Fryzo Nieuwsheadlines wallstreet van zondag 26 mei 2013 05:56:29

Bewaren beleggingsstrategen hun best bewaarde adviezen voor het laatst? Gerard Minack, vooraanstaand beleggingsstrateeg van Morgan Stanley, gaat met pensioen en vergast zijn cliënten op een farwell note die wel enige tijd na zal galmen.

In die notitie komen de adviezen van de beleggingsveteraan op het volgende neer: zie af van stock picking, zie af van markttiming en beleg uitsluitend in een portefeuille met belasting-efficiënte indextrackers die lage kosten in rekening brengen.

5:45p PT Saturday, May 25, 2013

Dear Friend of GATA and Gold:

Financial writer Gerald Celente today tells King World News that there are two gold markets, the manipulated paper market and the physical market, and two gold worlds, the world that is manipulating gold and the world that is buying gold. An excerpt from the interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/5/25_Ce...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

Contain Uncontrolled Passion for Gold: Chidambaram to Countrymen

From Press Trust of India
via The Indian Express, Mumbai
Saturday, May 25, 2013

http://www.indianexpress.com/news/contain-uncontrolled-passion-for-gold-...

Finance Minister P Chidambaram today asked countrymen to contain their "uncontrolled passion" for gold and instead save in financial instruments.

"Have faith in our financial sector. Unfortunately, we have difficulty shedding our old habits and put our money in gold," he said while speaking at an event to mark the platinum anniversary celebrations of state-run Dena Bank.

"The uncontrolled passion for gold must be contained," Chidambaram said, reeling out data to show how increasing gold imports are hurting the Current Account Deficit (CAD). People should rather switch to financial products to funnel their savings, the minister said, adding that the soon-to-be-launched inflation indexed bonds are a very lucrative option.

... Dispatch continues below ...

He said that last year the country bought USD 50 billion worth gold and fortunately it was able to finance the CAD of USD 90 billion on the back of higher foreign flows and could maintain the foreign exchange reserves level at around USD 290 billion. However, if the flows were to stop completely, it would have a negative impact on the forex reserves, the minister warned.

Explaining the difficulties of financing a high CAD, which hit a record high of 6.7 per cent in the Decemeber quarter of last fiscal, as against the fiscal deficit, another problematic point, he said, the government can borrow from its people for the latter but has to depend on external flows for the former.

The CAD, which is the excess of foreign exchange spent than earned, is likely to be over 5 per cent last fiscal. Chidambaram reiterated the governments commitment to rein in fiscal deficit at the targeted level of under 5.2 per cent last fiscal and 4.8 per cent this fiscal.

Speaking to reporters on the sidelines, Financial Services Secretary Rajiv Takru said it will take at least seven to 10 days more before any action is taken by the Reserve Bank against errant banks in the money-laundering probe initiated following a series of sting operations by the newsportal Cobrapost.

He said the problem is not so much with the "greed" of banks but lack of "inadequate attention to existing rules and regulations" which would be tightened. On bank recapitalization, Takru said a majority of the Rs 14,000 crore earmarked for recpaitalisation of public sector banks this fiscal will be provided in the fourth quarter while the request of a few of those which need capital early will also be considered.

* * *

Join GATA here:

World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATAs full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16

9:24a ET Saturday, May 25, 2013

Dear Friend of GATA and Gold:

Silver market rigging whistleblower Ted Butler realizes that the U.S. Commodity Futures Trading Commission will never act on its own against manipulation of the gold and silver markets, but he reports that he has some indication that the U.S. Government Accountability Office may be interested in investigating the CFTCs malfeasance. In commentary at GoldSeeks companion site, SilverSeek, Butler urges gold and silver investors in the United States to ask their members of Congress to urge the GAO to investigate the CFTCs failure. Butlers commentary is headlined "Busting the Perfect Crime" and it can be found here:

http://www.silverseek.com/commentary/busting-perfect-crime-11916

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

2:46p PT Friday, May 24, 2013

Dear Friend of GATA and Gold:

The Daily Reckonings Addison Wiggin today gives credence to suspicions that the recent smashing of the gold price was heavily abetted by dishoarding of government gold reserves, but he adds that the price of real metal seems to be breaking away from the futures market price. Wiggin quotes GATA supporters or sympathizers Eric Sprott and John Embry of Sprott Asset Management, coin dealer Richard Nachbar, and market analyst Chris Martenson. Wiggins commentary is headlined "Cooking the Gold Books" and its posting at the Daily Reckoning here:

http://dailyreckoning.com/cooking-the-gold-books/

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

By Luis Andres Henao
Associated Press
via The Globe and Mail, Toronto
Friday, May 24, 2013

http://www.theglobeandmail.com/report-on-business/industry-news/energy-a...

