The End Of All Crossroads

Where the TAXI makes a stop, to ponder upon which road mayhap be true

Tag: china

Bus driver cannibal gnaws woman’s face

“It was then that Dong started biting Du’s face, leaving her covered in blood and weeping as passers-by tried to pull the attacker off his victim.”

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Daily Mail July 03, 2012 9:44AM

THE recent terrifying spate of ‘cannibal attacks’ seems to have spread to China, as a drunk bus driver was caught on camera gnawing at a woman’s face in a horrific random attack.

The unfortunate woman will apparently require plastic surgery to repair the damage done by her crazed attacker.

According to local news reports, the driver, named Dong, had been drinking heavily during lunch with his friends before the outburst on Tuesday.

He then ran on to the road in the city of Wenzhou, in south-east China, and stood in front of the car being driven by a woman named Du, stopping her from moving.

Dong climbed on the car’s hood and started beating the vehicle while the panicked woman screamed for help.

When she left the car and tried to escape, the bus driver leaped on top of her and wrestled her to the ground.

It was then that Dong started biting Du’s face, leaving her covered in blood and weeping as passers-by tried to pull the attacker off his victim.

Witnesses said that the bus driver had gone ‘crazy’ and was successfully resisting attempts to subdue him.

When police arrived, they managed to take Dong into custody, bringing the appalling rampage to an end.

Du was taken to hospital, where doctors said she would need surgery to repair her nose and lips.

The incident comes in the wake of a number of similar attacks committed by drugged-up psychopaths in the U.S.

Perhaps the best-known of these came in May, when Rudy Eugene chewed a homeless man’s face off before being shot dead by police.

 

SOURCE:
http://www.dailytelegraph.com.au/news/bus-driver-cannibal-gnaws-womans-face/story-e6freuy9-1226415360372

Goodbye Petrodollar, Hello Agri-Dollar?

Submitted by Tyler Durden on 11/24/2012 09:50 -0500

When it comes to firmly established, currency-for-commodity, self reinforcing systems in the past century of human history, nothing comes close to the petrodollar: it is safe to say that few things have shaped the face of the modern world and defined the reserve currency as much as the $2.3 trillion/year energy exports denominated exclusively in US dollars (although recent confirmations of previously inconceivable exclusions such as Turkey’s oil-for-gold trade with Iran are increasingly putting the petrodollar status quo under the microscope). But that is the past, and with rapid changes in modern technology and extraction efficiency, leading to such offshoots are renewable and shale, the days of the petrodollar “as defined” may be over. So what new trade regime may be the dominant one for the next several decades? According to some, for now mostly overheard whispering in the hallways, the primary commodity imbalance that will shape the face of global trade in the coming years is not that of energy, but that of food, driven by constantly rising food prices due to a fragmented supply-side unable to catch up with increasing demand, one in which China will play a dominant role but not due to its commodity extraction and/or processing supremacy, but the contrary: due to its soaring deficit for agricultural products, and in which such legacy trade deficit culprits as the US will suddenly enjoy a huge advantage in both trade and geopolitical terms. Coming soon: the agri-dollar.

But first, some perspectives from Karim Bitar on CEO of Genus, on what is sure to be the biggest marginal player of the agri-dollar revolution, China, whose attempt to redefine itself as a consumption-driven superpower will fail epically and very violently, unless it is able to find a way to feed its massive, rising middle class in a cheap and efficient manner. But before that even, take note of the following chart which takes all you know about global trade surplus and deficit when narrowed down to what may soon be that all important agricultural (hence food) category, and flips it around on its head.

Karim Bitar on China:

Structurally, China is at a huge disadvantage as it accounts for 20% of the world’s population, but only 7% of arable land. Compare that with Brazil which has the reverse of those ratios. What that does for a country like China is to incentivise the adoption of technification. Let’s look at their porcine market, which represents 50% of global production and consumption. In China, to slaughter roughly 600 mn pigs per year, which is about six times the demand in the US, they have a breeding herd of about 50 mn animals. In the US, the comparable number is only about 6 mn so there is a huge productivity lag.

Owing to its structural disadvantages, China is much more focused on increasing efficiency. For that, it needs to accelerate technification. So, we’re seeing a whole series of government incentives at a national level, a provincial level and a local level, focusing on the need to move toward integrated pork production because that’s a key way to optimise total economics, both in terms of pig production, slaughtering, processing and also actually taking the pork out into the marketplace.

