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The World Financial Report
#1
THE WORLD FINANCIAL REPORT
http://www.hesradio.com

The World Financial Report is a radio show catering to the Financial Industry, broadcasted by HES Radio.

Now you can listen to radio broadcasts 24 hours a day on some of the most exciting investment opportunities available. Investments like rare diamonds and precious metals such as gold & silver.

THE WORLD FINANCIAL REPORT
October 30th, 2012
http://www.wwpmc.com/newsroom/2012/10/th...-2012.html

GOLD

-”For those who like to accumulate gold, you need to view these price declines as an opportunity. From my point of view, I am going to be a systematic buyer of gold until I see the system begin to heal itself, which leads me to believe I will be a buyer for a long period of time.” Rick Rule

-”So after the election is over, the President is going to have to confront some very serious problems coming up to this fiscal cliff, and it could be quite disruptive. As the US tries to deal with the fiscal cliff, that will be very supportive of higher gold prices. You have to remember that anybody who thinks gold isn’t a good investment here is voting for currency and the US dollar, and to me that’s almost an impossible argument to make. There have been a lot of disappointments in the third quarter reports coming from US companies, and a lot of these are GDP related companies. Their revenues aren’t very good and their guidance is even worse.” John Embry

-”Gold and silver will continue to move higher on a secular basis, although it is possible there could be an initial pullback as people feel that our fiscal imbalances are on the road to being reversed. That will be a short-lived hope. It will take many years and a mandate from the population to achieve that feat. So wealth erosion will continue as fiat currencies decline. In the meantime, keep accumulating gold and silver, and just be aware that the equity markets may experience a significant rally if the medium-term resolution is perceived to be positive.” Robert Fitzwilson

-Brazil’s Gold Reserves Rise For First Time Since 2008. Brazil increased its gold reserves for the first time since December 2008 at a time when investors raised holdings in exchange-traded products to a record. Brazil’s holdings expanded 1.7 tons last month to 35.3 tons, data on the International Monetary Fund’s website showed. Turkey’s holdings increased 6.8 tons and Ukraine added 0.3 ton. Read more here-http://bloom.bg/RZeudx

-Jeff Clark: The New Trend in Gold. Investors are shifting from paper to physical. Read more here-http://bit.ly/TWdo21

-Egon von Greyerz: Disregard current manipulation of precious metals. Read more here-http://bit.ly/RWyVrl

-Jim Sinclair: Change In Spread Management By Bullion Banks Will Send Gold Prices To $3,500-12,400. Read more here-http://bit.ly/Sj5e6p

-Peter Cooper: Dow-Gold ratio makes $12,400-an-ounce gold look a realistic target. Read more here-http://bit.ly/RWy4a1

-Dorothy Kosich: HSBC forecasts gold rally to last into 2013. HSBC believes a combination of monetary and financial influences and investor uncertainty will spur gold prices to move just above US$1,900/oz by year-end. Read more here-http://bit.ly/THb7Hr

-Caesar Bryan: Currency Wars Continue To Rage & This Is Positive For Gold. Read more here-http://bit.ly/RlQ6nk

-In New Letter, David Einhorn Blasts Bernanke, And Makes The Case For Owning Gold. Read more here-http://read.bi/Prnpsf

-Nigel Farage: We Are Headed To A ‘One World Government.’ I think just as my view that the eurozone is going to take longer to break down, and that the severe, underlying banking crises that lie behind it may be staved off for a bit longer, I think the moment at which gold reaches the really big peaks that I think it can reach, maybe that’s been deferred a bit.

Maybe it’s going to take longer for all of this to come to a head, but you certainly wouldn’t want to be short of gold, you’d want to be long of gold. And we’re probably in one of those markets now where you are going to have to display a little bit of patience. But I do firmly think if you get any dips on gold from here that it should be bought. Read more here-http://bit.ly/RiIOCy

-Richard Russell: The Bear Is Angry & Bernanke Wants Out. Read more here-http://bit.ly/RYJudC

-Richard Russell: What Current & Future Generations Face. Read more here-http://bit.ly/RJSqEe

-Stephen Leeb: Household Name From Top Hedge Fund Caught Manipulating. Read more here-http://bit.ly/VJ16Rv

-Stephen Leeb: People Are Getting Scared And Liquidating & Germany’s Gold. Read more here-http://bit.ly/PtzGMQ

