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By Claire O'Connor and James West
MidasLetter.com
Tuesday, July 20, 2010
Opawica Explorations Inc. (TSX.V: OPW) has just completed 4 of the first 6-hole drilling program on the company's 100% owned Atikwa Lake gold and copper project with significant results revealing an extension of mineralization in the Footwall Zone.
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The Economist
Wednesday, July 20, 2010
The installation of the new cap on Friday July 16th could, in principle, stop any further oil or gas from leaking out of the top of the well.
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By Alan Zibel
Forbes
Tuesday, July 20, 2010
Home construction plunged last month to the lowest level since October as the economy remained weak and demand for housing plummeted.
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By Spencer Swartz and Shai Oster
Wall Street Journal
Tuesday, July 20, 2010
China has passed the U.S. to become the world's biggest energy consumer, according to new data from the International Energy Agency, a milestone that reflects both China's decades-long burst of economic growth and its rapidly expanding clout as an industrial giant.
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By Andrea Shalal-Esa
Reuters
Tuesday, July 20, 2010
U.S. arms sales will be little changed in fiscal 2010 but could surge by nearly one-third to $50 billion next year, the Pentagon's chief arms seller told Reuters in an interview.
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By Courtney Schlisserman
Bloomberg
Tuesday, July 20, 2010
Payrolls decreased in 27 U.S. states in June, led by California and New York, signaling the slowdown in hiring is broad-based.
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By Marley Seaman
Forbes
Monday, July 19, 2010
Economists say the U.S. recovery continued during the second quarter of this year with more businesses hiring workers and fewer cutting jobs, but the pace of growth has slowed, a new survey shows.
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By Paul Smalera
CNN Money
Monday, July 19, 2010
Faced with a $118 million budget deficit, the city of San Jose, Calif., recently decided it could no longer afford its own janitors. So the city's budget called for dropping its custodial staff and hiring outside contractors to clean its city hall and airport, saving about $4 million.
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By Garry White and Rowena Mason
Telegraph.co.uk
Monday, July 19, 2010
The upside in platinum prices over the next few years could be better than gold - and the general consensus is that a buying opportunity is likely to present itself in the next two months.
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By Tamara Audi
Wall Street Journal
Monday, July 19, 2010
Faced with a $118 million budget deficit, the city of San Jose, Calif., recently decided it could no longer afford its own janitors. So the city's budget called for dropping its custodial staff and hiring outside contractors to clean its city hall and airport, saving about $4 million.
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By Asjylyn Loder
Bloomberg
Monday, July 19, 2010
Traders will face new rules aimed at making it easier for regulators to prove manipulation in markets for commodities such as oil, wheat and natural gas under the financial overhaul awaiting President Barack Obama's signature.
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By Colin Barr
CNN Money
Friday, July 16, 2010
China trimmed its world-leading Treasury hoard in May, even as other foreign investors continued to buy U.S. assets..
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By Luca Dileo
Wall Street Journal
Friday, July 16, 2010
After fending off most challenges to its independence and winning new powers to oversee big financial firms, the Federal Reserve has emerged from a bruising debate on the overhaul of U.S. financial rules as perhaps the pre-eminent regulator in the sector. But that could only bring it added blame if things go wrong again.
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By Liam Byrne
Guardian.co.uk
Friday July 16, 2010
This week's jobs figures have renewed the debate about the recovery ahead. The good news was unemployment fell. The bad news was there was little evidence of any great revival in the private sector spirits.
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By Fred Charges
Reuters
Frisday, July 16, 2010
BP's Gulf of Mexico oil disaster knocked Goldman Sachs off the front pages. It's just the UK oil major's luck that its best news in 86 days was overshadowed by Goldman's settlement with the U.S. Securities and Exchange Commission.
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By Claire O'Connor and James West
MidasLetter.com
Tuesday July 13, 2010
Boxxer Gold Corp. (TSX.V:BXX) is preparing to drill 26 areas of mineralized skarn and 32 geophysical (IP) targets on its 100% owned Boss porphyry copper-gold project in the Goodsprings Mining District in southern Nevada. Having recently located two new zones of copper-gold mineralization, including 1.92% copper and 0.72 grams per tonne gold in area chip samples, Boxxer is eager to get drilling on this previously unexplored, potentially massive porphyry copper-gold district.
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Associated Press
Wednesday, July 14, 2010
Retail sales fell in June for the second straight month, reviving concerns about how much of a slowdown the economy will have to endure in the second half of the year.
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By Claire O'Connor and James West
MidasLetter.com
Tuesday July 13, 2010
Boxxer Gold Corp. (TSX.V:BXX) is preparing to drill 26 areas of mineralized skarn and 32 geophysical (IP) targets on its 100% owned Boss porphyry copper-gold project in the Goodsprings Mining District in southern Nevada. Having recently located two new zones of copper-gold mineralization, including 1.92% copper and 0.72 grams per tonne gold in area chip samples, Boxxer is eager to get drilling on this previously unexplored, potentially massive porphyry copper-gold district.
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By Shirley Won
Globe and Mail
Tuesday, July13, 2010
With volatile markets and major stock indexes in the red for the first half of this year, owning gold through a stock, bullion or commodity ETF is a good move.
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By Darius Dale
CNN Money
Tuesday July 13, 2010
Growth in China is going to slow. After the country posted 11.9% growth in the GDP for the first quarter of this year compared to last, there's really no other option.
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By Diane Vazza and Devi Aurora
BusinessWeek
Tuesday, July13, 2010
This year will see a record volume of default in corporate debt, in line with expectations, as the U.S. continues to be the epicenter of economic and credit-market weakness .
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By Alexandria Sage
Reuters
Tuesday July 13, 2010
The future is grim, a Gulf of Mexico shellfisherman told a presidential panel on Monday, due to the devastating BP Plc spill that has been gushing oil into the Gulf of Mexico since late April.
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By Michael Schuman
Time
Tuesday, July13, 2010
The U.S. is paying the price for an explosion of consumer debt. Europe is struggling with too much sovereign debt. Now one of the big questions facing China is whether or not Beijing's policymakers are about to get their own lesson in the perils of debt-driven growth.
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By Jonathan T. Orr and James West
MidasLetter.com
Monday, July12, 2010
Copper Fox Metals (TSX.V:CUU) is as clever as its animal namesake. And unlike many junior exploration companies, who lack focus and spread themselves thin across multiple properties without taking the time to truly understand the geology and producing potential of any, Copper Fox's have a singular devotion to the possibilities of its Schaft Creek Project in northwestern British Columbia.
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By David Lawder
Reuters
Monday, July12, 2010
High unemployment and a moribund housing market have increased risks to the U.S. economic recovery, while the public debt looms large and needs to be cut, the International Monetary Fund said on Thursday.
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By Katie Benner
CNN Money
Monday, July12, 2010
At 82, T. Boone Pickens has worn multiple (10-gallon) hats: billionaire investor, corporate raider, hedge fund manager, and proselytizer for natural gas and wind -- not to mention fervent Oklahoma State football fan.
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By Jack Ewing
New York Times
Monday, July 12, 2010
Fear of financial collapse has enhanced gold's glitter, with prices soaring more than 300 percent the past decade, including 30 percent just in the last 12 months.
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By Wang Ying
Bloomberg
Monday, July 12, 2010
China is buying unprecedented amounts of uranium, signaling that prices are poised to rebound after three years of declines.
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By Jack Ewing
New York Times
Monday, July12, 2010
The sovereign debt crisis would seem to create worry enough for European banks, but there is another gathering threat that has not garnered as much notice: the trillions of dollars in short-term borrowing that institutions around the world must repay or roll over in the next two years.
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ByVivien Lou Chen
Bloomberg
Friday July 9, 2010
Former Federal Reserve Chairman Alan Greenspan said the U.S. economy may be undergoing what he called a "pause," and that he can't rule out the possibility of a so- called double-dip recession.
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By John M. Broder
Economist
Friday, July 9, 2010
A federal appeals court on Thursday turned down the Obama administration's effort to enforce a six-month moratorium on deepwater drilling in the Gulf of Mexico.
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ByJames West
MidasLetter.com
Wednesday July 7, 2010
The gold mineralized quartz system that underlies a 20 kilometer stretch of the beautiful and pastoral Bellechasse region of southern Quebec is prolific and (so far) continuous. The potential of this deposit is truly enormous.
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Economist
Wednesday, July 7, 2010
The 2010 yearly average of $1,154 is still 29% below the 1980s inflation-adjusted price of $1,623.
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By Ambrose Evans-Pritchard
Telegraph.co.uk
Wednesday July 7, 2010
Standard Chartered has told clients to prepare for a fall in property prices of up to 30 percent in Beijing, Shanghai, Shenzen, and other large cities in China as the delayed effects of monetary tightening begin to bite.
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By Zhou Xin and Alan Wheatley
Reuters
Wednesday, July 7, 2010
China on Wednesday ruled out the "nuclear" option of dumping its vast holdings of U.S. Treasury securities but called on Washington to be a responsible guardian of the dollar.
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By Bob Willis and Carol Massar
Bloomberg
Wednesday July 7, 2010
Nobel Prize-winning economist Paul Krugman said the U.S. should have a "kitchen-sink strategy" that uses all fiscal and monetary policies possible to prevent the economy from sliding back into a recession.
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By Casey Mulligan
New York Times
Wednesday, July 7, 2010
Labor market statistics for June 2010 were widely received with disappointment. But it is no surprise that some workers whose jobs ended in this recession will never work again.
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By Jonathan Stempel
Reuters
Tuesday July 6, 2010
Britain's already sluggish and fragile economic recovery is set to lose more momentum and may relapse into recession, according to the latest surveys of business confidence and economic forecasts from the British Chambers of Commerce (BCC) and the Institute of Directors (IoD).
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By Susan Li and Jacob Greber
Bloomberg
Tuesday, July 6, 2010
China's property market is beginning a "collapse" that will hit the nation's banking system, said Kenneth Rogoff, the Harvard University professor and former chief economist of the International Monetary Fund.
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By Jonathan Stempel
Reuters
Tuesday July 6, 2010
U.S. consumer bankruptcy filings increased 14 percent in the year's first half to the highest level since the nation's bankruptcy code was overhauled in 2005, the American Bankruptcy Institute said on Friday.
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By Bettina Wassener
New York Times
Tuesday, July 6, 2010
In the latest signs that the pace of growth in the Asia-Pacific region is easing, the Australian central bank kept interest rates on hold on Tuesday and a key economic index in Japan slipped in May.
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By Jonathan T. Orr and James West
Midasletter.com
Monday July 5, 2010
Metanor Resources Inc. (TSX.V:MTO) has carefully plotted their way to major production potential with their portfolio of varied properties, the two most promising of which, Bachelor Lake & Barry Gold Deposit, are to be found in the world's number one ranked mining jurisdiction of Quebec.
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By Michael Pento
Forbes
Monday, July 5, 2010
Messrs. Barack Obama, Benjamin Bernanke and Timothy Geithner do not understand the real cause of this debt crisis. They are politicians first and economists or students of the market second--if at all.
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By Carolyn Cui
Wall Street Journal
Monday July 5, 2010
Amid all the market doom and gloom, the world's largest gold fund is quietly celebrating another major milestone: SPDR Gold Shares, an exchange-traded fund backed by physical bullion, has recently surpassed $50 billion in assets.
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By Tami Luhby
CNN Money
Monday, July 5, 2010
A record 1.21 million people want to work, but said they aren't looking because of the weak labor market, according to federal statistics released Friday.
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By Steve Holland
Reuters
Monday July 5, 2010
President Barack Obama, under pressure to spur job growth, said on Saturday two solar energy companies will get nearly $2 billion in U.S. loan guarantees to create as many as 5,000 green jobs.
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New York Times
Monday, July 5, 2010
China's economic health still faces threats from the halting global recovery, but Beijing has no plans to make major changes to its economic policies, Premier Wen Jiabao said in a report posted on the central government's Web site on Sunday.
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Associated Press
Saturday, July 3, 2010
China's economy grew even faster in 2009 than previously reported, adding to concern that the flood of stimulus spending and loans that drove its rebound left a dangerous glut of unneeded factories and other assets.
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By Claire O'Connor and James West
MidasLetter.com
Friday, July 2, 2010
Continental Gold Ltd.(TSX: CNL) began trading on the TSX on April 19th 2010 following an amalgamtion with Cronus Resources Ltd. Continental's flagship project is Buriticá, a high-grade gold vein system, with historic gold production and areas that would allow for expansion.
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MSNBC
Friday, July 2, 2010
A wave of census layoffs cut the nation's payrolls in June for the first time this year, while private employers added a modest number of jobs, according to the government's latest report on the labor market.
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By Tami Luhby
CNN Money
Friday, July 2, 2010>
The job market and economy need a serious jumpstart, but the stimulus program likely won't be able to do it.
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By Paul M. Barrett and Justin Blum
BusinessWeek
Friday, July 2, 2010
Legal experts agree it's almost a foregone conclusion that the federal investigation of the Gulf of Mexico oil spill will produce criminal charges.
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By Jason Scott and Elisabeth Behrmann
Telegraph.co.uk
Friday, July 2, 2010>
BHP Billiton Ltd. and Rio Tinto Group may join Xstrata Plc in reviving investment plans in Australia after forcing the government to water down a new tax on mining profits in the world's biggest exporter of coal and iron ore.
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By Elisabeth Rosenthal
New York Times
Friday, July 2, 2010
In a bold if lonely environmental stand, Britain's coalition government has set out to curb the growth of what has been called "binge flying" by refusing to build new runways around London to accommodate more planes.
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By Ambrose Evans-Pritchard
Telegraph.co.uk
Wednesday, June 30, 2010>
Kartik Athreya, senior economist for the Richmond Fed, has written a paper condemning economic bloggers as chronically stupid and a threat to public order.
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By Colin Ng, Phani Kumar, and Nikhil Lohade
Wall Street Journal
Wednesday June 30, 2010
Asian stocks fell Wednesday, with worries about a Chinese economic slowdown and the impact of the yen's recent strength damping confidence and prompting a further selloff in banks and exporters.
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By Sven Egenter and Ian Chua
Reuters
Wednesday, June 30, 2010>
The global economy as well as financial markets were on the mend, though the recovery remained fragile in the advanced economies and in the euro zone the debt crisis put the recovery at risk, the BIS said in its annual report, published on Monday.
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By Yalman Onaran
Bloomberg
Wednesday June 30, 2010
As first envisioned, the Volcker rule would have banned banks from running private-equity and hedge funds, an attempt to curb risk-taking that fueled the financial crisis. Last-minute congressional negotiations aimed at winning Republican support led to a compromise that allows banks to invest up to 3 percent of their capital in such funds.
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By Louise Story and Gretchen Morgensen
New York Times
Wednesday, June 30, 2010>
As a Congressional commission convenes hearings Wednesday exploring the A.I.G. bailout and Goldman's relationship with the insurer, analysts say that the documents suggest that regulators were overly punitive toward A.I.G. and overly forgiving of banks during the bailout — signified, they say, by the fact that the legal waiver undermined A.I.G. and its shareholders' ability to recover damages.