The Chinese government is important as a customer to us because of its clarity of vision on food security. It has seen the Arab Spring, and it is cognisant of the strong socio-political implications of higher food prices. Pork prices could account for about 25% of the CPI, so it knows it can be a major issue. It’s because of all these pressures, that China is more focused on responding to the food challenge. It’s a sort of a burning platform there.

…Take milk production in China and India. China is basically trying to leapfrog and avoid small-scale farming by adopting a US model. In the US, you tend to have very large herds. Today about 30% of US milk production is from herds of 2,000 plus, and we expect that to reach 60% within the next five years. Today in China, there are already several hundred dairy herds of over 1,000. However in India, there’ll be less than 50. The average dairy herd size is closer to five, so it’s very fragmented. So the reality is that a place like China, because of government policies, subsidies and a much more demanding focused approach to becoming self-sufficient, has a much greater ability to respond to a supply challenge rapidly.

The problem for China, and to a lesser extent India, however one defines it, is that it will need increasingly more food, processed with ever greater efficiency for the current conservative regime to be able to preserve the status quo, all else equal. And for a suddenly very food trade deficit-vulnerable China, it means that the biggest winners may be Brazil, the US and Canada. Oh and Africa. The only question is how China will adapt in a new world in which it finds itself in an odd position: a competitive trade disadvantage, especially its primary nemesis: the USA.

So for those curious how a world may look like under the Agri-dollar, read on for some timely views from GS’ Hugo Scott-Gall.

Meaty problems, simmering solutions

What potential impacts could a further re-pricing of food have on the world? Why might food re-price? Because demand is set to rise faster than supply can respond. The forces pushing demand higher are well known, population growth, urbanisation and changing middle class size and tastes. In terms of economic evolution, the food price surge comes after the energy price surge, as industrialisation segues into consumption growth (high-income countries consume about 30% more calories than low income nations, but the difference in value is about eight times). Here, we are keenly interested in how the supply side can respond, both in terms of where and how solutions are found, and who is supplying them. We are drawn towards an analogy with the energy industry here: the energy industry has invested heavily in efficiency, and through innovation, clusters of excellence, and access to capital has created solutions, the most obvious of which are renewable energy and shale. The key question for us is, can and will something similar happen in food?

It’s hard to argue that the ingredients that sparked energy’s supply-side response are all present in the food supply chain. In food, there’s huge fragmentation, a lack of coordination, shortages of capital in support industries (infrastructure) and only pockets of isolated innovation. We suspect that the supply-side response may well remain uncoordinated and slower than in other industries. But things are changing. Those who disagree with Thomas Malthus will always back human ingenuity. As well as looking at where the innovators in the supply chain are (from page 10), and where there are sustainably high returns through IP (e.g., seeds, enzymes etc.), we need to think about the macro and micro economic impacts of higher food prices, and soberingly, the geo-political ones.

Slimming down

Could the demand destruction that higher energy prices have precipitated occur in food? There are some important differences between the two that make resolving food imbalances tougher. Food consumption is very fragmented and there is less scope for substitution.

Changing eating habits is much harder than changing the fuel burnt for power. And, ultimately, food spend is less discretionary that energy, i.e., the scope for efficient consumption is more limited and consumers will not (and cannot) voluntarily delay consumption, let alone structurally reduce it. This means that higher food prices, especially in economies where food is a greater portion of household spending, will lead to either lower consumption of discretionary items or a reduced ability to service debt (with consequent effects on asset prices). When oil prices spiked in the late 1970s, US consumers spent c.9% of their income on energy vs. an average of 7% over the previous decade. And yet, the total savings rate rose by c.2% as they overcompensated on spending cuts on other items. 2007-09 saw a similar phenomenon too. Even the most cursory browse through history shows that high food costs can act as a political tinderbox (so too high youth unemployment), and we believe there is a degree of overconfidence with regard to the economic impact of food prices in the West: food costs relative to incomes may look manageable, but when there is no buffer (i.e., a minimal savings rate) then there are problems. Food spend as a percentage of total household consumption expenditure is a relatively benign 14% in the US, versus c.20% for most major European nations and Japan. This rises to c.40% for China and 45% for India. Of course, as wages rise, the proportion of food within total consumption expenditure falls, but that is only after consumption hits a ceiling. Currently, India and China consume about 2,300 and 2,900 calories per capita per day, compared to a DM average of about 3,400. If the two countries eat like the West, then food production must rise by 12%. And if the rest of the world catches up to these levels then that number is north of 50%.

