Archives for November 2015

November 2015 - Money Morning - Only the News You Can Profit From

How Yuan Reserve Currency Approval Will Doom the Dollar

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The IMF yuan reserve currency approval, announced today (Monday) by IMF Managing Director Christine Lagarde, has sealed the fate of the U.S. dollar.

As of Oct. 1, 2016, the Chinese yuan will become part of the International Monetary Fund's basket of reserve currencies, joining the euro, the Japanese yen, the British pound, and the U.S. dollar.

Here's what a dominant yuan reserve currency will mean for the U.S. economy...

Why Today's Gold Price Is So Low Right Now

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As it turns out, Black Friday's best sales were neither in electronics, clothing, or gadgets. Instead, they came from today's gold price.

That's because on the biggest shopping day of the year, gold prices hit a new six-year low.

Closing at $1,055.90 per ounce on Friday, Nov. 27, on the New York Mercantile Exchange, gold's popularity seemed to also hit a new low since the February 2010 price of $1,045 per ounce.

But as you'll see, while the near-term reasons for a lower gold price are familiar ones, the reaction to these low prices was not typical...

Dow Jones Industrial Average Moving Today on "Cyber Monday"

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Futures for the Dow Jones Industrial Average today (Monday, Nov. 30, 2015) slipped 28 points ahead of today's big ecommerce shopping event Cyber Monday.

Investors will be watching shares of Amazon.com Inc. (Nasdaq: AMZN), as the nation's top ecommerce site takes center stage. Investors are also excited about news that the company has unveiled its most recent prototype of drones that it plans to deploy as part its Prime Air service.

Here's what else investors need to know today...

Why I'm Closing My Bank Accounts While I Still Can

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Not long ago I walked into a local branch of my bank – the 13th largest bank in the United States based on consolidated banking assets, according to Federal Deposit Insurance Corporation's (FDIC) second-quarter 2015 data.

I wanted to cash a check for a few thousand dollars. It was a business check made out to cash; it was my business account and there was plenty of money in it.

No big deal – happens every day, right?

Well, what happened next was downright scary. And I'll tell you exactly what happened because it has profound implications for every American.

That's because it means capital controls, courtesy of the government and the U.S. Federal Reserve, could be right around the corner.

They're already in effect in some form.

That means you might not be able to get the money you want out of an ATM. You might not be able to cash a check when you have plenty of money in your account. Or worse… your bank could take your deposited cash and convert it to shares of stock in that bank.

In other words, if you think you'll always be able to get your money out of your bank, you're wrong.

So, here's what happened to me at the teller's window...