Iron ore prices to soar 90pc after Asia deal

Iron ore prices will almost double from April 1 after the world's largest exporter agreed significant price rises with Asian steel mills.

How to Corner the Gold Market

First, let your greed overcome all regard for the stability of the global market, and overcome your aversion to illegal activities. Stay away from people like me, and fly under the radar, because I’d like to see you thrown in jail. Most Washington officials, regulators, and Wall Street managers are probably safe to hang around, especially if you cut them in for a piece of the action or give them vague promises of a future lucrative job.

GATA's evidence of silver and gold manipulation at CFTC hearing

Some observers feel that the Gold Anti Trust Association (GATA's) long held views on a conspiracy by some major banks and government entities to manipulate precious metals prices are off-target, but the latest evidence produced by GATA chairman Bill Murphy in open testimony at the CFTC hearing is compelling assuming the source material is accurate.

Europe has left Greece hanging in the wind

However you dress it, the Greek package agreed by EU leaders is a capitulation to German-Dutch demands. There will be no European debt union as long as Angela Merkel remains Iron Chancellor of Germany.

Supply fears start to hit Treasuries

The bond vigilantes are finally flexing their muscles. A long period of stability for the US government bond market showed signs of cracking this week as a lack of investor appetite for new debt sent the benchmark 10-year yield to its highest level since last June.

Obama urged to act on China's currency manipulation

Pressure is mounting on the Obama administration to take action against China for undervaluing its currency, with business leaders, economists and other analysts citing the issue as emblematic of a broader tension developing in one of the world's central trading relationships.

Argentina confronts inflation with discount fish

While most countries use fiscal and monetary policies to control inflation, Argentina has rolled out a fleet of fish trucks to ease the pain of consumers whose food bills are increasing every month.

Mortgage delinquencies rise to nearly 14 percent

Delinquencies on mortgages rose to nearly 14 percent in late 2009, led by a sharp increase in seriously overdue home loans held by the most credit-worthy borrowers, U.S. banking regulators said on Thursday.

Greek Deal Can't Stop Euro Decline

The Greek debt deal won't solve the country's problems in the long term and the euro is likely to continue its decline, Nigel Jenkins from Payden & Rygel told CNBC Friday. Simon Goodfellow from ING Wholesale Banking joined the discussion. Add this share icon

The Jobs Puzzle Bernanke Can't Solve

It's a mystery that has puzzled even U.S. Federal Reserve Chairman Ben Bernanke: if the U.S. economy is growing rapidly, why isn't it creating jobs?

Neo-Ottoman Turkey: A Hostile Islamic Power

The fact that Turkey is no longer a U.S. "ally" is still strenuously denied in Washington

Bonds Have Seen Their Best Days

Everyone should be taking note that the yield on the 10-year Treasury note this week climbed to a 9-month high. The T-note is sending a loud and clear message: interest rates are headed higher.

IMF rejects investment house bids for gold

Eric Sprott, CEO and senior portfolio manager for Sprott Asset Management in Toronto, who may own Canada's largest collection of tin-foil hats, recently tried to buy gold from the International Monetary Fund and was refused. Coincidentally, GATA learned this week on the best authority that a financial house far bigger than Sprott also recently tried to purchase gold from the IMF, also was refused, and wasn't very happy about the refusal.

JPMorgan, Lehman, UBS Named in Bid-Rigging Conspiracy

JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and UBS AG were among more than a dozen Wall Street firms involved in a conspiracy to pay below-market interest rates to U.S. state and local governments on investments, according to documents filed in a U.S. Justice Department criminal antitrust case.

Half of U.S. Home Loan Modifications Default Again

More than half of U.S. borrowers who received loan modifications on delinquent mortgages defaulted again after nine months, according to a federal report.

Social Security to See Payout Exceed Pay-In This Year

The bursting of the real estate bubble and the ensuing recession have hurt jobs, home prices and now Social Security.

Swap Spreads Plunge as Portugal Downgrade Boosts Risk (Correct)

U.S. interest rate swap spreads plunged to the lowest levels in over two decades after Fitch Ratings’ downgrade of Portugal raised the risk of owning sovereign debt and corporate bond issuance surged.

