan, the Japanese yen, and a new currency intended for use by the Gulf emirates, according to a report in Tuesday’s Independent newspaper. The paper added that the transistion from the dollar to a new currency will take almost a decade. Read the rest of this entry »
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US dollar set to be eclipsed, World Bank president predicts
Posted by smeddum on September 30, 2009
US dollar set to be eclipsed, World Bank president predicts
United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency, says Zoellick
Heather Stewart
guardian.co.uk,
Monday 28 September 2009 17.26 BST
US dollar set to be eclipsed, World Bank president predicts. Photograph: Getty/Piet Mall
The United States must brace itself for the dollar to be usurped as the world’s reserve currency as American dominance wanes in the wake of the financial crisis, the World Bank president, Robert Zoellick, warned yesterday. Read the rest of this entry »
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East Asia Economic Community
Posted by seumasach on September 27, 2009
Dr. Mahathir Mohamad
27th September, 2009
1. I am glad to read the report that the new Prime Minister of Japan, Yukio Hatoyama intends to pursue the proposal for an East Asian Economic Community.
Posted in Multipolar world | Tagged: dollar collapse, East Asian Economic Community, Multipolar world | Leave a Comment »
HSBC bids farewell to dollar supremacy
Posted by smeddum on September 22, 2009
The sun is setting on the US dollar as the ultra-loose monetary policy of the US Federal Reserve forces China and the vibrant economies of the emerging world to forge a new global currency order, according to a new report by HSBC.
By Ambrose Evans-Pritchard
20 Sep 2009
“The dollar looks awfully like sterling after the First World War,” said David Bloom, the bank’s currency chief.
“The whole picture of risk-reward for emerging market currencies has changed. It is not so much that they have risen to our standards, it is that we have fallen to theirs. It used to be that sovereign risk was mainly an emerging market issue but the events of the last year have shown that this is no longer the case. Look at the UK – debt is racing up to 100pc of GDP,” he said Read the rest of this entry »
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In These New Times 