1 kilogram = 35.2739619 ounces.
Why does this matter?
Because that's the amount of gold an Indian citizen is legally allowed to take into India after at least six months abroad.
In a fascinating story in the aftermath of the India government's harsh restrictions on the importation of gold, a plane from Dubai to the Indian airport at Calicut carried 80 passengers, each of them returning to their homeland with one kilogram of gold.
In dollar terms, the plane was carrying 2572.06 troy ounces of gold, valued at roughly $3,086,472 worth of gold if one uses $1200 per troy ounce as a baseline. The passengers were primarily laborers returning home from construction jobs in the Middle East. Full story, courtesy of the India Times here.
The actions by some of the more nefarious elements in Indian society point up the futility of governments' attempts to control money supplies, balances and trade in the face of independent people. All they ever end up doing is causing imbalances, which naturally favor those in control positions. Sadly, the bulk of the population doesn't see what's being done to their currencies and their freedoms until it is too late.
As it is in India, it is everywhere. Governments, once they have grown beyond their capacity to usefully serve the population, become nothing but a drag and anchor on society.
Thanks to oversize, bulky interference by government entities and their cohorts like central banks, besides the now near-daily ramping to new and newer all-time highs on the various US equity indices, there's not much worth reporting these days.
DOW 16,294.61, +73.47 (+0.45%)
NASDAQ 4,148.90 , +44.16 (+1.08%)
S&P 1,827.99, +9.67 (+0.53%)
10-Yr Note 98.45, +0.20 (+0.21%)
NASDAQ Volume 1.66 Bil
NYSE Volume 2.83 Bil
Combined NYSE & NASDAQ Advance - Decline: 4111-1647
Combined NYSE & NASDAQ New highs - New lows: 669-58
WTI crude oil: 98.91, -0.41
Gold: 1,197.00, -6.70
Silver: 19.41, -0.04
Corn: 434.25, +1.00
Showing posts with label rupee. Show all posts
Showing posts with label rupee. Show all posts
Monday, December 23, 2013
Tuesday, August 20, 2013
Stocks Slammed Again; 10-Year at 2.90%; Egypt Coming Apart
Make it four down days in a row and nine of the last 11 for the Dow Industrials, since making an all-time closing high of 15,658.36 on August 2nd, slipping today to the closest point to 15,000 since July 5th.
If one needs a catalyst or cause, it's Egypt. A former ally, the most populous Muslim nation in the Middle East, now up in flames and our government backing the wrong side. Tragic, complex and horrifying, the tableau playing out is enough to shatter the confidence of most of the globe.
Beyond the obvious implications of large nations devolving into anarchy and chaos, there are so many other issues - financial and political - roiling the markets, it is impossible to take all of them accurately into account. Suffice to say, it's a mess out there and politicians are about to make it messier, with a new round of budget battles and debt ceiling debate set to get underway in the nation's capitol.
On the global horizon, India is having a currency crisis, the Rupee falling to historic lows against the dollar as the Indian government attempts to limit and/or tax individual holdings of gold. It certainly will not work. India has the highest gold-ownership per capita on the planet.
Naturally, our very own Federal Reserve will not be outdone by foreign rivals. The Fed continues to tinker and experiment with the currency, becoming all-too-powerful a force in all markets, from commodities to stocks to treasuries.
Speaking of treasuries, the benchmark 10-year note touched 2.90% today, a 130-basis-point rise since May. Literally, nothing will destroy the economy better than uncontrollably-rising interest rates, and we have them across the curve.
It has long been said on this blog and elsewhere that these experimental attempts to revive a dead, decaying, US and global economy will not end well. The stark reality is that the global economy imploded in 2008. All the QE, ZIRP and presumptive actions by the Fed and other central banks is nothing but window dressing, the model in the storefront being a naked - and likely capitalist - pig.
If the carnage since 2008 has not been enough for this country to bear, imagine the pain as it's about to get worse, a lot worse.
Dow 15,010.74, -70.73 (0.47%)
NASDAQ 3,589.09, -13.69 (0.38%)
S&P 500 1,646.06, -9.77 (0.59%)
NYSE Composite 9,385.89, -79.70 (0.84%)
NASDAQ Volume 1,402,886,250
NYSE Volume 3,236,012,750
Combined NYSE & NASDAQ Advance - Decline: 1566-5077
Combined NYSE & NASDAQ New highs - New lows: 64-532 (how quickly it has turned!)
WTI crude oil: 107.10, -0.36
Gold: 1,365.70, -5.30
Silver: 23.17, -0.156
If one needs a catalyst or cause, it's Egypt. A former ally, the most populous Muslim nation in the Middle East, now up in flames and our government backing the wrong side. Tragic, complex and horrifying, the tableau playing out is enough to shatter the confidence of most of the globe.
Beyond the obvious implications of large nations devolving into anarchy and chaos, there are so many other issues - financial and political - roiling the markets, it is impossible to take all of them accurately into account. Suffice to say, it's a mess out there and politicians are about to make it messier, with a new round of budget battles and debt ceiling debate set to get underway in the nation's capitol.
On the global horizon, India is having a currency crisis, the Rupee falling to historic lows against the dollar as the Indian government attempts to limit and/or tax individual holdings of gold. It certainly will not work. India has the highest gold-ownership per capita on the planet.
Naturally, our very own Federal Reserve will not be outdone by foreign rivals. The Fed continues to tinker and experiment with the currency, becoming all-too-powerful a force in all markets, from commodities to stocks to treasuries.
Speaking of treasuries, the benchmark 10-year note touched 2.90% today, a 130-basis-point rise since May. Literally, nothing will destroy the economy better than uncontrollably-rising interest rates, and we have them across the curve.
It has long been said on this blog and elsewhere that these experimental attempts to revive a dead, decaying, US and global economy will not end well. The stark reality is that the global economy imploded in 2008. All the QE, ZIRP and presumptive actions by the Fed and other central banks is nothing but window dressing, the model in the storefront being a naked - and likely capitalist - pig.
If the carnage since 2008 has not been enough for this country to bear, imagine the pain as it's about to get worse, a lot worse.
Dow 15,010.74, -70.73 (0.47%)
NASDAQ 3,589.09, -13.69 (0.38%)
S&P 500 1,646.06, -9.77 (0.59%)
NYSE Composite 9,385.89, -79.70 (0.84%)
NASDAQ Volume 1,402,886,250
NYSE Volume 3,236,012,750
Combined NYSE & NASDAQ Advance - Decline: 1566-5077
Combined NYSE & NASDAQ New highs - New lows: 64-532 (how quickly it has turned!)
WTI crude oil: 107.10, -0.36
Gold: 1,365.70, -5.30
Silver: 23.17, -0.156
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