Did Gordon Brown Sell UK's Gold To Keep AIG And Rothschild Solvent; More Disclosures On How The NY Fed Manipulates Gold Prices

Jesse also speculates that Gordon Brown sold UK's gold at the lowest price in the past 20 years, a thorny topic touched upon earlier by the Telegraph, simply to bail out mega banking empire Rothschild and, surprise, AIG, as well as who knows how many other members of the LBMA

Brown's Bottom Is an Enormous Issue In the UK: Was This a Bailout of the Multinational Bullion Banks Involving the NY Fed?

The bottom referred to, of course, is the bottom of the gold price, and the sale of approximately 400 tonnes of the UK's gold at the bottom of the market.

British PM ordered to disclose info on gold sales

Gordon Brown has been ordered to release information before the general election about his controversial decision to sell Britain's gold reserves.

Massive Job Cuts Projected For NYC

Mayor Says If Albany Slices City Aid, As Many As 19,000 Will Be Laid Off; 3,100 Less Cops, 1,000 Less Firefighters

4-Day School Weeks Might Be Coming In Illinois

State House Has Passed Bill Allowing School Districts To Set Up Shorter Weeks; Mayor Daley Has Doubts

"It's the DEBT, Stupid!"

The latest U.S. Treasury Z1 Flow of Funds report was released on March 11, 2010, bringing the data current through the end of 2009. What follows is the most important chart of your lifetime. It relegates almost all modern economists and economic theory to the dustbin of history. Any economic theory, formula, or relationship that does not consider this non-linear relationship of DEBT and phase transition is destined to fail.

Debtor Nation

Only a few decades ago, the United States was the world’s largest creditor nation. American capital spanned the globe financing all types of investments in virtually every country. But that dominance began to erode in the 1960s because growth in consumption in the United States was starting to outpace new production. Wealth built up over generations was being consumed.

New York Fed Warehousing Junk Loans On Its Books: Examiner's Report

As Lehman Brothers careened toward bankruptcy in 2008, the New York Federal Reserve Bank came to its rescue, sopping up junk loans that the investment bank couldn't sell in the market, according to a report from court-appointed examiner Anton R. Valukas.

Don’t Count on the Consumer

There is a prevailing view held by American policymakers that debt and resurgent consumer spending will lift the country from today’s financial morass. The thinking goes that the road to recovery will be reached only if consumers once again start to borrow and spend.

USA-Regulators shut 7 banks in 5 states; 37 in 2010

Regulators on Friday shut down seven banks in five states, bringing to 37 the number of bank failures in the U.S. so far this year.

Party Time for Anglo-American Elites?

Economic Recovery Is a Government 'Sham' ... Former Secretary of Labor Robert Reich (left) says the "recovery" is a sham. "Part of the perceived growth in GDP is due to rising government expenditures," he says. "But this is smoke and mirrors ...

Gold is money

Unlike the world’s currencies, gold retains its value

What or Who is Driving up Prices?

nvesting is about putting the odds in your favor. There are no absolute certainties, but there are high probabilities. Recently, the probabilities have been skewed by extremes that haven't been seen in years, even decades.

The Lehman Whistleblower’s Letter

n May 2008, former Lehman Senior Vice President Matthew Lee wrote a letter to senior management warning that the New York securities firm may have been masking the true risks on its balance sheet. A month later, he had been ousted.

Federal Reserve Must Disclose Bank Bailout Records

The Federal Reserve Board must disclose documents identifying financial firms that might have collapsed without the largest U.S. government bailout ever, a federal appeals court said.

Bernanke Asked by Towns on Friedman’s Goldman Stake

A House committee requested that Federal Reserve Chairman Ben S. Bernanke turn over documents related to Stephen Friedman’s purchase of Goldman Sachs Group Inc. shares while he was on the boards of both the Wall Street firm and the Federal Reserve Bank of New York.

Quarter of adults out of work, official figures show

More than one in four adults in Britain are not working, after a record number left the workforce in recent months, official figures indicated.

How a New Jobless Era Will Transform America

The Great Recession may be over, but this era of high joblessness is probably just beginning. Before it ends, it will likely change the life course and character of a generation of young adults. It will leave an indelible imprint on many blue-collar men. It could cripple marriage as an institution in many communities. It may already be plunging many inner cities into a despair not seen for decades. Ultimately, it is likely to warp our politics, our culture, and the character of our society for years to come.