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Globe and Mail
Tuesdday June 29, 2010
Merchant banker Endeavour Financial Corp. (TSX:EDV) has agreed to acquire the remaining outstanding interest in Etruscan Resources Inc. (TSX:EET) that it does not already own for $43-million in cash plus additional shares.
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By Ben Rooney
CNN Money
Tuesday, June 29, 2010>
A key measure of consumer confidence fell in June, reversing a three-month gain, as Americans remain nervous about the job market.
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By Yoshiaki Nohara and Ron Harui
BusinessWeek
Tuesdday June 29, 2010
The yen rose toward a five-week high against the dollar as signs the global economic recovery is slowing boosted demand for Japan's currency as a refuge.
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By Edward Robinson
Bloomberg
Tuesday, June 29, 2010>
Californians don't see much evidence that the worst economic contraction since the Great Depression is coming to an end.
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By Joshua Schneyer and Kristina Cooke
Reuters
Tuesdday June 29, 2010
The Federal Reserve Bank of New York has been probing major financial firms' exposure to BP Plc to ensure that if the oil giant buckles under the costs of the Gulf oil spill, it won't put Wall Street or the global financial system at risk, according to two sources familiar with the matter.
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By Jack Ewing
New York Times
Tuesday, June 29, 2010>
An organization that brings together most of the world's major central banks said Monday that the easy money that has propped up the banking system during the financial crisis must soon be withdrawn — even as it warned that many banks are still in fragile health.
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By Bryan Keogh and John Detrixhe
Bloomberg
Monday June 28, 2010
The percentage of corporate bonds considered in distress is at the highest in six months, a sign debt investors expect the economy to slow and defaults to rise.
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By Edmund Conway
Telegraph.co.uk
Monday, June 28, 2010>
BP must not be allowed to implode in the wake of the Gulf of Mexico oil spill disaster, Barack Obama and David Cameron have declared, as the company starts the week with its shares at a 14-year low.
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By Hibah Yousuf
CNN Money
Monday June 28, 2010
The economy grew at a slower pace in the first three months of this year than previously estimated, according to a government report Friday.
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ByJoseph A. Giannone
Reuters
Monday, June 28, 2010>
Turns out the rich may not be so different from you and me: They, too, are falling behind on their mortgages.
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By Sewell Chan and Jackie Calmes
New York Times
Monday June 28, 2010
Giant banks, while bracing for a wave of tougher regulation in Washington, will not have to face a new set of global rules on capital and liquidity anytime soon.
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By Claire O'Connor and James West
MidasLetter.com
Friday, June 25, 2010
Fresh from the completion of their qualifying transaction and $4.6 million brokered financing on June 1st 2010, Creso Exploration Inc. (TSX.V: CXT), formerly Willowstar Capital Inc, is already making waves in mining friendly Ontario.
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By Liam Pleven and Carolyn Cui
Wall Street Journal
Friday June 25, 2010
The bull market in gold has sparked a new growth industry: providing a venue for investors to buy and store their personal stash.
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Telegraph.co.uk
Friday, June 25, 2010
BP shares slumped to their lowest level in 14 years on Friday on concerns that a hurricane next week could worsen the impact of the spill as it hampers clean-up work.
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By Greg Hitt and Sara Murray
Wall Street Journal
Friday June 25, 2010
Spooked by concern about deficits, the Senate shelved a spending bill that included an extension of unemployment benefits, suddenly cutting off a federal cash spigot opened by President Barack Obama when he took office 18 months ago.
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ByEdward Wyatt
New York Times
Friday, June 25, 2010
Nearly two years after the American financial system teetered on the verge of collapse, Congressional negotiators reached agreement early Friday morning to reconcile competing versions of the biggest overhaul of financial regulations since the Great Depression.
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By Edward Robinson
Bloomberg
Friday June 25, 2010
Californians don't see much evidence that the worst economic contraction since the Great Depression is coming to an end.
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By Claire O'Connor and James West
MidasLetter.com
Thursday, June 24, 2010
In West Africa, nestled amongst Anglogold Ashanti (NYSE:AU), Newmont Mining (NYSE:NEM) and Goldfields (NYSE:GFI), lies BC based junior AMI Resources (TSX.V: AMU).
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By Christopher S. Rugaber
Forbes
Thursday June 24, 2010
Despite the drop of 19,000, claims are at about the same level they were at the beginning of the year. The stubbornly high level of requests for jobless aid is a sign hiring remains weak even as the economy recovers.
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By Michael Masters
CNN Money
Thursday, June 24, 2010
Wall Street firms hate the idea of a clearinghouse for derivatives trades because their prodigious profits will dwindle when derivatives are traded in the light of day, letting their counterparties see the true costs.
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By Jody Shenn
Bloomberg
Thursday June 24, 2010
Mortgage securities with U.S.-backed guarantees are trading at record high prices on speculation homeowner refinancing will fail to accelerate and as supply of the bonds remains limited.
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By Julie Creswell
New York Times
Thursday, June 24, 2010
Private equity firms, where corporate takeovers are planned and plotted, today sit atop an estimated $500 billion. But the deal makers are desperate to find deals worth doing, and the clock is ticking.
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By Jack Daniel
Reuters
Thursday June 24, 2010
Venezuela will nationalize a fleet of oil rigs belonging to U.S. company Helmerich and Payne, the latest takeover in a push to socialism as President Hugo Chavez struggles with lower oil output and a recession.
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By James West and Claire O'Connor
MidasLetter.com
Wednesday, June 23, 2010
Kent Exploration Inc. (TSX.V: KEX) has just completed an eight hole diamond drill program on the company's Gnaweeda Gold Project in Western Australia.
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New York Times
Wednesday June 23, 2010
Sales of new single-family homes in the United States tumbled more than expected to a record low in May as the effects of a popular tax credit faded, according to a government report on Wednesday that added to worries of a slowing economic recovery.
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By Colin Barr
CNN Money
Wednesday, June 23, 2010
Call your florist. The federal deposit insurance fund isn't coming home from the hospital any time soon, thanks to a sickly economy and the unstinting generosity of our leaders in Congress.
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By Yalman Onaran
Bloomberg
Wednesday June 23, 2010
Senate negotiators will probably offer changes today to the financial overhaul bill to soften the Volcker rule by allowing banks to sponsor hedge funds and invest their own money, within limits, alongside that of clients.
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By Paul Carrel and Stephen Brown
Reuters
Wednesday, June 23, 2010
Germany's budget savings policy risks destroying the European project and a collapse of the euro cannot be ruled out, billionaire investor George Soros said in a newspaper interview released on Wednesday.
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By Stephen Power
Wall Street Journal
Wednesday June 23, 2010
A federal judge Tuesday overturned the Obama administration's six-month moratorium on new deepwater oil and gas drilling, delivering a temporary victory to the oil industry and a rebuke to the White House.
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By Mark Darjem
Bloomberg
Tuesday, June 22, 2010
China's restrictions on the export of rare earths used in the manufacture of cell phones and radar are being targeted by the U.S. Trade Representative for a potential trade case, according to industry representatives.
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Associated Press
Tuesday June 22, 2010
The World Gold Council has more than doubled the estimate of the amount of gold Saudi Arabia's central bank holds as part of the country's foreign reserves.
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By Mark Darjem
Bloomberg
Tuesday, June 22, 2010
China's restrictions on the export of rare earths used in the manufacture of cell phones and radar are being targeted by the U.S. Trade Representative for a potential trade case, according to industry representatives.
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ByChris Isidore
CNN Money
Tuesday June 22, 2010
Economists are more nervous about the chances of another recession. And one of biggest fears is that the Federal Reserve may have run out of bullets to fight another downturn.
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By Justin Gillis
New York Times
Tuesday, June 22, 2010
Many debates about global warming seem to boil down to appeals to authority, with one side or the other citing some famous scientist, or group of them, to buttress a particular argument.
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By Jonathan T. Orr and James West
MidasLetter.com
Monday June 21, 2010
Tarsis Resources Ltd. (TSX.V: TCC) is a company that knows the power of depth and diversity when it comes to building a promising portfolio of mining properties and maintaining a tight share structure which gives Tarsis shareholders plenty of opportunity for a win..
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By Amanda Cooper
Reuters
Monday, June 21, 2010
Gold prices eased off Monday's record highs in afternoon trade in Europe, as investors took profits, but analysts said persistent concern over sovereign risk would make any declines short-lived.
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By Micahel Pento
Forbes
Monday June 21, 2010
Total U.S. debt will rise from $13.6 trillion this year to the astounding level of $19.6 trillion by 2015, which is four years earlier than previously estimated, according to a U.S. Treasury Department report released last week.
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By Emily Maltby
Wall Street Journal
Monday, June 21, 2010
Forget the improving economy. Entrepreneurs still find it hard to get loans. Here's why we're in this mess—and how we may get out of it.
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By Judy Chen
Bloomberg
Monday June 21, 2010
The yuan rose the most since a July 2005 revaluation and forwards jumped after China's central bank ended a two-year peg before a Group of 20 summit this week.
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By Louise Story
New York Times
Monday, June 21, 2010
The Securities and Exchange Commission on Monday accused a New York firm that helped manage complex mortgage securities of defrauding investors as the housing market collapsed.
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By Tami Luhby
CNNMoney
Friday, June 18, 2010
The Great Recession drove more families into homeless shelters in 2009, a new federal report has found.
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By Shaun Rein
Forbes
Friday June 18, 2010
The big five banks have never been allowed to merge, and they've only dabbled in investment banking and subprime mortgages.
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By Jan Harvey
Reuters
Friday, June 18, 2010
Gold held within reach of record highs in Europe on Friday as buyers looked to it as a haven against persistent fears of sovereign risk in Europe and after lackluster U.S. data raised doubts over wider economic recovery.
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By Lyubov Pronina and Lucian Kim
Associated Press
Friday June 18, 2010
Russia will help lead efforts to recast the global economic hierarchy as the world emerges from the financial crisis, President Dmitry Medvedev said.
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By James West
Midasletter.com
Thursday, June 17, 2010
Apoquindo Minerals, who has recently changed its name to AQM Copper (TSX.V:AQM), continues to see expansion in size and improvement in grade at its flagship Zafranal copper-gold project near Arequipa, Perú.
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Associated Press
Wednesday June 16, 2010
Copper rose for a sixth session Tuesday as a weakening dollar sent investors in search of other assets seen as stable stores of value.
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By John Detrixhe and Shannon D. Harrington
Bloomberg
Wednesday, June 16, 2010
Credit investors are pricing in a 39 percent chance BP Plc will default within five years as it tangles with the Obama administration over cleanup costs and claims for the biggest oil spill in U.S. history.
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By Adrian Croft
Reuters
Wednesday June 16, 2010
Europe faces almost inevitable recession next year and years of stagnation as policymakers' response to the euro zone crisis causes a downward spiral, billionaire investor George Soros said on Tuesday.
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By Landon Thomas Jr.
New York Times
Wednesday, June 16, 2010
Spain is battling to convince skeptical investors that it can continue to service its mounting financial obligations.
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By Alan Sykora
Wall Street Journal
Tuesday June 15, 2010
Benchmark copper is countering technical chart resistance around $3 a pound, Platt said. The metal poked above this Monday for the first time in a week and a half, but has not been able to keep advancing.
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By Abigail Moses
NewsWeek
Tuesday, June 15, 2010
Greek credit swaps signal a 48.5 percent probability the nation will default within five years after its debt was cut to junk by Moody’s Investors Service.
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By Colin Barr
CNN Money
Tuesday June 15, 2010
Possible sovereign debt defaults make for a big headache for European lenders.
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By Davd Morgan
Reuters
Tuesday, June 15, 2010
Wall Street is making a last stand against regulatory reform in behind-the-scenes meetings in Congress, where lobbyists hope to use high-stakes horse trading to blunt provisions that could cost the industry billions of dollars.
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By Margaret Cronin Fisk and Linda Sandler
Bloomberg
Tuesday June 15, 2010
BP Plc, whose potential liability for the Gulf of Mexico oil spill has lawmakers and analysts raising the specter of bankruptcy, would be unlikely to avoid paying claims by seeking court protection, restructuring experts said.
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New York Times
Tuesday, June 15, 2010
The Federal Reserve adopted new rules Tuesday aimed at protecting credit card customers from getting socked by lofty late payment charges and other penalty fees.
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By Claire O'Connor and James West
MidasLetter.com
Monday June 14, 2010
On May 18th 2010 Rye Patch Gold announced the first NI 43-101 compliant resource estimate for the companyÂ's 100% owned Lincoln Hill gold-silver project in Western Nevada.
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By Sanjeev Miglani and Paul Tait
Reuters
Monday, June 14, 2010
The previously unknown deposits of iron, copper, cobalt and gold are so huge that it could transform the impoverished nation into one of the world's important mining centers, the report on the newspaper's website said.
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By Chavon Sutton
CNN Money
Monday June 14, 2010
The U.S. government posted its 20th consecutive monthly deficit in May, according to data released Thursday by the Treasury Department.
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By Lorraine Woellert and John Gittelsohn
Bloomberg
Monday, June 14, 2010
The cost of fixing Fannie Mae and Freddie Mac, the mortgage companies that last year bought or guaranteed three-quarters of all U.S. home loans, will be at least $160 billion and could grow to as much as $1 trillion after the biggest bailout in American history.
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By Jack Ewing
New York Times
Monday June 14, 2010
French and German banks have lent nearly $1 trillion to the most troubled European countries and are more exposed to the debt crisis than the banks of any other countries, according to a new report that is likely to add pressure on institutions to detail their holdings.
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By Roben Farzad
BusinessWeek
Monday, June 14, 2010
They're raising earnings estimates for U.S. companies at a record pace.
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By Eric Pratt
ResourcexInvestor.com
Sunday June 13, 2010
BHP Billiton (NYSE:BHP) – the $180 billion global mining giant – is making a $12 billion investment in the Western Canadian potash basin, and the money inflow is likely to affect the stock prices of resource-rich potash juniors, like Western Potash (TSX.V:WPX) and Encanto (TSX.V:WPO).
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By Zoe Schneeweiss and Andrew MacAskill
Bloomberg
Sunday, June 13, 2010
Billionaire investor George Soros said Â"we have just entered Act IIÂ" of the crisis as EuropeÂ's fiscal woes worsen and governments are pressured to curb budget deficits that may push the global economy back into recession.
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By Mike Dolan
Reuters
Sunday June 13, 2010
For long-term investors, financial volatility is like the weather; the storms are temporary, leaving attractive opportunities when the skies clear.
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By Martin Crutsinger
Associated Press
Sunday, June 13, 2010
Americans are pulling back on their spending, a trend that could slow the economic recovery if it continues.
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By William Saletan
Slate
Sunday June 13, 2010
From the comfort of your home or office, through the magic of Web video, you can watch the disaster unfolding on the floor of the Gulf of Mexico.
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By Jason Scott
Bloomberg
Sunday, June 13, 2010
Australian Prime Minister Kevin Rudd, facing an electoral backlash over plans to introduce a 40 percent tax on mining profits, will remain as the leader going into the next election, Federal Finance Minister Lindsay Tanner said.
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By Jeremy Gaunt
Reuters
Sunday June 13, 2010
There is a growing worry for investors as they head toward the second half of the year -- will governments' increased appetite for budget cutting knock the nascent global economic recovery off track?