-Michael Pento: Why Money Is Now Pouring Into Hard Assets All Over The World. Read more here-http://bit.ly/Vrk1u8

-James Turk: One Of The Most Important Gold Charts Ever. Read more here-http://bit.ly/TisVfV

-Alasdair Macleod: Gold bullion flowing from West to East. The message behind the shift of wealth from advanced nations to Asia is that we are left with no “Plan B” in the event of a monetary crisis. A global collapse of paper money, which is inevitable if current monetary policies are not reversed, will give Asians considerable wealth relative to the rest of us. History will surely judge the central banker’s promotion of ephemeral paper at the expense of gold in the harshest terms. Read more here-http://www.gata.org/node/11845

-Jesse: Gold and silver are the strategic high ground in the currency war. Read more here-http://www.gata.org/node/11873

-Mike Kosares: Golden solution or golden folly? Read more here-http://www.gata.org/node/11844

-Sprott’s Charles Oliver Sees Momentum Building for Gold and Silver. Read more here-http://bit.ly/S6KEa7

-Turkish gold trade to Iran booms via Dubai. Read more here-http://www.gata.org/node/11852

-Shivom Seth: For gold in India it’s still touch and go this festive season. The last quarter of every year in India is punctuated by festivals across religions, with gold playing a huge part in all festivities. But, demand, some traders say, has been somewhat muted. Read more here-http://bit.ly/RF86Zs

-Lawrence Williams: What is China really doing in the gold markets? Is China building its gold reserves surreptitiously? The balance of probabilities suggests it is and perhaps at a faster rate than many would contemplate. Read more here-http://bit.ly/QZlZ39

-Uneasiness in the Netherlands about national gold reserve. Read more here-http://www.gata.org/node/11869

-Bundesbank Says New York Fed to Help Meet Gold Audit Requirement. Germany’s Bundesbank said the Federal Reserve Bank of New York will help it meet auditing requirements related to its gold reserves that were demanded by Germany’s Audit Court. Read more here-http://bloom.bg/WMHJWR and http://bloom.bg/P6Jw5N

-’Keiser Report’ examines German gold reserve audit controversy. Watch more here-http://www.gata.org/node/11872

-Max Keiser interviews Lars Schall about Germany’s gold reserve. Watch more here-http://www.gata.org/node/11864

-James Turk: The Entire German Gold Hoard Is Gone. Read more here-http://bit.ly/RmlGBA

-Germany getting suspicious about gold to the point of taking action. Read more here-http://www.gata.org/node/11848

-Der Spiegel: Federal auditors call for inventory of German gold reserves. Read more here-http://www.gata.org/node/11854

-Bundesbank disagrees with audit court’s view on gold reserves. Read more here-http://www.gata.org/node/11856

-Auditor’s report on negligent custody of German gold. Read more here-http://www.gata.org/node/11855

-German gold report reveals secret sales that likely were part of swaps. Read more here-http://www.gata.org/node/11851

-Die Welt’s Monday report on the growing clamor over Germany’s gold stored abroad. Read more here-http://www.gata.org/node/11853

-Telegraph notes mystery German gold withdrawal and GATA’s clamor about it. Read more here-http://www.gata.org/node/11866

-This is what passes for financial journalism at The Telegraph and CNBC. Read more here-http://www.gata.org/node/11868

-So just ask them: Western central banks have enormous secrets about gold. Read more here-http://www.gata.org/node/11862

-Martin Hennecke: China knows that gold market is rigged. Read more here-http://www.gata.org/node/11861

-J.S. Kim: Cash out of rigged markets and just buy real gold and silver. Read more here-http://www.gata.org/node/11860

-Chris Marcus: Is Mitt Romney a threat to the gold price? Human nature, history and current political dynamics point to the latter as being the more likely course of events, though we can but hope that our leaders see the error of their ways. Obama or Romney? As far as gold is concerned, it doesn’t matter. The deficit spending and money printing will continue, and along with them, higher and higher gold prices. Read more here-http://bit.ly/P3IYgY

-New York Sun: The 80% solution. Read more here-http://www.gata.org/node/11859

-New York Sun: The Rosa Parks of the dollar. Read more here-http://www.gata.org/node/11871

-Prison may be the next stop on a gold currency journey. Read more here-http://www.gata.org/node/11867

-Chris Powell: Gold and silver are crucial to the liberation of all markets. Read more here-http://www.gata.org/node/11863

