{"id":8379,"date":"2013-09-01T13:24:35","date_gmt":"2013-09-01T17:24:35","guid":{"rendered":"http:\/\/www.pgm-blog.com\/?p=8379"},"modified":"2013-09-01T13:24:35","modified_gmt":"2013-09-01T17:24:35","slug":"highlights-of-the-week-of-august-26-2013","status":"publish","type":"post","link":"https:\/\/www.pgmcapital.com\/nl\/highlights-of-the-week-of-august-26-2013\/","title":{"rendered":"Highlights of the Week of; August 26 2013"},"content":{"rendered":"<p><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/india-brazil.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-8380\" alt=\"india-brazil\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/india-brazil.jpg\" width=\"192\" height=\"154\" \/><\/a><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/indonesia.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-8381\" alt=\"indonesia\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/indonesia.jpg\" width=\"151\" height=\"151\" \/><\/a><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/Interestrates_hike.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-8382 alignright\" alt=\"Interestrates_hike\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/Interestrates_hike.jpg\" width=\"162\" height=\"168\" \/><\/a><\/p>\n<p>Dear<strong>\u00a0PGM Capital<\/strong>\u00a0Blog readers,<br \/>\nIn this weekend&#8217;s blog edition, we want to discuss some of the most important events that happened in the global capital markets, the world economy and the world of money in the week of August 26th, 2013.:<\/p>\n<ul>\n<li>Brazil, India and Indonesia, increased their key rates in order to sustain their respective currencies.<\/li>\n<li>DOW-Jones industrial 4.4 percent down in the month of August 2013.<\/li>\n<li>Japan Prices Rise at fastest pace since 2008.<\/li>\n<\/ul>\n<p><span style=\"color: #0000ff;\"><strong>Brazil Central Bank raise interest rate to 9 percent on August 28th:<\/strong><\/span><br \/>\nThe\u00a0<a title=\"Banco Central Do Brasil\" href=\"http:\/\/www.bcb.gov.br\/?ENGLISH\" target=\"_blank\"><strong>Brazilian Central Bank<\/strong><\/a>, at its monetary policy meeting on Wednesday, August 28th, 2013,\u00a0raised the key rate by half a percentage point for a third straight meeting, as a plunge in the currency undermines efforts to slow inflation in the world\u2019s second-largest emerging market.<\/p>\n<p>Brazil\u2019s inflation rate is currently 6.15 percent, which is below the June peak of 6.7 percent, but still perilously close to the 6.5 percent ceiling of the government\u2019s inflation-targeting range for the year and higher than the 2012 year-end rate of 5.8 percent.<\/p>\n<p>The &#8220;Brazilian Real&#8221; has appreciated nicely, from its low of December 1, 2008 of<br \/>\n<strong>BRL 1.00 = <span style=\"color: #ff0000;\">USD 0.3897<\/span><\/strong><span style=\"color: #000000;\">,<strong>\u00a0<\/strong><\/span>to peak on July 18, 2011 at an exchange rate of<br \/>\n<strong>BRL 1:00 = <span style=\"color: #339966;\">USD 0.6442<\/span><\/strong>, since then the Brazilian currency is in a free fall to close at<br \/>\n<strong>BRL 1.00 = <span style=\"color: #ff0000;\">USD 0.4219<\/span><\/strong><span style=\"color: #000000;\">,<\/span> on Friday, August 30, 2013, as\u00a0can be seen from below chart.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/BRL-USD-August-30-2013.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8392 aligncenter\" alt=\"BRL-USD August 30 2013\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/BRL-USD-August-30-2013.png\" width=\"528\" height=\"240\" \/><\/a><\/p>\n<p><span style=\"color: #0000ff;\"><strong>The State Bank of India raises interest rates on bulk deposits on August 30th:<\/strong><\/span><br \/>\n<strong><a title=\"State Bank of India\" href=\"http:\/\/en.wikipedia.org\/wiki\/State_Bank_of_India\" target=\"_blank\">The State Bank of India (SBI)<\/a>,<\/strong>\u00a0the largest public sector lender in the country, has announced on Friday, August 30th, 2013, that the\u00a0interest rate for\u00a0bulk deposits for\u00a0the tenors\u00a07 days to 60 days will be 9 percent per annum and for the tenor 61 days to less than\u00a0one year\u00a0will be 8.25 percent per annum effective from August 31st, 2013.