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By Guy Bennett
MidasLetter.com
Friday, June 11, 2010
The rise in share price of Crew Gold (TSX:CRU), a West African gold producer, was a gift to many investors earlier in 2010 as it rose 500%, from 10 cents to 50 cents on huge volume – the result of a takeover battle between CanadaÂ's Endeavour Financial (TSX:EDV) and Russian steel giant Severstal (LSE:SVST).
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By Duff McDonald
CNN Money
Friday, June 11, 2010
With a startling new piece of economic news emerging on a near daily basis -- Greece is going under! No, it's Spain! China is in the midst of a housing bubble! China is our savior! -- there's been a surge in demand for those who would purport to tell us what it all means.
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By Niklas Magnusson, Elena Logutenkova and Aaron Kirchfeld
Bloomberg
Friday, June 11, 2010
European banking shares indicate a Greek debt default may be just a matter of time.
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By Bettina Wassener
New York Times
Friday, June 11, 2010
Fresh data from China on Friday further cemented the view that the countryÂ's giant economy continued to power ahead in May — though a marked rise in inflation also raised the pressure on Beijing to step up efforts to damp the booming pace of growth.
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By Jon Hisenrath
Wall Street Journal
Friday, June 11, 2010
Federal Reserve Chairman Ben Bernanke says heÂ's a bit puzzled by surging gold prices. The 30% rally from a year ago, on top of gains in previous years, might be interpreted as a loud signal from markets that big inflation pressures are building in the U.S. Gold is seen by many investors as a hedge against inflation risk.
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By Lucia Mutikani
Reuters
Friday, June 11, 2010
Friday's report follows last week's data showing a sharp slowdown in private hiring in May, but analysts still saw little risk of the economy slipping back into recession.
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By Jonathan T. Orr
GreenTechnologyReport.com
Thursday, June 10, 2010
When we last talked to Quantum Rare Earths (TSX.V:QRE) CEO Peter Dickie, he laid out his plan for quietly building up a rare earth empire in North America.
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By Kim Kyoungwha
BusinessWeek
Thursday, June 10, 2010
Gold will climb to $1,500 an ounce in the next 12 months on concern that EuropeÂ's financial turmoil will escalate, fueling demand for the metal, according to UBS AG.
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By Daniel Indiviglio
The Atlantic
Thursday, June 10, 2010
The good news: foreclosures declined a bit in May compared to April, down 3.3%. The bad news: they were higher last month than in May 2009, up 0.5%.
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By Phil Izzo
Wall Street Journal
Thursday, June 10, 2010
Economists surveyed by The Wall Street Journal are sticking with their forecasts for slow but steady growth in the U.S. economy through the middle of 2011 despite recent turmoil in European debt markets.
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BBC News
Thursday, June 10, 2010
Government spending cuts will push UK unemployment up from its current 2.5m to almost 3m, a report has warned.
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By Sewell Chan
New York Times
Thursday, June 10, 2010
Mr. Bernanke, the Federal Reserve chairman, warned on Wednesday that Â"the federal budget appears to be on an unsustainable path,Â" but also recognized that an Â"exceptional increaseÂ" in the deficit had been necessary to ease the pain of recession.
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The Economist
Wednesday, June 9, 2010
The so-called Resource Super-Profits Tax (RSPT) would be levied from 2012 on mining profits above a Â"normalÂ" rate of return (defined as the ten-year government bond yield, currently below 6%), at the stiff rate of 40%.
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By Shamim Adam
Bloomberg
Wednesday, June 9, 2010
Risks to the global economic outlook have Â"risen significantlyÂ" and policy makers have limited room to provide support to growth, International Monetary Fund Deputy Managing Director Naoyuki Shinohara said.
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By Garfield Reynolds and Wes Goodman
Bloomberg
Monday, June 7, 2010
President Barack Obama is poised to increase the U.S. debt to a level that exceeds the value of the nationÂ's annual economic output, a step toward what Bill Gross called a Â"debt super cycle.Â"
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By Shobhana Chandra
Bloomberg
Friday, June 4, 2010
Employers in the U.S. hired fewer workers in May than forecast and Americans dropped out of the labor force, showing a lack of confidence in the recovery that may lead to slower economic growth.
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By Andrew E. Kramer
New York Times
Friday, June 4, 2010
The British oil giant BP conceded another setback Thursday in its struggle to recover hundreds of millions of dollars in investments from a venture to sell Russian natural gas to China.
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By Claire O'Connor and James West
MidasLetter.com
Tuesday, June 1, 2010
El Tigre Silver Corp. (TSX.V: ELS) has started its work program on its El Tigre Property, located in Sonora, Mexico. Initially discovered in 1903, the El Tigre Property has a recorded production of approximately 75 million ounces of silver and possibly as much as 400,000 ounces of gold.
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By Alan Sykora
Wall Street Journal
Tuesday, June 1, 2010
Investors pushed gold to its highest level in nearly two weeks Tuesday as they sought a haven amid concerns that problems in the European banking system and less-rapid manufacturing growth in China could hurt any global economic recovery.
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By Jason Kirby
Macleans.ca
Tuesday, June 1, 2010
Tom Samuels, manager of the Palantir Fund in Houston put it to the Associated Press: Â"The economic recovery story has started to look like a mirage.Â"
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By Jan Harvey
Reuters
Tuesday, June 1, 2010
Gold rose toward $1,230 an ounce on Tuesday as investors bought the metal as a haven from debt problems in the euro zone, after the European Central Bank warned the region's banks may face a fresh wave of losses.
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By Millie Munshi and Elizabeth Campbell
Bloomberg
Tuesday, June 1, 2010
The biggest slump in commodities since Lehman Brothers Holdings Inc. collapsed is undermining Wall Street forecasts for accelerating economic growth and higher prices for everything from copper to crude oil.
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By Andrew Ross Sorkin
New York Times
Tuesday, June 1, 2010
Raise your hand if you can explain why anyone still believes in credit ratings.
|
By Sara Behunek
CNN Money
Monday, May 31, 2010
Several downtrodden cities are on the verge of defaulting on their debt, putting financially encumbered states and taxpayers on the hook to pick up the tab.
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By Caroline Van Hasselt
Wall Street Journal
Monday, May 31, 2010
Canada's banks drew on the country's strong economic performance to post another quarter of good results. They also said they had minimal exposure to European nations and financial institutions.
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By Kennix Chim and Leonora Walet
Reuters
Monday, May 31, 2010
China's second-largest wind turbine maker, Xinjiang Goldwind Science & Technology Co Ltd, plans to raise up to $1.2 billion in a Hong Kong initial public offering, sources close to the deal said.
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By Pierre Paulden
BusinessWeek
Monday, May 31, 2010
As Europe's sovereign debt crisis shows signs of turning into a contagion, infecting everything from interbank lending rates in London to the U.S. junk bond market, credit markets are experiencing déjà vu.
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By Katrina Nicholas
Bloomberg
Monday, May 31, 2010
Dollar bonds sold by China real estate companies this year are the worst performers among Asian non-financial corporate debt denominated in the U.S. currency amid concern the nationÂ's property market is overheating.
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By Cameron French and Steve James
Reuters
Friday, May 28, 2010
This year, many managers have added shares of gold producers like Barrick Gold (ABX.TO) and NovaGold Resources (NG.TO), as well as the Market Vectors Gold Miners ETF (GDX.P), which owns stakes in several dozen publicly traded companies.
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By Francesca Levy
Financial Post
Friday, May 28, 2010
Cities in the "Sand States" of Florida, California, Arizona and Nevada, where overbuilding was rampant, are also in trouble, claiming nine of the top 10 spots in the Forbes list of cities in free fall.
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By John Gapper and Francesco Guerrera
Financial Times
Friday, May 28, 2010
Goldman Sachs is hoping to avoid the Securities and Exchange CommissionÂ's charge of fraud by reaching a settlement on a lesser offence and agreeing to a fine of hundreds of millions of dollars, according to people familiar with the bankÂ's negotiating position.
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By Carol Loomis
CNNMoney
Friday, May 28, 2010
When Warren Buffett testifies before the Financial Crisis Inquiry Commission next Wednesday, it will be because he was subpoenaed.
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By Jeannine Aversa
MSNBC
Friday, May 28, 2010
The slow-motion pace of economic growth shows the recovery isn't vigorous enough to generate enough jobs for 15.3 million unemployed people. And a still-elevated number of new filings for jobless benefits suggests layoffs continue to complicate the problem.
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By Claire O'Connor and James West
MidasLetter.com
Thursday, May 27, 2010
UMG is an exploration group with a difference; not only does the company own and operate a lucrative mine services company, theyÂ've also entered into an earn-in agreement to earn an 80% interest in the Crescent Mine – a past producing silver mine in North IdahoÂ's Â"Silver ValleyÂ".
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By Whitney Kisling
BusinessWeek
Thursday, May 27, 2010
The New York Stock Exchange and NYSE Amex cash platforms invoked a rule today that aims to smooth the opening of stocks when futures and overseas markets signal high levels of price volatility.
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By Steve Ladurantaye and Tavia Grant
Globe and Mail
Thursday, May 27, 2010
Bloated levels of household debt threaten to dampen CanadaÂ's economic rebound as consumers focus on paying their bills rather than spending freely.
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Reuters
Thursday, May 27, 2010
In remarks that largely skirted any direct discussion of the current outlook for the economy or monetary policy, Lacker argued that the widespread belief that the U.S. financial authorities would not let the biggest financial institutions fail created perverse incentives that resulted in bad decisions.
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By Mike Spector and Susanne Craig
Wall Street Journal
Thursday, May 27, 2010
Lehman Brothers Holdings Inc.'s estate sued J.P. Morgan Chase & Co., alleging J.P. Morgan illegally siphoned billions of dollars from Lehman in the days before the troubled investment bank filed for the largest bankruptcy in U.S. history.
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By Timothy R. Homan
Bloomberg
Thursday, May 27, 2010
The U.S. economy grew in the first quarter at a slower pace than previously calculated, reflecting smaller gains in consumer and business spending and highlighting the risks to the recovery posed by the European debt crisis.
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By Brett Arends
Wall Street Journal
Wednesday, May 26, 2010
If you'd put your money into gold at the lows about 10 years ago, you'd have made a nearly 400% return. That's left pretty much everything else—stocks, China, let alone housing—in the dust.
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By Ott Ummelas
BusinessWeek
Wednesday, May 26, 2010
GreeceÂ's rescue package doesnÂ't address the Â"anti-marketÂ" structure of its economy, meaning default may become unavoidable, said Steve Hanke, a professor at Johns Hopkins University.
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By Grant Smith
Bloomberg
Wednesday, May 26, 2010
The rising costs of extracting oil are propping up New York futures for the years ahead, even as prices sink for crude that will be delivered over the rest of this year.
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Economist.com
Wednesday, May 26, 2010
Construction and builder confidence have weakened once again.
|
By Emily Kaiser
Reuters
Wednesday, May 26, 2010
It took $5 trillion and an unprecedented global coalition of G20 countries to stabilize the economy after investment bank Lehman Brothers collapsed in 2008. Quelling the next phase of the financial crisis may be even harder.
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By Elena Logutenkova
Bloomberg
Tuesday, May 25, 2010
Global banks may have a capital deficit of more than $1.5 trillion by the end of next year and some may require state support, according to a study by Independent Credit View, a Swiss rating company.
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CNN Money
Friday, May 21, 2010
With Thursday's 3% tumble, Goldman shares have dropped $50 each since the Securities and Exchange Commission announced April 16 that it was suing the firm for fraud in a 2007 subprime debt sale.
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By Keith Jenkins
Wall Street Journal
Friday, May 21, 2010
The rate banks say they pay for three-month loans in dollars rose to the highest level in almost 10 months as EuropeÂ's sovereign-debt crisis made institutions reluctant to lend.
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CNN Money
Friday, May 21, 2010
With Thursday's 3% tumble, Goldman shares have dropped $50 each since the Securities and Exchange Commission announced April 16 that it was suing the firm for fraud in a 2007 subprime debt sale.
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By Skot Kortje
Globe and Mail
Friday, May 21, 2010
Investors who want to trade precious metals price momentum should also look at the relative performance of silver during this gold rally.
|
By Alex Potts
Forbes
Friday, May 21, 2010
The eyes of the financial world rest on Goldman Sachs. Did the firm act with a conflict of interest in the subprime mortgage debacle, as charged by the SEC lawsuit?
|
By Scott Cendrowski
CNN Money
Wednesday, May 19, 2010
When gold prices turn skyward, like they did for the past two weeks before some recent flattening, some mix of greed, fear and uncertainty are likely ruling the market.
|
By Harry Wilson
Telegraph.co.uk
Wednesday, May ,19 2010
The Financial Services Authority (FSA) is contacting more than 38,000 people in the UK being targeted by fraudsters intent on conning them out of thousands of pounds.
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By Zachary A. Goldfarb
Wahington Post
Wednesday, May 19, 2010
The Securities and Exchange Commission yesterday unveiled measures designed to avoid a repeat of the marketÂ's swoon earlier this month, saying it would propose that trading in any given stock be paused if the stock dives more than 10 percent in five minutes.
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By Harry Wilson
Telegraph.co.uk
Wednesday, May ,19 2010
The Financial Services Authority (FSA) is contacting more than 38,000 people in the UK being targeted by fraudsters intent on conning them out of thousands of pounds.
|
By Holger Hansen and Andreas Rinke
Reuters
Wednesday, May 19, 2010
Germany declared war on speculators on Wednesday, wrongfooting European partners who said they were not consulted about an overnight ban on naked short sales of a range of assets that sent markets reeling.
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By Katherine Burton and Tom Cahill
Bloomberg
Wednesday, May ,19 2010
Kyle Bass, who made $500 million in 2007 on the U.S. subprime collapse, is betting EuropeÂ's debt crisis wonÂ't be solved by the $1 trillion loan package the International Monetary Fund and European Union agreed on last week.
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By Gretchen Morgensen and Louise Story
New York Times
Wednesday, May 19, 2010
As the housing crisis mounted in early 2007, Goldman Sachs was busy selling risky, mortgage-related securities issued by its longtime client, Washington Mutual, a major bank based in Seattle.
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By Eduardo Garcia and Teresa Cespedes
Reuters
Tuesday, May 18, 2010
Newmont (NEM.N) expects to open its Conga gold mine in Peru in late 2014 or late 2015, the company's Executive Vice President Guy Lansdown said on Tuesday at an industry conference.
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By Sam Zamarripa
CNN Money
Tuesday, May 18, 2010
FDIC will soon have absolute authority over failing big banks, empowered to borrow up to 90% of the assets of the companies it seizes and provide unlimited guarantees to "solvent" institutions.agency will soon have absolute authority over failing big banks, empowered to borrow up to 90% of the assets of the companies it seizes and provide unlimited guarantees to "solvent" institutions.
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By Martin Z. Braun and William Selway
Bloomberg
Tuesday, May 18, 2010
A telephone call between a financial adviser in Beverly Hills and a trader in New York was all it took to fleece taxpayers on a water-and-sewer financing deal in West Virginia. The secret conversation was part of a conspiracy stretching across the U.S. by Wall Street banks in the $2.8 trillion municipal bond market.
|
CNN Money
Tuesday, May 18, 2010
The prime minister of Greece said Sunday that he would not rule out taking legal action against U.S. banks that may have preyed on his country's precarious fiscal state.