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SILVER

Gold to silver ratio at 60 to 1 with gold at $2,000 the silver price would be $33.33

Gold to silver ratio at 50 to 1 with gold at $2,000 the silver price would be $40.00

Gold to silver ratio at 40 to 1 with gold at $2,000 the silver price would be $50.00

Gold to silver ratio at 30 to 1 with gold at $2,000 the silver price would be $66.67

Gold to silver ratio at 20 to 1 with gold at $2,000 the silver price would be $100.00

Gold to silver ratio at 15 to 1 with gold at $2,000 the silver price would be $133.33

Gold to silver ratio at 60 to 1 with gold at $2,500 the silver price would be $41.67

Gold to silver ratio at 50 to 1 with gold at $2,500 the silver price would be $50.00

Gold to silver ratio at 40 to 1 with gold at $2,500 the silver price would be $62.50

Gold to silver ratio at 30 to 1 with gold at $2,500 the silver price would be $83.33

Gold to silver ratio at 20 to 1 with gold at $2,500 the silver price would be $125.00

Gold to silver ratio at 15 to 1 with gold at $2,500 the silver price would be $166.67

-China Silver Demand to Advance to Record on Wealth Protection. Silver demand in China, the world’s second-largest user, is set to jump as much as 10 percent next year to a record as investors look to preserve wealth, according to Beijing Antaike Information Development Co. “Chinese investors want hard assets such as silver, especially when it’s cheaper than gold and requires less funding,” Shi said. “Many producers and investors have hoarded the precious metal in the form of ingots or unwrought silver.”

Silver rose 53 percent in the Federal Reserve’s first round of quantitative easing, or QE, from December 2008 through March 2010, twice as much as gold, and 24 percent during the second phase ending in June 2011, three times as much. The U.S. central banks announced a third round of QE on Sept. 13. Silver will probably beat gold in the next several quarters, Morgan Stanley predicts. Read more here-http://bloom.bg/RhNnNr

-Lawrence Williams: Will silver see a major supply squeeze and massive price increase? One ultra bullish analyst reckons that one day the silver price could exceed that of gold. Perhaps an unlikely scenario but there are factors which suggest at least a relative closing of the gap. Read more here-http://bit.ly/RWTYKd

-Dr. Jeffrey Lewis: Gold and Silver When Inflation is Summoned by the Masses. Read more here-http://bit.ly/TgYu9X

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CHARTS OF THE WEEK-QUOTES-QUICK HITS

-Goldman’s Quarter-By-Quarter Breakdown Of How The Fiscal Cliff Will Crush The Economy. The analysts at Goldman Sachs have been among the most pessimistic people to talk about the fiscal cliff the tax cuts and spending programs that will expire automatically at the end of the year and slash GDP by around 4 percentage points.

Goldman’s David Kostin has warned that fiscal “brinksmanship” will cause the S&P 500 to tumble to 1,250 by the end of the year. In various surveys and anecdotes, U.S. businesses have indicated that uncertainty surrounding the fiscal cliff is preventing them from pursuing any major investments for growth. Bottom line: the fiscal cliff is increasingly becoming a worry for the U.S. economy as the end of the year approaches. Here’s a quarter-by-quarter breakdown of how the various components of the fiscal cliff could smash the U.S. economy from Goldman Sachs. Read more here-


www.chartoftheday.com

-CHART OF THE WEEK: Mets Have Spent Nearly $750 Million On Payroll Since Last Playoff Appearance. Read more here-http://read.bi/VGUHGi


www.chartoftheday.com

-”The more you read and observe about this Politics thing, you got to admit that each party is worse than the other. The one that’s out always looks the best.” Will Rogers

-Greg Hunter: Interview with John Williams of Shadowstats.com, Dollar Sell-off and Hyperinflation by 2014. Economist John Williams says the latest round of “open-ended” QE has set the table for a global “dollar sell-off” and “hyperinflation” no later than 2014. Williams says, “There’s no way the consumer can fuel the economic recovery, and there is no way we’re going to see one in the near future.” Williams predicts, “The Treasury is going to have funding problems, and that means the deficit gets a lot worse.”