<\/p>\n<p>The bank raised\u00a0interest rates\u00a0by up to 1.5 percent on bulk deposits of over 10 million Rupees.<\/p>\n<p>These measures have been taken to sustain the Indian Rupee, the domestic currency, which has lost more than 21 percent against the US dollar since May this year, as can be seen from below chart.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/INR-USD1.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8395 aligncenter\" alt=\"INR-USD 2-Year Chart\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/INR-USD1.png\" width=\"528\" height=\"233\" \/><\/a><\/p>\n<p><span style=\"font-size: 13px;\">SBI chairman on Friday, August 30th, ruled out any hike in lending rate, although many private sector banks have done so due to the uptick in the cost of funds following RBI&#8217;s liquidity squeezing moves.<br \/>\n<\/span><\/p>\n<p><span style=\"font-size: 13px;\">Industry insiders say state-run banks may not increase lending rates due to &#8220;diktats from the Finance Ministry&#8221;<\/span><\/p>\n<p><span style=\"color: #0000ff;\"><strong>Indonesia increased hikes key rates on August 29th:<\/strong><\/span><br \/>\nThe Indonesian Central Bank\u00a0increased both its benchmark interest rate and its overnight deposit facility rate by 50 basic points on Thursday to 7 percent, in its latest attempt to defend the Indonesian Rupiah.<\/p>\n<p>As can be seen from below 1-year chart, the Indonesian Rupiah is down more than 6 percent against the U.S. dollar this month and more than 13 percent, so far this year, reflecting concerns about Indonesia&#8217;s widening current account deficit and raising the dangers of imported inflation.<\/p>\n<p style=\"text-align: left;\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/IDR-USD-1-year-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8404 aligncenter\" alt=\"IDR-USD 1 year chart\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/IDR-USD-1-year-chart.png\" width=\"527\" height=\"239\" \/><\/a>The decision at Thursday&#8217;s extraordinary policy meeting comes two weeks after the Central Bank declined to raise rates to avoid harming growth. It followed a similar move Wednesday in Brazil, another prominent emerging economy whose currency has been pummeled by investors.<\/p>\n<p>Indonesia&#8217;s current account deficit hit a wider-than-expected US$ 9.8 billion in the second quarter -equal to 4.4 percent of gross domestic product- from 2.6 percent in the first quarter, making it crucial for the country to attract foreign funds to cover the gap. Bank Indonesia said Thursday the current-account deficit should narrow to 3.4 percent\u00a0of GDP in the third quarter.<\/p>\n<p>As can be seen from below chart, Indonesian inflation reached a 12-month high of 8.61 percent in July after the government cut costly fuel subsidies in June.<\/p>\n<div id=\"attachment_8463\" style=\"width: 519px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/09\/Indonesian-1-year-Core-Inflation.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-8463\" class=\" wp-image-8463   \" alt=\"Indonesian 1-year Core Inflation\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/09\/Indonesian-1-year-Core-Inflation.jpg\" width=\"509\" height=\"144\" \/><\/a><p id=\"caption-attachment-8463\" class=\"wp-caption-text\">Indonesian 12-month core CPI figures<\/p><\/div>\n<p>The Central Bank, Thursday estimated headline inflation in a range of 9.0 -9.8 percent for the year, well above its initial target range of 3.5- to 5.5 percent and a previous estimate a month ago of around 8 percent.<\/p>\n<p>Economists and analysts expect that the Indonesian inflation, due to a weaker Rupiah and inflation pass-through, may hit double-digits soon, which will lead to further tightening by the country&#8217;s Central Bank in the future.