Soros Gold Bubble at $1,384 as Miners Push Buttons
James Burton didn’t have a penny invested in gold of the $142.8 billion he managed as chief executive officer of the California Public Employees’ Retirement System in 2002. Why would he? The metal had been in a bear market for two decades.Yet shortly after announcing his retirement from the largest public pension fund in the U.S., Burton agreed to fly to London to entertain a job offer from a mining companies trade group he had never heard of. Squishing across a rain-soaked British golf course in rented shoes in early June 2002, he listened to what sounded like a far-fetched idea: Selling gold as an investment to the masses. More.
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South Korea Begins Live-Firing Drill as UN WranglesSouth Korea said it will proceed with a live-firing drill that has prompted North Korean threats of retaliation as the United Nations Security Council failed to agree on steps to ease tension on the peninsula.
Artillery positions on Yeonpyeong Island, which was shelled by the North last month, will fire into the surrounding sea, said an official at South Korea’s Joint Chiefs of Staff who declined to be named, citing military policy. South Korean stocks and the won fell the most in three weeks.
"We have a situation of very serious political tension and no game plan on the diplomatic side," Vitaly Churkin, Russia’s ambassador to the UN, told reporters in New York after a 6-hour Security Council meeting. "It’s better to refrain from doing these exercises at this time."More
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Gold rises 1 percent on euro woes, tensions in Korea
By Lewa Pardomuan SINGAPORE (Reuters) - Gold rose around 1 percent on Monday with investors chasing the precious metal as the euro weakened against the dollar on concerns over euro zone debt and Ireland's bailout package.
Tensions on the Korean peninsula offered additional support following an artillery firing drill by the South Korean military on a disputed island near the border with the North. But dealers expect slow trading ahead as the year-end nears. More.
Gold mining execs predict $1,500/oz gold price peak-PwC survey
PwC survey of mining executives found hedging remains unpopular among gold companies., with price expected to continue to rise until Q4 2010 Author: Dorothy KosichPosted: Monday , 20 Dec 2010
RENO, NV -
A survey of executives at 44 mining companies byPricewaterhouseCoopers predicted gold prices will continues to increase until the fourth quarter of 2011. However, 40% of those executives believe the price of gold will peak around $1,500 per ounce.
"Needless to say, 73% of respondents of respondents expect the price of gold to continue to increase in the next 12 months," said PwC's 2010 Global Gold Price Report. More
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