Now, there is talk the Fed might increase the money printing. Williams charges, “The Fed’s primary concern is to keep the banking system afloat, and they’re not doing so well with that.” Williams contends there is 12 trillion in liquid dollar assets held outside the U.S. Williams says it is only a matter of time before all the Fed money printing will “trigger a sell-off and that will provide the early start of the hyperinflation.” You think the U.S. is better off today than it was in the last meltdown? Not according to Williams, he thinks, “things have gotten a lot worse.” Watch more here-http://bit.ly/Tj0Ipi

-Gary Shilling: It Doesn’t Matter Who Wins The Economy’s Screwed Either Way. Read more here-http://read.bi/Vpoqhh

-Marc Faber: West in a ‘Colossal Mess’ in Five to 10 Years. The debt burden in the U.S. and other Western countries will continue to increase, Marc Faber, author of the Gloom, Boom and Doom report told CNBC, leading to a “colossal mess” within the next five to 10 years. “I think the regimes will try to keep the system alive as it is for as long as possible, which means there’s no “fiscal cliff,” there’s a fiscal grand canyon,” Faber told CNBC’s “Squawk Box.”

Faber argued that the political systems in place in the West would allow the debt burden to continue to expand. Under such a scenario of never-ending deficits, the Western world would rack up huge deficits. One day, the system would break, he said. “Eventually, you have either huge changes occurring in a peaceful fashion through reforms, or, usually, through revolutions,” he said. The U.S. is getting closer to such a revolution, he said, as is Europe.

“I think the timeframe would be within five to ten years you have a colossal mess everywhere in the Western world,” Faber said. “I think the deficit here (in the U.S.) irrespective of who is in the White House will stay above a trillion dollars per annum for at least as far as the eye can see.” Bureaucracies in the U.S., as well as Europe, are far too big, he said, and are a burden on the economy. Read more here-http://bit.ly/TGM2fN

-Firings Reach Highest Since 2010 as Ford to Dow Face Sales Slump. Ford Motor Co. and Dow Chemical Co. joined a growing number of companies firing thousands of workers as sluggish U.S. growth and Europe’s deepening recession lead to a persisting slump in sales. North American companies have announced plans to eliminate 62,600 positions at home and abroad since Sept. 1, the biggest two-month drop since the start of 2010, according to data compiled by Bloomberg. Firings total 158,100 so far this year, more than the 129,000 job cuts in the same period in 2011. Read more here-http://bloom.bg/TbGut8

-Marc Faber: US Stocks Could Fall 20%. Read more here-http://bit.ly/QGFL5v

-Wealthy Advised to Sell Stocks for Gains Before Unfriendly 2013. Sell, that’s the message from some financial advisers, who are telling wealthy clients that the remainder of 2012 amounts to a last-chance sale on federal tax rates. Taxes are set to rise in January in the U.S., pushing the top rate on dividends to 43.4 percent from 15 percent and the top rate on capital gains to 23.8 percent from 15 percent. Read more here-http://bloom.bg/VFNpCG

-David Rosenberg: My Friend Rich Bernstein Is Wrong About Where Stocks Are Heading Next. Read more here-http://read.bi/S5TMvL

-Marin Katusa: Vladimir Putin, The New Global Shah of Oil. Exxon Mobil is no longer the world’s number-one oil producer. As of this week, that title belongs to Putin Oil Corp oh, whoops. I mean the title belongs to Rosneft, Russia’s state-controlled oil company. Read more here-http://bit.ly/TVBYjA

-Iran Threatens to Halt Crude Exports If Sanctions Intensify. Iran will suspend all oil exports, pushing global crude prices higher, if the U.S. and Europe tighten sanctions further on the OPEC member’s economy, Oil Minister Rostam Qasemi warned. Read more here-http://bloom.bg/Sjhnbs

-Iran May Be Using Dubai To Hide All The Gold It’s Trading With Turkey. Read more here-http://read.bi/WJVPbA

-Hong Kong Intervenes to Defend Peg as Upper Limit Tested. The Hong Kong Monetary Authority sold its own currency for the second day in a week to stem appreciation after it touched the upper limit of a 29-year-old peg to the U.S. dollar. Read more here-http://bloom.bg/REAc7e and http://bloom.bg/S65shZ

-Ambrose Evans-Pritchard: Japan to join currency wars as exports slump. Read more here-http://www.gata.org/node/11850

-Bank of America Sued by U.S. Over Mortgage Loan Sales. Bank of America Corp., the second-biggest U.S. lender by assets, sold defective residential mortgage loans to Fannie Mae and Freddie Mac that later defaulted, the U.S. government said in a $1 billion fraud lawsuit against the bank. Read more here-http://bloom.bg/RknMlq

