Can gold be a solution for debt crisis?

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Source: CNN Money
© Scanpix/Reuters

As debt turmoil in Eurozone is being endured, discussions about alternative solutions start to spread. The latest of them offers to use gold for collateral. Jeffrey Nichols, American Precious Metals Advisors' manager reminded that countries in the past already have used gilt as collateral. Eurozone's banks currently hold about 64% of world's gold assets. 

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Wed, 23 Nov 2011 16:52:10 GMT

Russia ready to "destroy" US missile-defense

Dmitry Medvedev, President of Russian Federation, required the military to be ready to "abolish" command ability of US missile defense system in the European region. Medvedev claimed country may also place strike missiles across its western and southern flanks as well as position them in Kaliningrad. Russia warned US that ignoring its objections may initiate new arms competition between both countries.  

Wed, 23 Nov 2011 14:51:43 GMT

US: growth of disposable income exceeds growth of spending

Consumer spending increased by 0.1% while disposable income rose by 0.4% indicating the decrease in proportion put aside as savings, reported the Commerce Department. The forecast made by Marketwatch was an increase in spending by 0.3% while income was estimated to grow by 0.2%. The savings rate decreased by 4.1% in Q3 as compared to an advancement of 5.1% in Q2.

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