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Gold on HIGH WAY more records, tops $1,225

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Black Gold Brick -> Market Records Tokyo

Black Gold Brick -> Market Records Tokyo

TOKYO  — Gold futures extended their record climb in electronic trading Thursday in Asia, jumping to a fresh all-time high above $1,225 an ounce, as investment demand continued to strengthen.

“Gold continues to defy gravity and for good reasons: The shift out of fiat currency such as the dollar is happening at a swifter pace than most imagined it would,” said Kevin Kerr, president of Kerr Trading International.

“We are hearing rumors that Germany will be coming in soon to purchase gold, and while China is talking about gold being in a bubble atmosphere, they are most likely getting ready to increase their reserves from their tiny 2% of reserves to at least 4% in gold,” he said.

Gold for December delivery rose as high as $1,226.20 an ounce on Globex, yet another fresh record. It was up $13.90 at $1,225.90 by the afternoon in Tokyo.

December gold had earlier closed up $12.90, or 1.1%, at $1,212 an ounce in Wednesday trading on the Comex division of the New York Mercantile Exchange.

Gold futures on Comex have soared 37% this year, and have made gains in 17 out of the past 20 weeks. They advanced in all but two trading sessions in November.

Strong Way drive

“The most recent move in the gold price builds on the sharp rise that started in November driven by the announcement that India will buy 200 metric tons ($7 billion) of [International Monetary Fund] gold,” Daniel Wills, senior analyst at ETF Securities, said in a statement.

“Many market participants view this purchase as just the tip of the iceberg, with China, Russia and other central banks also indicating their intention to build up gold holdings as part of their strategy to diversify away from the U.S. dollar,” he said.

“Gold is being viewed as one of the primary alternatives to holding paper currency, and the gold price has become a key barometer of investor confidence in government policies,” Wills said.

At the same time, Dubai’s debt woes have helped spur the realization that the danger for investors is not just that companies or banks could fail, “but that eventually entire states/nations may be at risk on the ground of escalating debt, escalating budget deficits,” said Martin Hennecke, associate director at Tyche Group Ltd.

Some still bearish to come

Despite gold’s spectacular bull run, there are some who remain skeptical that the gains will last.

“I cannot think of, nor have I read of, any coherent economic reason for gold at this level,” said William Gamble, president of Emerging Market Strategies in Rhode Island. “Gold has climbed too far, too fast.”

He believes that gold is “a massive bubble, fueled mainly by [exchange-traded funds’] speculation dominating a small market, with help from developing countries trying to diversify out of dollars.”

“Governments must raise $12 trillion next year, so interest rates will have to rise along with the dollar, which should deflate the gold bubble,” he said.

Hu Xiaolian, deputy governor at the People’s Bank of China, was quoted in a Reuters report as saying China must keep in mind the long-term effects when considering what to use in its reserves.

She told reporters in Taipei that Beijing needs to “watch out for bubbles forming on certain assets,” according to Reuters.

Hu’s comments offer a “good reason” why the central bank might not be a buyer, said Christopher Ecclestone, a mining strategist at Global Hunter Securities.

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International

Quran Burning Protest 3rd Day in Afghanistan

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Afghanistan Protests Over Florida Quran Burning Enter Third Day

KABUL, Afghanistan (AP) — Afghan protests against the burning of a Quran in Florida entered a third day with a demonstrations in the south and east Sunday, while the Taliban called on people to rise up, blaming government forces for any violence.

The desecration at a small U.S. church has outraged Muslims worldwide, and in Afghanistan many of the demonstrations have turned into deadly riots. Protests in the north and south in recent days have killed 20 people.

In southern Kandahar city on Sunday, hundreds took to the streets for the second day in a row, and hospital officials said 20 people were hurt in skirmishes between police and demonstrators. On Saturday, nine people were killed and 80 injured when a protest turned into a riot.

At least two wounded police officers and 18 civilians had been brought into city hospitals, said Qayum Pokhla the provincial health director.

A morning protest in Jalalabad city was peaceful, with hundreds of people blocking a main highway for three hours, shouting for U.S. troops to leave and burning an effigy of President Barack Obama before dispersing, according to an Associated Press photographer at the scene.

A similar protest in eastern Parwan province blocked a main highway with burning tires for about an hour, with more than 1,000 people protesting against the desecration of the Quran, said provincial police chief Sher Ahmad Maladani. He said there was no violence.

The violence started Friday when demonstrators stormed a U.N. compound in the northern city of Mazar-i-Sharif, killing 11 people including seven foreign U.N. employees.

The Taliban said in a statement emailed to media outlets that the U.S. and other Western countries have wrongly excused the burning a Quran by the pastor of a Florida church on March 20 as freedom of speech and that Afghans “cannot accept this un-Islamic act.”

NATO officials re-iterated their condemnation of the Quran burning in an apparent attempt to quell the rising anger.

 

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Cricket

INDIA World Champions 2011 as ICC Wished

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India the Next World Champion of Cricket

Mumbai: Final of World Cup 2011 starts dramatically with twice a time toss , on both tossing Sri-Lanka won. Jayawardane who never scored solid in whole world cup as in the finals and ends up Sri-Lankan innings with more than  100 not out . Sri Lanka gives target of 275 in 50 overs to India.

India loosing first wicket on the 2nd ball of their innings and soon after they lost wicket of Sachin Tendulker . Virat and Gautham gives a solid recovery to India and Dhoni ends with the six . Glory comes to India .

Without any doubt India was not capable to win the World Cup of 2011 , but they won due to amazing captaincy of MS Dhoni.

MS Dhoni declared to be the man of the match. Yuvraj Singh declared man of the series and ICC President passed Trophy to Indian captain.

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Cricket

IPL Will Win This World Cup

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Cricket World Cup Final 2011

World Cup 2007 begins and in the very first round India drops from the World Cup . ICC bears the loss of advertisement and assures this that India will be given more favors in future World Cups . Today 2nd April 2011 India is in finals of World Cup 2011 and ICC so called International Cricket Council is more like Indian Cricket Council.

Money Talks!

Yes, this is the bitter truth which we have to realize more money is coming from India to ICC and ICC don’t want to disappoint Indians for this . Regardless of caring the sentiments of other nations fighting hard for playing entertaining cricket.

In a TV show on ARY News , when Basit Ali (Former Test Player Pakistan) was asked who will win this Final encounter he said “IPL”. He also hinted this is a signal for wise that IPL will take this cup. Sri Lankans might be given huge amounts so they could also come to IPL after this world cup. , otherwise stage is banned for Sri Lankans.

This is the history of sports since 50 years , many of the closed notches had been settled in wealth and need. As , Brazil comes to settle in 1998 Football World Cup for France  might this could be another France.

Hope for the fair game.

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