VALLENDAR, Chile -- Chiles environmental regulator blocked Barrick Gold Corp.s US$8.5-billion Pascua-Lama project on Friday and imposed its maximum fine on the worlds largest gold miner, citing "very serious" violations of its environmental permit as well as a failure by the company to accurately describe what it had done wrong.

After a four-month investigation, the environmental superintendent said all other construction work on Pascua-Lama must stop until Barrick builds the systems it promised to put in place beforehand for containing contaminated water.

The fines add up to 8 billion pesos -- about $16 million -- the highest possible under Chilean law.

The regulator noted that while Barrick itself reported failures, a separate and intensive investigation already begun by the agencys own inspectors found that the company wasnt telling the full truth about the bi-national mine, which straddles the Chile-Argentina border at the top of the Andes mountain chain.

... Dispatch continues below ...

Barrick said the company was reviewing the order by the environmental superintendent in detail.

"Barrick is fully committed to complying with all aspects of the resolution and to operating at the highest environmental standards," the company said in a brief statement.

Mr. Monckeberg described the Barrick sanctions as the first since his agency was given enforcement power in December, and said they were based on a thorough investigation by agency inspectors as well as government experts in mining, farming, and water.

"This is what we have always been hoping for," said Maglene Camillay, a Diaguita Indian leader whose community downstream from the mine alleges its river has been contaminated by the construction work.

"This makes us very content. Finally the state is showing its power. They never investigated this and now theyre doing their job," she said. "Our valley is fragile but were strong. The strength we get from the earth, the water, and the mountains."

The violations include failing to build structures to contain contaminated water before mine construction began, failing to keep the agency informed about problems and changes, and failing to provide data sought by inspectors, the agency said.

The sanctions dont mean the end of Pascua-Lama -- far from it.

Barrick has committed to $30 million in remedial work, and the agency urged the company to do this quickly, starting with temporary measures to contain any runoff while it builds more permanent structures.

Still, the Diaguita Indians, who live in small towns along rivers that flow down from the mine through an otherwise completely barren Atacama Desert, were feeling powerful on Friday.

"Even though we seem so small, we could beat Barrick, which is a giant," said Osvaldina Guzman Villegas, who lives in Diaguita community of Chipasse Tamaricunga. "And with the help of our ancestors, were going to beat them."

President Sebastian Pinera’s spokeswoman, Cecilia Perez, said the government is "very much in agreement" with the sanctions.

"What should happen is that until they remedy all the requirements of the environmental permit, fix all the issues that the environmental superintendent is asking for, and finally until this is decided by the Supreme Court, they cannot keep operating," she said.

The sanctions also were praised by independent mining experts, who noted that the containment structures Barrick failed to build -- including a canal to divert rainwater from huge piles of cast-off rock, and thus to minimize the acid runoff that broken rock releases into the groundwater -- were a fundamental part of the environmental permit Barrick obtained.

"Twenty years ago maybe nobody would have required these fixes, and perhaps wouldnt even have required the canal to divert rainwater, but today its necessary, more than anything because theres agriculture down below," said Gustavo Lagos, mining professor at Santiagos Universidad Catolica.

The sanctions are very strong but justified, he said, and show the mining industry that Chiles independent environmental regulator intends to use its new enforcement powers. "This sets a tough example and I think it should show other companies, not just in mining but in all industries, that this is becoming serious."

It wasnt immediately clear how the ruling might affect the future costs of the many other international mining companies in Chile, but Lagos said its a very good thing that Chile has strong institutions.

"It shouldnt be forgotten that new environmental institutions were required of Chile as a condition for its entry into the OECD," he said, referring to the Organization for Economic Co-operation and Development, which represents the worlds leading economies. "Its a good signal to the world that in Chile there are controls, that theres a new institutionality that is working."

Environmentalists say regulators have been much less demanding on the Argentina side of the project, where mining is regulated at the provincial level. Barrick and other pro-mining groups obtained injunctions to block enforcement of a national glacier protection law passed in 2010 in response to the Pascua-Lama project.

"In Argentina, despite public statements that the house is in order, we are beginning to reveal serious environmental flaws regarding dozens and dozens of glaciers that have been unaccounted for in Barricks environmental impact studies. The Glacier Law further complicates Pascua-Lama," said Jorge Daniel Taillant, director of the Centre for Human Rights and the Environment, which tracks environmental compliance by mining companies.

* * *

Join GATA here:

World Resource Investment Conference
Sunday-Monday, May 26-27, 2013
Vancouver Convention Centre West
Vancouver, British Columbia, Canada
http://www.cambridgehouse.com/event/world-resource-investment-conference...

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATAs full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16