-Survey: 40 Percent Of Americans Have $500 Or Less In Savings. A survey of about 1,100 Americans finds that more than 4-in-10 respondents admit they don’t have more than $500 in readily accessible savings. Read more here-http://cbsloc.al/Rhl6qd

-Gen X Now Worries Most About Retirement. Generation X is getting more worried about retirement. A survey released Monday shows that Americans aged 35 to 44 are now the most worried about financing their retirement, a stark turnaround from 2009, when people in that age group were among the least worried about money for retirement. The survey, from Pew Social and Demographic Trends, appears to reflect the lasting impact of the long economic downturn: In general, people of all ages are more pessimistic about retirement than they were three years ago, the researchers found. Read more here-http://bit.ly/P37cbs and http://read.bi/TV6zO7

-Boomer Women Struggle in Recession’s Wake. Read more here-http://bit.ly/VJ1S0G

-America’s near poor: 30 million and struggling. They aren’t in poverty, but they are just a step away from falling into its clutches. More than 30 million Americans are living just above the poverty line. These near poor, often defined as having incomes of up to 1.5 times the poverty threshold, were supporting a family of four on no more than $34,500 last year. Read more here-http://cnnmon.ie/QIVwc0

-More Americans delaying retirement until their 80s. As they struggle to save for retirement, a growing number of middle-class Americans plan to postpone their golden years until they are in their 80’s. Nearly one-third, or 30%, now plan to work until they are 80 or older up from 25% a year ago, according to a Wells Fargo survey of 1,000 adults with income less than $100,000. Read more here-http://cnnmon.ie/RWo6p6

-Iowa Farms Minting Millionaires as Rich-Poor Gap Widens. Read more here-http://bloom.bg/SuljEw

-Billionaire Paulson Donates $100 Million for Central Park. Billionaire John Paulson and the Paulson Family Foundation are donating $100 million to the Central Park Conservancy, the largest parks donation ever. Read more here-http://bloom.bg/Po7fQq

-North America Has Biggest Rise in Weather Catastrophes. Climate change contributed to a fivefold increase in weather-related natural disasters in North America over the past three decades, according to Munich Re, the world’s biggest reinsurer. Read more here-http://bloom.bg/RDGDat

-These 10 NFL Coaches Make At Least $5 Million A Year. Read more here-http://read.bi/QZXeE2

-Pacino Earns $125,000 Weekly Plus Profits in ‘Glengarry.’ Read more here-http://bloom.bg/TUKxev

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RARECOLOREDDIAMONDS.COM

-Rarecoloreddiamonds.com Featured Diamond of the Week. This week’s Diamond is a 0.30 Carat Radiant Cut Fancy Deep Pink Argyle Diamond. More than 90 per cent of the world’s pink diamonds come from the Argyle mine in the East Kimberley region in the far northeast area of Western Australia. At Argyle, pink diamonds making it to the annual tender are literally one in a million. For every one million carats of rough diamonds produced from the mine, only one polished carat is offered for sale in the tender.

In terms of global diamond production, pinks make up only 0.03 percent. Large pink diamonds tend to go to museums, are gifted to royalty or end up at auction houses such as Christie’s. Christie’s has auctioned only 18 polished pink diamonds over 10 carats in its 244 year history. Experts agree that prices for colored diamonds, pinks in particular, are on the rise, noting that a barrier was broken in recent years that thrust pinks previously selling for $500,000 to $600,000 a carat into the $1 million-a-carat realm. Buying a pink diamond today is like buying a Picasso painting while he was still alive. Harold Seigel-Watch video of the Featured Diamond here-http://bit.ly/LIsp98



-Prized Rio pink diamond could fetch $2m. Demand for Rio Tinto’s pink diamonds continues to sparkle as bidders pay record prices in this year’s tender process, with one gem tipped to fetch more than $US2 million ($1.95m) when it hits the retail market. The mining giant revealed yesterday that its 2012 Argyle pink diamonds tender, the most exclusive diamond sale in the world, had demonstrated strong global appeal and delivered an exceptional result for the iconic gems.