Papandreou Racing to Cut Greek Rates With Aid Pledge

Greek Prime Minister George Papandreou is racing to secure an explicit pledge of European aid and cut his country’s borrowing costs as 20 billion euros ($27 billion) of debt comes due in the next two months.

Central Bank Gold Holdings Expand at Fastest Pace Since 1964

Central banks added the most gold to their reserves since 1964 last year amid the longest rally in bullion prices in at least nine decades, data compiled by the World Gold Council show.

More homeowners are opting for 'strategic defaults'

Underwater on their mortgages and angry at banks, more borrowers are choosing to hand over the keys, even if they can afford the payments.

Deutsche Bank, JPMorgan, UBS Are Charged With Fraud (Update2)

Deutsche Bank AG, JPMorgan Chase & Co., UBS AG and Hypo Real Estate Holding AG’s Depfa Bank Plc unit were charged with fraud linked to the sale of derivatives to the City of Milan.

44 of 172 Detroit schools slated to close in June

Doors are expected to shut on more than a quarter of Detroit's 172 public schools in June as the district fights through steadily declining enrollment and a budget deficit of more than $219 million, an emergency financial manager said Wednesday.

China in Midst of ‘Greatest Bubble in History,’ Rickards Says

The Chinese central bank’s balance sheet resembles that of a hedge fund buying dollars and short-selling the yuan, said Rickards, now the senior managing director for market intelligence at McLean, Virginia-based consulting firm Omnis Inc.

Pollit & Co-Bananaland

Decades ago a diplomatic friend was attached to a delegation to the Inter-American Development Bank (IDB), a sort of Western Hemisphere version of the World Bank.

The Fed Is Responsible for the Crash in the Money Multiplier ... And the Failure of the Economy to Recover

Here's an interesting fact that you may not have seen yet. The M1 money multiplier just slipped below 1. So each $1 increase in reserves (monetary base) results in the money supply increasing by $0.95 (OK, so banks have substantially increased their holding of excess reserves while the M1 money supply hasn't changed by much).

Eurozone finance ministers agree to Greece rescue plan

Eurozone finance ministers meeting in Brussels say they have agreed to a financial rescue plan for debt-ridden Greece, but their announcement remains distinctly short on detail.

Gold's $1140 Hurdle

Gold has been stopped time and again in its decade-long bull market by recurring hurdles that appear at an ever-higher price. During these encounters, several things happen, most notable of which is the growing bearish sentiment in the face of a seemingly insurmountable price barrier. We are seeing that pattern repeat with gold’s inability to climb above $1140.

Global gold hedge book down to just 236 tonnes

At just under five weeks' world mine production the global hedge book is far cry from its peak of 3,064 tonnes at its peak in 2000

China's objective with gold

The point of view of Jim Rickards (Omnis)

Is China's Politburo spoiling for a showdown with America?

The long-simmering clash between the world's two great powers is coming to a head, with dangerous implications for the international system.

Congress letter urges action on renminbi

More than 100 members of the US Congress on Monday called on the Obama administration to label China a currency manipulator, in a move that highlighted the pressure on Washington to take a more confrontational stance towards Beijing.

75 years of funny money

A good start to understanding the real nature of central banking is the libertarian bumper sticker saying "Don't steal! The government hates competition." The whole purpose of the bureaucratic machine called central bank is indeed to steal from us. Read more: http://www.financialpost.com/news-sectors/economy/story.html?id=2668127#ixzz0ij6Vhstc The Financial Post is now on Facebook. Join our fan community today.

The $2 Trillion Hole

Promised pensions benefits for public-sector employees represent a massive overhang that threatens the financial future of many cities and states.

Buba opposes backing EMF with gold

Germany's Bundesbank would oppose any government initiative to use its gold reserves as backing for a European Monetary Fund (EMF), a spokeswoman said.

Idaho Bill Permits State Taxes Be Paid With Silver

Idaho lawmakers are backing a plan that would allow state tax bills to be paid down with silver medallions instead of cash.

Gold's cross-currency strength signals its evolution

Gold's rally to record highs in euro and sterling terms and the resilience of spot prices in the face of a rising dollar is sign-posting the metal's broadening insurance appeal, as sovereign debt fears shift to the fore.

$2000 gold by year end: Rob McEwen

Rob McEwen is calling for gold to hit $2,000 US an ounce by the end of the year, and sees it peaking of $5,000.

