Friday, December 21, 2012

Mobile Communication Satellite Systems | The WritePass Journal

In this era of 21st century one cannot imagine human life without mobile communication. From mobile handsets to computers, smart-phones to laptops, iPads and Cable Television systems everything is part of this mobile communication era. As the countries are progressing, competition among them is increasing all over the world. With the advancement in technology lives of people are getting faster and busier, businesses and industries are expanding globally, therefore, the demand for mobile communication is increasing immensely with every passing day. Scientists, researchers and engineers are always looking for ways to serve the world with this demanding technology in every possible way.

During the last 25 years there has been a tremendous growth in the field of satellite communication. The idea of using the Satellite Systems for mobile communication has appealed to many people in the past and it still continue to do so. There has been an extensive research going on in this particular area globally. A lot of progress has been achieved so far but it is a fact that advancement in technology can probably never end.

As the demand for communication is increasing, means and resources to carry out this communication are often limited. For instance if communication of information is to take place between the countries that are hundreds of miles apart, across the ocean, the typical wired medium cannot always be used. And also how are we supposed to communicate when we are not connected to the land communication systems by any means? Here satellite systems come into play. With the help of satellite systems we can provide mobile communication services even to very fast moving vehicles, to the aircrafts during flights, to ships and submarines in oceans, and also to remote areas of earth where there is no communication infrastructure. So in this way we are able to provide services to the areas where application of wired cable medium is not always practically possible.

Satellites are the object that revolves around the earth in fixed orbits. These satellites are at typically 400 km to 36000 km above the earth surface. Our purpose of communication over long distances is served by these satellites. Another advantage of using the satellite systems for communication is that they can cover a very large geographical area over the earth surface to provide communication means. When we are using a satellite system we are not limited by the problem factors that we encounter on earth such as laying hundreds of miles of expensive cables, space and land to store machinery and equipment to handle this sort of communication, buildings to handle all the infrastructure needed etc. Therefore, Satellite Systems are often given a thought as a better alternative for mobile communication.

Before we look into the details of how mobile communication takes place through these satellites, we need to first understand the satellite systems in general as well to have a better understanding of how the whole technology works.

Satellites are sent into space from earth. When in space above the earth surface, these satellites are made to revolve around the earth in fixed orbits with the help of gravitational force of the earth. To understand the phenomenon we can take a very simple and well known example from nature and that is of the Moon. Moon is the natural satellite and as it revolves around the earth, it shines over a huge geographical region of the earth. In a similar fashion, man made artificial satellites, though not as big as the moon but still, covers a considerably large section of the earth to provide communication.

These artificial telecommunication satellites can be in four different kinds of orbits above the earth surface depending on the purpose they were sent into space. These can either be geo-stationary orbits, elliptical orbits, medium earth orbit or low earth orbits.

In geo-stationary orbits, as shown in Figure 1, the satellite remains at a fixed location over the earth surface which means it covers the same geographical region of the earth.

Geo-Stationary Orbit

????????????????????????????????????? Figure1: Geo-Stationary Orbit

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Elliptical orbits are used when satellites are required to cover a certain geographical area of the earth for longer period of time than the other geographical region of the earth. Figure 2 displays in general a satellite in an elliptical orbit.

Elliptical Orbiting Satellite

Figure2: Elliptical Orbiting Satellite

Medium earth orbit is between 5000 km to 15000 km above the earth surface. While in low earth orbits, satellites revolve around the earth in circular orbit at about 400 km above the earth surface. Figure 3 depicts the low earth orbits (LEO) and medium earth orbits (MEO) of a satellite.

LEO and MEO orbiting Satellite

Figure3: LEO and MEO orbiting Satellite

Three types of services can be offered by a telecommunication satellite. First is FSS (Fixed Satellite Services), which is for long distance telecommunication services provided by different telecommunication networks on earth stations. Second is DBS (Direct Broadcast Satellite services), which is used for direct Television signals broadcasting from large earth stations. And third is MSS (Mobile Satellite Services), which is used to provide mobile communication services to different stations on earth.