This year there were 56 single pink diamonds, including two red diamonds and an additional 19 lots of blue diamonds from Rio’s Argyle diamond mine in Western Australia. The tender process is private and conducted through closed bids, meaning the prices paid are not disclosed by Rio. But seasoned bidder John Glajz, who has been buying Argyle diamonds for more than 20 years, said the prices fetched were probably greater than ever before. “From my own personal experience, I’ve seen prices effectively more than double since 2005-06,” he said.

“I think there is an awareness that the mine life has less than a decade to run. There is a greater demand it’s like the art world, it’s a store of value, an appreciating asset and something that will not be replaced.” Singapore-based Mr. Glajz collected a prized gem after bidding the highest price for the most valuable diamond from the collection Argyle Siren, a 1.32-carat, square, radiant-cut, “fancy vivid purplish pink” specimen. He said while he normally purchased quite a few stones, after this year’s bidding process he only received three lots.

But the Argyle Siren was the one he had been chasing, and he said he had paid a “very bullish” price. “This particular stone, once it goes down to the retail level and set in a designer item of jewellery, it is something that will retail well in excess of $2m,” he said. Mr. Glajz said he was not in a hurry to sell the diamond, the finest stone he had seen in 25 years, and he had gone beyond his normal limits to ensure he was the successful bidder.

“When you deal with such stones there is a personal involvement it’s not just a commodity,” he said. “The many times I looked at it, I put up the price myself in my head. It’s just something very special it talks to you. It definitely tempted me.” Rio said the successful bidders for the 2012 tender collection came from both established and emerging markets, with several diamonds headed for India and the “hero” blue diamond, Argyle Elektra, destined for Japan. “These rare Argyle diamonds provide the escalating intrinsic value of an investment and are destined for the exclusive echelons of the world’s most sophisticated collectors,” said Jean-Marc Lieberherr, chief commercial officer for Rio Tinto Diamonds. Read more here-http://bit.ly/XjoiDQ



-WSJ: Rio Tinto’s Rare Pink Diamond Auction Sparkles. Demand for rare and pricey pink diamonds continues to soar, with Rio Tinto’s annual auction of gems from its Argyle mine in Western Australia attracting an unprecedented level of investor action. There was very strong bidding for this year’s collection of 56 pink diamonds, including two red stones, and an additional 19 lots of blue diamonds, Rio Tinto said Monday.

“The price, demand and global reach of Argyle pink diamonds has reached a new level,” said Josephine Johnson, manager of Rio Tinto’s Argyle Pink Diamonds. “We have never had so many people disappointed. One customer bid strongly on every single diamond and was unsuccessful.” The company keeps prices in the private process confidential, but generally a pink diamond fetches about 20 times the price of a white diamond.

“However it’s such a hyperbolic scale when you get up to the rare end of our tender diamonds, our red diamonds, our blues and our purplish pinks,” Ms. Johnson said. Rio said successful bidders were from established and emerging markets, with several diamonds heading to India and the blue Argyle Elektra destined for a buyer in Japan. The most valuable in the collect was the Argyle Siren, a 1.32 carat square vivid purplish pink diamond.

“These rare Argyle diamonds provide the escalating intrinsic value of an investment and are destined for the exclusive echelons of the world’s most sophisticated collectors,” said Jean-Marc Lieberherr, chief commercial officer of Rio Tinto Diamonds. The Argyle mine produces more than 90% of the world’s pink diamonds, which are highly coveted because of their rarity. It is part of a division Rio Tinto is considering selling.

Rio Tinto sells what it considers to be the best of its pink diamonds in an annual tender. It has only offered 33 red diamonds in the process in more than 26 years, while blue diamonds are collected and sold only every few years. Rio Tinto is one of the world’s largest producers of diamonds, operating the Argyle mine, Diavik mine in northern Canada and Murowa mine in Zimbabwe. The company in late March said it was reviewing options for the division, which only accounted for just over 1% of revenue in the first half of the year. Read more here-http://on.wsj.com/RWWi4g

-Rio Concludes Pink Tender, Reports ‘Exceptional’ Results. Read more here-http://bit.ly/P3S5OP and http://bit.ly/QZv0sQ

-Rainbow Brights: What You Need to Know About Colored Diamonds. Read more here-http://bit.ly/WKle4K

-Diamonds are forever: Jewels once worn by Grace Kelly, Elizabeth Taylor and Coco Chanel go on display. Read more here-http://bit.ly/UDdlh0

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FED-QE-BOC

-With Bernanke On The Tight Rope, FOMC Will Expand QE3 In December. Read more here-http://onforb.es/RYT8Nl

