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India buys 200 tons of gold
Move shows little confidence in the dollar
The dollar is still losing its luster as the foreign reserve currency of choice.
India has bought 200 tons of gold from the International Monetary Fund at $1,045 an ounce, which is close to a recent record high of $1,070. The entire transaction is worth almost $7 billion.
The move is seen as a way for India’s central bank to move some of its capital away from investments in the dollar.
The IMF may sell another 200 tons of gold in the relatively near future and most experts expect that the buyer will be China, which has foreign currency reserves of $2 trillion and might like to have its own hedge against the value of the American buck.
India is being explicit in its concern about the long-term value of the dollar. One senior official of the central bank there told The Wall Street Journal, “It makes sense to buy gold as it will appreciate more than the U.S. dollar.”
The equity markets may stay volatile as the global economic recovery stays uncertain, giving central banks and investors another reason to move to gold as a “safe haven”.
The transition to the commodity may drive down the dollar’s value even further, which could help U.S. exporters, but that is bound to increase the concern that the dollar is no longer the most important exchange currency.
Top Stocks writer Douglas A. McIntyre is an editor at 24/7 Wall St.
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Only 5,000 iPhone sales in China
Angeleyes333 the answer is to stop importing and manufacture what we need here as we did so succesfully before. We basically made the rest of the world what it is today by exporting our knowledge and purchasing imports like there was no tomorrow.
All Americans, except for the very young are responsible for this mess. We plus the Unions are to blame for the demise of the auto manufacturing in this country.
If we could somehow disolve all unions and then restart manufacturing in the US, our nation would rebound strong like before. But our government, instead of making it appealing to move offshore needs to make it tough, and not as desirable.
First we will need some real leadership and for sure Obama and the democrats are not up to the task.
Good grief....stringing up politicians and voting all incumbents out and on and on and on. Give it up - the only person you have to blame for this mess is YOU! You set the price point you were willing to pay for any given item. You had the choice to buy a stereo made in the US or a Sony - you chose the Sony. You decided that you were worth $45.00 and hour. Your company increased the price of it's products to maintain profit margins and you wonder why some American products are too expensive and can't compete with foreign prices.
Stop the whining - no one duped you - you have been doing this to yourselves for decades.
Simple engineering / economics principal...when ever the top of anything becomes so bloated that the base/foundation can not support it - the entire structure/system collapses. It's a mathematical certainty.
All you have to do to test the American dollars power, is to not spend it for one week on ANYTHING foreign made! See how fast the world markets would be kissing your ass to get it.
BOYCOTTS have always worked when it comes to voting for change via the wallet.
Without your paper participation on a daily basis, everything becomes unpredictable, unbalanced and unordered for further production.
Gold is a manipulator. Just like the diamonds they keep off the market by the tons to keep it's value inflated.
RICH7837:
hahahahhahaha!! are you kidding me???? apparently you have never talked to one of these "overseas workers" bottom line its cheap labor. I work for a company that has some "workers far away" and 95% cant figure out the way out of a paper bag, let alone their job.
O.K...let me get this straight
Walking around with 2 gold bars in pocket...
Paying with a "CREDIT " Card.....
LMAO
Somebodys..... FULL OF IT !!!!
VIV...
you are right about companies going overseas for low wage workers and no benny's= higher profit
it is doomed also-the reason why they can offer thos wages is cost of living is much much much lower+ THEY HAVE FREE HEALTHCARE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
a bag/Kilo of avocados= .60 cents
here in america its $1.90 for one avocado!!!!!!!!!!!!!!!
the World Banks set all the price index's for countries and what not-they control where the labor markets and emerging economies will happen and when!
-THEY (the Banks) control it all-and when WE ALL see that WE are being PLAYED by the banks and revolt against the system-then maybe it will change-until then ...
