Wilfred (inset), and the place he claims to be buried. Photo: The Onion
MONTGOMERY, AL—In a major scandal that could cast doubt on his political future, U.S. Senate candidate Chris Wilfred came under fire this week for comments he made alleging he had died heroically while fighting in the Vietnam War.
Wilfred made the controversial claim during a speech Monday honoring three American soldiers recently killed in Afghanistan.
"I know all too well the depth of their sacrifice, for I myself was killed on a battlefield far away from home," Wilfred, a three-term Democratic state representative, said to a crowd of hundreds. "But we who have laid down our lives—whether in Vietnam or Afghanistan—have done so with the knowledge that our deeds have kept our country safe."
Added Wilfred, "Their deaths, like mine, were not in vain."
Following the speech, critics pounced on Wilfred’s comments, accusing him of overstating his military record for the sake of scoring political points.
Vietnam has ordered all gold trading floors to close by the end of March, putting an end to a business which turns over $1bn a day but which the government feared was spinning out of control.
“Both the owners of the gold-trading floors and traders are doing their transactions on a fragile foundation that lacks legal, economic and technical frameworks and knowledge,” the government said in a statement.
The order also bans using overseas accounts, but does not affect jewelery or retail gold sales.
The government said it was particularly concerned that some investors had been drawn into overleveraging their positions by low interest rates and the ever-increasing price of gold , which has risen from $660/oz when the first trading floor was started in 2007 to almost $1,100/oz today.
The government said that in some cases, investors had only been required to put up 7 per cent of the value of their portfolio.
The regulation will affect around 20 gold trading floors, but it is unclear if the government is intending to re-write the regulations and allow the floors to re-open or if the move is long-term.
The trade has become a lucrative source of income for many of the banks and trading houses which have opened the exchanges, and the ban could hit profits. But analysts say it could free up liquidity that might flow back into the stock markets, lifting the index.
November 26 2009
Vietnam devalued its currency by 5.4 per cent against the dollar yesterday and raised interest rates by a full percentage point in an effort to cut inflation and underpin the beleaguered dong.
The dong has come under pressure recently as inflation started climbing and domestic demand, driven by the country’s $8bn stimulus programme, drove the current account deficit to close to $2bn a month.
"The decision poses further challenges to the central bank’s credibility," said Tai Hui, Standard Chartered Bank economist. "The risk is that local investors will pay little attention to official comments going forward, which may exacerbate devaluation pressure on the currency."
In technical analysis, when you hear the term bullish engulfing pattern or bearish engulfing pattern, what they’re talking about is a candlestick chart – usually a daily – where today’s low price and high price are below and above the high and low of the previous day. If the close is higher, it’s a bullish engulfing pattern. It’s a bearish engulfing pattern if the candle resolves lower. This can also be referred to as an positive or negative outside day, which many traders call a “reversal pattern”, meaning it has the potential to change the prior trend.
In a new note this morning, Citi’s technicians look down at a variety of asset classes from 10,000 feet. On the yearly S&P 500 chart, they note that we’re likely going through ...
The collapse of the U.S. economic and financial system accelerated this year, thus pushing the country closer to a third-world status. Most Americans are unaware of the dire consequences facing the nation, so they continue to believe business as usual will continue indefinitely.
Unfortunately, lousy reporting by the Mainstream media along with the public's denial and delusional thinking is a recipe for disaster for most Americans over the next several years.
We continue to receive requests for updates to the "Best Stock Market Indicator", which used to be a regular guest post from John Carlucci. Here is an update of the "Carlucci" indicator along with a summary of John's explanation on how he uses it.
As John described it: "The $OEXA200R (the percentage of S&P 100 stocks above their 200 DMA) is a technical indicator available on StockCharts.com used to find the "sweet spot" time period in the market when you have the best chance of making money."
In September of 2012, when Silver was trading at $28, the Power of the Pattern shared the chart below. The patterns suggested that even though Silver had already declined a great deal ($50 to $28), patterns called for it to fall nearly another 50%, to the $15 level.
Chart below was from 2012, see original post HERE.
By Jacob Wolinsky. Originally published at ValueWalk.
John DeVoy, a long time analyst at Seth Klarman’s Baupost Group has left the hedge fund for a position at Loomis Sayles. Devoy formerly worked at Loomis before spending close to ten years at the Boston based hedge fund. The news was announced via a press release from Loomis. The statement says that DeVoy will be returning to the company “as a dedicated credit strategist for the flagship full discretion team.”
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I have mixed feelings about Brexit today. Clearly the European institution need reforming. The addition of so many countries in the last 20 years has created a top heavy administration. The Euro adds more complexities to the equation as the ECB policies cannot fit every country's problem. On the other hand, a unified Europe has advantages as well – some countries have benefited from the integration.
For Britain, it's hard to say what the final price will be. My guess is that Scotland might now vote for independence as they supported staying in Europe overwhelmingly. Northern Ireland might be tempted to leave as well so possibly RIP UK in the long run. I was talking to some French people and they were saying that now there might be no incentive for France to stop immigrants from crossing over to the UK like they do now and simply allow for travel there and let the UK deal with them. The end game is not clear to anyone at the moment....
One week ago, when bitcoin first crossed above $700 on the seemingly insatiable Chinese buying which we forecast last September (when bitcoin was trading at $230) would take place as a result of China's capital controls (to much pushback by the "mainstream" financial media), we tried to predict what may happen next. We said that "it could go much higher. That said, anyone who bought last September when the digital currency was trading at $230 may be advised to take some profits, and at least make...
After a three-year bull run that more than quadrupled its value by its peak last July, IBD’s Medical-Biomed/Biotech Industry Group plunged 50% by early February, hurt by backlashes against high drug prices and mergers that seek to lower corporate taxes.
This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible. Feel free to contact me directly at firstname.lastname@example.org with any questions.
Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
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