It’s Déjà Voodoo Economics... All Over Again

If you’re of a certain age, chances are you remember exactly where you were when JFK was assassinated. Similarly, if you’re from Canada or the United States and have an even remote interest in hockey, it’s highly likely that you remember exactly where you were when ‘Sid the Kid’ scored the winning overtime goal in the Olympic gold medal game. These were both "significant events", albeit for different reasons. We wonder, however, if any of you recall where you were on September 18th, 2008? Do you remember that day?

Horizontal drilling technique

Drilling techniques

Uneven Terrain: Oil of L.A.

Twenty million barrels of oil sit beneath Los Angeles. Hidden in plain sight, thousands of wells pump day and night all over the city covered by hollow office buildings, camouflaged next to high schools, and concealed behind shopping malls.

Mexico Oil Politics Keeps Riches Just Out of Reach

To the Mexican people, one of the great achievements in their history was the day their president kicked out foreign oil companies in 1938. Thus, they celebrate March 18 as a civic holiday.

S&P warns over America’s top-tier rating

The triple A rating of the US is at risk, S&P has warned, unless the country adopts a credible medium-term plan to rein in fiscal spending.

It's Going To Implode: Buy Physical Gold - NOW

vidence seems to be mounting that we are headed towards some sort of implosion in the paper Gold market, and perhaps the currency/bond markets in general.

Europe's banks brace for UK debt crisis

UniCredit has alerted investors in a client note that Britain is at serious risk of a bond market and sterling debacle and faces even more intractable budget woes than Greece.

Economic Warfare? Europe versus Wall Street

Wall Street is headed toward international pariah status thanks to two recent actions by the European Union (EU).

School Crisis Rattles Missouri

The Kansas City Missouri School Board voted Wednesday night to shutter nearly half of its schools in an effort to avoid going broke.

Nationwide strike brings Greece to a standstill

Public and private sector unions ground flights and halt services in a second national strike against government plans to cut spending and raise taxes to shrink the huge deficit and get Greece's faltering economy back on track.

CFTC warns against exempting energy contracts from its jurisdiction

The head of the U.S. futures watchdog agency warned lawmakers Tuesday against excluding some energy contracts from pending legislation, fueling an ongoing turf war between federal regulators.

CFTC urges end to derivatives secrecy

A leading US financial regulator on Tuesday called for the prices of derivatives trades to be disclosed in the same way as stock prices, saying only large Wall Street banks benefited from the current lack of transparency.

Greece welcomes Obama support on speculators

President Barack Obama has "responded positively" to calls to clamp down on market speculators, the Greek PM said after talks in Washington.

State Tax Revenues Plummet By $87 Billion, Biggest Year Over Year Decline In History; Record State Tax Hikes In Progress

The Center on Budget and Policy Priorities has released a report "State Tax Changes in Response to the Recession" in which the center notes that "national recession has had such a devastating effect on state finances that states took in $87 billion less in tax revenue from October 2008 through September 2009 than they collected in the previous 12 months.

Complexity and Collapse. Empires on the Edge of Chaos

Imperial collapse may come much more suddenly than many historians imagine. A combination of fiscal deficits and military overstretch suggests that the United States may be the next empire on the precipice.

Budget Deficit in U.S. Widens to Record $221 Billion

The U.S. budget deficit widened to a record in February as the government boosted spending to help revive the economy.

Fitch warns Britain and questions Greek rescue as sovereign risks grow

Fitch Ratings has delivered a serious blow to the credibility of the Government's budget plans, warning that Britain risks a loss of investor confidence and erosion of its AAA rating unless it maps out clear austerity measures.

GATA appeals to CFTC to act against manipulative shorts

GATA today delivered to the chairman of the U.S. Commodity Futures Trading Commission, Gary Gensler, a letter from GATA Chairman Bill Murphy, appealing to the CFTC to act against the concentrated and manipulative short positions in the precious metals markets. The commission is expected to hold a hearing this month on establishing position limits in those markets. Murphy's letter is appended.

The Swaps That Swallowed Your Town

AS more details surface about how derivatives helped Greece and perhaps other countries mask their debt loads, let’s not forget that the wonders of these complex products aren’t on display only overseas. Across our very own country, municipalities, school districts, sewer systems and other tax-exempt debt issuers are ensnared in the derivatives mess.

