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November 18
Warning: You May Not be Making as Much on Gold as You Think
By Keith Fitz-Gerald
Chief Investment Strategist
Money Morning/The Money Map Report
Millions of investors who bought gold in the last 12 months are undoubtedly very happy at the moment – considering that the yellow metal has risen 60% since last November to a recent close of $1,138.60 an ounce on Monday.
But chances are good that many won't be smiling when they discover just what the taxman has planned for their gains.
Unbeknownst to most investors, gold is considered a collectible not a capital asset. In plain English, this means that despite the fact that many people believe they are investing in gold, the Internal Revenue Service (IRS) believes that they are collecting it.
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Why Is Wall Street Buying this Tiny Oil Stock - But Not Telling Investors?
Goldman Sachs and Barclays are building huge positions in a tiny oil company right now. But they won't disclose the details of their investment to the media - or even their own clients! Why? Their target is a microcap company that's discovered 40 billion barrels of oil, worth $2.8 trillion!
It's just days away from bringing this mother lode to market. By investing ahead of the event, these banks could pocket 46 times their money. This report reveals what they're up to. It also shows you how you could join them - very discreetly - to make just as much. Please go here for details.
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As Stimulus Spending Winds Down, Will U.S. Businesses Step in For Tapped-Out Consumers?
By Don Miller
Associate Editor
Money Morning
It's no secret that government spending has been fueling much of the growth in the $14.2 trillion U.S. economy. And if consumers aren't ready for the handoff when that stimulus spending winds down – and they certainly don't appear to be – it will be up to the U.S. business sector to carry the ball.
And it's not at all clear that Corporate America is ready, willing or able to fulfill that role.
For one thing, companies just aren't hiring en masse. That means the current economic rebound is actually a "jobless recovery," and could be vulnerable to unforeseen shocks, San Francisco Fed President Janet Yellen told an audience during a speech in Phoenix, Ariz, earlier this month...
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Investment News Briefs With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world.
Hu Silent on Yuan; Troubled U.S. Banks May Get Chinese Bailout; SEC Sanctions Doubled in Last Fiscal Year; October PPI Gains; Playboy CFO Quits Amid Talk of Buyout; U.S. Home Builders Still Discouraged; GM Could Lay Off Up to 10,000 European Workers; Costco Stops Coke Product Orders Over Price Dispute - As expected, U.S. President Barack Obama yesterday (Tuesday) in a summit with Chinese President Hu Jintao urged Chinese policymakers to let the yuan appreciate. "I was pleased to note the Chinese commitment made in past statements to move toward a more market-oriented exchange rate over time," President Obama said as he stood next to Hu, who avoided the topic in his speech and instead spoke of the need to keep in close contact on "macroeconomic and financial policies and continue to consult, on an equal footing, to properly resolve and address economic and trade frictions."
- Chinese and U.S. regulators may reach a pact that would encourage financial institutions in China to invest in troubled small- and medium-sized U.S. banks, Reuters reported, citing bankers briefed on the plan. Two senior bankers said U.S. officials, investment bankers, and financial advisers invited them to look at several potential investments in mostly troubled U.S. banks. Bankers in China complained of the difficulty in setting up branches or investing in banks in the United States, thanks in part to U.S. regulators' strict supervision and approval process for financial deals. More than 100 U.S. banks have failed this year, most of them small- to medium-sized.
- The U.S. Securities and Exchange Commission (SEC) has opened more inquiries, brought claims faster and doubled sanctions in the latest fiscal year, it said yesterday (Tuesday). Fines and orders to forfeit illegal profits rose to $2.4 billion in the 12 months ended Sept. 30, compared to $1.03 billion in the previous year. New inquiries jumped 6% to 944, the SEC said in its 2009 Performance and Accountability Report.
- The Producer Price Index (PPI) for finished goods gained 0.3% in October, the Labor Department said yesterday (Tuesday). That follows a 0.6% decline in September and a 1.7% increase in August. So far this year, prices have increased in six of the first 10 months. Core prices, which exclude energy and food products, fell 0.6% last month after a 0.1% drop in September. Energy and food prices both gained 1.6% after declines in September of 2.4% and 0.1%, respectively.
- Playboy Enterprises Inc. (NYSE: PLA) Chief Financial Officer Linda Havard will resign after the end of the year as speculation that the company will be sold continues to circulate. Separately, Golden Gate Capital LP denied any involvement in talks to buy Playboy, which saw its stock fall 14.23% to close at $4.10 yesterday (Tuesday). Reuters reported last week the adult entertainment company was trying to sell itself for $300 million.
- U.S. homebuilders remained discouraged as the National Association of Home Builders' (NAHB) sentiment index held steady at 17 in November. A reading of 17 shows that roughly one in six builders think the market is good or fair. Before the housing bubble burst, the index had never been below 20 in its 24-year history; it's now been lower than 20 for 19 straight months and under the breakeven point of 50 for 43 consecutive months.
- General Motors Co. could cut up to 10,000 jobs in an effort to restructure its European operations, and it may finalize the deal within three weeks, Nick Reilly, interim head of its business there said yesterday (Tuesday) at a news conference. The automaker must reduce its production across the continent by between 20% and 25% as part of a $4.9 billion (3.3 billion euros) restructuring plan.
- Costco Wholesale Co. (Nasdaq: COST), one of the largest wholesale club retailers in the United States, said it will not order more products made by The Coca-Cola Co. (NYSE: KO) due to a price squabble, The Associated Press reported, citing a message on Costco's Web site. "Costco is committed to carrying name brand merchandise at the best possible prices," the message read. "At this time, Coca-Cola has not provided Costco with competitive pricing so that we may pass along the value our members deserve." A Costco executive confirmed the news but would not comment further. The dispute is not expected to last long, The AP reported.
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Keith Fitz-Gerald Reveals the Real Story...
Why are so many countries reaching new levels of prosperity while the U.S. remains weak? When will Asia become the world's new financial center? Will China's yuan replace the dollar as the world's reserve currency? Money Morning's Keith Fitz-Gerald answers these questions and hundreds of others... And he shows you how to make serious money to boot. Go here to find out more.
11/17/2009
Lazard Puts Future in M&A with New CEO
11/17/2009
Fed Preparing Unorthodox Exit Strategy
11/17/2009
Home Depot's Numbers Show Housing's Still in the Basement
Feature
Fiscal Hangover: Now Available
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November 16
| Retail Sales (10/09) | November 17
| Industrial Production (10/09) and Producer Price Index (PPI – 10/09) | | November 18 | Consumer Price Index (10/09) and Housing Starts (10/09) | November 19
| Weekly Jobless Claims (11/14) and Leading Indicators (10/09) | | November 20 | Philadelphia Fed President Charles Plosser speaks in Singapore. | Worth Considering
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When and How the U.S. Economy Will Recover
Three Big Reasons Oil Prices Will Rally Back Big Time
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