China Gold Demand May Surpass India This Year Gold Industry Today Provides Complete Coverage Goldcorp Says july 2011
5:32 AM
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China Gold Demand May Surpass India This Year Gold Industry Today Provides Complete Coverage Goldcorp Says july 2011
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About EIN News
EIN News is a pioneering innovator of proprietary news technology. Combining both intelligent search technologies and the human element, EIN News stands above the rest as the most efficient, yet personalized, news service available anywhere. Established in 1995, EIN News began by supplying business professionals and individuals with relevant and interesting news products. It has grown to become the largest digital news provider in Europe.
Jul. 29, 2011 /EIN News/ This important story is being tracked by Gold Industry Today at http://gold.einnews.com
Demand for physical gold in China may exceed consumption in India by the end of this year, said Chuck Jeannes, chief executive officer of Goldcorp Inc., the world's No. 2 producer of the metal by market value. (businessweek.com)
- Barrick Gold Corp Q2 Earnings Rise 35% on Gold Rally...
- Norseman Gold Says It Will Produce More Than 100,000 Ounces of Gold Next Year...
- Centerra Gold Q2 Profit More Than Doubles...
- Gold Edges Down on Firm Dollar; Eyes on Budget Talks...
- Gold Futures Decline in New York on Investor Sales After Rally to Record...
- South African Gold Miners to Talk As Strike Starts...
San Diego Gold Blackburn Gold & Silver Refining Refinery Expands Reach july 29 2011
5:25 AM
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San Diego Gold Blackburn Gold & Silver Refining Refinery Expands Reach july 29 2011
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SAN DIEGO, CA, July 29, 2011 /24-7PressRelease/ -- Blackburn Gold & Silver Refining is expanding its reach with two websites aimed at attracting new customers across California and the Baja peninsula. As the only San Diego gold refinery that refines precious metals (gold, silver, and platinum) locally, Blackburn Gold & Silver Refining is able to offer its customers quick, convenient, and high returns for their scrap gold and scrap silver.
The flagship website for the California precious metals refinery is located at SanDiegoGoldRefinery.com, where potential customers can learn about the refining and gold buying services that the company offers to the public and area businesses. Jewelry stores, pawn shops, and gold buyers can both refine and sell gold and silver to the San Diego refinery. The public can also sell gold and sell silver to Blackburn Gold & Silver Refining, cutting out the middle man and getting more cash for gold and cash for silver.
The company's subsidiary website targeting businesses and individual silver and gold sellers in Baja California, Mexico is TijuanaGoldRefinery.com. "We have a number of large pawn shops and gold buyers in Mexico who visit us regularly. They enjoy being able to sit with us in a secure, private buy room, and working with one of our Spanish speaking buyers who go through their items one by one with them over a period of 3-4 hours," says Carl Blackburn, owner of Blackburn Gold & Silver Refining, which is a division of Blackburn's company SDJB, Southern California's premier estate jewelry buyer and luxury pawn shop.
Blackburn adds that it is more convenient for most Southern California jewelry stores, gold buyers, and pawn shops to sell gold, sell silver, or sell platinum with his refinery, than it is to ship their scrap gold and other precious metals to a distant precious metals refiner and deal with the packing, shipping, waiting for a check, etc. In addition, there are no minimum amounts required for immediate cash for gold customers, be they B2B customers or individual gold sellers.
Business customers who don't want immediate cash for gold from Blackburn Gold & Silver Refining can have their scrap gold refined and returned to them as pure gold. These customers must have at least 20 ounces of actual gold to be refined, which usually turns out to be about a 30 ounce lot of mixed karat (14K, 18K, 22K, etc.) jewelry. Blackburn's San Diego gold refinery will then provide the customer a 97.5% pure gold return on the amount of gold that exists after the melting and refining process in complete. A precious gemstone recovery service is also provided.
Southern & Baja California jewellers, pawn shops, and gold buyers, as well as individual gold sellers, are encouraged to visit SanDiegoGoldRefinery.com for more information on how to Sell Gold the Smart Way and get more cash for gold. To schedule a free verbal market appraisal of your gold jewelry, scrap gold, gold bullion coins, and other gold merchandise please call 619-550-4540.
Free parking is provided with a confirmed appointment. Their San Diego gold refinery offices are conveniently located inside SDJB in the San Diego Gaslamp Quarter and open from 9am - 6pm weekdays and 10am - 5pm on Saturdays. Special appointment outside regular business hours can also be arranged for large B2B gold sellers.
Located in the Gaslamp Quarter of downtown San Diego, Blackburn Gold & Silver refining is the San Diego gold refinery division of SDJB, Southern California's favorite buyer and seller of pre-owned precious metal assets, fine jewelry, and luxury fashion accessories.
Website: http://sandiegogoldrefinery.com
Saudi Arabia Gold Price News update
5:13 AM
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Saudi Arabia Gold Price News update
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
- Gold prices may hit $10,000 per once in 2025
29 Jul 2011 07:47 GMT
... Gold prices may hit $10,000 per once in 2025 Global ... (South) Rwanda . Argentina, Equatorial Guinea, Kyrgyzstan,Kosovo. Saudi Arabia, Armenia , Eritrea, Laos, Senegal , ... - Barrick Reports Q2 2011 Financial and Operating Results
28 Jul 2011 11:23 GMT
... operation. The Jabal Sayid copper project in Saudi Arabia is expected to enter production in ... of $275-$300 per ounce(9). At the current gold price of about $1,600 per ounce, Pueblo Viejo is ... future cash flows; changes in the worldwide price of gold, copper or certain other commodities (such as ... - Stock Futures Lower; Dow Chemical & Saudis Announce Deal
25 Jul 2011 13:40 GMT
... Deadlock on debt in D.C. sent stock futures lower Monday and gold prices rose to a fresh high of $1,624.30. Moody's ... to build and operate a $20 billion Saudi Aramco chemicals complex, with production to begin ... - From Mubarak to Marcos: Where are all the despots?