Voters say 'no' to repaying Dutch and UK Icesave losses

Iceland's citizens voted "no" in a referendum Saturday on repaying Britain and the Netherlands $5 billion in losses that their governments incurred by repaying account holders after the collapse of the Icesave bank.

Greece does not need financial aid, says Angela Merkel

German Chancellor Angela Merkel has said Greece does not need financial aid, after talks with Prime Minister George Papandreou in Berlin.

China ready to end dollar peg

The head of China’s central bank has given the strongest signal yet that the country will move away from pegging its currency to the dollar, but he said any changes would be gradual.

Now China's talking gold down, maybe wanting to get more cheap

China's chief foreign-exchange regulator suggested the country's appetite for further gold purchases may be limited and offered soothing words about China's role as an investor in U.S. Treasurys.

Prison of Nations

Nigel Farage, a British member of the European Parliament, was fined an equivalent of $4,000 on Tuesday for "insulting" the new European Union President Herman van Rompuy (r.) and refusing to apologize. In a memorable performance in Strasbourg ten days eaerlier, the Euroskeptic MEP told the former Beligian prime minister that he had "all the charisma of a damp rag and the appearance of a low-grade bank clerk":

Don't go wobbly on us now, Ben Bernanke

Barack Obama's home state of Illinois is near the point of fiscal disintegration. "The state is in utter crisis," said Representative Suzie Bassi. "We are next to bankruptcy. We have a $13bn hole in a $28bn budget."

Sprott raises $400-million from gold fund IPO

Sprott Asset Management said Wednesday that it has raised $400-million (U.S.) from its initial public offering (IPO) of its Sprott Physical Gold Trust at $10 (U.S.) per unit.

Germany Snubs Greek Aid Plea as Protest Snarls Athens Traffic

Greece’s pledge to deepen planned budget-deficit cuts failed to yield an offer of assistance from Germany, Europe’s biggest economy, as protesters in Athens seized the finance ministry building and blocked roads in the city center.

Gold Rises to Six-Week High on Demand for Currency Alternative

Gold climbed to a six-week high in New York on speculation that escalating sovereign-debt concerns will boost demand for the metal as an alternative to currencies.

January CMBS Delinquencies Hit Record At $46 Billion, 5.8% Of Total, A 10.3% Increase Sequantially And A 325% Increase Year Over Year

On one hand you have Moody's REAL CPPI index telling you commercial real estate prices not only bottomed in December, but are now increasing at the fastest rate in years.

Detroit homes sell for $1 amid mortgage and car industry crisis

* Business * US housing and sub-prime crisis Detroit homes sell for $1 amid mortgage and car industry crisis One in five houses left empty as foreclosures mount and property prices drop by 80%

US Dollar Money Supply Is Underreported

As the financial crisis has unfolded over the last two years, the Federal Reserve has been responding in a variety of unprecedented ways. Therefore, it is logical to assume that these never-before-used actions have altered long-established ways of viewing things. One area that has been impacted is the US dollar money supply.

The geography of a recession

Unemployment rates by county

Now You Can Store Your Gold in Canada

Sprott Physical Gold Trust (PHYS), the latest physically backed gold exchange-traded product began trading yesterday (2/26/10) on the NYSE. The fund also applied for listing on the Toronto Stock Exchange under the symbol PHY, but it appears that Canadian trading has not yet commenced. The fund will be managed by Toronto-based Sprott Asset Management and will store its gold at the Royal Canadian Mint.

IMF's Strauss-Kahn suggests IMF may one day provide global reserve asset

Dominique Strauss-Kahn, the head of the International Monetary Fund, suggested Friday the organization might one day be called on to provide countries with a global reserve currency that would serve as an alternative to the U.S. dollar.

Man who broke the Bank of England, George Soros, 'at centre of hedge funds plot to cash in on fall of the euro' Read more: http://www.dailymail.co.uk/news/worldnews/article-1253791/Is-man-broke-Bank-England-George-Soros-centre-hedge-funds-betting-crisis-hit-euro.html#ixzz0hW4qw7LO

secretive group of Wall Street hedge fund bosses are said to be behind a plot to cash in on the decline of the euro. Read more: http://www.dailymail.co.uk/news/worldnews/article-1253791/Is-man-broke-Bank-England-George-Soros-centre-hedge-funds-betting-crisis-hit-euro.html#ixzz0hW4uVoa3

Prominent Investor: Pound Could Collapse Within Weeks

Billionaire financier Jim Rogers has predicted that the British Pound could completely collapse within weeks, sending shockwaves throughout the global economy and heralding the beginning of a downturn that would make the recent economic crisis look tame in comparison.

