Barrick shuts hedge book as world gold supply runs out
Aaron Regent, president of the Canadian gold giant, said that global output has been falling by roughly 1m ounces a year since the start of the decade. Total mine supply has dropped by 10pc as ore quality erodes, implying that the roaring bull market of the last eight years may have further to run. “There is a strong case to be made that we are already at ‘peak gold’,” he told The Daily Telegraph at the RBC’s annual gold conference in London. “Production peaked around 2000 and it has been in decline ever since, and we forecast that decline to continue. It is increasingly difficult to find ore,” he said. Ore grades have fallen from around 12 grams per tonne in 1950 to nearer 3 grams in the US, Canada, and Australia. South Africa’s output has halved since peaking in 1970. [Government spending is through the roof, gold prices are soaring, the dollar is crashing and burning and inflation is just around the corner…ed]
Debt is Destroying the Dollar
One of the many television commercials exhorting viewers to buy gold says solemnly that it is an asset whose value “has never dropped to zero,” a boast that surely sets a record for minimalism. Still, the world’s appetite for gold as an investment option is intensifying. Last month, India purchased 200 tons of gold at $1,045 an ounce, before the price topped $1,108 on Monday. China, too, may increasingly diversify from paper — i.e., bonds — into gold, the price of which, some experienced investors believe, could soar to $2,500 an ounce in three to five years. One reason for all this is U.S. behavior. (SNIP) America, says Lindsey, will not become Weimar Germany, where hyperinflation caused people to rush to stores with satchels of rapidly depreciating currency. But, he adds, no country has successfully behaved the way the United States is behaving. [Understand that what has been done to this country by the current administration is by deliberate design. That said, we the American people shall overcome…ed]
Federal Deficit Hits October Record of $176 Billion
The U.S. budget deficit for October surged to $176 billion, a record for the month, the Treasury Department announced today. During the month, the government racked up $311 billion in outlays compared with $135 billion in receipts. The October numbers mark the first month for the new fiscal year after the U.S. wrapped up the 2009 fiscal year that ended on September 30 with a record-high $1.4 trillion budget deficit due to increased government spending to stop the recession and the financial crisis. The final deficit for the 2009 fiscal year was equal to 10 percent of the nation’s GDP, the highest shortfall relative to GDP since 1945, the final year of World War II. [Hey you hope and change idiots. Look what you have done to our country you morons…ed]
Perry: Obama ‘hell-bent’ on socialism
Texas GOP Gov. Rick Perry accused President Barack Obama on Wednesday of “punishing” Texas and being “hell-bent” on turning the United States into a socialist country. Speaking at a luncheon for a Midland County Republican Women’s group, Perry said that “this is an administration hell-bent toward taking American towards a socialist country. And we all don’t need to be afraid to say that because that’s what it is.” Perry praised the tea party movement to the Republican activists in attendance, crediting the grassroots groups with discouraging some Democrats in Washington from pushing for a public option in the health care bill. [Perry looks to be headed to another term in the Texas governor’s mansion…ed]
The Man Who Despises America
The very next paragraph is going to make the nut jobs on the far left excitable beyond belief. I am not referring to all Democrats or even a majority of liberals. I am singling out the “they’ve-lost-all-touch-with-reality” crowd. This includes Media Matters for America led by the admitted hit-and-run, drunk-driving serial liar. The group includes the unshaven, bathrobe-clad unemployed who live in their mother’s basement and are devout followers of MoveOn.Org. It is also the bitter, aging spinster working at the New York Times, the morbidly obese documentary film maker, and cable TV news’ resident drama queen who hosts MSNBC’s Countdown. They are about to simultaneously suffer from brain aneurisms. So without further delay, I’ll say it. Barack Obama despises America. [Indeed this guy does hate the American way of life as we know it…ed]
Pumped-up prices: $4 per gallon gasoline may be coming in 2010
Has this been a trying decade for the average American, or what? It’s bad enough that we’ve have had to cope with stagnant wages and tax increases at just about every level. But in the months ahead, we may have to deal with yet another nightmare: surging gasoline prices. Factors are lining up that could end up pushing gas prices back over $4 per gallon sometime next year. If you’re already exasperated about prices at the pump, you’re not the only one. Gasoline demand in 2009 has been comparatively low — take 7.6 million Americans out of the workforce through layoffs — yet gasoline’s price has gone up, not down. [More good news concerning the Obama administration’s brilliant economic recovery plan…ed]
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