In the year 1976, Mobile Satellite Communication was started by Communications Satellite Corporation (COMSAT), which is a US based company belonging to the field of telecommunications. The communication satellites launched by them were called MARISAT (Maritime Satellites) and later an International Maritime Satellite organization (INMARSAT) was formed which now provides Mobile Satellite Communication Services [1]. Earlier satellite communication used to take place by routing calls and information from public landline to an earth station first, and then forwarding them to the satellite. But now mobile communication can take place directly between a satellite and a station or handset on earth.

This entire phenomenon fantastically sounds simple but there can be few problems as well in using satellites for mobile communications. For instance, keeping the satellite in its orbit is not an easy task. The orbital motion does not depend only upon the earth?s gravitational pull. When a satellite is in its orbit, its orbit is also affected by the presence of other bodies such as the Moon and Sun. Moreover, our earth is not a perfect sphere so its own gravitational force on a satellite can vary at different locations and the Moon and Sun have their own gravitational forces as well that affects the path of a satellite. Under all these circumstances, satellites do drift from their original path which needs to be adjusted in order to keep the satellite on track.

To transmit and receive signals, these telecommunication satellites have a number of antennas to receive signals from one mobile earth station and transmit it to one or more mobile earth station. There is a Doppler Shift as well in the transmitted signal which occurs because of the movement of the satellite and rotation of the earth about its own axis.

Mobile communication satellite systems can provide services to those areas that cannot get services from networks on earth. These systems can be of three possible forms [2]. First is that a direct link to the gateway of satellite station can be given to a mobile earth station to connect to the network. Second is that a mobile earth station can be connected to a translator station through a radio link which is responsible to transmit the data from a mobile earth station to the gateway station through a satellite link. In the third type of mobile communication satellite system again a direct link can be provided to a mobile earth station but a dedicated satellite system would be required for this purpose.

Different frequency bands are allocated to the satellites to perform mobile communication. Mostly used frequency bands are L-Band, C-Band, Ka-Band and Ku-Band. L-Band has the uplink frequency of 1.6 GHz and a downlink frequency of 1.5 GHz for commercial mobile satellite services (MSS). The long wavelength of this band allows it penetrate building structures and also get least affected by rain. Therefore, less powerful antenna transmitters are required. C-Band has the uplink frequency of 6 GHz and a downlink frequency of 4 GHz. Ka-Band uplink and downlink frequencies are 30 GHz and 20 GHz respectively for commercial use of mobile satellite mobile services and 44 GHz and 20 GHz of uplink and downlink frequencies for military use. This band has very large spectrum and high bandwidths available. But due to short wavelengths, it is largely affected by rain. Therefore, to increase the signal power very high power transmitters are required. On the other hand, Ku-Band has the medium range of frequencies. The uplink frequency is 14 GHz and downlink frequency is 12 GHz for fixed commercial use. Due to medium wavelengths, its signals can also penetrate many structures and are still able to provide high bandwidths but still they are affected by rain.

As the earth terrestrial networks, satellites are also required to serve a number of users simultaneously. So at a time when millions of users are accessing satellite services there is a need to have some sort of mechanism to differentiate and secure each user?s transmission. For this purpose, there are a number of multiple access schemes of which the three most commonly used are TDMA (Time Division Multiple Access), FDMA (Frequency Division Multiple Access) and CDMA (Code Division Multiple Access).

In TDMA, there are different time slots. Each mobile earth station transmits its data in chunks in a specific time slot at the same frequency. So the data of each user is differentiated in different time slots.

In FDMA, different frequency bands are allocated to different users for both the uplink and downlink channels. However, TDMA is a better because of its lower distortions of inter-modulation. In FDMA, downlink bandwidth is divided among a number of users whereas in TDMA full downlink bandwidth is available to all users during a specific time slot allocated. Also in FDMA, we may have to decrease transponder power by one half to minimize the distortion due to inter-modulation.

The third most commonly used multiple access scheme CDMA has no restrictions as in TDMA and FDMA. Each user can transmit its data at any time and can also use the same frequency bandwidth. In CDMA, each mobile earth station?s transmission is separated by a unique code. Signals transmission are separated by using spread spectrum technology that is why CDMA is also called Spread spectrum Multiple Access. Spread spectrum scheme assigns to each mobile station a unique code to generate a pseudorandom sequence to separate signals transmission and to spread the transmission across the whole bandwidth available from the satellite. When the signals transmission arrives at the receiver, it can be extracted by using the same sequence generated initially. The only limitation of the CDMA scheme is that it is very expensive to implement and can support a very limited number of mobile earth stations at a time.