U.S. Economy: Sales of Previously Owned Homes Fall

Sales of previously owned U.S. homes unexpectedly dropped 7.2 percent in January to a seven-month low, indicating a lack of job growth is undermining government incentives to bolster the housing market.

What Are Banks Doing with Their Depositors' Money?

There have been numerous reports about the sharp decline in bank lending since the beginning of the financial crisis. The Wall Street Journal, for example, on Wednesday reported in an article entitled “Lending Falls at Epic Pace” that last year’s decline in lending is the biggest since 1942. It also provided the following chart to clearly make its point.

China Gold Buy Would Be No Surprise: Analysts

Despite the elusiveness of confirmation of circulating rumors, some industry analysts said they would not be stunned if China emerged as the buyer of the remaining 191.3 tons of gold to be sold by the International Monetary Fund.

Illinois stuck in a ‘historic, epic’ budget crisis

Talk of major tax increases coupled with draconian spending cuts is building in Springfield

RPT-"China buying IMF gold" story unfounded -author

The author of an article that said China had confirmed it would buy 191.3 tonnes of gold from the International Monetary Fund said on Friday she didn't have official sources for her story.

Greek rescue in danger as deputy prime minister attacks 'Nazi' Germany

Greece has greatly damaged its chances of an EU bail-out by lashing out at Germany over war-time atrocities and accusing Italy of cooking its books to hide public debt.

Hyperinflation Watch - February 24, 2010

The US Treasury has taken another step on the road leading to hyperinflation. It announced that it will borrow $200 billion and leave this money on deposit with the Federal Reserve. The announcement was made with bald disinformation aimed at camouflaging the true impact of this step.

Concerns grow over China's sale of US bonds

Evidence is mounting that Chinese sales of US Treasury bonds over recent months are intended as a warning shot to Washington over escalating political disputes rather than being part of a routine portfolio shift as thought at first.

Ignore the IMF sales - Soros is right about gold

George Soros is a man who has outwitted governments before. In 1992 he made more than $1bn by short-selling sterling, as the UK government was eventually forced to withdraw the pound from the European Exchange Rate Mechanism. So when he speaks, investors listen.

Five former U.S. Treasury secretaries who have served both Republican and Democrat presidents have jointly called on Congress to implement the so- called Volcker Rule to limit the size and trading of banks.

When a congressional panel convened a hearing on the government rescue of American International Group Inc. in January, the public scolding of Treasury Secretary Timothy F. Geithner got the most attention. Lawmakers said the former head of the New York Federal Reserve Bank had presided over a backdoor bailout of Wall Street firms and a coverup. Geithner countered that he had acted properly to avert the collapse of the financial system.

Former U.S. Treasury Secretaries Endorse Volcker Rule in WSJ

Five former U.S. Treasury secretaries who have served both Republican and Democrat presidents have jointly called on Congress to implement the so- called Volcker Rule to limit the size and trading of banks.

Peak gold theory gains impressive adherents

In his latest Basic Points analysis, global market strategist Don Coxe suggests investors maintain a high exposure to gold and gold miners whose production comes from politically secure areas.

Research On the Central Fund of Canada Screams "Buy Precious Metals and Miners"!

Central Fund of Canada (ticker: CEF), which is a form of "paper" Gold and silver with a long track record and a much better counterparty risk profile than dangerous Gold ETFs like GLD.

Citigroup says Feds ordered 7 day restriction on banks withdrawals

Announcement stokes fears of old fashioned bank runs if economy takes a turn for the worse

Gary North: Fed's secrecy aims mainly to hide gold's disposition

Market analyst Gary North's new commentary at LewRockwell.com says it plainly: The Federal Reserve's opposition to being audited under legislation being pressed by U.S. Rep. Ron Paul, R-Texas, is largely a matter of needing to prevent the American people from learning the status of the U.S. gold reserve.

Citi: China Sold Their Treasuries Because They Want To Buy Tons Of Gold

In regards to whether or not China truly sold down its holdings of U.S. treasuries recently, the situation remains a bit murky. But Citi's Alan Heap thinks it happened for sure.