<\/p>\n<p><strong><span style=\"color: #0000ff;\">DOW-Jones industrial 4.4 percent down in the month of August 2013:<\/span><\/strong><br \/>\nThe Dow Jones Industrial Average fell 30.64 points, or 0.2 percent on Friday August 30th, to close at 14,810.31 ahead of the long Labor Day holiday weekend, for which US markets will be closed Monday, September 2nd, 2013. The Dow fell 4.4 percent during the month, its biggest monthly retreat since May 2012.<\/p>\n<p>Please view below 1-month chart of the DOW Jones Industrial for details.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/09\/DOW-Jones-30-Days-August.png\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8461 aligncenter\" alt=\"DOW Jones 30 Days August\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/09\/DOW-Jones-30-Days-August.png\" width=\"552\" height=\"243\" \/><\/a><\/p>\n<p>On Friday, August 30th, the S&amp;P 500 fell 5.20 points, or 0.3 percent, to 1,632.97. The Nasdaq Composite Index dropped 30.43 points, or 0.8 percent, to 3,589.87. For the month of August, the Nasdaq and S&amp;P-500 fell respectively 2.33 percent and 4.02 percent.<\/p>\n<p>On the economic front, Americans&#8217; personal spending rose 0.1 percent in July, at a slower rate than June&#8217;s upwardly revised 0.6 per cent increase, according to the Commerce Department. Personal incomes rose 0.1 percent, the slowest advance since April. Both readings were shy of economists&#8217; forecasts.<\/p>\n<p><strong><span style=\"color: #0000ff;\">Japan Prices Rise at fastest pace since 2008:\u00a0<\/span><\/strong><br \/>\n<span style=\"font-size: 13px;\">Japan&#8217;s core consumer inflation rose to its highest level in almost five years in July, while industrial output posted a strong rebound and the jobless rate fell to its lowest level since 2008, data on Friday August 30th, showed, in the latest signs that a recovery in the world&#8217;s third largest economy is taking hold.<\/span><\/p>\n<p>The core consumer price index (CPI) rose 0.7 percent in July from a year earlier, hitting its highest level since November 2008 as can be seen from below chart.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/Japan-Inflation-chart.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8407 aligncenter\" alt=\"Japan Inflation chart\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/Japan-Inflation-chart.jpg\" width=\"465\" height=\"334\" \/><\/a><\/p>\n<p>The Bank of Japan, under the firm direction of, prime minister,\u00a0Shinzo Abe, is aiming to\u00a0keep monetary policy loose enough\u00a0to achieve a 2 percent rate of inflation by March 2015. Mr Abe, for his part, has adopted a more flexible approach to fiscal spending while pushing for various structural reforms to boost Japan\u2019s attractiveness as an investment destination.<\/p>\n<p><span style=\"font-size: 13px;\">However, the figures showed that while resource-poor Japan is paying more for mineral fuels, a broader, demand-driven recovery is yet to take hold. Excluding fresh food,<br \/>\nthe\u00a0<\/span><a style=\"font-size: 13px;\" title=\"Japan July 2013, Ku-area of Tokyo August 2013 (preliminary)\" href=\"http:\/\/www.stat.go.jp\/english\/data\/cpi\/1581.htm\" target=\"_blank\">all-items index<\/a><span style=\"font-size: 13px;\">\u00a0rose by 0.7 percent from a year earlier and by 0.1 percent from June.<\/span><\/p>\n<p>But excluding the cost of energy from the calculation brings the yearly CPI to minus 0.1 percent. The prices of items such as housing, furniture, medical care and culture and recreation all fell from a year earlier, while charges for fuel, light and water rose by 6.4 percent.<\/p>\n<p><span style=\"color: #0000ff;\"><strong>PGM Capital comments:<\/strong><\/span><br \/>\nFriday August 30th. 2013. was the last trading day for the month of August 2013.