-Fed Says Growth ‘Moderate’ While Maintaining Bond Buying. The Federal Reserve said the economy is still growing modestly and unemployment remains elevated as it maintains $40 billion in monthly purchases of mortgage-backed securities aimed at spurring the three-year expansion. Read more here-http://bloom.bg/PQTolw

-Bernanke Seen Attacking Jobless Rate With QE Through 2013. Federal Reserve Chairman Ben S. Bernanke says he’ll stoke the economy until the job market recovers “substantially.” That promise may force him to keep buying bonds until the final months of his term ending in January 2014. Read more here-http://bloom.bg/PrgoaU

-Bernanke QE3 Stocks Miss Greenspan Irrational Exuberance. Federal Reserve Chairman Ben S. Bernanke is trying to inject a little of the exuberance his predecessor Alan Greenspan called “irrational” into markets for everything from stocks to housing. Bernanke, who is seeking to spur the economy with a third round of so-called quantitative easing, has said his stimulus works by lowering borrowing costs and encouraging investors to seek higher-yielding assets. Boosting home and equity prices through bond buying will encourage consumers and businesses to spend more, according to Bernanke. Read more here-http://bloom.bg/S5iPyW

-NYT: Bernanke probably won’t stand for third term at Fed. U.S. Federal Reserve Chairman Ben Bernanke has told close friends he probably will not stand for a third term at the central bank even if President Barack Obama wins the November 6 election, the New York Times reported. Read more here-http://reut.rs/Rhhrsn

-Carney Says Rate Increase ‘Less Imminent’ on Economy Risk. Bank of Canada Governor Mark Carney said that his inclination to raise interest rates is “less imminent” given risks to economic growth including moderate global demand and record domestic debt burdens. “The case for adjustment of interest rates has become less imminent,” Carney, told reporters in Ottawa. “Over time, rates are more likely to go up than not,” he said, adding “to draw more precision out of it than that is false precision.” Read more here-http://bloom.bg/Pr72fa

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U.S. DEBT-DEFICIT

-CHART OF THE WEEK: How The U.S. Government Spends Tax Dollars. Read more here-http://read.bi/RLsZlM



-Gross Says Structural Headwinds to Dominate After Election. Pacific Investment Management Co.’s Bill Gross said structural headwinds will dominate the economic debate no matter who wins the U.S. presidential election. “The structural headwinds in terms of economic growth, the budget deficit, the fiscal cliff” will dominate political discourse, Gross, who runs the world’s biggest bond fund, said in an interview on Bloomberg. “It means lower growth. The structural issues are really related to an excessive amount of debt, an excessive amount of leverage that’s been built up over 10 or 20 years.” Read more here-http://bloom.bg/S8OLCA

-U.S. Government’s Foreign Debt Now $47,495 Per Household. The debt that the U.S. government owes to foreign interests now equals approximately $47,495 for each household in the United States, according to the latest data released by the U.S. Treasury and the Census Bureau. The portion of the U.S. government’s foreign debt now owed to interests in Mainland China is about $10,090 per household. Read more here-http://bit.ly/PRcacp

-Psst: This Tax About to Go Up for 163 Million People. President Barack Obama isn’t talking about it and neither is Mitt Romney. But come January, 163 million workers can expect to feel the pinch of a big tax increase regardless of who wins the election. A temporary reduction in Social Security payroll taxes is due to expire at the end of the year and hardly anyone in Washington is pushing to extend it.

Neither Obama nor Romney has proposed an extension, and it probably wouldn’t get through Congress anyway, with lawmakers in both parties down on the idea. Even Republicans who have sworn off tax increases have little appetite to prevent one that will cost a typical worker about $1,000 a year, and two-earner family with six-figure incomes as much as $4,500. Why are so many politicians sour on continuing the payroll tax break? Read more here-http://bit.ly/TgBl7F and http://bit.ly/RkBWmu

-New Yorkers Pay Highest Tax Followed by New Jersey, Connecticut. New Yorkers can claim a title they’d rather not have: the most taxed in the nation. Residents of the Empire State paid 12.8 percent of their income in state and local taxes in 2010, according to rankings released today by the Tax Foundation, a Washington-based research group that advocates a simpler tax code. New Jersey ranked second at 12.4 percent, followed by Connecticut, where the rate was 12.3 percent. The three states have had the highest tax burden since 2005, according to the group. Read more here-http://bloom.bg/PrGaf4