28 Jul 2011 00:01 GMT
... The worldly-wise will suspect their medical problems are a ... taken under the protective wing of the Saudi royal family. The United States opened its ... should keep her solvent, especially with the price of gold soaring. Her daughter, Nesrine, and her playboy husband ... - Dubai imports show opening for self-sufficiency
23 Jul 2011 18:56 GMT
... Gregor Hunter Jul 24, 2011 Copper, aluminium products and ... the chief economist at NCB Capital in Saudi Arabia. "Clearly, during the past decade, Dubai ... of direct exports, the report said. The price of gold has soared in recent months, reaching an all-time ... - Gold: Plenty of room to move higher - and higher
26 Jul 2011 06:16 GMT
... may see a sharp correction in the gold price this will only be brief with $1700 ... of the decade. From a long-term perspective, gold prices near $1500, should we ever return to that ... been busy buying gold. Russia, India, China, Saudi Arabia, Mexico, and Brazil have been among ... - On Monday, markets once again focused on a sovereign debt crisis
26 Jul 2011 11:16 GMT
... assets. Today, the world’s top oil exporter Saudi Arabia said it would sell 3 million ... rising risk aversion bolstered safe-haven assets and gold price soared to a new all-time high above 1620 ... - yesterday's top story - Gold: Plenty of room to move higher - and higher
27 Jul 2011 08:04 GMT
... Despite gold's recent run up to new historic highs, ... of the decade. From a long-term perspective, gold prices near $1500, should we ever return to that ... been busy buying gold. Russia, India, China, Saudi Arabia, Mexico, and Brazil have been among ... - The red metal is currently trading at 9700 USD per ton level
22 Jul 2011 15:02 GMT
... On Thursday, Brent posted modest losses whereas U.S. WTI ... OPEC’s report, dovish members of the cartel (Saudi Arabia, UAE, Kuwait) boosted the production by ... turn, decreasing risk aversion weighed on the price of gold, which returned back below 1600 USD per ... - Crude Oil Outlook Remains Strong, 2011 Halftime Report
22 Jul 2011 17:22 GMT
... This year has been eventful for the oil patch. Natural ... market countries, such as China, India and Saudi Arabia, have reached the important GDP per ... significant exposure to near term movements in gold prices by including companies that do not hedge their ... - Idle Kingdom - By Ellen Knickmeyer
20 Jul 2011 07:01 GMT
... Around the Gulf, gold prices are hitting their annual summer spike for the ... lives as respectable married men. For older Saudi men fortunate enough to have government jobs, ...
Gold price Saudi Arabia Gold Market Price Chart today
5:06 AM
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Gold price Saudi Arabia Gold Market Price Chart today
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Gold price Saudi Arabia?
What is the price of gold per gram in Saudi Arabia today?
"special Fx": Forex Themes As 2009 Draws To A Close
Our last article focused on the widespread impact of change engineered by ongoing challenges to conventional wisdom and considered various trading styles that have subsequently evolved due to increased volatility and price turbulence within FX markets.
Not much has altered since although it’s fair to say markets have calmed down somewhat as players mull financial and behavorial effects to date on business conditions. With a degree of stability returning, players are turning their attention toward the debate on future expectations for FX market conditions, for example attempting to understand the increasinglly elevated status of and need for non-deliverable forward contracts and potential deregulation of ‘minor‘ currency markets as the currency world slowly, perhaps ironically, evolves.
Why ironically? Because FX is one of the faster-moving asset classes as far as execution, yet anecdotal evidence shows that even inevitability is always resisted (at least initially) by the human element; despite the advancement of technology, human resources is still the major component of influence in the world of currency trading and therefore can cause devlopments to move more slowly and more randomly than might otherwise be expected. For example, how many textbook traders would have expected the USD to remain so relatively steady during a bout of Quantitative Easing (QE), or simply put, printing money? The human factor cannot be underestimated because psychology must definitely have played a role in determining the USD’s floating market value, defying the odds against almost inevitalble devaluation. Players are buying USD even though algo systems and modelers may have specified QEto be a key component of a ‘sell‘ s
1000
trategy.
Nevertheless, technological improvements are continuously underway and the topic of FX markets facing fresh regulatory issues in the U.S. and Europe may also have impacted recent psychology. This holds true despite obvious potential efficiency improvements that would be attainable in certain instances if people pushed beyond the limits human comfort zones. That‘s an issue not faced by the robots, black-box models or dark pools, which are emotionless and all about the price at a given point in time rather than what the price might be after an event.....read more
gold price in saudi arabia per gram today
Gold Unit Current Price Previous Price
Gold Gram Karat 24 184.23 183.73
Gold Gram Karat 22 168.87 168.41
Gold Gram Karat 21 161.17 160.73
Gold Gram Karat 18 138.13 137.75
Gold Gram Karat 14 107.50 107.21
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Risk of Systemic Collapse and Fiat Currency Crisis Gold Over $1600 and Silver Over $40.30
9:44 PM
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Risk of Systemic Collapse and Fiat Currency Crisis Gold Over $1600 and Silver Over $40.30
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
Gold rose 0.5% in U.S. dollar terms to a new nominal record high at $1,602.05 per ounce. Euro falls saw the dollar rise 0.8% against the euro and gold rise 1.4% in euro terms to EUR 1,041 per ounce.
Gold rose 0.9% in British pound terms to £996 per ounce. Gold rose 0.8% to CHF 1,309 per ounce in the ‘safe haven’ fiat currency the Swiss franc (more below).
Gold rose to new record nominal highs in debt laden U.S. dollars, euros and pounds today due to the growing risk of a systemic financial collapse and fiat currency crisis.
Cross Currency Rates
European equities are lower with the FTSE down 1.1%. Asian equities were mixed with the Nikkei eking out a 0.4% gain.
Oil prices are lower despite continuing considerable geopolitical risk in North Africa and the Middle East.
Spanish, Italian and Greek bonds are under pressure with the yield on the Greek 10 year rising over 18% and Italy’s 10 year back over the 6% mark.
The second stress test is increasingly being seen as an abject failure and another futile exercise to obfuscate and deny the massive exposure of European banks.
This exposure is not just to sovereign debt, but also to loans worth in the trillions - including residential mortgages, small-business loans, corporate debt and commercial real-estate loans to individuals and institutions.
Gold in Swiss Francs – 2001 to July 2011 (in Nominal Terms, Non Inflation Adjusted Terms)
The much used contagion word is still not understood by most and we are beginning to see a classic contagion vicious circle as the bailout of western banks led to a deterioration of sovereign debt markets and now many of these same banks are massively exposed not just to sovereign debt but to individual, corporate and institutional debt.
A failure to raise the debt ceiling and a U.S. Treasury default would have severe consequences for the global financial system, given the central role played by U.S. Treasuries and U.S. government bonds.
Nearly every part of the global financial system from retail investors to companies and from governments to central banks hold Treasuries for reserves, for collateral and or for security.
Thus, a U.S. default would mean that the modern financial system itself could be at risk of collapsing.
The massive debt pyramid that gradually grew since 1971 (when Nixon closed the gold window and the U.S. dollar and all currencies became simply paper currencies dependent on the performance of governments and central bankers) and went parabolic due to the cheap money ultra loose monetary policies of recent years is at risk of collapsing which will result in a systemic crisis.
the next asset class be after this gold bull market
9:38 PM
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the next asset class be after this gold bull market
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Mike Maloney discusses a basket of indicators he will be using to time the selling of his gold and silver bullion. He believes high dividend yield stocks and or real estate are two potential asset classes he may be moving into, his choice dependent upon what his proprietary investment indicators reflect.