<\/p>\n<p>September has historically been the worst month of the year for stocks. The Dow has declined in 67 of 116 Septembers in its history, or about 58 percent of the time, while suffering an average loss of 1.1 per cent during the month. On the other hand, September is also the best month for the price of Gold as can be seen from below 30-years average Gold chart.<\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/Gold-Seasonal-30-years-average-chart.gif\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-8425 aligncenter\" alt=\"Gold Seasonal 30-years average chart\" src=\"http:\/\/www.pgm-blog.com\/wp-content\/uploads\/2013\/08\/Gold-Seasonal-30-years-average-chart.gif\" width=\"480\" height=\"380\" \/><\/a><\/p>\n<p>In spite of U.S. keeping rates at zero percent for over four years and three rounds of quantitative easing, (core) inflation outside of commodities has been relatively muted in America.<\/p>\n<p>The reason for this is that emerging economies around the world have bought U.S. dollars, bought dollar denominated assets, or kept their monetary policies easy to preserve exports and lock in step with Fed money printing.<\/p>\n<p>As a result, manufactured goods which are produced either in the USA or in emerging market nations, have remained cheap. This policy also has the side effect of high inflation rates across Asia and Latin America.<\/p>\n<p>So in fact, the QE-program of the FED, is flooding emerging markets with printed US-Dollars for imported commodities or manufactured goods, which can be considered exporting USA-inflation to Asian and South American emerging economies.<\/p>\n<p>Below points explain how USA is exporting its inflation to the emerging Economies:<\/p>\n<ul>\n<li>American people buy stuff they don\u2019t need from mainly Chinese companies with money they don\u2019t have on US bank credit cards.<\/li>\n<li>US Bank creates new US dollars out of thin air by creating debt for American people and giving US dollars to emerging market companies.<\/li>\n<li>New debt stays in America while new US dollars leave America.<\/li>\n<li>Emerging markets&#8217; Central Banks put US dollars in a vaults out of circulation.<\/li>\n<li>New US dollars, which are out of circulation, do not impact market value of existing US dollars and therefore do not impact US dollar price inflation.<\/li>\n<li>When newly created emerging market currencies are circulated, they negatively impact the value of existing emerging market currencies, thus causing rising price inflation in emerging market economies.<\/li>\n<li>US dollar value remains artificially high while the value of Emerging market currencies declines.<\/li>\n<li>American people and Emerging market people are getting poorer, while US banks, and companies and Central Banks in emerging markets are getting wealthier.<\/li>\n<\/ul>\n<div id=\"yui_3_10_1_1_1377969499647_172\">\n<div id=\"item-5193aa1fe4b03a637626541b\" data-type=\"item\">\n<div id=\"yui_3_10_1_1_1377969499647_171\">\n<div id=\"yui_3_10_1_1_1377969499647_170\">\n<div id=\"block-dbfda66e20faf9df13b1\" data-block-json=\"{&quot;wysiwyg&quot;:{&quot;engine&quot;:&quot;code&quot;,&quot;mode&quot;:&quot;htmlmixed&quot;,&quot;isSource&quot;:false,&quot;source&quot;:&quot;&quot;},&quot;html&quot;:&quot;&lt;p&gt;How America Exports Inflation - Explained in Ten Easy Steps&lt;\/p&gt;&lt;ol&gt;&lt;li&gt;American people buy stuff they don\\u2019t need from Chinese company with money they don\\u2019t have on US bank credit card.&amp;nbsp;&lt;\/li&gt;&lt;li&gt;US Bank creates new US dollars out of thin air by creating debt for American people and giving US dollars to Chinese company.&lt;\/li&gt;&lt;li&gt;New debt stays in America while new US dollars leave America.&lt;\/li&gt;&lt;li&gt;Chinese company takes new US dollars to Chinese central bank and exchanges for Chinese RMB.&amp;nbsp;&lt;\/li&gt;&lt;li&gt;Chinese central bank prints new Chinese RMB out of thin air to give to Chinese company in exchange for US dollars.&amp;nbsp;&lt;\/li&gt;&lt;li&gt;Chinese central bank puts US dollars in a vault out of circulation.