-San Bernardino halts pension fund payments. Bankrupt city owes $5.3 million to CalPERS; judge may have to decide payment priorities. Read more here-http://bit.ly/Pufla5

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SOVEREIGN DEBT

-Ambrose Evans-Pritchard: IMF’s epic plan to conjure away debt and dethrone bankers. IMF’s epic plan to conjure away debt and dethrone bankers. So there is a magic wand after all. A revolutionary paper by the International Monetary Fund claims that one could eliminate the net public debt of the US at a stroke, and by implication do the same for Britain, Germany, Italy, or Japan. Read more here-http://bit.ly/TgU5E3

-Ambrose Evans-Pritchard: Debt crisis: Europe ratchets up grip on Madrid. The EU-IMF Troika in charge of Spain’s €60bn (£48bn) bank rescue is to demand much tougher action by the country’s authorities to clean up toxic debts, risking a clash that could deter Madrid from requesting a full sovereign bail-out. Read more here-http://bit.ly/PrYyEF

-Michael Pento: No More Exits, We Are Already Past The Point Of No Return. Read more here-http://bit.ly/TDm56H

-Greece Austerity Diet Risks 1930s-Style Depression. Greece is spiraling into the kind of decline the U.S. and Germany endured during the Great Depression, showing the scale of the challenge involved in attempting to regain competitiveness through austerity. The economy shrank 18.4 percent in the past four years and the International Monetary Fund forecasts it will contract another 4 percent in 2013 as Greece struggles to reduce debt in exchange for its $300 billion rescue programs.

That’s the biggest cumulative loss of output of a developed-country economy in at least three decades, coming within spitting distance of the 27 percent drop in the U.S. economy between 1929 and 1933, according to the Bureau of Economic Analysis in Washington. “Austerity has been destroying tax revenue and therefore thwarting the intended effect,” said Charles Dumas, chairman of Lombard Street Research, a London-based consulting firm. “There’s no avoiding austerity, though, because these people have no borrowing power. The deficits are there.” Read more here-http://bloom.bg/UEhXmR

-Der Spiegel: Germany Is Considering A Buy-Back Plan To Slash Greece’s Huge Pile Of Debt. Germany’s Finance Ministry is considering a debt buy-back as a possible way of reducing Greece’s huge debt pile which threatens to rise well above a target level of 120 percent of GDP by 2020, according to German news magazine Spiegel. The Greek government could borrow money from the euro zone’s permanent bailout fund and use this to buy back its own debt, which at present trades at around 25 percent of its face value. Buying just 10 million euros worth of Greek bonds could reduce the debt mountain by 40 million, Spiegel said. Read more here-http://read.bi/StPBHm

-Dylan Grice: Greek Austerity Is Reopening Deep Social Wounds And Could Lead To Civil War. Read more here-http://read.bi/UDcL2F

-Paul Tucker: ‘worst may still be ahead’ for UK banks. The “worst may still be ahead” for Britain’s banking sector, according to the Bank of England’s deputy governor, as he warned that bank balance sheets were still not strong enough to withstand the “end-of-the-world risks” that still existed. Read more here-http://bit.ly/PrFNkW

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REAL ESTATE

-Gary Shilling: A Housing Recovery? You’ve Got To Be Kidding Me. Read and watch more here-http://read.bi/Vpo22e

-Greg Hunter: Interview with Fabian Calvo, Massive Foreclosures after Election. Read and watch more here-http://bit.ly/RDE5ZX

-Home Sales Rising to Two-Year High Spur U.S. Growth. Americans bought new homes in September at the fastest pace in two years, another sign the industry whose decline was at the heart of the recession is bouncing back. Sales climbed 5.7 percent to a 389,000 annual pace, the most since April 2010, following a revised 368,000 rate in August, figures from the Commerce Department showed today in Washington. Read more here-http://bloom.bg/Prrtso

-Existing U.S. Home Sales Decline as Supply Drops. Sales of previously owned U.S. homes decreased in September from the highest level in two years, restrained by a lack of supply that may keep pushing prices up. Purchases fell 1.7 percent to a 4.75 million annual rate, figures from the National Association of Realtors showed today in Washington. The median price from a year earlier jumped by the most since 2005 as inventories dwindled. Read more here-http://bloom.bg/SuqjJk

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