Mike mentions by the time this gold and silver bull market has run its course, it's possible that real estate may be cash flowing on the order of some 15 to 20%. He also mentions that it will be difficult for most investors in the future to qualify for mortgage loans, only highly capitalized investors will have the opportunity to benefit in this future scenario.
Perhaps a high percentage of these folks will have had the foresight to acquire silver and gold bullion before a currency crisis comes to fruition.
Gold Will Remain Bullish Until the Debt Situation is Resolved gold prices will hit 1800 to 2000
9:27 PM
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Gold Will Remain Bullish Until the Debt Situation is Resolved gold prices will hit 1800 to 2000
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Jay Taylor, President & CEO, Taylor Hard Money Advisors says gold prices will hit 1800 to 2000
Armageddon Trade Placed Against the United States
9:19 PM
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Armageddon Trade Placed Against the United States $1 Billion
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Someone dropped a bomb on the bond market Thursday – a $1 billion Armageddon trade betting the United States will lose its AAA credit rating.
In one moment, an invisible trader placed a single trade that moved the most liquid debt market in the world.
The massive trade wasn't placed in bonds themselves; it was placed in the futures market.
The trade was for block trades of 5,370 10-year Treasury futures executed at 124-03 and 3,100 Treasury bond futures executed at 125-01.
The value of the trade was about $850 million dollars. In simple terms, if that was a direct bond buy, no one would be talking about it.
However, with the use of futures, you have to have margin capacity behind the trade. That means with a single push of a button someone was willing to commit more than $1 billion of real capital to this trade with expectations of a 10-to-1 return ratio.
You only do this if you see an edge.
This means someone is confident that the United States is either going to default or is going to lose its AAA rating. That someone is willing to bet the proverbial farm that U.S. interest rates will be going up.
I believe what happened is a debt-ceiling deal was done in Washington and leaked to a major proprietary trader. Everyone knows the debt negotiations in Washington have been an extreme game of brinksmanship between political parties, but now someone knows how that game played out.
This had the hallmarks of one of the largest bond shops in the world knowing something the rest of the market didn't.
The number of shops or even central banks that can take on this level of market risk is extremely small. Some that come to mind are hedge fund manager John Paulson, Bill Gross's PIMCO, and the U.S. and Chinese central banks.
Paulson already scored big – about $6 billion big – on a similar trade years ago when he bet against subprime mortgages, the investments that helped bring down Lehman Bros. and many other investors.
Whoever was behind it wanted a trade on ASAP, and didn't care about the ripples they would cause.
You can see how this trade caused fear to be unleashed in the market once it got out and the implications hit by looking at U.S. Treasuries. People who were long 30-year Treasuries panicked as they saw the huge short put on the futures market, and started to unwind their long exposure.
What you, as investors, should do now is look at the bond exchange-traded funds (ETFs) that provide a positive rate of return when U.S. Treasuries drop in value. Yields are going up sooner rather than later, if the person behind this Armageddon trade is correct.
Original sourceWhat you, as investors, should do now is look at the bond exchange-traded funds (ETFs) that provide a positive rate of return when U.S. Treasuries drop in value. Yields are going up sooner rather than later, if the person behind this Armageddon trade is correct.
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GOLD and SILVER CHARTS The 21st Century Gold and Silver Bull Market July 28 2011
9:13 PM
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GOLD and SILVER CHARTS The 21st Century Gold and Silver Bull Market July 28 2011
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Price reached our 1625-1629 zone on Wednesday hitting (1628.30 on Forex) and Thursday came down and tested the lower purple channel line. The upper Gold trend line requires a close above 1631 area to continue the uptrend. Interestingly --- gold is in the final portion of this short term uptrend as the weaker cycle (red circles) ideal peak time is either Friday or Monday of next week.
The blue circles on the chart represent the strong short term cycles. The Red circles are when the weaker cycles are in play. The strong cycle is due to end between July 27th and Aug 2nd -- and a weaker cycle is due to begin that would last until the middle of August. Thus this gold channel and the 1631 area must be watched carefully for a potential short term high. A close above the gold channel line would suggest the move higher will continue into Monday.
We were looking for a pullback into Thursday/Friday and Thursday gave us a key test of lower support and was able to hold support. The move back up into the price close remains right in between the gold and purple channel lines. This is the spot to watch for direction. The next two week move is setting up and the move (one way or another) will most likely set the pace into Mid August. Prices may have peaked short term but if not, the ideal time for it is Friday or Monday.
If price closes above the gold channel line, the potential for an extension into mid August will come into play. We'll discuss it more if it develops. Watch the gold line on the upside 1620-1631 and the purple channel line 1595-1604 on the downside. which ever area gold closes above (or below) should put the next two week trend into play.
Gold using ETF (GLD)
One good thing about GLD is it provides a nice chart of just the New York action. Gold has reached a five year resistance line at a time when the green line is touching this area as well. The Green line measures all the highs from the low of the 2008 crash. THIS POINT IN TIME SEEMS VERY IMPORTANT -- and with price arriving there we should be very cautious. If there is to be a major escalation of price, it will most likely begin here. A WEEKLY or MONTHLY close above this line would open the door to a much higher momentum rate. If the market keeps doing what it has been doing since the crash lows, then a pullback or correction is going to develop when no one expects it -- August thru Oct/November. Then the next big leg up will begin. We'll be watching this area very carefully.
Gold Using ETF (GLD) long term resistance
Silver
We've had a big rally over the past month. (Our silver button went long at 35.15 on the short term ---and the medium term buy at blue line buy zone was 33.08 on May 12th).
But price has arrived at the 50% retracement of the crash of 2008. We listed a close above 41.50 on the home page as the spot to watch for higher price this week and have been watching that number on the silver button for two weeks. The high was 41.43 this week. Since that peak, a pullback all the way down to 39.25 has developed in line also with our (mid week Wednesday) call for a potential "Peek for the Week." . Price has now returned to a key support area. Click on the silver button to see our latest analysis.
gold and silver soared in early trading july 27 2011
9:05 PM
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gold and silver soared in early trading july 27 2011
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America’s fate is in our hands and time is running out.
July 27, 2011 – Once again both gold and silver soared in early trading – gold shot past $1,626 and silver climbed well over $41. The prices will likely moderate if the recent pattern holds, but something is definitely in the air. Maybe investors sense that something much bigger than default is looming over America.
In the Daily Reckoning Bill Bonner presents a compelling argument that we stand at a crucial fork in the road: Straight ahead lies the end of the American Empire, while the path to the right leads back to the American Republic. While the politicians crack their whips herding us forward the markets urge us to take the other course.