"look at the new boss,same as the old boss"
America is broken and cant be fixed soon
major... not even you believe what you said..america will recover faster than you think. the american worker will compete for jobs and there will be less personal spending... because credit lines have evaporated ... china and india who hold dollars are a long ways from developing a middle class ... remember .. they too are losing jobs by the millions. when we hurt .. everyone hurts more. we are the buyers of the world. our economy will shrink but we will get used to less and we will pull out an even leaner and meaner country. they too will sell less and they will adjust.. i think our success lies on cutting back on foreign aid and subsidies throughout the world. we will have to stop sending money to the middle east and neighboring countries where our help seems less and less
fruitfull. we need to let other countries foot the bills and honestly i think we need to concentrate on letting embattled
nations sort out their own problems.. as a nation we need to get out of the instant gratification mentality and focus on something we hear less and less today... that is savings... we need to save for the future and not rely on big government
for help.
Here is the secret people. The U.S cannot, I repeat cannot, and will not recover. Recovery and growth is impossible with our current arrogant and thoughtless trade policies. In addition, not a single employer (except Walmart) is capable, or willing, to hire thousands of people in 2010 (which is what it would take to even begin to lower unemployment rates, raise state tax income, chip away at the federal deficit, etc). If any companies do hire next year, it would be at a significant salary reduction (seeing as how they've got plenty of talented dogs clawing at the same positions). Face this first fact: Our standard of living has vanished, never to return. No corporation that can hire Indians or Chinese for a few dollars a day is going choose to pay an American worker $15.00 an hour, plus benefits. And unfortunately, most I.T, manufacturing, communications, web management, accounting, assembly, online customer service, costly medical procedures, and even legal processing jobs can be done overseas. As a matter of fact, I just called Delta Airline's customer support line and found myself chatting with a southeast Asian. She even took my credit card information. That's scary. Anyway, there is a handful of cards we can play to keep us relatively close to avoiding 3rd world status in 10 years: 1. Plunder our natural resources 2. Untapped Oil Reserves 3. Fertile Land 4. Universities & Education Centers 5. Real Estate & Land (these are already being sold to foreign investors) 6. Prison Labor 7. Organized and charitable Christian Churches (these can be used to distribute food & clothing and government aid for free) 8. World Class creativity & talent (which if motivated, cultivated, and harvested, could invent their way out of the deficit, yet the profit would only benefit a few) 9 . Corporate Leadership (which if mobilized and unified could reinvent globalization using American minds and backs) 10. Medical Professionals (if channels were made and costs reduced, we could cash out on the world’s wealthy and dying). 11. U.S Military (or rather the new mercenaries and arms dealers). 12. Gold still dormant in the California hills. Well, I will stop rambling now and go back to stocking up on silver bullion, which will jump to $30 an ounce before Christmas. By the way, that gold maneuver by the Indians is genius. There isn’t a single stable source of optimism to be found in the American economy or dollar at this moment.
angeleye,... the government is us ...not an entire different entity... we demanded 80.00 dlls an hour to build cars and trucks and 25.00 an hour for manufacturing jobs.. its great when you can get it . we went to countries that wanted to work ..and not forced labor ...they were only too glad to get jobs at 1.00 an hour... thats their economy... what do you think the minimum wage is in iraq or vietnam or bangladesh .. these are emerging markets and have a lot of human labor ...and i agree with florida joe except that indians are not stupi d.. they educated themselves while we were asleep and it is true..
when these country establish a middle class like in mexico and india ,,they will have to compete with the rest of the world.. remember japan went thru this ... we need to teach our legacies or children that they have to be contributors and expect to work for a living ... we criticize illegal aliens for taking jobs.. but instead we fail to see that they are still doing the back breaking work that we refuse to do... when was the last time you saw an american complain that an illegal took his dishwashing job away and he wanted it back. or demand his job back from a field worker picking friut ..or pouring cement in brutal california or southtexas summers.. we have lost these fabrics of society and instead opt for a handout and welfare because we are too proud,..the so called greedy corporations are made of you and me .the banks are you and me..
Piotrowski3, you are right on buddy! You hit the nail on the head! I have been saying this for sometime now and everyone thinks I have lost a few marbles! It is time for our civilization to be over, we have destroyed mother earth and God needs to redo the planet. We have lived longer than any other know civilization on record! You may not want to hear this but the bible has been true right along and it's almost closing time here and time to put the lights on, you know.
StockScouter data provided by Gradient Analytics, Inc.
Quotes supplied by Interactive Data.
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