&amp;nbsp;&lt;\/li&gt;&lt;li&gt;New US dollar\\u2019s are out of circulation, not impacting market value of existing US dollars and therefore not impacting US dollar price inflation.&amp;nbsp;&lt;\/li&gt;&lt;li&gt;New Chinese RMB are in circulation, negatively impacting value of existing Chinese RMBs causing Chinese RMB price inflation to rise.&amp;nbsp;&lt;\/li&gt;&lt;li&gt;US dollar value remains artificially high while Chinese RMB value declines.&lt;\/li&gt;&lt;li&gt; &lt;strong&gt;&lt;em&gt;American people and Chinese people are poorer. US bank, Chinese company and Chinese central bank are wealthier.&amp;nbsp;&lt;\/em&gt;&lt;\/strong&gt;&lt;\/li&gt;&lt;\/ol&gt;&lt;p&gt;(And when they can't export it they just &lt;a href=\\&quot;http:\/\/knowmadiclife.com\/blog\/hey-dude-wheres-my-inflation\\&quot; target=\\&quot;_blank\\&quot;&gt;hide it&lt;\/a&gt;).&lt;\/p&gt;&lt;p&gt;&amp;nbsp;&lt;\/p&gt;&lt;p&gt;Simple as&amp;nbsp;it may seem, reading these ten steps may lead us to asking the following questions.&lt;\/p&gt;&lt;p&gt;&amp;nbsp;&lt;\/p&gt;&lt;p&gt;Why does the US government want to export inflation?&amp;nbsp;&lt;\/p&gt;&lt;p&gt;\\nExporting inflation allows the US dollar to remain artificially strong for a prolonged period of time. The US dollar money supply inflation that should be causing the value of the US dollar to decline is not in circulation. An artificially strong US dollar translates into artificially low US dollar interest rates. &lt;strong&gt;&lt;em&gt;Artificially low interest rates encourage Americans to take on more debt than they otherwise would.&lt;\/em&gt;&lt;\/strong&gt; These artificially low interest rates are&amp;nbsp;the equivalent of a temporary wealth transfer from the entire world to Americans.&lt;\/p&gt;&lt;p&gt;&amp;nbsp;&lt;\/p&gt;&lt;p&gt;Why does the rest of the world import this inflation?&lt;\/p&gt;&lt;p&gt;OPEC requires all countries to purchase oil in US dollars only.&amp;nbsp;This is called the &lt;a href=\\&quot;http:\/\/www.youtube.com\/watch?v=yZDQb2H3xZI\\&quot; target=\\&quot;_blank\\&quot;&gt;Petrodollar System&lt;\/a&gt;&amp;nbsp;(exception Iran which sells oil for &lt;a href=\\&quot;http:\/\/www.zerohedge.com\/news\/2013-05-16\/petrodollar-petrogold-us-now-trying-cut-irans-access-gold\\&quot; target=\\&quot;_blank\\&quot;&gt;Petrogold&lt;\/a&gt;).&amp;nbsp;Oil is the main source of energy in the world and therefore access to sufficient amounts of oil is a strategic defense need. If any one country finds it runs out of US dollars it can no longer purchase oil from OPEC putting the entire country at risk. &amp;nbsp;Sufficiently deep US dollar reserves are required to ensure this risk never materializes.&amp;nbsp;&lt;\/p&gt;&lt;p&gt;&amp;nbsp;&lt;\/p&gt;&lt;p&gt;How does the rest of the world acquire these US dollars?&lt;\/p&gt;&lt;p&gt;There are two major mechanisms available for countries to acquire US dollars. One, produce and sell economic goods to Americans. The US dollars recieved are repatriated home and exchanged for newly printed local currency at the foreign country\\u2019s central bank. Two, the foreign central bank can print new local money to outright buy US dollars on the foreign exchange markets. In both cases inflation has been redistributed from the consumer\\u2019s currency, US dollars, into the producers local currency.&lt;\/p&gt;&quot;,&quot;engine&quot;:&quot;visual&quot;}\" data-block-type=\"2\">\n<p>Most investors will ask themselves, &#8220;Why does the US government want to export inflation?&#8221;<\/p>\n<p id=\"yui_3_10_1_1_1377969499647_671\">The answer is simple, exporting inflation allows the US dollar to remain artificially strong for a prolonged period of time. The US dollar money supply inflation that should be causing the value of the US dollar to decline is not in circulation. An artificially strong US dollar translates into artificially low US dollar interest rates.