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Beware the Aussie dollar bear	22:49 WA Today - Business - National
China inflation accelerates to 2.4% on year in April: govt	22:48 Business Times Online - World
Yen firmer against dollar in Asia ahead of G7	22:48 Business Times Online - World
South Sudan accuses Sudan of imposing economic war	22:47 Sudan Tribune - Economy
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Obama touts booming Texas economy on first stop of jobs tour	22:44 The Washington Post
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Nikkei Jumps As Dollar Surges Through ¥100	22:39 The Wall Street Journal - Market News
Yen's Fall Trickles Through Japanese Economy	22:39 The Wall Street Journal - Market News
Yen Crosses Milestone	22:39 The Wall Street Journal - Market News
TREASURIES-U.S. 10-year notes dented by upbeat data, yen's drop	22:38 Reuters - Economy
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Rupee weakens by 32 paise to 54.57	22:34 The Hindu Business Line - Markets
Dollar touches 101 yen, highest in 4 years	22:34 The Economic Times - Markets
Nikkei hits 5-1/2 year high on yen decline	22:34 The Economic Times - Markets
Session Recap: Yen extends loses; Nikkei prints fresh 5-year high	22:33 FXstreet - Forex News
Pioneer Joins Mirae Favoring Baht to Peso on Yield	22:33 Bloomberg - Regions
Shenlong International Investment brings Republic of Congo copper-focus to the ASX	22:29 Proactive Investors - Australia
China on the hunt for more gold mines in Western Australia	22:29 Proactive Investors - Australia
Economy still in good shape: Swan	22:27 The West Australian - Business - National
April brisk for retail sales	22:24 Berkshire Eagle Online, Massachusetts - Today's Headlines
SNAPSHOT-India stocks, bonds, rupee, swaps, call at 0400 GMT	22:24 Reuters - India
LME ASIAN WRAP: Copper price up on China, US optimism; strong dollar caps gains	22:23 Metal Bulletin
Chile’s copper output up 7.7% in Q1 as major miners raise production	22:23 Metal Bulletin
Forex Flash: AUD/CAD broader trend still seems to be lower – TD Securities	22:23 FXstreet - Forex News
Rupee down 32 paise against dollar in early trade	22:21 Indian Express
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Rupee hits three-week low; IIP data awaited	22:20 The Economic Times - Economy
Dollar smashes through ¥100 line for first time since '09; Nikkei soars 3.1%	22:18 The Japan Times - Business
Indian rupee hits three-week against US dollar, factory data eyed	22:14 The Financial Express - Banking & Finance
Bullish on private sector banks: Dipan Mehta	22:14 The Economic Times - Markets
ForexLive Asia Wrap: Its all about the yen, innit?	22:09 ForexLive.com
Gold demand for Akshya Tritiya may counter dollar’s rise	22:09 The Hindu Business Line - News
Bangko Sentral peso lending remains popular on record low interest rates	22:09 GMA News - Economy
What Currency War?: Deputy New Zealand PM	22:09 CNBC.com - Asia
Barney Frank, Scott Brown hobnob at Vegas junket	22:09 Boston Herald
Mining stocks benefit from weaker Australian dollar	22:08 Proactive Investors - Australia
Japan Nikkei jumps as dollar passes 100-yen mark	22:07 Yahoo! US - Business
U.S. Dollar Higher After Reserve Banks Act, Jobless Claims Fall	22:07 Daily FX
FOREX-Dollar touches 101 yen, highest in 4 years	22:07 Reuters.co.uk - Currencies - Asian Currency
RBA dovish on inflation, growth	22:04 Business Spectator - Economy
Jigawa to become economic power house by 2050 –Lamido	22:03 Daily Trust
Naira hits one-month high on offshore dollar flows	22:03 Daily Trust
Japanese Turn Foreign-Debt Buyers as Dollar-Yen Rises Above 101	22:03 Bloomberg - Regions
Exports brighten Spain’s economic gloom	22:01 FT.com - Asia
S Korea cuts interest rate to boost economy	21:59 Business Times Online
Carlyle bids for Rio Tinto stake in Australian copper mine - report	21:53 Yahoo! UK & Ireland
Forex: Will a busy economic schedule next week be the catalyst for EUR/USD?	21:52 FXstreet - Forex News
1 to 2 hours old www.usagold.com --LIVE NEWS--
Taiwan Dollar Forwards Weaken Most Since January; Bonds Decline	21:49 Bloomberg - Markets
Japan: Stocks up 2.75% by break on weak yen	21:45 Business Times Online - Stock Markets
Capital Flight From Japan: Yen Downfall Just the Start?	21:43 CNBC.com - US
Currencies: Dollar holds high ground after topping ¥100	21:43 MarketWatch
Invivo Wines Awarded Gold Medals	21:42 Scoop - Business

Currency Wars Escalate Further

by Peter A. Grant

May 09, AM
(from USAGOLD.com) --

Gold continues to consolidate the previous two weeks of gains, holding below last week's high at 1487.98. The battle between strong physical demand in Asia and asset reallocation in the West continues to play out.

The Bank of Korea is the latest participant in the global easing party; what many more ominously categorize as a global currency war. The BoK cut its benchmark rate by 25 bp to 2.50%, ostensibly to "counter currency appreciation and support growth" according to a WSJ article.

That of course is what every major central bank is attempting to do, resulting in a race to the bottom that suddenly seems to be gaining momentum. Much of that growing momentum is attributable to the Bank of Japan's massive easing efforts directed at ending decades of deflation. In tanking the yen, the BoJ has pushed up the relative price of South Korean goods and services, cutting into their exports. This prompted the BoK to respond with their own easing measures. Hey Taiwan, what are you going to do now?

Perng Fai-nan, governor of Taiwan's central bank, recently expressed concern that the accommodative policies of the U.S., Europe and Japan will have enormous negative side effects, that will be born largely by Asia's emerging economies. True enough, but let's be honest here, the serial easers aren't going to be tightening any time soon, so what's a small emerging country to do?

My guess is ultimately they will be forced to ease as well, or watch their economies wither. In light of what's transpired in the wake of Abenomics, the currency wars do indeed appear to be heating up.

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Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

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Currency Wars Escalate Further