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By Jack Ewing
New York Times
Tuesday, May 18, 2010
The European Central Bank disclosed Monday that it had bought 16.5 billion euros in bonds in the first week since taking the unprecedented step of intervening in markets to halt a sell-off of Greek and other European debt.
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By Maytaal Angel
Reuters
Monday, May 17, 2010
Holdings of the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, rose to a lifetime high of 1,214.065 tonnes as investors sought a safe haven from volatile currencies, and declines in stock markets.
|
By Angela Merle
Washington Post
Monday, May 17, 2010
More people lost their homes to foreclosure in April as banks worked through a backlog of troubled borrowers, according to data released Thursday.
|
By Angela Monaghan
Telegraph.co.ukg
Monday, May 17, 2010
Investor panic hit markets worldwide as fears grew that austerity measures facing trubled eurozone countries would derail recovery and spark social unrest.
|
By Tom Barkley and Ian Talley
Wall Street Journal
Monday, May 17, 2010
China was a net buyer of U.S. Treasurys for the first time in six months in March, boosting its position as the top foreign holder, the Treasury Department said.
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By Pierre Paulden and Shannon D. Harrington
Bloomberg
Monday, May 17, 2010
Money markets are showing rising levels of mistrust between EuropeÂ's banks on concern an almost $1 trillion bailout package wonÂ't prevent a sovereign debt default that might trigger a breakup of the euro.
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By Nelson D. Schwartz and Eric Dash
New York Times
Monday, May 17, 2010
After a brief respite following the announcement last week of a nearly $1 trillion bailout plan for Europe, fear in the financial markets is building again, this time over worries that the ContinentÂ's biggest banks face strains that will hobble European economies.
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By Jonathan T. Orr
GreenTechnologyReport.com
Friday, May 14, 2010
When Green Technology Report last talked to Gerry Gill CEO of Legend Power (TSX.V: LPS) (FSE: XLE) he spoke confidently not only of the good their proprietary smart grid technology can do for the environment by enabling commercial facilities to minimize carbon footprints by reducing electricity usage by up to 10 percent, but also about the momentum that Legend Power was building selling the technology directly to large retailers in Canada.
|
BBC World News: Audio
Thursday, May 13, 2010
A vending machine in Abu Dhabi has begun dispensing small gold bars and coins in exchange for cash.
|
By Glenn Somerville
Reuters
Thursday, May 13, 2010
The U.S. government has now posted 19 consecutive monthly budget deficits, the longest string of shortfalls on record.
|
By Philip Aldrick and Louise Armitstead
Telegraph.co.uk
Thursday, May 13, 2010
Britain's giant lenders are facing the threat of extinction after the new coalition Government pledged to establish an independent commission to decide whether to break up the banks.
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By Susan Pulliam, Kara Scannell, Aaron Lucchetti, and Senerna Ng
Wall Street Journal
Thursday, May 13, 2010
The banks under early-stage criminal scrutiny—J.P. Morgan Chase & Co., Citigroup Inc., Deutsche Bank AG and UBS AG—have also received civil subpoenas from the Securities and Exchange Commission as part of a sweeping investigation of banks' selling and trading of mortgage-related deals, the person says.
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By Shiyin Chen and Haslinda Amin
Bloomberg
Thursday, May 13, 2010
Investor Jim Rogers said EuropeÂ's bailout of indebted nations to overcome the sovereign-debt crisis is just Â"another nail in the coffinÂ" for the euro as higher spending increases the regionÂ's debt.
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By Louise Story
New York Times
Thursday, May 13, 2010
The New York attorney general has started an investigation of eight banks to determine whether they provided misleading information to rating agencies in order to inflate the grades of certain mortgage securities, according to two people with knowledge of the investigation.
|
By John Letzing
MarketWatch
Wednesday, May 12, 2010
Four U.S. banks were closed by regulators Friday, bringing the number of bank failures in the year to date to 68.
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By Amir Efrati, Susan Pulliam, Serena Ng, Aaron Lucchetti
Wall Street Journal
Wednesday, May 12, 2010
U.S. prosecutors are investigating whether Morgan Stanley misled investors about mortgage-derivatives deals it helped design and sometimes bet against, people familiar with the matter said, in a step that intensifies Washington's scrutiny of Wall Street in the wake of the financial crisis.
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Glenn Somerville and Caren Bohan
Reuters
Wednesday, May 12, 2010
If the European crisis does not stabilize, there is a risk the U.S. economy could stall again just as its prospects were beginning to brighten, said Tony Fratto, a former Treasury and White House official.
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By Takahiko Hyuga and Finbarr Flynn
Bloomberg
Wednesday, May 12, 2010
Morgan Stanley Chief Executive Officer James Gorman denied allegations the U.S. bank misled investors about mortgage derivatives it sold them.
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James West and Jonathan T. Orr
MidasLetter.com
Tuesday, May 11, 2010
Those bold investors that bet on Colossus Minerals Inc (TSX: CSI) when Midas letter first wrote them up two years ago, will be pleased but probably not surprised at the companyÂ's recent announcement of having received their mining license for their high-grade gold–platinum-palladium Serra Pelada project in Para State, Brazil, bringing them ever closer to production at this famed deposit.
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By Jan Harvey
Reuters
Tuesday, May 11, 2010
Gold hit five-month highs on Tuesday, rising to within $5 of its December record peak as risk aversion returned on doubts over smaller euro zone countries' ability to cut their deficits despite a $1 trillion aid package.
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Matthew Craft
Forbes
Tuesday, May 11, 2010
The Weiss Group returned to the ratings game last week, and the research firm's chairman has already made a provocative challenge to the dominant credit rating agencies: strip the AAA-rating from U.S. government debt.
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By Christine Seib
Times Online
Tuesday, May 11, 2010
Banks could be prevented from taking the Â"other sideÂ" of investments that they create for clients, as the Goldman Sachs fraud allegations continue to reverberate on Wall Street.
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Colin Barr
CNN Money
Tuesday, May 11, 2010
A new report from a federal bailout watchdog reveals that a top Treasury official told executives at Morgan Stanley (MS, Fortune 500) how much it would cost the giant bank to repurchase the warrants it issued to the government following its October 2008 rescue.
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By David Barboza
New York Times
Tuesday, May 11, 2010
China released data on Tuesday showing explosive growth in some parts of its economy, renewing concerns that Beijing may have to do more to prevent it from overheating.
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By Claire O'Connor and James West
MidasLetter.com
Monday, May 10, 2010
Nortec Minerals Corp. (TSX.V:NVT) is a Canadian based company with multi-continental exploration interests. Focusing at the moment on its PGP-Copper-Nickel, its Lithium and its gold properties in Finland, Nortec also has a finger in the Canadian mineral pie with a 51% interest in The Tasisuak Lake Property in Northern Labrador.
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By Michael Gray
New York Post
Monday, May 10, 2010
Federal agents have launched parallel criminal and civil probes of JPMorgan Chase and its trading activity in the precious metals market, The Post has learned.
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By Shannon D. Harrington and Abigail Moses
Bloomberg
Monday, May 10, 2010
EuropeÂ's government debt crisis is starting to infect the bank funding system, driving borrowing costs higher from Asia to the U.S. and threatening to slow the global economic recovery.
|
By Lisa Gibbs
CNN Money
Monday, May 10, 2010
A transfer in 2005 landed Air Force major Richard Hallbeck, his wife, and two kids in Southern California smack in the middle of the real estate bubble. Home prices in the area had doubled in the past five years and were still climbing. So the Hallbecks swallowed hard and bought an $845,000 four-bedroom in a suburb of Long Beach.
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By Kathy Shwiff and Tess Stynes
Wall Street Journal
Monday, May 10, 2010
Fannie Mae's first-quarter loss narrowed on fewer write-downs and credit-loss provisions, and the government-backed mortgage company requested another $8.5 billion in aid from the federal government.
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By Binyamin Appelbaum and Eric Lichtblau
New York Times
Monday, May 10, 2010
Cory Strupp, who represents Wall Street in Washington, spent the last six months lobbying for more than two dozen changes in the derivatives chapter of the SenateÂ's financial legislation.
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By Matthew Saltmarsh and Betty Wassener
New York Times
Friday, May 7, 2010
Stocks slid again Friday in Europe after sharp falls in Asia, as policy makers around the globe sought to calm nervous investors who fear that GreeceÂ's debt crisis will spread within Europe and beyond.
|
By Abigail Moses
Bloomberg
Friday, May 7, 2010
The cost of insuring against losses on European bank bonds soared to a record, surpassing levels triggered by the collapse of Lehman Brothers Holdings Inc., as the sovereign debt crisis deepened.
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By Claire O'Connor and James West
MidasLetter.com
Tuesday, May 4, 2010
In the complex world of junior mining exploration, adopting a particular strategy regarding property acquisition is a critical one. Happy Creek Minerals Ltd. (TSX.V: HPY) is a BC based exploration company whose strategy involves 100% owned mineral properties that are close to existing and past-producing mines.
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By Jason Zweig, Tom McGinty, and Brody Mullins
Wall Street Journal
Tuesday, May 4, 2010
Some members of Congress made risky bets with their own money that U.S. stocks or bonds would fall during the financial crisis, a Wall Street Journal analysis of congressional disclosures shows.
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Bettina Wassener
New York Times
Tuesday, May 4, 2010
In a deal that would create one of the worldÂ's largest gold producers, the board of Lihir Gold of Papua New Guinea recommended Tuesday that its shareholders agree to a sweetened $8.8 billion takeover offer from Newcrest Mining of Australia.
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By Dan Wilchins
Reuters
Tuesday, May 4, 2010
Goldman Sachs could enter talks to settle with the U.S. Securities and Exchange Commission over fraud charges as soon as today, Fox Business Network's Charlie Gasparino reported.
|
ByLes Christie
CNN Money
Tuesday, May 4, 2010
Foreclosure filings declined in more than half of the country's worst-hit spots in the first three months of 2010. But that doesn't mean the healing has begun.
|
By Shiyin Chen and Haslinda Amin
Bloomberg
Tuesday, May 4, 2010
Investor Marc Faber said ChinaÂ's economy will slow and possibly Â"crashÂ" within a year as declines in stock and commodity prices signal the nationÂ's property bubble is set to burst.
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By Jonathan Orr
GreenTechnologyReport.com
Monday, May 3rd, 2010
You may not have known that there was a threat, in the form of a shortage of Rare Earth Elements used in electronics, to the continued existence of our beloved iPhones and iPads but it looks as though you can rest assured of being able to get your hands on the latest electronics in the future and you may have Puget Ventures Inc (TSXV: PVS) to thank for that.
|
By Kara Gammell
Telegraph.co.uk
Monday, May 3rd, 2010
The gold price has risen to a four-month high after Standard & Poor's, the rating agency, lowered Greece and Portugal's credit ratings, spurring demand for the metal.
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By Chris Arnold
NPR
Monday, May 3rd, 2010
Friday marks the last day that homebuyers can qualify for an $8,000 federal tax credit. The government has been trying to rescue the housing market from collapse. But now it's taking away most of that life support.
|
By Liam Pleven
Wall Street Journal
Monday, May 3rd, 2010
The U.S. military is gearing up to become a more active player in the global scramble for raw materials, as competition from China and other countries raises concerns about the cost and availability of resources deemed vital to national security.
|
By David Ellis
CNN Money
Monday, May 3rd, 2010
Goldman Sachs' legal headaches don't start and end with the Securities and Exchange Commission.
|
By V. Phani Kumar
MarketWatch
Monday, May 3rd, 2010
The Chinese central bank's move over the weekend to raise banks' reserve requirements was designed to remove excess liquidity, as hot money pours into the country, due in part to hopes of the yuan's appreciation.
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By Jan Harvery
Reuters
Friday, April 30, 2010
Gold hit a 2010 high above $1,175 an ounce in Europe on Friday, fueled by euro strength and investors continuing to embrace the metal's safe-haven properties on unease over euro zone sovereign debt levels.
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By Brian Faler
Bloomberg
Friday, April 30, 2010
Since the U.S. recession began in December 2007, Congress has extended the length of unemployment benefits for the jobless three times. Now, the lawmakers may have reached their limit.
|
By Susan Pulliam and Evan Perez
Wall Street Journal
Friday, April 30, 2010
Federal prosecutors are conducting a criminal investigation into whether Goldman Sachs Group Inc. or its employees committed securities fraud in connection with its mortgage trading, people familiar with the probe say.
|
By Francis Knowles
Chicago Sun-Times
Friday, April 30, 2010
The number of Chicago metropolitan area homes lost to completed foreclosure auctions jumped 56 percent in the first quarter from a year earlier to the highest level since the beginning of the mortgage crisis in 2006.
|
By Ken Stier
CNN Money
Friday, April 30, 2010
The legal noose is tightening around credit ratings agencies, for practices past and future.
|
By Claire O'Connor
MidasLetter.com
Thursday, April 29, 2010
MAX Resource Corp. (TSX.V: MXR) is a Canadian exploration company with a diversified portfolio of mineral exploration projects in Canada and the Western United States.
|
By Kim Dixon
Reuters
Thursday, April 29, 2010
The next wave of financial fraud will likely be scams related to the hundreds of billions of dollars being doled out under the U.S. government's bailout and recovery programs, President Barack Obama's financial fraud czar said on Tuesday.
|
By Christopher Beam
Slate.com
Thursday, April 29, 2010
The question at the center of Tuesday's Senate hearing on the role of investment banks in the financial crisis: Are Goldman Sachs bankers criminals or merely a big bunch of jerks?
|
By Stephen Power and Mark Peters
Wall Street Journal
Thursday, April 29, 2010
The Obama administration Wednesday approved what would be the nation's first offshore windmill farm, delivering a major victory for the wind energy industry after years of delays.
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By Vivien Lou Chen and Gabrielle Coppola
Bloomberg
Thursday, April 29, 2010
Nouriel Roubini, the New York University professor who forecast the U.S. recession more than a year before it began, said sovereign debt from the U.S. to Japan and Greece will lead to higher inflation or government defaults.
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By Claire O'Connor and James West
MidasLetter.com
Wednesday, April 28, 2010
Nortec Minerals Corp. (TSX.V – NVT) is a Canadian based company with multi-continental exploration interests. Focusing at the moment on its PGP-Copper-Nickel, its Lithium and its gold properties in Finland, Nortec also has a finger in the Canadian mineral pie with a 51% interest in The Tasisuak Lake Property in Northern Labrador.
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BizTimes
Wednesday, April 28, 2010
Seven new bank failures combined will cost the federal deposit insurance fund $973.9 million, according to the FDIC. The total number of bank failures in the U.S. for the year is now 57.
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By Alix Steel
The Street
Wednesday, April 28, 2010
Gold prices Tuesday staged a big rally as investors fled to the safety of the hard asset after the S&P downgraded Greece and Portugal.
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By Les Christie
CNN Money
Wednesday, April 28, 2010
Mortgage fraud is still on the rise, according to a report released Monday, despite efforts by law enforcement and policy makers to rein it in.