The scramble for Africa’s eggs

In terms of ownership of resources, food, like energy, can be broken into haves and have-nots. While there are countries that have been successful without resources, it is quite clear that inheriting advantages (in this case good soil, climate and water) makes life easier. But that, of course, is only half the battle; what is also required is organisation, capital, education and collaboration to make it happen. Take Africa. It has 60% of the world’s uncultivated land, enviable demographics and lots of water (though not evenly distributed). Basic infrastructure, consolidation of agricultural land and minimal use of fertilisers and crop protection could do wonders for agricultural output in the region. But that’s easier said than done. Several African economies also need better access to information, education, property rights and access to markets and capital. Put another way, it needs better institutions. If Africa does deliver over the coming decades, rising food prices will alter the economics of investing in the region. The next scramble for Africa should be about food (while it is about hard commodities now and in the late 19th century it was about empire size). Fertiliser consumption has a diminishing incremental impact on yields, but Africa (along with several developing economies elsewhere) is far from touching that ceiling. Currently, Africa accounts for just 3% of global agricultural trade, with South Africa and Côte d’Ivoire together accounting for a third of the entire continent’s exports. But if the world wants to feed itself then it needs Africa to emerge as an agricultural powerhouse.

Higher up the production curve is China, which has been industrialising its agriculture as it seeks to move towards self sufficiency. Power consumed by agricultural machinery has almost doubled over the last decade, while the number of tractors per household has tripled, driving per hectare output up by an average of more than 20% over the same period.

Even so, in just the last 10 years China has gone from surplus to deficit in several meat, vegetable and cereal categories. So a lot more needs to be done, and a shortage of water could also prove to be an impediment, especially in some of its remote areas.

The power of the pampas

With significant surpluses in soybeans, maize, meat and oilseeds, Brazil and Argentina have led the Latin American continent in terms of food trade. Current surpluses are 6x and 3x 2000 levels, versus only a 30% increase in the previous decade, and are rising. A key impediment to boosting exports is infrastructure. Food has to travel a long way just to reach the port, and then further still to reach other markets. Forty days is possibly acceptable for iron ore to reach China on a ship from Brazil, but that would prevent several perishable food items from being exported. And hence, solution providers in terms of durability, packaging, refrigeration and processing will be in demand. Also, while you could attribute a lot of the agricultural success of LatAm economies to good conditions, they have also benefitted from the adoption of agricultural innovation. For instance, more than a third of crops planted in the region are as seeds that are genetically modified, versus more than 45% in the US and about 12% in Asia. Genetically modified crops are not new. They provide solutions to some of the most frequent constraints on agricultural yields (resistance to environmental challenges including drought and more efficient absorption of soil nutrients, fertilisers and water) or add value by enhancing nutrient composition or the shelf life of the crop. And while the adoption of GM crops and seeds is far from wholehearted, particularly in Europe, it’s most certainly a key part of the solution in economies that are set to face a more severe food shortage.

The last mango in Paris?

Europe’s deficit/surplus makes for interesting reading. Seventeen of the 27 EU countries face a food trade deficit, and yet, the EU overall recorded a surplus (barely) in 2010 for only the second time in the last 50 years (see chart). Broken down further, the UK is the largest food importer, followed by Germany and Italy, while the Netherlands and France lead exports thanks to their very large processing industries. If Europe’s future is one of relative economic decline, then reduced purchasing power when bidding for scarce food resources is an unappetising prospect. Therefore, it needs all
the innovative solutions it can muster, or import substitution will have to increase. It’s important to note that being in overall surplus or deficit can mask variety at the category level, i.e., Europe is a net importer of beef, fruit & vegetables, and corn, while its exports are helped by alcohol and wine specifically. Japan, in particular, is very challenged. It is the only country in the preceding table to show a deficit in every single food category.

We conclude our trip around the world in North America. Large-scale production, access to markets, a home to innovation
and favourable regulation has meant that the US (and Canada) continues to dominate some of the key agricultural resources such as soybeans, corn, fodder, wheat and oilseeds. Put this self sufficiency together with the medium-term potential for energy self sufficiency and relatively good demographics (better than China), and a rosier prognosis for the US, versus the rest of the Western world and parts of Asia, begins to fall into place.

