Commodity prices tumbled this week, mirroring the situation on global stock markets, as fears of a new worldwide recession amid a worsening eurozone debt crisis saw investors seek refuge in the dollar. G20 leaders meanwhile urged the eurozone to tackle its debt crisis to prevent contagion spreading across the world, while similar warnings were sounded by the European Central Bank, the World Bank and the International Monetary Fund. Recession fears were also stoked by poor economic data in China and the eurozone -- which is already plagued with the rampant debt crisis among its peripheral nations like Greece, Ireland and Portugal. Added to the mix was the re-emergence of a bitter and domestic political feud to try and raise Washington's debt ceiling. PRECIOUS METALS: Gold prices slumped to below $1,700 an ounce, despite the precious metal's status as a safe-haven investment in times of economic turbulence. Gold had hit a record high of $1,921.15 an ounce on September 6. "The … [Read more...] about Commodity prices slump as investors seek dollar safety
Silver prices falling
Domestic gold price sets record (07-11-2009) Shoppers browse at a Bao Tin Minh Chau Gold Shop in Ha Noi. — VNA/VNS Photo Tran Viet HA NOI — Domestic gold prices yesterday increased steadily by VND500,000 per tael against the previous day, reaching a new high of VND25.36 million (US$1,408) per tael. The global market price stood at about $1,090 per ounce – buoyed by the declining dollar. One tael is equal to 1.2 troy ounces. Analysts predicted that the weakening of the greenback would continue until the first quarter of next year, and that the gold price could rise to or exceed $1,100 in the next few months. According to the Viet Nam Gold, Silver and Gemstone Corp, demand vastly outstripped supply. Saigon Jewellery Holding Co (SJC)’s branch in Ha Noi listed the buying and selling prices at about VND25-VND25.22 million per tael, while SJC in HCM City listed prices at VND25.26-25.36 million per tael. Sacombank traded gold at about VND25.24-25.36 million … [Read more...] about Domestic gold price sets record
U.S. stocks fell on Thursday on weak economic data and commodities prices plunge. The Dow Jones industrial average lost 139.41 points, or 1.10 percent, to 12,584.17. The Standard & Poor's 500 was down 12.22 points, or 0.91 percent, to 1,335.10. The Nasdaq Composite Index fell 13.51 points, or 0.48 percent, to 2,814.72. All major sectors fell, led by energy and materials. Adding to the disappointing private sector job data reported by ADP on Wednesday, the U.S. Labor Department reported on Thursday that jobless claims unexpectedly jumped by 43,000 to 474,000 in the week ended April 30, the most since August, dampening the market sentiment. This report came in one day before the nonfarm payroll report for April, making people pessimistic in U.S. job markets. The Institute for Supply Management said Wednesday that its services index fell to 52.8 last month, the slowest pace in eight months, much lower than 57.3 in March, also well below economists' forecasts of 57.4. Weak … [Read more...] about U.S. stocks fall on weak data, commodities plunge
Gold futures on the COMEX division of the New York Mercantile Exchange fell Tuesday to their lowest level since Jan. 25, as substantial declines in the U.S. stock market and renewed concerns over problems in Europe dampened trading. The most active gold contract for April delivery fell 31.8 dollars, or 1.9 percent, to settle at 1,672.10 dollars per ounce. The Dow Jones Industrial Average lost over 200 points Tuesday in its worst session of the year so far while equity markets in Europe and Asia were also down, giving a bearish atmosphere to the day which saw gold's continued slide downward. Despite official denials of rumors that the upcoming Greek debt swap would be delayed, uncertainty still cast a negative light on trading, and could possibly continue to affect the market until the Greek deadline March 8. Concerns over the European situation and Monday's revised Chinese growth forecast from eight percent to 7.5 percent were also in the minds of some traders, as were declines in … [Read more...] about Gold falls to six-week low as U.S. stocks down
Opinion is divided on whether the common man will benefit if the government licenses these gambling houses; analysts are skeptical even about tourism benefits The massive integrated resort is the sixth casino to be licensed in Vietnam. Elsewhere, in tourism-haven Phu Quoc Island, local leaders have been looking for investors for a casino planned since 2007. Ha Giang and Quang Binh provinces have apparently never jettisoned plans to build casinos on a rocky UNESCO geo-park and next to a natural reserve named in UNESCO's world heritage list. RELATED CONTENT Vietnam province sticks to casino, golf plans for UNESCO geoparkVietnam licenses Las Vegas-style casino They are all part of an intended casino-building spree across Vietnam, where entry barriers for foreign investors are much higher than in neighboring countries, as the government looks to significantly boost tourism and tax revenues amid the economic crisis. But analysts raise two important questions: What role will … [Read more...] about Vietnam’s casino rush in the offing, but will it be a silver bullet?