Politics is all about control. In the 19th century our government extended its control westward to the Pacific in the righteous name of manifest destiny. Still not satiated, our government perverted its constitutional duty to protect its citizens to mean “making the world safe for democracy,” thereby extending its influence into every corner of the globe.
“Trouble is,” Bonner says, “politics is expensive and unproductive. The more of it you have – either at home or abroad – the poorer you become... until you can no longer afford it. That's the situation we're in now.”
It happened without the slightest debate. Nobody was called on to justify the ruinous course they had set us on. You see, we the people were also drunk on power. We were calling the shots, we liked how it felt, and we were determined to never back down. “In all the many examples of empires,” Bonner says, “none...not one...ever backed up. None ever renounced its imperial destiny. None ever thought better of it.” And none ever survived.
Americans are a proud people and we need a source for our pride, something to believe in. Nowadays, about all we have left is our military. In one way or another every one of our other cherished institutions has stabbed us in the back. So you go along with the imperial agenda, “even when it brings you close to extinction.”
Politics has gone to great lengths to demonize the alternative – the markets. Left to their own devices markets survive by bringing people together in mutually equitable agreement. It is political meddling in the markets – not the markets themselves – that has left a bitter taste in our mouths.
We hold America’s fate in our hands. Although most of those we put in office in 2010 have been swept up in the imperial agenda, “some people in the Tea Party...and even in the Republican Party...see what has happened.” We need many more like them, those who will heed the markets’ warnings and lead America back to greatness.
Live Gold Prices, Price of Gold Coins, & Silver Prices
5:00 AM
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Live Gold Prices, Price of Gold Coins, & Silver Prices
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Get the current gold price, live gold prices, world gold prices, London gold prices, gold spot price, gold price today in the U.S., and gold bullion prices online. If you want more precious metals info or want to check gold coin prices, please shop Austin Rare Coins & Bullion or the Gold Information Network. Gold price questions? Feel free to call seven days a week 9am to 9pm central time at 1-800-928-6468.
Gold, Silver Prices in India today
4:52 AM
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Silver, Gold plunge
Mumbai, Jul 1 (UNI) The Precious metals plunged today with Silver nosediving by Rs 1235 per kg to Rs 51,710 and Gold slided by Rs 335 to Rs 21.630 per ten gm on selling by stockists and weak global cues, traders at Bombay Bullion Association (BBA) said.
In the opening trade, Silver eased by Rs 720 per kg but lost further ground at close lower by Rs 1235.
Gold fell in the opening by Rs 195 per ten gm but went down further at close by Rs 335.
Following are closing rate of spot Silver and Gold Silver (per kg) Rs 51,710 (Rs 52,945) Gold 99.5 stanard mint Rs 21,630 (Rs 21,935) Gold 99.9 pure gold Rs 21,735 (Rs 22,070)
Gold, Silver, S&P 500 and Bond Prices Pop SPY – SP500 ETF Exchange Traded Fund
5:46 PM
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Gold, Silver, S&P 500 and Bond Prices Pop SPY – SP500 ETF Exchange Traded Fund
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SPY – SP500 ETF Exchange Traded Fund
This chart shows two charts. One of the 10 minute intraday chart covering 6 trading sessions. It shows where we had our recent entry point and also shows how the stock market tries to buck traders off a bull market.
The bottom chart shows the daily chart and today strong reversal candle closing at a new multi month high. Again, the market is way over done and I never recommending chasing a stock, commodity or index, but to wait for a pullback to support before getting on the bull.
Mid-Week Trading Conclusion
In short, the market is still trending up so stick with the trend for now and DO NOT, for any reason, chase the market just because you want in. Wait for an intraday dip on the 30 minute chart if you’re dieing to get involved.
The average bull market lasts about two years and the Fed plans on pumping money into the market long enough to make this a 2 year bull market. I’m not saying we get higher prices for that long, but that’s more or less what plan for the guys manipulating the market up. So when it does fall there is plenty of room so hopefully the 2009 low is not broken which would not be good.
So far in 2011 Gold stills trades very well according to patterns
5:41 PM
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So far in 2011 Gold stills trades very well according to patterns.
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I’ve sent out a few charts this year to give the update on the gold trade. I’ve been trading Gold using chart patterns since 2008. This was first time I went on CNBC and stated it would Gold would hit $1500 back when it was trading at $850.
This is Mark Haines, Erin Burnett and I back in 2008. I will miss Mark deeply.
Gold Change from last NY close on Exchange Rates
10:17 PM
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Gold Change from last NY close on Exchange Rates
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Gold Change from last NY close on
Currency Change
% * Last Update
NY Time Currency to buy 1 unit of USD Gold
Price/g
current Gold
Price/oz
current Gold
Price/oz
prev. close Gold
Change
Gold
Change
%
X=1$USD
current X=1$USD
prev. close Change
US Dollar -- 07/13-01:19 -- -- -- 50.37 1566.80 1567.30 -0.50 updown 1.02%
Australian Dollar updown +0.35% 07/13-01:10 0.9411 0.9445 -0.0023 47.41 1474.52 1480.24 +11.38 updown +0.78%
Brazilian Real updown +0.01% 07/12-19:28 1.5750 1.5751 +0.0021 79.34 2467.71 2468.65 +28.14 updown +1.15%
British Pound updown -0.02% 07/13-01:19 0.6284 0.6283 -0.0023 31.65 984.50 984.66 +6.44 updown +0.66%
Canadian Dollar updown +0.29% 07/13-01:19 0.9680 0.9709 -0.0088 48.76 1516.66 1521.61 +1.72 updown +0.11%