Agri-dollars on the rise

Before we conclude, we need to devote a few lines to the geo-political and macro economic consequences of higher food prices. It’s likely that countries will act increasingly strategically to secure food supply, and that protections (e.g., high export tariffs) may well rise. It is also likely that there are special bi-lateral deals to access stable and secure food supply.

This could obviously damage the integrity of the WTO-sponsored system. Another consequence might be the emergence of agri-dollars, in the same way that petro-dollars emerged in the 1970s. This may seem far fetched (the value of the world’s energy exports is US$2.3 tn compared to US$1.08 tn for agriculture) but it’s important to think through the consequences. The big exporters, especially those with the scope to grow their output, may well have sustainable surpluses that can be reinvested into their economies (or extracted by a narrow part of society). Similarly, the consequence of being a net importer will be an effective tax on consumption: disposable income in the US would jump if oil was US$25/bbl.

As we have said, we would expect the big gainers of a meaningful rise in food prices in real terms to be Brazil, the US and Canada, while Japan, South Korea and the UK would face challenges. The top chart is important: look how China’s surplus has turned to deficit. What will happen if the Chinese middle class swells as it is expected to? And that’s the rub; what we have been used to in terms of food’s importance is set to change. How food moves around the world is likely to change, and the flow of currency around the world will also likely be impacted.

 

SOURCE:
http://www.zerohedge.com/news/2012-11-24/goodbye-petrodollar-hello-agri-dollar

China’s neighbours protest its passport map grab

China has redrawn the map printed in its passports to lay claim to almost all of the South China Sea, infuriating its southeast Asian neighbours.

By Malcolm Moore, Beijing
12:09PM GMT 22 Nov 2012

In the new passports, a nine-dash line has been printed that hugs the coast of the Philippines, Brunei, Malaysia, Vietnam and some of Indonesia, scooping up several islands that are claimed both by China and by its neighbours.

China has printed nearly six million of the new passports since it quietly introduced them in April, judging by the average monthly application rate.

On Thursday, the Philippines joined Vietnam in voicing its anger at the new map.

China angers neighbours with sea claims on new passports (China Daily Mail – click for sourcepage)

“The Philippines strongly protests the inclusion of the nine-dash lines in the e-passport as such image covers an area that is clearly part of the Philippines’ territory and maritime domain,” said Albert del Rosario, a foreign affairs spokesman.

Immigration officials in other countries worry that they will implicitly recognise China’s territorial claims simply by stamping the new passports.

The issue was brought to light by keen-eyed Vietnamese officials who are in the process of renewing six-month visas for Chinese businessmen.

“I think it is one very poisonous step by Beijing among their thousands of malevolent actions,” said Nguyen Quang, a former adviser to the Vietnamese government, to the Financial Times.

In response, Vietnamese immigration is refusing to paste visas inside the new passports, instead putting the visa on a separate, detached, page.

“When I tried to cross the border, the officials refused to stamp my visa,” said David Li, 19, from Guangdong province, who ran into problems getting into Vietnam on Nov 19.

“They claimed my visa was invalid. They said it was because on the new passport’s map, the South China Sea part of China’s marine border crossed Vietnam’s territory, so if they stamped on it, it means they acknowledge China’s claim,” he added.

Mr Li said two other passengers on his flight also had problems with their new passports, and that he was forced to buy a new visa for 50,000 Vietnamese dong (£1.50).

Kien Deng, a Chinese travel agent who has worked in Vietnam for three years, said the Vietnamese officials had used the map for their financial advantage, charging a fee of 30 yuan (£3) to holders of the offending passport in order to insert a new visa.

“They are playing a cheeky trick which makes foreigners like us suffer,” he said. “There are 20,000 students who visit Vietnam from China every year, and 70,000 businessmen in Hanoi and at least as many again in Saigon. So it adds up to a huge amount,” he said.

The new passport also stakes a claim to the Diaoyu or Senkakku islands, which have been a great source of friction between China and Japan.

However, the scale of the islands is so small as to be invisible, and Japan has not yet lodged a complaint, according to the Financial Times.