<\/p>\n<p><span style=\"color: #0000ff;\"><strong id=\"yui_3_10_1_1_1377969499647_673\"><em id=\"yui_3_10_1_1_1377969499647_672\">Artificially low interest rates encourage Americans to take on more debt than they otherwise would.<\/em><\/strong><\/span><\/p>\n<p>These artificially low interest rates are\u00a0the equivalent of a temporary wealth transfer from the entire world to Americans.<\/p>\n<p>The problem with this scheme is, that it cannot go on forever, because these emerging market economies, which are now sitting on these QE US Dollars, are already in the process of using these dollars to buy Gold on any dip. This may also be a reason why Gold is temporarily in a depressed price situation, because in this cat and mouse game between the USA and the emerging market economies, these countries need a low Gold price for them to use their excessive amount of US Dollars to buy as much Gold as they can get their hands on.<\/p>\n<p>Rumors that India might buy gold from citizens to ease rupee crisis, is sustaining this point.<\/p>\n<p><a title=\"Reuters: India might buy gold from citizens to ease rupee crisis\" href=\"http:\/\/www.reuters.com\/article\/2013\/08\/29\/us-india-economy-gold-idUSBRE97S0IW20130829\" target=\"_blank\">Source:<\/a><\/p>\n<p>A silent detail in this matter is that Indian households holds about 31 thousand metric-tonnes of Gold which is approx. 150% of the total reserves of the FED and ECB together.<\/p>\n<p>The above really shows that the currency war is in full swing.<\/p>\n<p>Due to this, it is not <strong>IF<\/strong> but <strong>WHEN<\/strong>\u00a0will these excessive amounts US Dollar return home to the USA. When this happens, it has the potential of making the US Dollar worthless, spiking interest rates and, causing a hyperinflation in the USA. On the other hand, hard assets, like gold will shoot through the roof, causing the biggest shift of wealth ever seen on the planet, from those who have their asset in paper fiat currencies to those who have their assets and wealth in hard assets like Gold, Silver, Platinum and Palladium.<\/p>\n<p>Before following any investing advice, always take your investment horizon and risk tolerance into consideration and keep in mind that the price of Gold, Silver and other precious metals as well as the stocks of their producers can be very\u00a0volatile and that sharp corrections may happen in the short term.<\/p>\n<p>Yours Sincerely<\/p>\n<p>Eric Panneflek<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dear\u00a0PGM Capital\u00a0Blog readers, In this weekend&#8217;s blog edition, we want to discuss some of the most important events that happened in the global capital markets, the world economy and the world of money in the week of August 26th, 2013.: Brazil, India and Indonesia, increased their key rates in order to sustain their respective currencies.<a href=\"https:\/\/www.pgmcapital.com\/nl\/highlights-of-the-week-of-august-26-2013\/\">[&#8230;]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,8,9,10,19,12,13,15,16,28,22,1,17,18],"tags":[],"class_list":["post-8379","post","type-post","status-publish","format-standard","hentry","category-commodities","category-debt-crisis","category-emerging-markets","category-eric-panneflek","category-financial-news","category-inflation","category-market-volatility","category-pgm-capital","category-precious-metal","category-the-month-in-review","category-the-week-in-review","category-uncategorized","category-us-dollar","category-world-economic-outlook"],"_links":{"self":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts\/8379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/comments?post=8379"}],"version-history":[{"count":0,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/posts\/8379\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/media?parent=8379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/categories?post=8379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pgmcapital.com\/nl\/wp-json\/wp\/v2\/tags?post=8379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}