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By Ann Saphir
Reuters
Wednesday, April 28, 2010
A financial reform proposal that would force banks to spin off their swaps desks could create a false sense of security about how well banks are insulated from potential blowups, Securities and Exchange Commission Chairman Mary Schapiro said on Tuesday.
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By Christine Harper and Michael J. Moore
Bloomberg
Wednesday, April 28, 2010
Goldman Sachs Group Inc. executives endured more than 10 hours of congressional grilling in one of the most public, and most hostile, political lashings in the firmÂ's 141-year history. By dayÂ's end, the investment bankÂ's market value had risen by $549 million.
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By Claire O'Connor and James West
MidasLetter.com
Monday April 26, 2010
Mineral Hill Industries Ltd. (TSX-V: MHI) is a Canadian-based mineral exploration and development company with their finger on the green technology pulse.
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By Gary White
Telegraph.co.uk
Monday, April 26, 2010
After a brief tumble in February on fears that the Chinese economy was overheating, commodity prices resumed their upward trajectory. This has ensured mining shares kept moving higher – until two weeks ago.
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Globe and Mail
Monday April 26, 2010
E-mails released Saturday morning show top executives at Goldman Sachs Group Inc. boasting about the money the firm was making as the national housing market collapsed in 2007.
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By Elliot Blair Smith
Bloomberg
Monday, April 26, 2010
Just past midnight on May 3, 2005, Standard & PoorÂ's analyst Chui Ng e-mailed co-workers to broker a solution to demands by Goldman Sachs Group Inc. bankers that he said violated two or more of the ratings companyÂ's internal guidelines.
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By Hibah Yousuf
CNN Money
Monday, April 26, 2010
The recovery is picking up steam as employers boost payrolls, but economists think the government's stimulus package and jobs bill had little to do with the rebound, according to a survey released Monday.
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By Brian Knowlton
New York Times
Monday, April 26, 2010
Amid mounting frustration over taxation and banking problems, small but growing numbers of overseas Americans are taking the weighty step of renouncing their citizenship.
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By Claire O'Connor and James West
MidasLetter.com
Friday, April 23, 2010
Sitting in his pajamas at 4:30 in the morning, credit card in one hand, mouse in the other, Playfair Mining Ltd. (TSX-V: PLY) president Neil Briggs acquired 100% interest in 673 claims covering 16,825 of highly coveted copper-silver rich hectares in the Seal Lake area of Central Labrador.
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USA Today
Friday April 23, 2010
A week ago, when the Securities and Exchange Commission brought a civil suit against Goldman Sachs, legal experts debated whether the SEC could really prove fraud.
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By Sewell Chan
New York Times
Friday, April 23, 2010
In 2004, well before the risks embedded in Wall StreetÂ's bets on subprime mortgages became widely known, employees at Standard & PoorÂ's, the credit rating agency, were feeling pressure to expand the business.
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By Jennifer B. McKim
Boston Globe
Friday April 23, 2010
The number of foreclosures in Massachusetts increased dramatically last month as more homeowners fell behind on mortgage payments or lost homes to lenders — a sign the housing marketÂ's recovery remains tenuous, real estate specialists say.
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By Simon Rabinovitch
Reuters
Friday, April 23, 2010
China must tackle its property bubble for the sake of economic health and social stability, even if the market feels some short-term pain in the process, an official financial newspaper said on Thursday.
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By Ben Rooney
CNN Money
Friday April 23, 2010
A Goldman Sachs director tipped off a hedge-fund boss about a $5 billion investment from Warren Buffett's Berkshire Hathaway before it was made public in 2008, according to a report published Tuesday.
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By Claire O'Connor and James West
MidasLetter.com
Thursday, April 22, 2010
On March 18th 2010 Extorre Gold Mines Ltd. (TSX: XG) began trading as an independent company.
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By Gráinne Gilmore
TimesOnline.co.uk
Thursday April 22, 2010
Unemployment hit a 15-year high in the three months to February and experts have warned that Britain faces a jobless recovery.
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BBC News
Thursday, April 22, 2010
BHP Billiton, the world's largest mining company, has uncovered possible corruption at exploration projects.
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By Aaron Smith
CNN Money
Thursday April 22, 2010
The Federal Reserve banks that form the backbone of the nation's financial system transferred an extra-large payload to the U.S. Treasury last year, as they reaped interest from Wall Street bailouts.
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By Matthew Craft
Forbes.com
Thursday, April 22, 2010
RBS economists say a smaller U.S. budget deficit will force the Treasury to curtail sales of government debt.
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By Keith Bradsher
New York Times
Thursday April 22, 2010
On a high plateau where burros and jackrabbits wander an hourÂ's drive southwest of Las Vegas, a 400-foot-deep chasm hewn from volcanic rock sits at the center of an international policy debate.
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By Jonathan T. Orr
GreenTechnologyReport.com
Wednesday, April 21, 2010
For Bolero Resources Corp (TSX.V:BRU) and many investors, it is now beyond argument that one of the fastest growing and most exciting commodities markets in the world is in Rare Earth Elements. The widespread use of REEs in green technologies and advanced electronics means that demand will increase dramatically in the near future.
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By Miho Nagano
Investor's Business Daily
Wednesday April 21, 2010
China's tight hold on the world's usable supply of so-called rare-earth elements is fueling one of the bigger challenges for the fledgling green car industry.
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By Ian Cowie
Telegraph.co.uk
Tuesday April 20, 2010
Savers worried about rising inflation, shrinking sterling and dismal returns on bank deposits are seeking a safe haven in gold.
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By Thomas F. Cooley and Peter Rupert
Forbes
Wednesday April 21, 2010
The behavior of the housing sector over this recession is unlike anything in recent history.
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By Nelson D. Schwartz and Eric Dash
New York Times
Tuesday April 20, 2010
They were the black boxes of the subprime era, byzantine creations of the brightest minds on Wall Street that made — and then lost — vast fortunes.
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By Maria Sheahan
Reuters
Wednesday April 21, 2010
The International Air Transport Association (IATA) estimates that the crisis caused by a volcanic ash cloud above Europe cost airlines revenues of more than $1.7 billion by Tuesday.
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By Claire O'Connor
MidasLetter.com
Tuesday April 20, 2010
Bard Ventures (TSX.V: CBS) is in the advanced stages of drilling on its 100% owned Lone Pine molybdenum property in the Omineca Mining Division of BC.
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By Neil Reynolds
Globe and Mail
Tuesday April 20, 2010
It's not merely an increase in debt that takes countries to the brink - it's an abrupt, spiralling increase.
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Economist
Tuesday April 20, 2010
The cost of any penalties to Goldman, if found guilty, is likely to be in the tens, possibly hundreds, of millions. The SEC is seeking the return of any ill-gotten gains plus a penalty.
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By Christine Seib
TimesOnline.co.uk
Tuesday April 20, 2010
Goldman Sachs announced it has set aside $5.5 billion (£3.5 billion) to pay its bankers for three months' work just hours after the Financial Services Authority launched a formal investigation into the US bank.
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By Svenja O’Donnell
Bloomberg
Tuesday April 20, 2010
The U.K.’s inflation rate jumped more than economists forecast in March, breaching the government’s upper limit for the second time this year after energy costs rose within weeks of the election.
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By Simon Romero
New York Times
Tuesday April 20, 2010
President Hugo Chávez said over the weekend that China had agreed to extend $20 billion in loans to Venezuela, pointing to deepening ties between the two countries as China seeks to secure oil supplies here.
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By Claire O'Connor and James West
MidasLetter.com
Monday April 19, 2010
Novus Gold Corp. (TSX.V: NOV) is due to begin an extensive drill program on its REN Gold Property in the Northwest Territories this month. Assay results of re-sampled drill core from past exploration on the property have just confirmed that Novus are sitting on only the tip of a golden iceberg.
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By David Dreman
Forbes
Monday April 19, 2010
The firm clearly had its way with the Fed and the Treasury, but now the SEC says it stepped over the line.
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By Steve Goldstein
Wall Street Journal
Monday April 19, 2010
U.S. stock futures fell Monday amid continuing concerns over the fallout from fraud allegations against Goldman Sachs Group.
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By Tami Luhby
CNN Money
Monday April 19, 2010
Just when Wall Street thought it had put its subprime troubles behind it.
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By Ben Farey and Robert Tuttle
Bloomberg
Monday April 19, 2010
Algeria, Africa’s biggest exporter of natural gas, is getting no help from Russia and Qatar in curbing production to increase prices in this year’s worst- performing energy commodity.
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By Edward Wyatt
New York Times
Monday April 19, 2010
In the last few years, the Securities and Exchange Commission seemed like the cop in the doughnut shop, sitting idly by while the likes of Lehman Brothers and Bernard L. Madoff ran amok.
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By Jonathan T. Orr
GreenTechnologyReport.com
Friday April 16, 2010
When Green Technology Report asked Quantum Rare Earth Development’s (TSX.V:QRE) President Peter Dickie about the growing importance and future potential of rare earth elements to early-adopting green investors and the general purchasing public, he said without hesitation “It’s in everything.”
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By Richard Miniter
Forbes
Friday April 16, 2010
America should learn from other countries and sell federal assets.
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By Becky Quick
CNN Money
Friday April 16, 2010
The economy has made a sharp U-turn in the past couple of months, and better days for American businesses and workers are around the corner.
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Bloomberg
Friday April 16, 2010
China’s economic growth accelerated to the fastest pace in almost three years in the first quarter, highlighting overheating risks that may prompt the government to scrap the yuan’s peg to the dollar.
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By Martin Mittelstaedt
Globe and Mail
Friday April 16, 2010
The money supply in the United States is doing something that almost never happens: it's shrinking, after taking into account inflation.
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The Economist
Friday April 16, 2010
The emerging world, long a source of cheap labour, now rivals the rich countries for business innovation, says Adrian Wooldridge.
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MidasLetter.com
Thursday April 15, 2010
Bralorne Gold Mines Ltd (TSX.V: BPM) owns a 100% interest in a land package comprised of 2,490 hectares of mineral properties located in the Lillooet Mining Divisionin British Columbia.
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By Blake Ellis
CNN Money
Thursday April 15, 2010
The economy showed modest signs of life in recent weeks, the Federal Reserve said Wednesday in its latest summary of regional economic conditions.
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By Alex Veiga
Forbes
Thursday April 15, 2010
A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report.
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By David Streitfield
New York Times
Thursday April 15, 2010
The number of homeowners who defaulted on their mortgages even after securing cheaper terms through the government’s modification program nearly doubled in March, continuing a trend that could undermine the entire program.
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By Lorenzo Totaro
Business Week
Thursday April 15, 2010
Billionaire investor George Soros sees a risk of a “double-dip” recession for the global economy if the fiscal stimuli are pulled too fast.
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By Yalman Onaran, Simon Clark and Joseph Heaven
Bloomberg
Thursday April 15, 2010
JPMorgan Chase & Co., Wells Fargo & Co. and Fifth Third Bancorp executives told U.S. regulators last week that plans to bolster banks’ liquidity are based on the wrong assumptions and risk unintended consequences.
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By Kevin Carmichael
Globe and Mail
Wednesday, April 14, 2010
Unemployment rates in the world's developed economies likely will remain high through 2011, suggesting that central banks should keep interest rates low and that governments should be ready to spend on job creation, the International Monetary Fund says.
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By Tami Luhby
CNN Money
Wednesday, April 14, 2010
The Obama administration's mortgage-modification program is not keeping pace with the deluge of foreclosures hitting the market, a government watchdog found.
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By Anton Troianovski and Lingling Wei
Wall Street Journal
Wednesday, April 14, 2010
Morgan Stanley has told investors in its $8.8 billion real-estate fund that it may lose nearly two-thirds of its money from bum property investments, according to fund documents reviewed by The Wall Street Journal.
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By Jonathan Keehner and Phil Mattingly
Bloomberg
Wednesday, April 14, 2010
Starwood Capital Group LLC, Colony Capital LLC and TPG, whose leaders profited from the 1990s savings and loan crisis, are among firms buying assets from the Federal Deposit Insurance Corp. for as little as 22 cents cash on the dollar, according to data compiled by Bloomberg.
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By Antony Curry
Reuters
Wednesday, April 14, 2010
Can a bank be "too clubby to fail"? Former Washington Mutual boss Kerry Killinger thinks so - and reckons WaMu's outsider status explains why it wans't bailed out in September 2008.
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By Claire O'Connor and James West
MidasLetter.com
Tuesday, April 13, 2010
The brand spanking newly-established Harmony Gold Corp. (TSX.V: H) has assembled a veritable A-Team amongst its Board of Directors to guide the fledgling company towards its goal of becoming a premier gold producer within the next 24 months.
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By Christopher Johnson
Reuters
Tuesday, April 13, 2010
Global oil demand will hit a record high this year, the International Energy Agency (IEA) said on Tuesday, revising up consumption estimates as the world economy recovers from recession.
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Telegraph.co.uk
Tuesday, April 13, 2010
The world's developed economies face a rising threat of deflation as central banks around the world withdraw their stimulus programmes, according to PIMCO, the world's biggest bond fund manager.
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By David Weldner
MarketWatch
Tuesday, April 13, 2010
The Treasury Department now estimates the taxpayers' loss on federal bailout programs will be $89 billion, or about a third of the more than $250 billion projected in previous estimates.
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By Jeanne Sahadi
CNN Money
Tuesday, April 13, 2010
The debate over how to reduce U.S. debt levels has generated a lot of partisan huffing and puffing in Congress, but no meaningful action.
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By Sewell Chan
New York Times
Tuesday, April 13, 2010
In a rare public dissent, a member of the committee that officially dates the turning points in the nation’s business cycles said on Monday that he thought that the recession ended last June and that the panel should have said so.
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By Claire O'Connor
MidasLetter.com
Monday, April 12, 2010
On September 28th 2009 Canaco Resources (TSX-V: CAN) drilled their 3rd most successful drill hole in 3 years on their Magambazi gold prospect located in the Handeni region of the United Republic of Tanzania.
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By Stuart Wallace and Sungwoo Park
Business Week
Monday, April 12, 2010
Gold futures climbed to a four- month high in New York as the euro gained after a European rescue package for Greece.
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By Nelson D. Schwartz
New York Times
Monday, April 12, 2010
Even as prospects for the American economy brighten, consumers are about to face a new financial burden: a sustained period of rising interest rates.
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CBS News
Monday, April 12, 2010
The Associated Press survey of leading economists suggests the pillars of Americans' financial security, jobs and home values, will stay shaky well into 2011.
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By Tami Luhby
CNN Money
Monday, April 12, 2010
More than 200,000 jobless Americans are anxiously waiting for the Senate to restore their extended unemployment insurance.
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By Chua Kong Ho and Haslinda Amin
Bloomberg
Monday, April 12, 2010
China’s real-estate market is overheating and investors should stay cautious on developers after the shares fell the most in the main equities index this year, according to Nomura Asset Management Hong Kong Ltd.
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By Kevin Quealy and Karl Russell
New York Times
Sunday, April 11, 2010
Greece is not the only country in Europe with problems with credit and debt.