Chinese Yuan updown +0.04% 07/13-01:18 6.4652 6.4675 -0.0026 325.68 10129.68 10136.51 +98.12 updown +0.98%
Euro updown +0.17% 07/13-01:19 0.7144 0.7156 -0.0014 35.98 1119.24 1121.48 +9.12 updown +0.82%
Hong Kong Dollar updown +0.03% 07/13-01:18 7.7927 7.7948 -0.0003 392.55 12209.60 12216.79 +122.66 updown +1.01%
Indian Rupee updown +0.22% 07/13-01:18 44.6070 44.7050 -0.0580 2247.02 69890.25 70066.15 +614.83 updown +0.89%
Japanese Yen updown -1.22% 07/13-01:18 79.5250 78.5650 -0.6050 4005.98 124599.77 123134.92 +318.14 updown +0.26%
Mexican Peso updown +0.26% 07/13-01:10 11.7691 11.7993 -0.0193 592.85 18439.83 18493.04 +156.02 updown +0.85%
Russian Ruble updown +0.10% 07/13-01:00 28.3078 28.3375 +0.0884 1425.97 44352.58 44413.36 +584.37 updown +1.34%
S.African Rand updown +0.50% 07/13-01:03 6.8356 6.8700 -0.0221 344.34 10710.02 10767.35 +73.73 updown +0.69%
Swiss Franc updown -0.22% 07/13-01:18 0.8316 0.8298 -0.0061 41.89 1302.95 1300.47 +3.76 updown +0.29%
Exchange Rate change from last gold close on
Currency Change
% * Last Update
NY Time Currency to buy 1 unit of USD USD to buy 1 unit of currency
X=1$USD
current X=1$USD
prev. close Change
X$USD=1
current X$USD=1
prev. close Change
Australian Dollar updown +0.35% 07/13-01:10 0.9411 0.9445 -0.0023 1.0626 1.0588 +0.0038
Brazilian Real updown +0.01% 07/12-19:28 1.5750 1.5751 +0.0021 0.6349 0.6349 +0.0000
British Pound updown -0.02% 07/13-01:19 0.6284 0.6283 -0.0023 1.5915 1.5917 -0.0003
Canadian Dollar updown +0.29% 07/13-01:19 0.9680 0.9709 -0.0088 1.0331 1.0300 +0.0030
Chinese Yuan updown +0.04% 07/13-01:18 6.4652 6.4675 -0.0026 0.1547 0.1546 +0.0001
Euro updown +0.17% 07/13-01:19 0.7144 0.7156 -0.0014 1.3999 1.3975 +0.0023
Hong Kong Dollar updown +0.03% 07/13-01:18 7.7927 7.7948 -0.0003 0.1283 0.1283 +0.0000
Indian Rupee updown +0.22% 07/13-01:18 44.6070 44.7050 -0.0580 0.0224 0.0224 +0.0000
Japanese Yen updown -1.22% 07/13-01:18 79.5250 78.5650 -0.6050 0.0126 0.0127 -0.0002
Mexican Peso updown +0.26% 07/13-01:10 11.7691 11.7993 -0.0193 0.0850 0.0848 +0.0002
Russian Ruble updown +0.10% 07/13-01:00 28.3078 28.3375 +0.0884 0.0353 0.0353 +0.0000
S.African Rand updown +0.50% 07/13-01:03 6.8356 6.8700 -0.0221 0.1463 0.1456 +0.0007
Swiss Franc updown -0.22% 07/13-01:18 0.8316 0.8298 -0.0061 1.2025 1.2052 -0.0027
Exchange Rate change from last 24 hours
Currency Change
% * Last Update
NY Time Currency to buy 1 unit of USD USD to buy 1 unit of currency
X=1$USD
current X=1$USD
24hr ago Change
X$USD=1
current X$USD=1
24hr ago Change
Australian Dollar updown +0.35% 07/13-01:10 0.9411 0.9445 -0.0023 1.0626 1.0601 +0.0025
Brazilian Real updown +0.01% 07/12-19:28 1.5750 1.5751 +0.0021 0.6349 0.6358 +-0.0008
British Pound updown -0.02% 07/13-01:19 0.6284 0.6283 -0.0023 1.5915 1.5858 0.0057
Canadian Dollar updown +0.29% 07/13-01:19 0.9680 0.9709 -0.0088 1.0331 1.0238 +0.0093
Chinese Yuan updown +0.04% 07/13-01:18 6.4652 6.4675 -0.0026 0.1547 0.1546 +0.0001
Euro updown +0.17% 07/13-01:19 0.7144 0.7156 -0.0014 1.3999 1.3971 +0.0027
Hong Kong Dollar updown +0.03% 07/13-01:18 7.7927 7.7948 -0.0003 0.1283 0.1283 +0.0000
Indian Rupee updown +0.22% 07/13-01:18 44.6070 44.7050 -0.0580 0.0224 0.0224 +0.0000
Japanese Yen updown -1.22% 07/13-01:18 79.5250 78.5650 -0.6050 0.0126 0.0125 0.0001
Mexican Peso updown +0.26% 07/13-01:10 11.7691 11.7993 -0.0193 0.0850 0.0848 +0.0001
Russian Ruble updown +0.10% 07/13-01:00 28.3078 28.3375 +0.0884 0.0353 0.0354 +-0.0001
S.African Rand updown +0.50% 07/13-01:03 6.8356 6.8700 -0.0221 0.1463 0.1458 +0.0005
Swiss Franc updown -0.22% 07/13-01:18 0.8316 0.8298 -0.0061 1.2025 1.1938 0.0087
* The currency change percentage is based upon the X$USD=1 value of the currency.(ie: the amount of US Dollars required to purchase 1 unit of the currency in question). Our tables below however show the X=$USD value (ie: the amount of currency required to buy 1 US Dollar)
For example if the Canadian dollar changed from 1.30 to 1.40 the Change would show -0.10 to reflect the weakened dollar. The Change % would be calculated as: (1/1.30 - 1/1.40) / (1/1.30)) = -7.14%
Gold, Silver Prices Diverge on Debt, Global Outlook Gold gains as support comes from debt crisis
10:08 PM
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Gold, Silver Prices Diverge on Debt, Global Outlook Gold gains as support comes from debt crisis
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
Mihir Dange, co-founder of Arbitrage, says he is flat right now and is sideways bullish on the gold market. “We’re still waiting on a lot of events,” says Dange referring to Washington’s failed attempt over the weekend to resolve the debt ceiling as well as Europe’s inability to help Greece or prevent contagion. These events “could push the market one way or another,” says Dange. “It will probably be choppy between $1,560 and $1,575 and look for a breakout above $1,577″ an ounce, the metals intra-day record.
Dange isn’t concerned that gold prices haven’t hit new records given the spate of negative headlines pounding markets, but says the fact that gold has held up while other assets saw mass liquidation is very bullish.
Silver, on the other hand, typically a go-to metal like gold, has been suffering from the industrial metal blues. As investors worry about a global slowdown, flat or negative demand from Europe and the U.S., and credit tightening in emerging market countries — typically voracious consumers of industrial metals — silver has become less appealing.
Gold futures rose Tuesday, supported by ongoing worries about the euro-zone debt crisis and poised to extend gains into a sixth session. Gold for August delivery added $4.10, or 0.3%, to $1,553.40 an ounce on the Comex division of the New York Mercantile Exchange. It had earlier wavered between small gains and losses....read more
Gold strikes record high after The Recovery Has Stalled
10:03 PM
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Gold strikes record high after The Recovery Has Stalled
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
Gold jumped to a record high Tuesday after the minutes from the Federal Reserve’s June policy meeting indicated the central bank might be open to more monetary stimulus.
Gold futures for August delivery climbed $13.10, or 0.9%, to a record high of $1,562.30 an ounce. In after-market electronic trading, gold rose as high as $1,574.30 an ounce.