Additional reporting by Valentina Luo

SOURCE:
http://www.telegraph.co.uk/news/worldnews/asia/china/96

Soros Buying Gold as Record Prices Seen on Stimulus

By Nicholas Larkin and Debarati Roy – Nov 20, 2012 7:39 PM GMT-0200

Gold’s 12-year rally, the longest in at least nine decades, is poised to continue in 2013 as central bank stimulus spurs investors from John Paulson to George Soros to accumulate the highest combined bullion holdings ever.

Bank of England’s glittering stash of £156 BILLION in gold bars stored in former canteen under London. (click image for sourcepage)

The metal will rise every quarter next year and average $1,925 an ounce in the final three months, or 11 percent more than now, according to the median of 16 analyst estimates compiled by Bloomberg. Paulson & Co. has a $3.66 billion bet through the SPDR Gold Trust, the biggest gold-backed exchange- traded product, and Soros Fund Management LLC increased its holdings by 49 percent in the third quarter, U.S. Securities and Exchange Commission filings show.

Central banks from Europe to China are pledging more steps to boost growth, raising concern about inflation and currency devaluation. Investors bought 247.5 metric tons through ETPs this year, exceeding annual U.S. mine output. While both sides said talks Nov. 16 between President Barack Obama and Congress over the so-called fiscal cliff were “constructive,” the Congressional Budget Office has warned the U.S. risks a recession if spending cuts and tax rises aren’t resolved.

“We see gold as a hedge against the follies of politicians,” said Michael Mullaney, who helps manage $9.5 billion of assets as chief investment officer at Fiduciary Trust in Boston. “It’s a good time to garner some protection in portfolios by having some real asset like gold.”
Longest Streak

Gold advanced 11 percent to $1,728.85 in London this year, headed for a 12th consecutive annual gain, the longest streak in data compiled by Bloomberg going back to 1920. Prices reached a record $1,921.15 in September 2011. The Standard & Poor’s GSCI gauge of 24 commodities slipped 0.3 percent and the MSCI All- Country World Index (MXWD) of equities climbed 8.2 percent. Treasuries returned 2.7 percent, a Bank of America Corp. index shows.

Bullion held through ETPs, the first of which listed in 2003, reached a record 2,604.2 tons yesterday, valued at $144.9 billion. That exceeds the official reserves of every nation except the U.S. and Germany, World Gold Council data show. The SPDR Gold Trust (GLD) alone holds 1,342.2 tons.

 

Global Teutonic Zionists – Working towards that New World Order: 1) Lord Jacob de Rothschild. 2) His spooky son, Nathaniel. 3) Baron John de Rothschild, who recently said they are working towards global governance. 4) Sir Evelyn de Rothschild. His wife Lynn Forrester is a big mover and shaker in the Democratic party. 5) David Rockefeller, Sephardic Crypto-Teutonic, who’s son Nick told film director Aaron Russo about 9/11 in advance. 6) Nathan Warburg. His family was not only instrumental in creating the Federal Reserve, etc. they were also behind the rise of Adolf Hitler. 7) Henry Kissinger, Globalist genocidal schemer. 8 George Soros, another Teutonic schemer and NGO manipulator. 9) Paul Volcker, Crypto-Jew big-time Globalist and economic advisor to Obama. 10) Larry Summers, Crypto-Teutonic economic advisor to Obama. 11) Lloyd Blankfein, CEO to the rapidly growing Goldman Sachs banking behemoth. 12) Ben Shalom Bernanke, current Teutonic master of the Federal Reserve (a private entity, neither “Federal” nor a “Reserve”). What’s the common denominator here? (click image for sourcepage – ’tis a nice political blog, albeit somewhat homophobic, in my opinion. Nothing is perfect, after all…)

Soros increased his investment in the trust to 1.32 million shares in the third quarter, the most since 2010, a Nov. 14 SEC filing showed. The stake, with each share representing about a 10th of an ounce, is valued at $221.4 million. Prices advanced 60 percent since January 2010, when Soros called gold the “ultimate asset bubble.” Michael Vachon, a spokesman for the 82-year-old who made $1 billion breaking the Bank of England’s defense of the pound in 1992, declined to comment.
Official Reserves

Paulson, who became a billionaire in 2007 by wagering against the subprime mortgage market, owns 21.8 million shares in the SPDR Gold Trust, making him the biggest shareholder, a Nov. 15 SEC filing showed. The 56-year-old raised his stake by 26 percent in the second quarter and his holding of about 66 tons exceeds the official reserves of nations from Brazil to Bulgaria to Bolivia.