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By Claire O'Connor and James West
MidasLetter.com
Friday, April 9th, 2010
Strateco Resources Inc. (TSX:RSC) is on the brink of realizing their Uranium licensing dreams. Having spent the last 2 years in the licensing process, the company expects to attain what will be the first Uranium production license issued in Canada in 25 years, by summer 2010 from the Canadian Nuclear Safety Commission.
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By Hibah Yousuf
CNN Money
Friday, April 9th, 2010
With unemployment still at a severe high, a majority of states have drained their jobless benefit funds, forcing them to borrow billions from the federal government to help out-of-work Americans.
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By Craig Karmin and James R. Hagerty
Wall Street Journal
Friday, April 9th, 2010
The rich and famous now have something in common with hundreds of thousands of middle and lower-class Americans: The bank is about to take their homes.
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MarketWatch
Friday, April 9th, 2010
Four banks, two in Georgia and one each in Florida and Arizona, were closed by regulators on Friday, bringing the number of bank failures for 2010 to 41.
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By Sakthi Prasad and Karen Foster
Reuters
Friday, April 9th, 2010
Major U.S. banks temporarily lowered their debt levels just before reporting in the past five quarters, making it appear their balance sheets were less risky, the Wall Street Journal said, citing data from the Federal Reserve Bank of New York.
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By Elaine Kurtenbach
Globe and Mail
Friday, April 9th, 2010
China's passenger car sales jumped 63 per cent in March from a year earlier as manufacturers scrambled to meet strong demand driven by tax cuts and government subsidies, a state-affiliated industry group reported Friday.
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By Jonathan T. Orr
GreenTechnologyReport.com
Thursday, April 8th, 2010
Greenscape Capital Group Inc. (TSX.V:GRN) knows that changing the world overnight is hard work but they also know it doesn’t have to be dull work.
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By Mark Fesenthal
Reuters
Thursday, April 8th, 2010
Two top U.S. Federal Reserve officials warned about the risks to the economy from asset bubbles on Wednesday, and one suggested raising interest rates to halt risky behavior that could trigger another bust.
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By Eric Dash and Sewell Chan
New York Times
Thursday, April 8th, 2010
Almost three years after Citigroup started to teeter, two of the executives who guided the bank into the center of the financial storm offered their regrets on Thursday to a federal committee examining the crisis.
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By Shiyin Chen
Bloomberg
Thursday, April 8th, 2010
China’s property market is a bubble that may burst by as early as this year, according to hedge fund manager James Chanos.
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By John D. McKinnon and Randall Smith
Wall Street Journal
Thursday, April 8th, 2010
Former Fed chief Alan Greenspan faced some of the toughest questioning yet about his role in the financial crisis at a hearing Wednesday marked by tense exchanges with a longtime foe.
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By Francesca Steele
TimesOnline.co.uk
Thursday, April 8th, 2010
A combination of factors, including the weak pound and an increase in the wholesale price of fuel, has caused a steady rise in petrol prices since the beginning of the year.
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New York Times
Wednesday, April 7th, 2010
Goldman Sachs, in its annual letter Wednesday, denies the charge that it “bet against” its own clients at the height of the subprime mortgage crisis.
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By Claire O'Connor and James West
MidasLetter.com
Tuesday, April 6th, 2010
In the heart of the prolific Cadillac, Malartic and Val-d’Or gold mining camps of Northern Quebec’s most prominent gold mining region, an updated resource estimate indicating and inferring 1 million ounces of gold has invited NioGold (TSX.V:NOX) back into the spotlight. With additional results from on trend drilling and a progressive drill program planned, NioGold are moving forward fast.
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By Jeffrey Ball
Wall Street Journal
Tuesday, April 6th, 2010
The energy industry and an antitax group are challenging California's plan to cap greenhouse-gas emissions, saying the effort would lead to job losses and raise energy prices if it goes into effect in 2012.
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By Claire Sibonney
Reuters
Tuesday, April 6th, 2010
The Canadian dollar rose to one-for-one footing with the U.S. currency on Tuesday, hitting its strongest level since July 2008, boosted by rising commodity prices and expectations for higher domestic interest rates.
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By Daniel Kruger and Matthew Brown
Bloomberg
Tuesday, April 6th, 2010
The fastest growth in global currency reserves since the credit crisis is blunting a rise in Treasury yields even as concern increases about record U.S. borrowing to finance an unprecedented budget deficit.
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By Sewell Chan and Eric Dash
New York Times
Tuesday, April 6th, 2010
Against this backdrop, any premature tightening by the central bank or a sustained backup in bond yields is simply out of the question
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By Garry White
Telegraph.co.uk
Monday, April 5th, 2010
London-listed mining companies are bracing themselves for a wave of ethnic violence in South Africa as tensions escalate following the murder of notorious far-right politician Eugene Terreblanche.
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The Economist
Monday, April 5th, 2010
This morning's employment report, out of Bureau of Labour Statistics, provides some of the most reassuring data on the American labour market that we have seen since the recession began.
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By Chris Isidore
CNN Money
Monday, April 5th, 2010
Economist Simon Johnson says some of the leading banks are even bigger than they were before the crisis and could still fail.
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By Stephen Bernard
Boston Globe
Monday, April 5th, 2010
Interest rates rose Monday in the bond market on fresh signs the economy is continuing its slow, steady recovery.
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By Bryan Keogh
Bloomberg
Monday, April 5th, 2010
Bonds with built-in protection against rating cuts are making up a record share of debt issues as investors hedge against a slowdown in the economic recovery.
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By Catherine Rampell
New York Times
Monday, April 5th, 2010
While the general message from today’s jobs report is relatively sunny, one bleak trend remains: long-term unemployment.
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By Jonathan Orr
GreenTechnologyReport.com
Wednesday, March 31, 2010
Cobalt remains the strong silent type at the clean technology party while mineral hot shot lithium, with it’s New Yorker cover stories and breathless media coverage, is the current star of the green forward resource market, grabbing all the attention with its flash and glitter.
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By James Quinn
Telegraph.co.uk
Wednesday, March 31, 2010
The head of the International Monetary Fund has warned that the chances of a global agreement on new financial regulations is fading fast as international co-operation diminishes.
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Associated Press
Wednesday, March 31, 2010
Palladium, platinum and copper led a commodities rally Monday as investors took advantage of a weaker dollar.
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By Pham-Duy Nguyen
Business Week
Wednesday, March 31, 2010
Gold rose, heading for the sixth straight quarterly gain, on investor demand for an alternative to the dollar and other currencies.
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By Caroline Valetkevitch
Reuters
Wednesday, March 31, 2010
U.S. private employers unexpectedly shed more jobs in March, dampening hopes for job growth ahead of Friday's key employment report.
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By Joe Schneider
Bloomberg
Wednesday, March 31, 2010
Barrick Gold Corp.’s plan to double production at a Nevada gold mine complex this year by digging out an additional $625 million in deposits may turn on a judge’s decision in an environmental suit by American Indian tribes.
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By John M. Broder
New York Times
Wednesday, March 31, 2010
The Obama administration is proposing to open vast expanses of water along the Atlantic coastline, the eastern Gulf of Mexico and the north coast of Alaska to oil and natural gas drilling, much of it for the first time, officials said Tuesday.
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By Eric Onstad and Julie Crust
Reuters
Monday, March 29, 2010
Analysts said that many companies could decide to sell stakes to Chinese and other Asian firms, or agree to long-term supply agreements in exchange for up-front cash.
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By Michael Gray
New York Post
Monday, March 29, 2010
A London-based precious-metals trader who had accused JPMorgan Chase of manipulating the gold and silver markets was involved in a bizarre weekend car accident that triggered a police chase before the suspect was nabbed.
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By Eric Onstad and Julie Crust
Reuters
Monday, March 29, 2010
Analysts said that many companies could decide to sell stakes to Chinese and other Asian firms, or agree to long-term supply agreements in exchange for up-front cash.
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By Susanne Walker
Bloomberg
Monday, March 29, 2010
Former Federal Reserve Chairman Alan Greenspan’s warning that rising yields on government debt will drive up American borrowing costs is resonating with the world’s biggest bond traders, who say this month’s losses in the market for U.S. Treasuries are just the beginning.
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By Steve Hargreaves
CNN Money
Monday, March 29, 2010
New production from once hard-to-tap shale rock is booming in places like Texas, Louisiana and the Northeast.
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By Eric Dash
New York Times
Monday, March 29, 2010
About 18 months after the federal government stepped in to bail out Citigroup, Washington announced plans to cash out its ownership stake.
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By James West and Claire O'Connor
MidasLetter.com
Wednesday, March 24, 2010
Prospero has a few things going for it that make us giddy here at Midas Letter. First of all, the company is financed by its founders and management as to 35%.
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PR Newswire
Wednesday, March 24, 2010
Data published by ForeclosureListings.com comparing February 2010 to January 2010 shows that Texas has witnessed the highest increase in foreclosures with a rise of 35.3%, followed by Michigan at 17.54%, California at 11.93%, and Florida at 4.71% increases. Georgia actually showed a decrease of 5.55% and Arkansas showed the largest drop in foreclosures down 28.6%.
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By Lisa Lambert
Reuters
Wednesday, March 24, 2010
Nearly 200 metropolitan areas reported jobless rates of at least 10 percent in January, showing that unemployment problems persist at the local level.
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By John McCormick and Alison Vekshin
Bloomberg
Wednesday, March 24, 2010
Americans are leery about creating a new federal agency to make consumer-protection rules for mortgages and credit cards and would prefer to enhance the existing powers of banking regulators.
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By Jeannie Aversa
Associated Press
Wednesday, March 24, 2010
Record-low interest rates are still needed to energize the economic recovery, a Federal Reserve official said Tuesday.
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By David Streitfield
New York TImes
Wednesday, March 24, 2010
The volume of home sales is slumping even as the number of properties on the market is rising, which is putting new pressure on prices, according to economic data released Tuesday.
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By Boyed Erman
Globe and Mail
Tuesday, March 23 2010
Unless he can get California's debt under control, Governor Arnold Schwarzenegger may soon have an enemy more fearsome than the Predator, the T-1000 or anything else he battled in the movies.
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By Kurt Brouwer
MarketWatch
Tuesday, March 23, 2010
Jim Rogers, the ubiquitous financial pundit, short seller, author and former hedge fund manager, covered lots of ground in an interview with CNBC.
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By Boyed Erman
Globe and Mail
Tuesday, March 23 2010
Unless he can get California's debt under control, Governor Arnold Schwarzenegger may soon have an enemy more fearsome than the Predator, the T-1000 or anything else he battled in the movies.
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Jacksonville Business Journal
Tuesday, March 23, 2010
A day doesn’t go by without some talk of the residential foreclosure crisis in the media. But the severity of that problem could be overshadowing yet a bigger problem looming on the horizon: commercial foreclosure.
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By Jacqueline Doherty
Barron's
Tuesday, March 23 2010
Its hard to hide and elephant, but when it comes to over-the-counter derivatives, Wall Street has done it for years.
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Peter Koven
Financial Post
Tuesday, March 23, 2010
Two of Canada's base metal miners are merging to create a US$3.5-billion copper producer with assets in Canada, the United States and Chile.
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By Claire O'Connor
MidasLetter.com
Monday, March 22, 2010
Pediment Gold (TSX: PEZ) have been working quietly and steadily in recent months, building their properties in Sonora State and the Baja Peninsula, Mexico into something quite substantial.
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Globe and Mail
Monday, March 22, 2010
Despite tumultuous change, this watcher of global forces sees cause for hope - and resource-rich Canada as a beneficiary.
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By James Hall
Telegraph.co.uk
Monday, March 22, 2010
The UK's economic recovery will remain "sluggish" for the rest of 2010 and not pick up pace until the middle of next year, the Confederation of British Industry (CBI) warned on Monday.
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By Daniel Kruger and Bryan Keogh
Bloomberg
Monday, March 22, 2010
The bond market is saying that it’s safer to lend to Warren Buffett than Barack Obama.
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By Paul Taylor
Reuters
Monday, March 22, 2010
Former Federal Reserve Chairman Alan Greenspan, whose legacy has been tarnished by the global financial crisis, on Thursday laid out a scholarly defense of why Fed policy did not fuel the housing bubble.
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By Keith Bradsher and Sewell Chan
New York Times
Monday, March 22, 2010
The global economic crisis has left “deep scars” in the fiscal balances of the world’s advanced economies, which should begin to rein in spending next year as the recovery continues, the No. 2 official at the International Monetary Fund said on Sunday in Beijing.
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By Kristina Cooke
Reuters
Friday, March 19, 2010
Former Federal Reserve Chairman Alan Greenspan, whose legacy has been tarnished by the global financial crisis, on Thursday laid out a scholarly defense of why Fed policy did not fuel the housing bubble.
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By Allan H. Meltzer
Wall Street Journal
Friday, March 19, 2010
Without the policies followed by Fannie Mae and Freddie Mac—and the destructive changes in housing and mortgage policies, like authorizing subprime and Alt-A mortgages for impecunious borrowers—the crisis would not have happened.
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By Aoife White
Associated Press
Friday, March 19, 2010
The European Union's finance executive called Friday for banks to pay into a fund that could be drawn upon in case of collapse, an effort to shield taxpayers from the fallout of future crises.
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By Anne Tang
Xinhua
Friday, March 19, 2010
China's government is set to order some central state-owned enterprises (SOEs) to quit real estate business as their land acquisitions are blamed for fuelling rise of urban housing prices, spokesman of the state assets watchdog Du Yuanquan said Thursday.
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By Daniel Gross
NewsWeek
Friday, March 19, 2010
The U.S. is more than $13 TRILLION in debt. Imagine a world in which the U.S. government, lacking the will to tax or cut spending, can't scrape up the cash to stay current on interest payments and can't roll over debt as it matures.
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By Claire O'Connor and James West
Midasletter.com
Thursday, March 18, 2010
South American Silver Corp. (TSX: SAC) is a socially responsible mining company focused on the development of the world class Malku Khota Silver-Indium deposit in Bolivia.
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By Jonathan Ratner
Financial Post
Thursday, March 18, 2010
Expectations of higher gold prices and the belief that existing reserves will increase with further exploration mean most senior and intermediate (and some junior) gold producers are trading at a multiple to their net asset value (NAV).
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The Economist
Thursday, March 18, 2010
China has rejected accusations that America's huge trade deficit with it is caused largely by an artificially weak yuan, which has been pegged to the dollar since July 2008.
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By Rana Foroohar
Newsweek
Thursday, March 18, 2010
One of the most common bits of post-recessionary wisdom is that the world is on its way to a prolonged period of high inflation. With all that public stimulus money sloshing around the world, it's only a matter of time before prices start to go up.
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By Bruce Einhorn
BusinessWeek
Thursday, March 18, 2010
Industry groups representing multinationals are grumbling again about China. They’re upset about new “indigenous innovation” policies encouraging the purchase of locally-generated technology.
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By Richard Wachman
Guardian.co.uk
Thursday, March 18, 2010
Employees of mining firm charged with industrial espionage and bribery will face court in Shanghai on Monday.
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By James West
MidasLetter.com
Wednesday, March 17, 2010
When a company like Wildcat Silver Corp. (TSX.V:WS) comes along, I don’t need to spend a lot of time running around researching the pasts of the directors or developing a sense of future prospects. That’s because with one look a the management team, I can rest easy knowing that I’m looking at a winner.