The late-afternoon surge came after the minutes from the Federal Reserve’s June meeting said “a few members” of the bank’s Federal Open Market Committee said the bank “might have to consider providing additional monetary policy stimulus, especially if economic growth remained too slow to meaningfully reduce the unemployment rate in the medium run.”
Gold futures crowned a six-session winning streak with a nominal record Tuesday, overcoming a wobbly start with support from ongoing worries about the euro-zone debt crisis.
Gold for August delivery added $13.10, or 0.9%, to settle at $1,562.30 an ounce on the Comex division of the New York Mercantile Exchange.
That handily supplanted a previous settlement record of $1,557.10 an ounce on May 2. ...read all more
Gold and silver imports increase sharply in India 2011
9:56 PM
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Gold and silver imports increase sharply in India 2011
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
Imports of Gold and Silverby India are soaring thanks to an unabated demand for the bullion commodities. While India’s import of gold has risen were up by 76% and 160% in April and May respectively, silver import was up by 22% in the same period compared to last year.
According to UBS, India continues to be a robust centre of attraction for gold bullion sales. UBS said that gold and silver imports are set to soar in India in 2011 thanks to an unprecedented consumer demand for these commodities.
Gold and silver imports in India increase sharply
Imports of Gold and Silverby India are soaring thanks to an unabated demand for the bullion commodities. While India’s import of gold has risen were up by 76% and 160% in April and May respectively, silver import was up by 22% in the same period compared to last year.
According to UBS, India continues to be a robust centre of attraction for gold bullion sales. UBS said that gold and silver imports are set to soar in India in 2011 thanks to an unprecedented consumer demand for these commodities.
“While import volumes rather than values would be much more accurate, given the run-up in gold and silver prices in May, the figures still provide a good indication of the country’s robust appetite for precious metals,” said Edel Tully, precious metals strategist at UBS in London.
According to World Gold Council (WGC), gold and silver demand from India amounted to 963.1 tonnes in 2010 – a 66% rise on the previous year.
India is the largest consumer and importer of gold and silver in the world.
Last week, India’s state-owned trading company—Minerals and Metals Trading Corporation (MMTC)—said that it would import 350 tons of Gold and 1,200 tons of Silver in 2011-12 as demand for the precious metals is rising fast.
“We plan to 350 tons of gold and 1,200 tons of Silver in the 2011-12 fiscal as the domestic demand for these metals are fast rising,” MMTC Marketing Director Ved Prakash told reporters.
India is one of the largest importers and consumers of Gold and silver in the world. As the domestic production of these precious metals is negligible compared to their rising consumption, India has been importing hundreds of tons of gold and silver every year.
Prakash said that import of gold by MMTC in the current fiscal is expected to increase by more than 40 per cent with the yellow metal fast emerging as a safer investment option.
“We are stepping up import of Gold this fiscal due to rising demand for the nobel metal. Also, its value as a safe option, in the current volatile market, is rising,” he said.
The company almost doubled its import of gold at 45 tonnes during the April-June quarter this year compared to the same period last year, he added. He said besides gold, the demand for Silver is rising as it gives better returns.
Silver prices have been touching new peak in India thanks to robust demand amid short supply in the global market.
Majority of silver in India is used in the production of ornamental items like jewellery, utensils and gift articles. Every year, India buys more than 4,000 tonnes of silver and over 960 tonnes of gold. – Source: http://www.commodityonline.com
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Egypt riots and Oil 2011
9:47 PM
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Egypt riots and Oil 2011
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
921Share
Egypt riots and Oil
as Egypt's post-peak oil production plummets, so do food subsidies and food prices surge.
Egypt riots and Oil By TOBIAS VANDERBRUCK for OIL-PRICE.NET, 2011/01/31
Riots over high food are snowballing through the Middle East, and the latest theatre of these riots, Egypt, has Western Powers worried. Very worried. Never mind a democratic regime, free elections and freedom of speech. The real worry here is oil, or the control thereof.
Egyptians are starving because Egypt is past Peak Oil
Egypt's oil production peaked in 1996 at 922,000 barrels/day. Since then, Egypt's oil output has declined an alarming 26%. Moreover this decline is amplified each year as the rate of depletion in existing wells accelerates. As in most middle-eastern oil exporting nations, oil accounts for the quasi totality of this country's exports and economy (not a single Egyptian company is listed on the SP500). Egypt which used to be self-sufficient in all basic food groups back in the 1960s now imports most of its food and the state has relied on oil revenues to subsidize food prices. But as Egypt's post-peak oil production plummets, so do food subsidies and food prices surge. Unlike the USA which can and does print more dollars sold to the Chinese to counter its trade deficit, Egypt cannot find buyers for the currency it prints and double-digit inflation is the norm. As food prices increase worldwide, this increase in price is multiplied in food importing countries like Egypt with a weak currency. But the real reason why these riots are so publicized in the West lies in the disastrous consequences they may have for the Global Oil Supply.
Egyptian riots may disrupt US oil supply
Nearly 3 million barrels of oil transit daily through the Suez Canal, as much as Canada's daily output, making it one of the world's most important oil routes. The tankers ferrying this oil are coming from Saudi Arabia, Kuwait and neighbouring producers and are for the most part headed to US shores and to a lesser extent Western Europe which also relies on the North Sea and Russia for its oil supply. Unfortunately Egypt is the country which controls the Suez Canal and as the food riots gradually take the shape of a revolution, the future of the Canal becomes a million dollar question. As it stands, the possibilities are endless, among which here are some likely scenario to ponder:
A labor strike may cause a temporary transit disruption through the canal. Not good news for Egyptians as the food Egypt imports also comes through the canal.
For a newly established government eager to prove its legitimacy, the most populist thing to do would be to significantly raise the Canal's Tariff: The tax levied by Egypt on all oil flowing through the canal. This would be in effect a tax on non-Egyptian oil to subsidize Egyptian food. As a result oil prices would soar worldwide.
Any temporary interruption in the Suez traffic would undoubtebly cause the US to open its 727 milion barrel strategic petroleum reserves to avoid domestic fuel shortages. A military intervention may be triggered in advance of a prolonged interruption to take over, secure and operate the Canal. It is in both the US and Egyptian national interests to keep both oil and food transiting securely through the canal. In 2010, Egypt was the second largest recipient of US military aid with 1.5 billion dollars.
Food Riots: the shape of things to come
The pattern is identical across Middle Eastern oil exporters: most have either or are close to reaching peak oil and far from self-sufficience, they rely mostly on food imports subsidized by oil to feed their people. Decades of relying on easy oil revenue are culminating into a tragic finale. The release by Julian Assange of some key Wikileaks cables a month ago demonstrated that many high ranking officials in these countries are corrupt and feel no sympathy for their starving constituents. It also became evident that these same officials feared their people, in other words, the emperor wears no clothes. This has set the foundations of an unprecedented revolution throughout the Middle East, from which the West is struggling to make sense.
