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Greece’s sovereign
debt was downgraded this morning by a credit rating agency indicating that it
is a country that could default on it’s debt obligations.  Moody’s sees a potential for a credit
downgrade of UK and U.S. debt, if their deficits are not cut.  The nervousness over that and worries about
the country of Dubai liquidating some of its collateralized mortgage obligation
bonds, spooked the markets and caused money to move back into the dollar and
out of othe…

The dollar is up 48
basis points this morning at 75.31 as President Obama is talking with the
Chinese about allowing their currency to float, thereby strengthening the yuan
against the dollar.  There is some
profit taking this morning, however the correction is modest with gold down
$4.70 in early trading.  Silver is down
$.11.  After yesterdays enormous up move
those corrections are miniscule.  Oil is
also slightly lower along with the Dow. 
With t…

I wish I had an ounce of  gold for every time somebody told me an ounce of gold was a dumb thing to buy.I wish I had listened to  Pierre Lassonde.I first wrote about  Lassonde in August 2003 when gold prices soared to a then-unthinkable $375 an  ounce.Lassonde told me he had  60% of his liquid assets invested in the precious metal and claimed it had  nowhere to go but up. By up, he meant, $500, $1,000 and then maybe even $6,500  an ounce.”One thing I kno…

In a
presentation to the Denver Gold Group on U.S. Gold Monday, McEwen was somewhat
subdued as he only briefly mentioned he thought gold could hit $5,000 an ounce
before the end of the gold cycle. As this reporter scrambled for
a clarification of his remarks in a brief interview, McEwen stuck by his
prognostication, forecasting the end of the gold cycle would occur either on
2014 or 2015….As the
years roll by, McEwen's legendary penchant for marketing to the max remains
int…

Russian President Dmitry Medvedev illustrated his call for a supranational currency to replace the dollar by pulling from his pocket a sample coin of a “united future world currency.” “Here it is,” Medvedev told reporters today in L’Aquila, Italy, after a summit of the Group of Eight nations. “You can see it and touch it.” The coin, which bears the words “unity in diversity,” was minted in Belgium and presented to the heads of G-8 delegations, Medvedev said. The question of a supranationa…

Original Post By Google News By Lyubov Pronina, Bloomberg.com