What Have You Read Lately?

Gold Up; Silver Surges Past $33 Level

2011-02-21T03:15:00.000-08:00

Gold was up in Asia on Monday while silver continued its stellar run, hitting a new 31-year high of $33.14 a troy ounce, having risen 17% since the start of the month.

Intensifying political tensions in the Middle East have been cited by traders as one reason why gold is so firm but silver appears to be acting independently at the moment, said a Tokyo-based trader at a Japanese trading house.

"The market is clearly very tight judging by the backwardation in the forward curve. In addition, Comex silver inventories have been falling and many people are expecting more drawdowns this month, so there is a feeling the market is being squeezed," he said.

The trader said the fundamentals for silver are much healthier than the analyst consensus would suggest, with silver demand from the electronics sector offsetting declining demand from photographic film producers, while ETF stockpiles have already drained the physical market.

More scrap supply is emerging as prices rise but there is still considerable upside potential.

"The near-term target is $35 but I think we could see silver above $40 within a couple of months," he said.

"The jump in oil this morning has helped put a bid under gold, so $1,400 looks likely," said a Singapore-based trader at a European bank.

Spot gold was at $1,393.90 a troy ounce, up $4.80, while Tocom December 2011 gold was at Y3,738 a gram, up Y22.

Spot platinum was at $1,839/oz, up $7, while spot palladium was at $854/oz, up $5, only $2 shy of a new 10-year high.

- as reported by James Campbell of the Wall Street Journal

MAURITIUS: BLACK MONEY

2011-02-21T01:19:00.000-08:00

Mauritius has provided Indian authorities with banking information and other financial details on more than 90 cases of suspected tax evasion and financial malpractice over the past three years.

Asserting that it has put in place robust measures to help India track black money, the Mauritian Finance Ministry told PTI that the information sought by Indian authorities has been duly provided as per international norms.

While acknowledging that some unscrupulous persons might still beat the systems in place to check flows of black money, the Mauritian Finance Ministry said it has taken additional measures with respect to India.

”... With India, we have developed a mechanism to be in close consultation with the Indian authorities to deal with any issues that may arise. This includes the posting of an officer from the Central Board of Direct Taxes at the Indian High Commission in Mauritius,” the ministry said.

Mauritius has often been suspected to be a facilitator of black money round—tripping or routing illicit wealth stashed abroad by Indians back into the country through their banking and financial institutions.

find out more at www.thehindu.com

MARIJUANA ILLEGAL? That's Like Making Nature Illegal

2011-02-18T20:05:00.001-08:00

Comedian Bill Hicks, talking about Marijuana.

High Cost Of Smoking

2011-02-18T19:54:00.000-08:00

The financial consequences of lighting up stretch far beyond the cost of a pack of cigarettes. Smokers pay more for insurance. They lose money on the resale value of their cars and homes. They spend extra on dry cleaning and teeth cleaning. Long term, they earn less and receive less in pension and Social Security benefits.

Indeed, being a smoker can not only mean you don't get hired -- you can get fired, too. After announcing it would no longer employ smokers, Weyco, a medical-benefits administrator in Michigan, fired four employees who refused to submit to a breath test. It began testing the spouses of its employees, too, levying an $80-per-month surcharge on those who don't test clean.

Video of comedian Bill Hicks talking about smoking:

The Canadian Monetary System

2011-02-18T00:44:00.000-08:00

Where Does Money Come From?
This movie is very educational, it humorously and truthfully describes and questions the current practices with our Canadian monetary system.

NYU STUDENT LOAN DEBT PROTEST

2011-02-17T23:23:00.000-08:00

A small group of New York University students came out to protest against student debt in an event called Casualties of Debt.

The demonstration was hosted by MTV’s Andrew Jenks and NYU Local editor-in-chief Charlie Eisenhood. It was set up to raise awareness for the debt crisis at New York University, where students are more than $659 million in debt collectively. Each student averages a debt of $35,000 when they graduate, this is $11,000 higher than the national average.

"The point is to show that young people care," Jenks said. "People say that we don't give a shit, and it's an easy out. And so this is a starting step for all of us to try to make a difference.

"It's not just about NYU. It's about the college system in the U.S., and how you can make it better," said Jenks. He added, " Obama said that higher education is the pathway to success. If a good education is a prerequisite for success, [that means] a prerequisite for success is a $24,000 loan."

Debt Consolidation

2011-02-17T23:22:00.000-08:00

Many people have credit cards and they don’t have good credit, they therefore have to pay a high premium. You must be very cautious of credit cards, and consider transferring your balances to the credit card that has the lowest interest.

Credit card interest and debt, normally the higher your debt the higher interest you are going to pay. It is very difficult to pay off your debt when the interest rate keeps accumulating.

Try to get all your debts into one large pool that you can better manage by making the monthly payments. Talk to a financial advisor at your bank about a consolidation loan if you are having trouble making your various bill payments.

Less Debt Equals Less Stress

Mortgage Advice

2011-02-17T23:21:00.001-08:00

What Is A Fixed Rate Mortgage?

The interest rate for this type of mortgage is locked in for the full term. Payments will be set in advance for the term, this way you will know precisely when and how much your payments will be throughout the entire term. Fixed rate mortgages can be open (paid off at any time without breakage costs) or closed (breakage costs apply if paid off sooner).

What Is A Variable Rate Mortgage ?

With this method, mortgage payments are set for the term. However the interest rates may fluctuate during that time. If the interest rates go down, more of the payment is applied to reduce the overall debt. If the rate increases then more of the payment is applied to the payment of interest. These type of mortgages may be open or closed. It provides you with the flexibility to take advantage of falling interest rates, it also allows you to convert to a fixed rate mortgage at any time.

Credit Card Beginner Tips

2011-02-17T23:20:00.000-08:00

1. Do not apply for more than 1 credit card

2. Never use your credit card to withdraw cash if you don’t have to

3. Try to pay off every penny of the balance at the end of each month so you are not charged any interest.

4. If you transfer a balance on to one card, don’t make any other purchases, you will not be able to pay them if you haven’t paid off the transfer, you may not be able to pay off both.

5. Shop around and make sure you get the best interest rate, if you are a student-check with your financial institution regarding student visa’s, most of them have decent rates.