Will fundamentalists take over Egypt?
That is the two million dollar question. Unfortunately, democracies do not have a very successful track record in this part of the world, mostly due to external influences (For example, Iran 1953). What, in the case of Egypt, was originally a grassroots movement, coordinated via Facebook and Twitter, inspiring all generations and genders from all walks of life took a decisive turn when the Egyptian government hit the "kill switch" on the internet. Since then Mosques have become the only forum from which riots and demonstrations have been coordinated and, as the saying goes, there is no free lunch. Expect the Muslim Brotherhood party to gain seats in the new government.
Food Riots: the shape of things to come
The pattern is identical across Middle Eastern oil exporters: most have either or are close to reaching peak oil and far from self-sufficience, they rely mostly on food imports subsidized by oil to feed their people. Decades of relying on easy oil revenue are culminating into a tragic finale. The release by Julian Assange of some key Wikileaks cables a month ago demonstrated that many high ranking officials in these countries are corrupt and feel no sympathy for their starving constituents. It also became evident that these same officials feared their people, in other words, the emperor wears no clothes. This has set the foundations of an unprecedented revolution throughout the Middle East, from which the West is struggling to make sense.
Will fundamentalists take over Egypt?
That is the two million dollar question. Unfortunately, democracies do not have a very successful track record in this part of the world, mostly due to external influences (For example, Iran 1953). What, in the case of Egypt, was originally a grassroots movement, coordinated via Facebook and Twitter, inspiring all generations and genders from all walks of life took a decisive turn when the Egyptian government hit the "kill switch" on the internet. Since then Mosques have become the only forum from which riots and demonstrations have been coordinated and, as the saying goes, there is no free lunch. Expect the Muslim Brotherhood party to gain seats in the new government.
This article was written by Oil-Price.net which provides free information on crude oil.
Novice DIYers Change Oil.wmv How to Chilton Video Series
9:42 PM
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Novice DIYers Change Oil.wmv How to Chilton Video Series
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
Japan Seeks a Resilient Energy Policy on Oil Japan's Achilles Heel
9:33 PM
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Japan Seeks a Resilient Energy Policy on Oil Japan's Achilles Heel
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
The Japanese attack on Pearl Harbor in 1941 was a fall-out of the US ban on oil exports to Japan earlier that year. This prompted Japan to try and takeover the Dutch East Indies, an oil rich region, and the attack on the US naval base was intended to keep them from interfering with the plans of conquest.
Since facing defeat in World War II, Japan has not had an army but only 'self-defense forces'. This means that they are like an extension of the police force and are meant only to safeguard the nation. They cannot be deployed elsewhere. Many say that lack of preparedness and poor training is the reason why these forces could not do much good during the crises wrought by nature's fury.
The lack of a proper army is also seen as debilitating to the effort of securing oil resources from foreign countries. The current crisis in Japan has underlined this fact. Figures from charitable organizations such as the Red Cross indicate that none of the oil-rich countries (Saudi Arabia, UAE) have made an effort to donate fuel to the Japanese who are in dire need of it today.
Lack of fuel in the ravaged nation is leading people to succumb to hypothermia because they do not have heating.
The long lines at the gas stations and stalled vehicles including ambulances are signs that the lack of fuel has led to a breakdown in the emergency services. The sick and wounded are unable to get to a hospital promptly while the fire trucks cannot douse fires in time because their gas tanks are empty.
Japan was well on the way to making nuclear power its primary source of energy. However, it is now abundantly evident that in times of disaster, the possibility of radiation posing a bigger danger to the population is very real.
The massive earthquake and tsunami that hit Japan recently have left widespread destruction and loss of life in their wake. Besides the health hazards and reconstruction that looms ahead for the Japanese, the Fukushima Daiichi tragedy has thrown light on the nation's energy policy which has aggravated their problems at this crucial time. Japan's dependence on oil and natural gas imports is a whopping 80 percent since its natural resources are extremely low. Since World War II, the country's rapid development has seen its energy requirements doubling every five years.
Japan's Nuclear Energy Program
In 1950, over 50 percent of Japan's energy needs were met through coal and 30 percent through hydroelectricity with oil accounting for the rest. In 1954, the country embarked on its nuclear research program for peaceful purposes. In 1956, the Japan Atomic Energy Research Institute (JAERI) and the Atomic Fuel Corporation were formed to encourage nuclear power development and utilization.
Japan imported its first nuclear reactor from UK in the mid 60s. Its first nuclear reactors were built in collaboration with American companies in the late 1970s and today Japan has 53 nuclear reactors. Soon enough, the Japanese were self-sufficient and today they even import reactor designs to other Asian countries and also to Europe. In the 1990s, the Atomic Fuel Corporation was renamed Power Reactor and Nuclear Fuel Development Corporation, popularly known as PNC.
Following a couple of accidents and the PNC's lackluster response to these, the government modified the PNC to the Japan Nuclear Cycle Development Institute or JNC. The JNC and JAERI were merged in 2005 to form the Japan Atomic Energy Agency (JAEA).
Nuclear Power for Electricity
In the mid-70s, Japan generated 66 percent of its electricity through oil. However, following the two oil crises in the 1970s, Japan decided to find alternate means of generating electricity. The latest data indicates that coal contributes 28 percent of Japan's electricity needs with natural gas supplies at 26 percent and oil at 10 percent. Nuclear energy provides nearly 30 percent of the electricity in Japan. Before the natural disasters crippled the country, the target was to increase this to 41 percent by 2017 and 50 percent by 2030.
Looking Forward
The Japanese are looking towards renewable energy options such as solar, wind, and bio fuels as crucial to the reconstruction process. Experts in the field have said that Japan has the capability to generate up to two-thirds of its energy requirements through renewable sources by the year 2050. The fact that hydropower, solar, wind, and geothermal have generated about 10 percent of Japan's electricity, is an indication that the target is achievable.
With summer looming large, the Japanese government is scrambling to cope with the nation's energy shortage. Measures such as introduction of daylight savings time and hiking the price of electricity are being considered. Blackouts are expected to continue for at least one year in an effort to minimize energy consumption. The shutting down of the nuclear plants has meant that there has been a decline of about a third of the electricity normally supplied to Tokyo. Demand for gas has also shot up as much as threefold.
Besides resolving the energy crisis that has hounded the nation for decades, Japan will have to focus on retaining its talent pool. Many qualified scientists, engineers, researchers, and professors are being lured by the attractive offers in the US and Europe and are choosing to run away from the devastation. However, it is crucial that these people stay on to help rebuild the ravaged nation.
