It’s a Saturday, and Chris Anderson’s daughters want to redecorate their dollhouse. They ask him to buy them new furniture. “I went online,” he says, “and quickly realized three things: (1) dollhouse furniture is expensive; (2) there is surprisingly little variety; and (3) the stuff your kids like is invariably the wrong size for your dollhouse.”[Read more...]
The number of Americans expatriating in the first quarter of 2013 has set a record.
“More than 670 U.S. passport holders gave up their citizenship — and with it, their U.S. tax bills — in the first three months of this year,” reports Fortune, poring over a list of names released yesterday by the IRS. “That is the most in any quarter since the IRS began publishing figures in 1998.”[Read more...]
“Setting a record” doesn’t begin to do the story justice.
The Hong Kong Census and Statistics Department is out with its monthly figures on China’s gold imports via Hong Kong. The Chinese government is notoriously secretive about its total imports, so the Hong Kong figures are the best we have to go on.[Read more...]
“There is a moral imperative to try to stop the onslaught against the Syrian population,” urges President Obama’s former Middle East adviser Dennis Ross. “But there is also a strong U.S. national security imperative.”
Oil — at least the West Texas Intermediate variety — hasn’t poked above $100 a barrel in nearly 12 months. But events in the Middle East have propelled it from below $88 a week ago to $93.19 this morning.[Read more...]
“I have some concern about the legislation,” says House Judiciary Committee Chairman Bob Goodlatte.
Not that it’s stopping him from supporting an Internet sales tax. Not when it could raise $24 billion for state and local governments. (Where do they get these figures? It was only half that when we covered the issue in depth in late 2011.)[Read more...]
The U.S. Mint has been cleaned out of 1/10th-ounce Gold Eagles. So far this month, 85,000 of the coins have exited the Mint’s doors. Now sales are temporarily suspended.
“While the 1-ounce gold bullion coins remain the most popular,” says a Mint statement, “demand for the 1/10th-ounce coins has remained strong too, with year-to-date demand for these coins up over 118% compared to the same period last year.”[Read more...]
“In the first quarter of 2012,” read the statement issued before this morning’s open, “Caterpillar dealers added machine inventory of about $875 million, and this year, they reduced machine inventory by about $700 million.”
By all rights, the market should be having — as the annoying receptionist in Office Space said — “a case of the Mondays.” We count at least six items that should be dragging the market down.[Read more...]
“Monday’s plunge has excited the Chinese market,” said the perky anchor on China’s English-language CCTV News.
As we write, gold sits about where it did 24 hours ago, at $1,386. And CCTV devoted the first 10 minutes of its Biz Asia program this morning to gold.[Read more...]
“I love the fact that gold is finally breaking down,” says the inimitable Marc Faber, turning our attention back to the markets. “That will offer an excellent buying opportunity.”
The good doctor, interviewed by Bloomberg yesterday, is looking pretty smart today. “As a trader, I would probably enter the market quickly for a rebound of $20 or $40.” Sure enough, the spot price is up $30 as we write, to $1,383. Silver has recovered to $23.53.[Read more...]
OK, so perhaps we were a year early.
At the start of 2012, we suggested gold was due for a rest after 11 straight years in which the price on Dec. 31 was higher than a year earlier.
In the end, the Midas metal eked out a 7% gain.
As we write, gold is at $1,380. That’s down 17% from the start of the year. And nearly 12% since the open on Friday.[Read more...]