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By Bei Hu
Bloomberg
Wednesday, March 17, 2010
China is in the midst of “the greatest bubble in history,” said James Rickards, former general counsel of hedge fund Long-Term Capital Management LP.
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By Jack Ewing
New York Times
Wednesday, March 17, 2010
The euro’s decline reflects the harsh verdict of investors on the Greek debt crisis and the monetary union’s inability to insure that its members adhere to basic principles of fiscal prudence.
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By Stephen Fitch
Forbes
Wednesday, March 17, 2010
In fact the outlook is flat-out grim, based on the latest data from First American CoreLogic, a housing data firm that tracks 97% of U.S. transactions for the mortgage industry.
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By Jim Kuhnhenn and Jeannine Aversa
Boston Globe
Wednesday, March 17, 2010
Federal Reserve chairman Ben Bernanke plans to wage a fresh battle against Senate efforts to scale back the Fed’s role in supervising the nation’s banks.
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By Steven C. Johnson
Reuters
Wednesday, March 17, 2010
Foreign investors, led by central banks, were net sellers of all U.S. securities in January but continued to buy U.S. Treasuries, the Treasury Department said on Monday.
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By James West
MidasLetter.com
Tuesday, March 16, 2010
Petroamerica (TSX.V:PTA) reported it was successful in drilling its first well in Colombia last week, with a short test (only 1-2 days) showing 1,314 barrels of oil per day (bopd) production.
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By Nelson D. Schwartz
New York Times
Tuesday, March 16, 2010
2012 is the beginning of a three-year period in which more than $700 billion in risky, high-yield corporate debt begins to come due, an extraordinary surge that some analysts fear could overload the debt markets.
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By Boyd Erman
Globe and Mail
Tuesday, March 16, 2010
All the signals since the Dec. 17 unveiling of the new capital rules are that they will be significantly watered down.
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By David Wessel
Wall Street Journal
Tuesday, March 16, 2010
The work and pensions secretary, Yvette Cooper, warned tonight that Labour would have to fight the election against a backdrop of rising unemployment amid signs that jobs are still being lost in a weak economy.
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By Alan Wheatley
Reuters
Tuesday, March 16, 2010
Investors are focusing on a darker side of China's relentless investment: vast sums borrowed by local governments and plowed, skeptics fear, into white elephant projects that will never pay for themselves.
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By Kathryn Hopkins
Guardian.co.uk
Tuesday, March 16, 2010
The work and pensions secretary, Yvette Cooper, warned tonight that Labour would have to fight the election against a backdrop of rising unemployment amid signs that jobs are still being lost in a weak economy.
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By Bradley Keoun
Bloomberg
Tuesday, March 16, 2010
Citigroup Inc., the bank 27 percent owned by the U.S., is bolstering a unit that trades stocks with the bank’s own money after a proposed government ban of so- called proprietary trading helped spur eight of its 22 employees to defect, people with direct knowledge of the matter said.
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By Jan Harvey
Globe and Mail
Monday, March 15, 2010
Gold rose on Monday as concerns over sovereign debt prompted buying of the metal as a haven from risk after a Moody's report and ahead of a meeting of euro zone finance ministers on financial help for Greece.
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Boston Globe
Monday, March 15, 2010
The Chamber of Mines said Monday that South Africa's output last year dropped 5.8 percent to an output of less than 205 tons. The statement says China, Australia and the U.S. now occupy the top three spots.
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CNN
Monday, March 15, 2010
The closures of Statewide Bank in Louisiana and Florida's Old Southern Bank brought the number of bank failures this year to 30, according to the Federal Deposit Insurance Corp.
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The Economist
Monday, March 15, 2010
North American gas prices have slumped from more than $13 per million British thermal units in mid-2008 to less than $5. The United States’ purchases of LNG have dwindled. It has enough gas under its soil to inspire dreams of self-sufficiency.
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By Jeremy Gaunt
Reuters
Monday, March 15, 2010
The U.S. Federal Reserve and Bank of Japan both meet in the coming week, but far from unwinding the easy money policies embedded over the past few years to ignite economic growth both are likely to admit implicitly that the job is far from done.
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By Claire O'Connor and James West
MidasLetter.com
Friday, March 12, 2010
Now in their 41st year in business, Louis and son David have succeeded in bringing new life to the Avino mine once dubbed “The Mountain of Silver” by Spanish Conquistadors in 1562.
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By Linda Sandler, Bob Van Voris and Don Jeffrey
Bloomberg
Friday, March 12, 2010
JPMorgan Chase & Co. and Citigroup Inc. helped cause the failure of Lehman Brothers Holdings Inc. by demanding more collateral and changing guarantee agreements, according to a court-ordered report on the biggest bankruptcy in U.S. history.
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By Clive Crook
The Atlantic
Friday, March 12, 2010
Geithner and Summers appear to get along. But what I really want to know is how they have managed it.
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Financial News Online
Friday, March 12, 2010
Commodity Futures Trading Commission chairman Gary Gensler yesterday said the US could adopt new regulations for credit default swaps, the derivative often blamed for the near-collapse of American International Group during the financial crisis.
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By Michael L. de la Merced and Andrew Ross Sorkin
New York Times
Friday, March 12, 2010
It is the Wall Street equivalent of a coroner’s report — a 2,200-page document that lays out, in new and startling detail, how Lehman Brothers used accounting sleight of hand to conceal the bad investments that led to its undoing.
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By Mark Hulbert
MarketWatch
Friday, March 12, 2010
After staging a nearly-$100 rally from early February through early March, gold then gave nearly half that rally back.
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By James West and Claire O'Connor
MidasLetter.com
Thursday, March 11, 2010
Rye Patch Gold (TSX.V:RPM) continues to expand its resource base in the pursuit of a 10 million ounces of gold resource.
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By Devon Maylie
Wall Street Journal
Thursday, March 11, 2010
Currently, China is the world’s sixth largest official holder of the metal at 1,054 metric tons, data from the World Gold Council from the end of 2009 shows.
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By James Quinn
Telegraph.co.uk
Thursday, March 11, 2010
Mexican billionaire Carlos Slim has stripped Bill Gates of his crown as the world’s richest man, as Latin American and Asian entrepreneurs begin to outpace the US and Europe when it comes to wealth creation.
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By Mike Dolan
Reuters
Thursday, March 11, 2010
With economic policy stimuli already at full tilt, no government wants an overvalued exchange rate to slay recovery, and the rival "soft currency" needs are producing some elaborate rhetorical jousting.
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By Ben Moshinsky and Aaron Kirchfeld
Bloomberg
Thursday, March 11, 2010
European politicians and regulators could initiate a continent-wide ban on speculative trading of sovereign credit-default swaps tomorrow. Making it stick without the Americans won’t work.
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By Graham Bowley
New York Times
Thursday, March 11, 2010
For 18 years, Gary G. Gensler worked on Wall Street, striking merger deals at the venerable Goldman Sachs. Then in the late 1990s, he moved to the Treasury Department, joining a Washington establishment that celebrated the power of markets and fought off regulation at almost every turn.
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By Claire O'Connor and James West
MidasLetter.com
Monday, March 8, 2010
Not many junior exploration companies can afford to be actively exploring in three parts of the world at the same time. But with the steady flow of encouraging results that have been flooding through their gates, Everton Resources has been doing just that.
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By MacKenzie Davis and Ken Settles
Barrons
Monday, March 8, 2010
Investing in commodities companies has required MacKenzie Davis and Ken Settles to traipse across the planet, inspecting everything from hydropower plants inside Norwegian mountains to gold mines in the Arctic Circle.
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By Peter S. Goodman
New York Times
Friday, March 5, 2010
The American economy lost another 36,000 jobs - fewer than expected last month - and the unemployment rate remained steady at 9.7 percent, the Labor Department reported Friday.
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By Jonathan T. Orr and James West
MidasLetter.com
Thursday, March 4, 2010
With the image of millions of cars powered by electric batteries dancing in their heads, lithium has investors charged up. The question is who will be able to drive this nascent market forward? Well Pan American Lithium Corp (TSX.V:PL) is a stellar example of why we provide continuous coverage: from promise to punch in the space of two months in a market that could make some people very wealthy indeed.
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By Juro Osawa And Daisuke Wakabayashi
Wall Street Journal
Thursday, March 4, 2010
A Sanyo Electric Co. executive in charge of the company's battery unit said its promising car battery business will remain largely independent from that of parent Panasonic Corp., since Panasonic's close ties to Toyota Motor Corp. may make it difficult for Sanyo to keep other auto makers as customers, due to competitive reasons.
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By Timothy R. Homan and Bob Willis
BusinessWeek
Thursday, March 4, 2010
Claims for U.S. jobless benefits dropped last week from a three-month high, pointing to an improvement in the labor market that is slow to develop.
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Associated Press
Thursday, March 4, 2010
Fitch Ratings said Wednesday the number of credit card defaults surged 1.12 percentage points in January to 11.37 percent, the highest level since a record 11.52 percent in September.
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By Megan Woolhouse
Boston Globe
Thursday, March 4, 2010
The number of foreclosures initiated by lenders in January dropped to the lowest level in more than a year in Massachusetts, an indication that fewer people may lose their homes this year.
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By Shawn McCarthy
Globe and Mail
Thursday, March 4, 2010
Saudi Arabia is increasingly shipping its crude to India and China instead of to the U.S. America's neighbour to the north is taking advantage with its oil resources.
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By Jonathan T. Orr and James West
MidasLetter.com
Wednesday, March 3, 2010
Sometimes company slogans are simply statements of fact. Forum Uranium Corp (TSX.V:FDC) calls themselves ‘Proven Mine Finders’ and they have found many.
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By Steve Hargreaves
CNNMoney
Wednesday, March 3, 2010
President Obama announced Tuesday over $8 billion in federal support for two new nuclear power plants in Georgia, setting the stage for what could be the first completed reactor in this country in over three decades.
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Associated Press
Wednesday, March 3, 2010
Regulators shut down banks in Nevada and Washington on Friday, marking the 21st and 22nd failures this year of federally insured banks.
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By David Pett
Financial Post
Wednesday, March 3, 2010
Simon Johnson, the MIT economist, estimates that the six biggest banks in the United States had combined assets equal to 17% of GDP in 1995.
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By Kevin Hamlin
Bloomberg
Wednesday, March 3, 2010
China’s hidden borrowing may push government debt to 96 percent of gross domestic product next year, increasing the risk of a financial crisis in the world’s third-biggest economy, Professor Victor Shih said.
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Reuters
Wednesday, March 3, 2010
EU internal market commissioner Michel Barnier was quoted on Wednesday as saying Brussels would conduct an internal investigation into the trading of credit default swaps related to Greece and other countries.
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By Claire O'Connor and James West
MidasLetter.com
Tuesday, March 2, 2010
Fjordland Exploration Inc. (TSX-V: FEX) is proving to be quite the diamond in the rough. Based in Vancouver, Fjordland is focused on the discovery of gold, copper and molybdenum deposits in British Columbia, and while still a junior exploration company, they’re attracting attention from the big guns.
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By Glenys Sim
BusinessWeek
Tuesday, March 2, 2010
The price of gold in euros and British pounds jumped to a record as both currencies slumped, prompting investors to buy bullion as a store of value.
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By Kevin Carmichael
Globe and Mail
Tuesday, March 2, 2010
A smaller deficit leaves Canada in a better position to take advantage of the rebound in the global economy.
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By Andrew Ross Sorkin
New York Times
Tuesday, March 2, 2010
“Don’t ask the barber whether you need a haircut.”
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Reuters
Tuesday, March 2, 2010
The government's financial position, reported on an accrual basis that more accurately accounts for long-term liabilities, continued to deteriorate in fiscal 2009, a report issued by the Treasury Department on Friday showed.
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By Damian Paletta
Wall Street Journal
Tuesday, March 2, 2010
Key senators were close to a deal on legislation to overhaul financial regulations, people familiar with the matter said, bringing the U.S. a step closer to sweeping changes to the way banks interact with consumers and the markets alike.
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By Nicholas Larkin and Pham-Duy Nguyen
Bloomberg
Monday, March 1, 2010
George Soros is helping drive up gold prices by doubling his bet in a market even he considers a “bubble” as Goldman Sachs Group Inc., Barclays Capital and HSBC Holdings Plc predict more gains before it bursts.
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By Tom Sullivan
Barron's
Monday, March 1, 2010
Gold appreciated by 10% or more against the world's major currencies in the past decade. More bad news for the buck and pound?
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By Victoria Thieberger
Reuters
Monday, March 1, 2010
The global financial system is radically flawed and radical solutions are needed, so regulators must resist attempts to dilute proposed reforms, a top European watchdog said on Monday.
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By Richard Evans
Telegraph.co.uk
Monday, March 1, 2010
Investors who were conned out of their money by four "boiler rooms" will be refunded – but the regulator has warned of a more dangerous variant of the scam.
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By Neil Dennis
Financial Times
Monday, March 1, 2010
London-listed miners got a strong boost on Monday after metals prices surged in response to fears of supply of copper being hit by a huge earthquake in Chile, one of the world’s big producers.
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Reuters
Monday, March 1, 2010
Chile's biggest copper mines hit by a massive earthquake slowly resumed operations on Sunday despite limited power supplies, which analysts fear could curtail exports from the world's No. 1 producer.
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By James West
MidasLetter.com
Friday, February 26, 2010
First Gold Exploration Inc. (TSX.V:EFG) announced the launch of a new 7,500 metre drill program on the company’s 85%-controlled Lac Pivert/Rose project Lithium and Rare Earths project in Quebec.
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By Lucia Mutikani
Reuters
Friday, February 26, 2010
The Commerce Department said Thursday durable goods orders, excluding transportation, slipped 0.6 percent last month, but overall orders jumped as civilian aircraft bookings surged 126 percent.
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By Les Christie
CNN Money
Friday, February 26, 2010
More bad news on the housing bust front: Nearly 25% of all mortgage borrowers were underwater, meaning they owe more on their loans than their homes are worth.
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By Louise Armistead
Telegraph.co.uk
Friday, February 26, 2010
Hedge funds will have to provide international regulators with detailed information about their trading positions in a move that will lift the lid on the workings of the opaque sector.
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By Ben Casselman
Wall Street Journal
Friday, February 26, 2010
A massive oil reserve buried two miles underground has put North Dakota at the center of a revolution in the U.S. oil industry, a shift that has radically altered the fortunes of this remote area.
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By Sewell Chan
New York Times
Friday, February 26, 2010
The Federal Reserve chairman, Ben S. Bernanke, urged Congress on Thursday not to strip the central bank of its power to regulate banks, warning that to do so would be a “grave mistake.”
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Washington Post
Thursday, February 25, 2010
The Obama administration's chief foreclosure-prevention program "has failed" and may hurt more homeowners than it helps, according to a report by two Republican members of the House Committee on Oversight and Government Reform.
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Telegraph.co.uk
Thursday, February 25, 2010
Stephanie Madoff filed court papers in Manhattan on Wednesday asking to change her last name to Morgan. She made the same request for her two children.