The New York-based hedge fund company reduced its investments in Anglogold Ashanti Ltd. (ANG) and Gold Fields Ltd., the third- and fourth-biggest producers. Armel Leslie of Walek & Associates, a spokesman for Paulson’s fund, declined to comment.

Paul Touradji’s Touradji Capital Management LP sold all of its 82,000 shares in the SPDR Gold Trust in the third quarter, according to an SEC filing. Lone Pine Capital LLC, the hedge fund run by Stephen Mandel Jr., cut its stake by 31 percent to 2.6 million shares, and Dan Loeb’s Third Point LLC lowered its bet by 10 percent to 130,000 shares, filings showed last week. Officials from all three companies declined to comment.
Nine Strategists

While some investors expect stimulus to devalue currencies, the median of nine strategist estimates compiled by Bloomberg show the U.S. Dollar Index, a measure against six major trading partners, will average 82.8 next year, from 80.9 now. Steven Englander, Citigroup Inc.’s head of G-10 strategy, said in an interview this month that the currency market is signaling it isn’t yet convinced the Federal Reserve will fulfill its pledge to pump record amounts of cash into the economy through 2015.

Third-quarter demand for gold fell 11 percent, the most since 2009, as China’s slowing growth curbed purchases, the London-based World Gold Council said Nov. 15. India, the biggest buyer in the quarter, consumed 24 percent less in the year’s first nine months as bullion priced in rupees reached a record in September. The Washington-based International Monetary Fund cut its 2013 forecast for world growth twice since July, to 3.6 percent.
Inflation Adjusted

While prices rose 25 percent since November 2010, the size of the futures market, based on contracts outstanding, fell 30 percent, bourse data show. The metal, down 3.7 percent from this year’s high, has yet to exceed previous records when adjusted for inflation, with its 1980 record of $850 equal to $2,398 today, data compiled by the Fed Bank of Minneapolis show.

Hedge funds and other large speculators pared bets on a rally in futures traded on the Comex bourse in New York by 29 percent since Oct. 9, U.S. Commodity Futures Trading Commission data show. They’re still holding a net-long position of 140,162 futures and options, about 10 percent more than this year’s average, and increased wagers by 7.7 percent last week.

The Fed said Oct. 24 it will maintain $40 billion in monthly purchases of mortgage debt and probably hold interest rates near zero until mid-2015. The European Central Bank said it’s ready to buy bonds of indebted nations and the Bank of Japan raised its asset-purchase program for the second time in two months on Oct. 30.
Quantitative Easing

Gold rallied 70 percent as the Fed bought $2.3 trillion of debt in two rounds of quantitative easing from December 2008 through June 2011.

Investors buying bullion as a hedge against inflation and a weaker dollar generally earn returns only through price gains, increasing its allure as interest rates decline. It rose sixfold since the end of 2000, beating the 34 percent advance in the S&P 500, with dividends reinvested, and the 91 percent return on Treasuries. The Dollar Index fell 26 percent.

The first face-to-face meeting between Obama and leaders from Congress on the fiscal cliff yielded optimism and few details about how it would be resolved. The $607 billion of automatic spending cuts and tax increases is scheduled to take effect in January. U.S. equities and Treasuries rose Nov. 16 and gold futures were little changed.
Options Trading

Credit Suisse Group AG’s Tom Kendall, the most accurate gold forecaster tracked by Bloomberg over the past two years, sees prices averaging $1,880 in the fourth quarter next year and UniCredit SpA’s Jochen Hitzfeld, ranked second, expects $1,950. Deutsche Bank AG’s Daniel Brebner, the next most accurate, predicts $2,300 in the third quarter.

Options traders are also bullish, with the seven most widely held contracts conferring the right to buy at prices from $1,800 to $2,200 between November and March, Comex data show.

Central banks added to reserves for 19 consecutive months through August, the longest streak since 1964, IMF data show. Nations from Russia to South Korea to Mexico bought more to bring combined holdings to 31,461 tons, equal to about 18 percent of all the metal ever mined.

