February 24, 2012
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February 23, 2012
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Our Unique Hand-Crafted Swarovski Crystal Lotus Flowers will be show-case in the International Fair at Orchard Central on 2-4 March 2012. (11.00am-9.00pm)
Watch Out for our new designs.
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February 20, 2012
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On Tuesday the European Union received another blow after Moody's downgraded the debt ratings of six Eurozone countries. Portugal, Italy and Spain received the downgrade, while tens of thousands of Greeks took to the streets to demonstrate their dissatisfaction with their government's decision to grant another round of austerity measures. Here is the latest from Greece.
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February 13, 2012
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Those who wish to be SAVED from the end of the world, suffering and hardship wear a Swarovski Crystal Lotus Flower with you wherever you go. You will get divine protection all days long.
at 8:36:00 PM
February 3, 2012
Comment from Jeff Nichols suggests that Chinese gold production and consumption may be considerably higher than the statistics released by the country would indicate.
Author: Lawrence Williams
Posted: Thursday , 02 Feb 2012
Following the recent Minewebarticle on Chinese gold production and consumption (see China enhances position as world No. 1 gold producer - but where's it all going?) we have received the following comment s from specialist precious metals analyst, Jeff Nichols of American Precious Metals Advisors and Rosland Capital, which suggests that both Chinese gold production and consumption may be considerably higher than that suggested by official and semi-official statistics coming out of the Asian giant.
Nichols avers that China's domestic gold mine output is, without a doubt, much higher than reported. Actual gold mine output could easily be close to 400 tons and possibly more for the following reasons:
· The China Gold Association (CGA) numbers reflect production by their members only -- but omit gold mined by non-members. These include many small, unofficial mining operations some of which are illegal existing in the "underground economy". The CGA data also excludes production from mines owned and operated by the military, which is significant according to sources. Not to be overlooked is by-product output from copper, silver, and other metal mining activity. Again, this is significant though hard to know just how significant.
· In addition to mine output, analysts and commentators seem to forget about secondary supply -- that is from recycling of jewelry, investment bars, and industrial scrap. Just to get an "order-of-magnitude" possibility, in recent years global secondary supply from scrap recycling has contributed roughly one-third of total worldwide supply. If scrap contributed only five or ten percent of China's total gold supply it would still be quite important.
· Next, Western analysts are estimating that China's total gold imports last year were around 490 tons -- but no one talks about "illegal" imports -- that is gold smuggled into China. We know smuggling is quite significant in some countries -- Vietnam and India, for example. We can only imagine how many tons of gold in the form of tael bars, wafers, coins, investment-grade jewelry, etc. is carried into China each year by travellers and professional smugglers.
Actual Chinese consumption is, of course, a pretty speculative estimation. One assumes the imports (and the 490 tons referred to above relate only to that imported through Hong Kong which itself may be an under-estimate as we only have ‘official' figures for this to November so far.) By anecdotal evidence the demand at the year-end, and running into the lunar New year, was enormous, thus this figure could easily be higher, quite apart from the gold coming in by other routes which Nichols points to in his comments.
As far as People's Bank of China buying is concerned, as we understand it Chinese miners have to sell their official output to the state, but whether the state is releasing all, or any, of this to the general market via the state-controlled banking system is not known and given the huge volume of imports the answer could even be none of it. Nichols has stated in his presentations, notably in China itself, that he feels that the PBOC may be squirreling away perhaps 50 to 100 tons a year into an account which will eventually be brought into official reserve figures, but one could speculate that this figure could actually be very considerably higher without compilers of global statistics being aware.
At best we have to take Chinese official statistics at face value, but China is not noted for its transparency on such matters and as we commented in the earlier article the country's government plays a long game. This has the ultimate aim of maintaining growth and keeping its huge population compliant through ever-increasing living standards.
Many commentators see the eventual promotion of the Chinese currency as the global reserve unit to replace the ever-declining dollar as being the primary aim of Chinese monetary policy, While this may be a long way ahead yet, accumulation of gold reserves to eventually match the kind of levels seen in percentage terms in many western countries at the expense of its dollar holdings could well be part of the overall strategy.
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BEIJING — Premier Wen Jiabao says China is considering playing a bigger role in resolving Europe's debt crisis by getting involved in European rescue funds.
Wen spoke at an appearance Thursday with German Chancellor Angela Merkel, who was in Beijing to reassure Chinese leaders about Europe's financial stability.
Wen, China's top economic official, repeated pledges of support for Europe, his country's biggest trading partner, but made no financial commitments.
"It is very urgent and important to resolve Europe's debt crisis," he said. "China is considering greater involvement in resolving Europe's debt crisis by participating in the European Financial Stability Fund and the European Stability Mechanism."
European leaders want China, with $3.2 trillion in foreign reserves, and other global investors to contribute to expanding the EFSF and the 500 billion euro ($650 billion) Stability Mechanism, which is to begin operation in July.
Merkel is the first of several European leaders to visit China this month for talks expected to focus largely on the economic crisis.
Europe is China's biggest export market, and Beijing's stake in its financial health is growing as Chinese companies expand there.
"Whether we can maintain the stability of the financial system and stable economic growth and facilitate integration not only concerns the future of Europe but also has a great impact on China," Wen said. "China supports Europe in safeguarding the stability of the euro."
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February 2, 2012
Live PIG Chops into Half... in Vietnam
1月28日，越南北宁省Nem Thuong村，当地村民在正月初六这天举行仪式，纪念13世纪反抗皇权的将军Doan Thuong，Doan Thuong也被当作该村的守护神。
[ 转自铁血社区 http://bbs.tiexue.net/ ]
[ 转自铁血社区 http://bbs.tiexue.net/ ]
at 8:51:00 PM
February 1, 2012
Congressional Budget Office reports another $1 trillion deficit Read more: http://www.politico.com/news/stories/0112/72205.html#ixzz1l8Bob7or
Indeed the $1.079 trillion deficit now projected for the 2012 fiscal year ending Sept. 30 is wider than what the added CBO had predicted in August, and the picture won’t substantially improve unless Congress comes to grip with changes needed in tax and spending policy.
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