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The Economist
Thursday, February 25, 2010
The recession that ended so grudgingly late last year bit more deeply into GDP than any previous post-war downturn.
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Globe and Mail
Thursday, February 25, 2010
The number of new claims for unemployment benefits jumped unexpectedly last week as heavy snows led to higher layoffs.
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New York Times
Thursday, February 25, 2010
Disappointing reports on jobless claims in the United Statees and economic sentiment in Europe painted a bleaker picture of a recovery than the Federal Reserve chairman Ben S. Bernanke did during testimony Wednesday on Capitol Hill.
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By Sewell Chan
New York Times
Wednesday, February 24, 2010
Ben S. Bernanke, making his first appearance before Congress since the Senate confirmed him last month to a second term as chairman of the Federal Reserve, reaffirmed on Wednesday that short-term interest rates would remain at a historically low point — near zero — for “an extended period.”
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By Jonathan T. Orr
MidasLetter.com
Tuesday, February 23, 2010
While climate conferences are held and debate rages, Legend Power Systems Inc. (TSX.V: LPS) has a solution that will make practical sense to anyone: with their own-patented technology they can reduce a company’s energy costs by simply optimizing voltage use.
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By David Frum
CNN
Tuesday, February 23, 2010
G.K. Chesterton observed that you should never pull down a fence until you understand why it was put up.
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By Jonathan Hoenig
SmartMoney.com
Tuesday, February 23, 2010
By even the most cursory measure, efforts to prevent foreclosure have failed miserably.
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By Richard Teitelbaum
Bloomberg
Tuesday, February 23, 2010
The United States faces the prospect of a jobless recovery, with painfully slow employment growth and the economy not operating at its full potential until 2013, a top Federal Reserve official said Monday.
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By Ambrose Evans-Pritchard
Telegraph.co.uk
Tuesday, February 23, 2010
European banks need to roll over €1 trillion (£877bn) of debt over the next two years at a much higher cost and in direct competition with hungry sovereign states, according to a report by Morgan Stanley.
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By Sewell Chan
New York Times
Tuesday, February 23, 2010
The United States faces the prospect of a jobless recovery, with painfully slow employment growth and the economy not operating at its full potential until 2013, a top Federal Reserve official said Monday.
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By James West and Claire O'Connor
MidasLetter.com
Monday, February 22, 2010
Brazil is known for many things – Carnival, The Girl from Ipanema, Gisele Bundchen’s legs. Gisele Bundchen’s entire body for that matter. And, as you know, Brazil is home to a world-class mining industry with remarkable exploration potential.
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By Steve Holland
Reuters
Monday, February 22, 2010
President Barack Obama vigorously defended his $787 billion stimulus on Wednesday, insisting it rescued Americans from the worst of the economic calamity and ripping Republican critics who called it a waste.
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By Peter S. Goodman
New York Times
Monday, February 22, 2010
Even as the American economy shows tentative signs of a rebound, the human toll of the recession continues to mount, with millions of Americans remaining out of work, out of savings and nearing the end of their unemployment benefits.
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By Charles Forelle and Susanne Craig
Wall Street Journal
Monday, February 22, 2010
Concerns that Greece and other struggling European nations may not be able to repay their debts are focusing investor attention on another big worry: Economies across the Continent have used complex financial transactions—sometimes in secret—to hide the true size of their debts and deficits.
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By Sharon Bernstein
Los Angeles Times
Monday, February 22, 2010
Large and mid-size companies cut about 7% fewer jobs in the fourth quarter of 2009 than in the previous three months.
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The Economist
Monday, February 22, 2010
America is spending beyond its means, both parties and the president (not to mention pundits and protesters) have recognised. But cutting budgets is tough politics, which is why special commissions are at times called in to make recommendations away from the legislative hurly-burly.
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By Wes Goodman
Bloomberg
Monday, February 22, 2010
Lost amid government reports that China reduced its holdings of Treasuries by a record amount in December were data showing Japan increased its stake, a move that may signal U.S. yields are peaking.
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Christine Richard and Darrell Preston
Bloomberg
Friday, February 19, 2010
Forewarned bankruptcies linked to infrastructure projects from Las Vegas to Harrisburg, Pennsylvania, may prove Warren Buffett’s conclusion that insuring municipal bonds is a “dangerous business.”
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By Matt Whittaker
Wall Street Journal
Friday, February 19, 2010
The World Gold Council, a mining industry body, said Thursday it does not anticipate that the remaining International Monetary Fund gold sales will disrupt markets.
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Michael Kitchen
MarketWatch
Thursday, February 18, 2010
The International Monetary Fund said Wednesday that it plans to sell 191.3 metric tons of gold on the open market, pushing gold futures and mining shares lower.
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Reuters
Thursday, February 18, 2010
Britain posted its first budget deficit for the month of January on record after government spending shot up and tax receipts dived following the worst recession in decades, official data showed on Thursday.
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BBC News
Thursday, February 18, 2010
US billionaire George Soros has more than doubled his investment in gold, despite calling it the "ultimate bubble" just weeks ago.
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By Rory Carroll
Guardian.co.uk
Thursday, February 18, 2010
Britain says drilling for hydrocarbons will go ahead despite Argentine moves to require permits.
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By Daniel Gross
Newsweek
Thursday, February 18, 2010
As much as its impact has been debated and discussed, the stimulus has barely kicked into gear.
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By Kevin J. O'Brien
New York Times
Thursday, February 18, 2010
Josh Silverman, the chief executive of Skype, the voice-over-Internet phone service, could tick off the names of mobile phone operators that block his company’s service.
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By Louis Uchitelle
New York Times
Wednesday, February 17, 2010
Mr. Volcker, 82, signed up the support of nearly a dozen peers whose average age is north of 70 and whose pedigrees on Wall Street and in banking are impeccable.
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By Ian Katz and Robert Schmidt
BusinessWeek
Tuesday, February 16, 2010
Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC) and an ex-Goldman Sachs (GS) partner, has shattered any illusions that he will protect Wall Street from tough new derivative regulations.
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BBC News
Tuesday, February 16, 2010
President Barack Obama has signed a law increasing the limit on how much the US government can borrow.
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By James West
MidasLetter.com
Monday, February 15, 2010
Apoquindo Minerals Inc. (TSX.V:AQM), the Chile and Peru-based copper exploration company that is chaired by Juan Villarzu, former CEO of CODELCO, the world’s largest copper producer, has finally hit some big holes.
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By Pedro Nicolaci da Costa
Reuters
Monday, February 15, 2010
Turmoil in Europe and belt-tightening in China are endangering a U.S. economic recovery that many believed was tentative even without headwinds from abroad.
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New York Times
Monday, February 15, 2010
RealtyTrac, an online marketer of foreclosed properties, said foreclosure filings rose by 15 percent in January compared with a year ago.
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Reuters
Monday, February 15, 2010
With the gold price reaching record highs recently, stock in so-called "junior" miners has skyrocketed too but may still be viewed as a bargain by some investors, Barron's business newspaper said on Sunday.
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The Economist
Monday, February 15, 2010
In a new mood of even sharper hostility towards dissent, China is coming down hard on the country’s small but courageous community of human-rights activists.
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By Jeanne Sahadi
CNN Money
Monday, February 15, 2010
If the United States takes its time coming up with a deficit reduction plan, all bets are off.
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By James West
MidasLetter.com
Friday, February 12, 2010
Constantine Metal Resources (TSX.V:CEM) is an exploration stage company who has a 100% interest in two projects with truly exceptional producing potential.
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By Polya Lesova
MarketWatch
Friday, February 12, 2010
Germany's adjusted gross domestic product was unchanged in the fourth quarter of 2009 compared with the preceding quarter, the Federal Statistics Office, Destatis, said on Friday.
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By Barrie McKenna
Globe and Mail
Friday, February 12, 2010
As the U.S. Congress pushes ahead with another stimulus package, two sobering government reports paint a picture of an economy that still faces huge hurdles - absorbing losses in commercial real estate, and creating jobs.
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By Phil Izzo
Wall Street Journal
Friday, February 12, 2010
About a quarter of the 8.4 million jobs eliminated since the recession began won't be coming back and will ultimately need to be replaced by other types of work in growing industries, according to economists in the latest Wall Street Journal forecasting survey.
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By Christi Parsons and Janet Hook
Los Angeles Times
Friday, February 12, 2010
Majority Leader Harry Reid says his stripped-down proposal will be the first in a series of employment measures.
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By MaryAnn Busso
Business Week
Friday, February 12, 2010
The $125 million fund, which invests in companies that mine or process metals or other commodities, rose 83 percent last year.
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By James West
MidasLetter.com
Thursday, February 11, 2010
Cadillac CEO Norman Brewster is carrying a strong portfolio of projects, has superb experience for exploring and developing the projects and has the deep-pocket backing of Trafigura AG, one of the largest players in this sector.
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USA Today
Thursday, February 11, 2010
The president's annual economic report projects the same thing the administration's budget did last week: Slow job growth for this year.
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BBC News
Thursday, February 11, 2010
The Spanish economy shrank by 0.1% in the last three months of 2009, making it the last major economy still in recession.
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Associated Press
Thursday, February 11, 2010
The number of newly laid-off workers seeking unemployment benefits fell sharply last week, a hopeful sign the job market may be improving.
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By Graham Ruddick
Telegraph.co.uk
Thursday, February 11, 2010
One in eight shops in Britain's town centres are empty, according to a new report, and the country faces a "fundamental reshaping of high streets".
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By Robb M. Stewart
Wall Street Journal
Thursday, February 11, 2010
De Beers SA said Thursday its three shareholders have agreed to invest $1 billion so that it can cut debt and strengthen its balance sheet after a year in which gem output slumped 49% on weak global demand for luxury items.
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By James West
MidasLetter.com
Wednesday, February 10, 2010
Megastar Development Corporation (TSX-V: MDV; Frankfurt: M5Q) an exciting young resource group focused on the acquisition, exploration and development of promising mineral properties across Canada.
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By Jody Shenn
BusinessWeek
Wednesday, February 10, 2010
U.S. prime jumbo mortgages at least 60 days late backing securities reached 9.6 percent in January from 9.2 percent in December, the 32nd straight increase for “serious delinquencies,” according to Fitch Ratings.
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Forbes
Wednesday, February 10, 2010
The number of German companies filing for bankruptcy was up nearly 7 percent on the year in November, an increase that was less sharp than in the preceding months, government data showed Wednesday. |
By Gregory Zuckerman
Wall Street Journal
Wednesday, February 10, 2010
When Mr. Paulson's Paulson & Co. late last year announced it was starting a hedge fund to make a big gold bet, many on Wall Street expected investors to line up. Paulson & Co. scored about $20 billion in profits in 2007 and 2008 wagering against subprime mortgages and financial companies.
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By Peter J. Henning
New York Times
Wednesday, February 10, 2010
Like the brief appearance of Punxsutawney Phil on Groundhog Day, the fallout from the enormous Ponzi scheme perpetrated by Bernard L. Madoff occasionally pops to the surface, only to recede again into the shadows, perhaps until spring arrives. |
By Elena Logutenkova
Bloomberg
Wednesday, February 10, 2010
UBS AG’s loss in 2009 will trigger the bank’s bonus claw back mechanism for the first time, depriving senior bankers of 300 million Swiss francs ($282 million) of deferred pay they were due to receive this year.
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By James West
MidasLetter.com
Tuesday, February 9, 2010
Midas Letter is always pleased when promising companies we have written about make the bold strides and meet the ambitious goals they have previously spoken about to us. In September of 2009 when Midas last talked with Alto Ventures ltd. (TSX.V:ATV) the gold focused junior exploration company had entered into a joint venture agreement with Pacific Northwest Capital (TSX.V:PFN)... |
By David Barboza and Keith Bradsher
New York Times
Tuesday, February 9, 2010
Flush with cash despite the global economic downturn, China’s sovereign wealth fund quietly bought more than $9 billion worth of shares last year in some of the biggest American corporations, including Morgan Stanley, Bank of America and Citigroup.
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By Jason Zweig
Wall Steet Journal
Tuesday, February 9, 2010
For many investors, the market's turbulence hasn't just destroyed wealth. It has shattered their faith in the financial system itself. |
By Elena Logutenkova
Bloomberg
Tuesday, February 9, 2010
UBS AG, the European bank with the biggest losses from the credit crisis, said withdrawals by wealthy clients accelerated in the fourth quarter even as the company reported its first profit in more than a year.
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By Tom Petruno
Los Angeles Times
Tuesday, February 9, 2010
Stock investors are facing the biggest test of their staying power since Wall Street's rally began nearly a year ago. |
By Edmund Conway
Telegraph.co.uk
Tuesday, February 9, 2010
Fears that Britain may already be succumbing to a "double-dip" recession materialised as it emerged that 2010 opened with the worst January for the high street since comparable records began 15 years ago.
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By Terry Macalister
Guardian.co.uk
Monday, February 8, 2010
Sir Richard Branson and fellow leading businessmen will warn ministers this week that the world is running out of oil and faces an oil crunch within five years. |
By David Weidner
Wall Street Journal
Monday, February 8, 2010
Wall Street reform died this week. It died Tuesday before the Senate Banking Committee from unnatural and illogical causes: the finance lobby, obstruction, fear-mongering and plain ignorance.
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By Jack Ewing
New York Times
Monday, February 8, 2010
Whether he likes it or not, Jean-Claude Trichet is not just the president of the European Central Bank. Mr. Trichet, 67, is also the de facto president of Europe, at least for the 16 nations that rely on the euro as their common currency. |
By Michael McKee
Bloomberg
Monday, February 8, 2010
Small businesses are becoming the Achilles heel of the U.S. recovery by limiting growth and job creation.
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By Rowena Mason
Telegraph.co.uk
Monday, February 8, 2010
The oil price may have risen fairly steadily since its lows of $37 per barrel last year but petrol fumes have been causing energy majors the biggest headache lately. |
By James West
MidasLetter.com
Friday, February 5, 2010
When we first wrote up First Gold Exploration (TSX.V:EFG) back in December last year, the company was trading below $0.20. Now, a mere three months later, the company has tripled in value, thanks mainly to the outstanding success the company has realized at its Pivert/Rose property in James Bay are of Quebec.
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By Chirstopher S. Rugabaer
ABC News
Friday, February 5, 2010
Job losses during the Great Recession have been huge and they're about to get bigger. |
By Rob Delaney
Business Week
Friday, February 5, 2010
Eric Sprott, whose Sprott Hedge Fund increased more than fivefold in nine years, said gold may rise to $1,500 an ounce this year and $2,000 within two years as the U.S. government takes measures to counter the credit crunch.
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By Mark Whitehouse
Wall Street Journal
Friday, February 5, 2010
Concerns about the ability of the U.S. economy to create jobs added to a broader wave of fear about European finances, as fresh data showed unemployment claims rising and companies managing to boost production without adding workers. |
By William D. Cohan
New York Times
Friday, February 5, 2010
Now that we have pulled back sufficiently far from the near “destruction of the modern financial system” — as the former Treasury Secretary Henry Paulson described the events of 2008 in his new memoir, “On The Brink” — to focus on how to prevent such a calamity from recurring, the time has come to hear from those players in the drama who really know what happened and why.
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2010 Archive