Crude Oil and Commodity Prices July, Wednesday 13 2011
9:22 PM
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Crude Oil and Commodity Prices July, Wednesday 13 2011
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
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0.36 0.37%
for Fuel Price Hikes in Indonesia Increasing Calls on the government
9:10 PM
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for Fuel Price Hikes in Indonesia Increasing Calls on the government
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
Various quarters have called on the government to increase fuel oil prices so that the subsidy burden in the state budget could be reduced.
The calls on the government to raise the price of fuel oils instead of limiting subsidized fuel oil consumption were made among others by observers, legislators and businessmen. The latest call was made by the Indonesian Young Businessmen’s Association (HIPMI).
“We will support a government decision to raise fuel oil prices,” HIPMI Chairman Erwin Aksa said after a meeting with President Susilo Bambang Yudhoyono at the Presidential Office here on Monday.
The HIPMI chairman said that fuel oil subsidies very much burdened the state budget. A big amount of subsidy would reduce the budget for capital expenditures. Small capital expenditures would hamper the development of infrastructure.
While the subsidy set in the 211 state budgets amounted to Rp92.79 trillion, it is urgent for the government to increase the prices to follow the hike of the world crude prices. Each one dollar increase per barrel in the world market over the assumed figured of 80 US dollar in the state budget would raise the subsidy by Rp2.7 trillion.
Therefore, energy analyst Pri Agung Rakhmanto and legislator Satya W Yudha of the Golkar faction in the House of Representatives (DPR) were among other parties who also asked the government to increase fuel oil prices. Executives of HIPMI even met with President Susilo Bambang Yudhoyono on Monday to convey their association’s proposal that the government raise fuel oil prices.
The HIPMI leaders met with the president for one hour. HIPMI Chairman Erwin Aksa said his organization was suggesting that the government increase fuel oil prices. The HIPMI chairman directly conveyed the proposal for increasing fuel oil prices in a one-hour meeting with the president.
The head of state would study the proposal and took into account the present conditions including fluctuations of world crude prices. According to Erwin, his association has conveyed its proposal after witnessing the fact that there were still many rich people who purchased subsidized fuel oils.
“We are concerned to see that there are still expensive four-wheel vehicles used subsidized premium gasoline,” he said.
But he said that he did not propose any rate for the increase in the fuel oil prices. According to him, the president already has officials who will deepen the matter. The same voice was also aired by Pri Agung saing that the most realistic option to off set subsidy in the state budget was to increase fuel oil prices.
“In term of time, the restriction option is no longer relevant to be imposed to overcome the swelling of subsidy budget this year.”
According to Finance Minister Agus Martowardojo, the realization of subsidized fuel oil in the first semester of 2011 has reached Rp41.6 trillion of the target set at Rp95.9 trillion. This is higher than consumption in the first semester a year earlier which was Rp30.2 trillion of the target set in the 2010 state budget at Rp88.9 trillion.
Agus said that the volume based on the prognosis in the second semester was estimated at Rp79.2 trillion so that it would swell to Rp120.8 trillion, or higher than the target in the state budget at Rp95.9 trillion. Pri Agung, who is also executive director of ReforMiner Institute, said that restriction option had high distortion potentials such as abuse of subsidized fuel oil in black markets.
With this reason it would not be effective to be implemented at present and in the future. Sapta Yudho who said that the law on State Budget in 2011 allowed the government to raise fuel oil prices if the Indonesian Crude Price (ICP) has reached 10 percent above the assumed figure of 80 US dollars or 88 US dollars per barrel as set in the state budget.
After all, each one dollar increase per barrel in the ICP over the assumed figured of 80 US dollar would raise the subsidy by Rp2.7 trillion. Thus, the realization of an average price of ICP at 111 US dollar, or an increase of 31 US dollar, would increase the subsidy for fuel oil and electricity to Rp83.7 trillion.
So, the government, based on the law, should raise the prices of fuel oils. “This means that the government already has the legal argument to increase the price of fuel oil. So, what else is the government waiting for?” Pri Agung questioned.
However, the finance ministry assured it would not choose the option to increase subsidized fuel oil prices but one which limited consumption of the commodity based on the quota in the state budget.
“We have no plan to increase prices but to control the consumption of subsidized fuels so that it would not exceed the quota,” Finance Minister Agus Martowardojo, said.
He said that the option to raise fuel oil prices was guaranteed by the law but his side would never use the option. The minister would even coordinate with the relevant parties so that consumption would not exceed the quota of 38.6 million kiloliters.
Yet, over the weekend, the House of Representatives and the government agreed to increase the quota of subsidized fuel oil by 1.9 million kiloliters. This changed the previous target of 38.59 million kiloliters to 40.49 million kiloliters.
The Value of Silver 2011
3:36 AM
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The Value of Silver 2011
mines,gold,silver,oil,gazz,coal,prices,market,asia, europa,america,africa
Der kanadische Silberproduzent Endeavour Silver (WKN A0DJ0N) hatte vor einiger Zeit zwei sehr interessante Videos zur Gewinnung und zur Produktion von Silber veröffentlicht. Im neuesten Video der Reihe widmet man sich dem Wert und Werterhalt des Metalls im Vergleich zu Papierwährungen.
Wir können unseren Lesern nur dringend empfehlen, sich auch dieses neueste Silber-Video zu Gemüte zu führen. Wir haben es Ihnen zu Ihrer Information im Folgenden (im englischen Original) zur Verfügung gestellt.
Hinweis: Die hier angebotenen Artikel stellen keine Kauf- bzw. Verkaufsempfehlungen dar, weder explizit noch implizit sind sie als Zusicherung etwaiger Kursentwicklungen zu verstehen.
Die GOLDINVEST Media GmbH und ihre Autoren schließen jede Haftung diesbezüglich aus. Die Artikel und Berichte dienen ausschließlich der Information der Leser und stellen keine wie immer geartete Handlungsaufforderung dar. Zwischen der GOLDINVEST Media GmbH und den Lesern dieser Artikel entsteht keinerlei Vertrags- und/oder Beratungsverhältnis, da sich unsere Artikel lediglich auf das jeweilige Unternehmen, nicht aber auf die Anlageentscheidung, beziehen. Wir weisen darauf hin, dass Partner, Autoren und Mitarbeiter der GOLDINVEST Media GmbH Aktien der jeweils angesprochenen Unternehmen halten oder halten können und somit ein möglicher Interessenkonflikt besteht. Wir können nicht ausschließen, dass andere Börsenbriefe, Medien oder Research-Firmen die von uns empfohlenen Werte im gleichen Zeitraum besprechen. Daher kann es in diesem Zeitraum zur symmetrischen Informations- und Meinungsgenerierung kommen.
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