Some evening news:
BI - loan officers opinion survey. According to Liz Ann Sonders, this is the big giveaway that the US economy might begin to improve further.
New Deal Demoncrat - more on high-paying and low-paying jobs in recoveries. Low-paying jobs recover immediately, while the recovery in higher-paying jobs has quite a big lag in every recovery.
Reuters - Dubai builds new gold refinery. Money shot:
Kaloti's new refinery will have an annual capacity of 1,400 tonnes of gold and 600 tonnes of silver, making it more than three times the size of any of the UAE's current refineries.So I guess he feels that over the long term, the size of the gold trade in Asia will continue to increase. It's not a price bet, but it's similar.
The project is a bet that gold demand in Asia will grow strongly in coming years. That cannot be guaranteed; last year India, seeking to cut its current account deficit, imposed a record 10 percent import duty on the metal.
Global gold demand shrank 15 percent to 3,756 tonnes last year, according to the World Gold Council, an industry body.
But Munir al-Kaloti, president and founder of Kaloti, said he saw little risk of a long-term interruption to growth that has seen the firm's precious metals output and physical trading grow at average annual rates of 25-35 percent since it was set up 25 years ago, to over $30 billion in 2012.
"This isn't just about Dubai. It's about a trend that is bigger," Kaloti said at his offices on the 35th floor of a skyscraper, the new refinery's site visible in the distance.