News

Iranian officials announced Monday that Iran’s central bank has repatriated 13 tons of gold as part of a sanctions relief package provided by the U.S. and other Western powers. The gold was transferred from South Africa, where it had been held while Iran was under tough sanctions meant to squelch its nuclear program. The sanctions relief package will provide

Imagine being told all of your country’s banks and financial markets have been closed for the week, and that you may only withdraw $66 from your bank account per day. Scary, right? Unfortunately for the Greeks, this scenario is their current reality. Greece, which owes $1.8 billion USD to the International Monetary Fund on Tuesday,

By Nienetwiler (Own work) [CC BY 2.5 ch], via Wikimedia Commons   California’s now four-year drought is serving as a reminder of the everlasting allure of gold. Prospectors have been taking advantage of low water levels, finding pieces of gold that are normally submerged. “In recent years, drought-inspired gold seeking has spiked sales of sluice boxes, gold

Gold recovered some of its losses on Wednesday, gaining 0.3% following the Federal Reserve’s highly anticipated statement regarding its June 16-17 monetary policy meeting. The statement revealed the Fed will leave interest rates unchanged for the time being. Comments in the statement regarding the economy were less positive than expected. Read the full press release. The Federal Open Market Committee (FOMC)’s assessment

Bank of America Merrill Lynch (BAML) has put out a press release detailing the results of its June 2015 Fund Manager Survey, which revealed some major economic concerns and an interesting shift in assets. The survey, which is conducted monthly on a national, global, and regional level, involved a panel of 468 fund managers total

Don’t mess with Texas’ gold. Texas Governor Greg Abbott has signed a bill into law to establish a Texas gold bullion depository and repatriate $1 billion of the state’s gold reserves held at the Federal Reserve Bank of New York, AP reported Friday. The law will make Texas the first state in the U.S. to have

Photo: “$100 Billion Dollars…” by Erik Charlton via Flickr, used under a Creative Commons license Zimbabweans possessing quadrillions in “Zim dollars”, the country’s severely inflated currency, now have the opportunity to exchange their virtually worthless money for U.S. dollars at a new exchange rate. The rate? 35,000,000,000,000,000 (35 quadrillion) Zim dollars per $1 USD. The new exchange rate is part of an effort

A press release from the U.S. Department of Justice revealed Wednesday that major banks Citicorp, JPMorgan Chase & Co., Barclays PLC, The Royal Bank of Scotland plc, and UBS AG have agreed to plead guilty to felony charges. Conspiracy and Manipulation Citicorp, JPMorgan Chase & Co., Barclays PLC, The Royal Bank of Scotland plc agreed

Bank of America Merrill Lynch (BAML) strategists have joined the ranks of finance professionals sounding the alarm on the stock market. In a research note sent to clients Monday morning, the BAML strategists led by Michael Hartnett issued the following warning: “Investors remain trapped in ‘The Twilight Zone’, the transition period between the end of QE and the

“Bad news is good news for gold”, as the saying goes, and Wednesday was no exception. New numbers from the Commerce Department showed disappointing April retail sales, boosting expectations that the Fed will wait to raise interest rates. In response, COMEX gold jumped by $25.80 (2.2%) to close at a five-week high of $1,218.20/oz. Silver also