Barrick Gold Corp. (ABX), the world’s largest producer, will report a 41 percent gain in profit to a record $5.04 billion next year, the mean of 10 analyst estimates compiled by Bloomberg shows. The Toronto-based company’s shares fell 25 percent this year and will gain 43 percent in the next 12 months, according to the average of 23 forecasts.
Monetary Stimulus

Analysts predict Newmont Mining Corp. (NEM) and AngloGold Ashanti, the next-biggest, will also report the most profit ever next year.

“It looks as though global monetary stimulus is likely to continue, particularly in the wake of growing fiscal austerity,” said Alan Gayle, a senior strategist at RidgeWorth Capital Management in Richmond, Virginia, which oversees about $47 billion of assets. “That puts pressure on the monetary authorities to stimulate the economy and that will debase the currencies and put a bid under gold.”

To contact the reporters on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net; Debarati Roy in New York at droy5@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

 

SOURCE: Bloomberg
http://www.bloomberg.com/news/2012-11-20/soros-buying-gold-as-record-prices-seen-on-stimulus-commodities.html

 

Why Is China Building Gigantic Structures In The Middle Of The Desert?

Jesus Diaz
14 November, 2011 7:58 AM

This is crazy. New photos have appeared in Google Maps showing unidentified titanic structures in the middle of the Chinese desert. The first one is an intricate network of what appears to be huge metallic stripes. Is this a military experiment? Updated.

They seem to be wide lines drawn with some white material. Or maybe the dust have been dug by machinery.

It’s located in Dunhuang, Jiuquan, Gansu, north of the Shule River, which crosses the Tibetan Plateau to the west into the Kumtag Desert. It covers an area approximately 1.6km long by more than 914m wide.

The tracks are perfectly executed, and they seem to be designed to be seen from orbit.

Perhaps it’s some kind of targeting or calibrating grid for Chinese spy satellites? Maybe it’s a QR code for aliens? Nobody really knows.

You can check it out yourself in Google Maps [links @ the end of this post].

The second structure seems to be some kind of giant targeting grid, also north of the Shule river.

If you zoom in, you can see vehicles destroyed. It’s west of what seems to be a fairly big electrical station or a radio station similar to HAARP, the High Frequency Active Auroral Research Program located near Gakona, Alaska, and funded by the US Air Force, the US Navy, the University of Alaska and DARPA.

You can investigate here and tell us what you think in the comments.

The third one I don’t know what the hell it is either, and it’s perhaps the craziest of them all: thousands of lines intersecting in a titanic grid that is about 30km long. Another targeting grid? A big practical joke? You can inspect it here. [Google Maps, Google Maps and Google Maps via Reddit]

Update: Readers are finding even more weird stuff.

The Chinese have been building huge structures in the desert for a long time. Back in 2006, they built this 1:20 scale model of disputed border region between China and India. That’s a terrain model 0.7km wide by almost 1km tall. Uncanny. Why would they build such a model of a terrain? To play a 1:20 scale war with 1:20 scale tanks? Mind boggling.

SOURCE: http://www.gizmodo.com.au/2011/11/why-is-china-building-gigantic-structures-in-the-middle-of-the-desert/

GMAPS IMAGES’ COORDINATES LINKS
http://g.co/maps/jxc9u
http://g.co/maps/kc573
http://g.co/maps/gzahp
http://g.co/maps/aqdar
http://g.co/maps/vgdf7
http://g.co/maps/375xc

What The Hell Is China Building Here?

Jesus Diaz
17 November, 2012 5:00 AM

Not happy with building mysterious gigantic structures in the desert, the Chinese are now building inter-dimensional portals in the middle of their cities. I mean, come on, what the hell is this 157m high metal structure in the the city of Fushun, in northeast China’s Liaoning province?

It’s made of an astounding 3000 tons of steel and it will glow at night — decorated with 12,000 LED lights. According to Fushun Municipal Government’s officials, this titanic structure does absolutely nothing except serve as an elevated sighting position. They claim it is pretty “landscape architecture” — like the Eiffel Tower. It uses four elevators to take people to the top.

The Chinese media has been harsh about the building after a blogger posted these photos on Sina Weibo, which is the country’s “largest microblog platform”. Not surprising, since this thing costs $US16 million.

According to Fushun’s Urban Construction Bureau, the “Ring of Life” means “a round sky and a path leading to a paradise in heaven.”

SOURCE: http://www.gizmodo.com.au/2012/11/what-the-hell-is-china-building-here/