As the science has advanced in technology, there are a number of mobile communication satellite systems now. Now we have a look at the different mobile communications satellite systems that exist today. These mobile communication satellite systems are divided into three groups namely: Geo-Stationary Systems, Big Low Earth Orbit (LEO) Systems and little Low Earth Orbit Systems. In Geo-stationary systems, INMARSAT and MSAT are the two satellite systems that we have. In Big LEO systems we have IRIDIUM, ARIES, ELLIPSO and ODYSSEY satellite systems. For little LEO systems we have LEOSAT, STARNET, ORBCOMM, and VITASAT satellite systems.

Of these satellite systems, International Maritime Satellite (INMARSAT) System is a very well known global mobile satellite telecommunication system. These satellite systems are connected to PSTN (Public Switched Telephone Networks) and they provide connectivity and communication services to a mobile earth station all over the world. Which means a user with a satellite mobile handset connected to the INMARSAT satellite system can receive services while roaming in any part of the world without being dependent on local terrestrial public networks. So a satellite connection proves to be really helpful in case something goes wrong with the terrestrial network such as a natural disaster etc.

INMARSAT is running its operation on four geo stationary satellites providing global coverage namely: INMARSAT-A, INMARSAT-M, INMARSAT-B and INMARSAT-C. High quality telephone, fax and high speed data services are provided by INMARSAT-A satellite system. In addition to dialling to a telephone or fax number directly, it can also provide image and video transmission services. INMARSAT-M provide services at a much cheaper rate as compared to INMARSAT-A. It has a fully digital and portable terminal to provide high quality cellular voice and data transmission services. Additional functionalities are added in INMARSAT-B satellite system compared to INMARSAT-A at a much lower charges. Along with new services, it provides very high quality voice services and very high data rates with a scope to increase them further in future. INMARSAT-C comes as a low cost communication system with a light weight terminal powered by a battery. It comes with a small personal computer to communicate with the network headquarter whenever needed.

The following Figure 4 shows the statistics of the INMARSAT satellite systems all over the world [3].

INMARSAT Satellite System Coverage and Service Providers

Figure 4: INMARSAT Satellite System Coverage and Service Providers [3]

Iridium Satellite System was proposed and developed by the Motorola Company in collaboration with a few other companies. This satellite has been purchase by the Iridium, Inc Company. In this satellite system, satellites are set into orbits in 6 different polar orbital planes with a total of 72 satellites at about 780 km above the earth surface [4]. Satellites are divided into groups of 11 with equal distance among them.? These are all Low Earth Orbit Satellites. L-Band frequency band is used by mobile earth stations to access satellite link using TDMA or FDMA schemes. Access of the mobile stations need to be synchronized to enable them to transmit and receive in the same time frame slot. Each satellite can handle more than 1000 calls at a time. All the satellites can route traffic to each other as well. This satellite system is designed in such a way that global coverage is achieved and gateway stations, which need to be connected to public switched telephone network on earth, required are less in number.

Two other LEO satellites systems are ARIES and ELLIPSO which are set into circular orbits above the equator to provide low cost services.

Another very well known satellite system is GLOBALSTAR system which provided full global connectivity. This system consists of 48 satellites divided into groups of 6. These satellites are set into orbit in eight different planes at 1414 km above the earth surface and are inclined at 45degrees and 135degrees to the equator. There is no exchange of data among these satellites as in the Iridium System. Therefore, a mobile earth station can only get access to the satellite link when the satellite has a line of sight path to the gateway earth station. Mobile stations can access the satellite using L-Band frequency band. Code division Multiple Access (CDMA) scheme is used to separate transmission of each mobile station. Six spot beams are used to cover the same geographical area on earth as is required by the Iridium satellite system. Satellites in GLOBALSTAR system complete their lifecycle between 5 to 15 years.

OrbComm launched its first two satellites in 1995. This satellite system is capable of providing remote monitoring and mobile tracking along with many other commercial services. OrbComm also contains 48 satellites which are in Low Earth Orbits. Access by mobile earth stations to these satellites is made on VHF (very high Frequency) band. The uplink band is 148 MHz to 150 MHz and the downlink band is between 137 MHZ to 138 MHz. Signal and data transmitted from the satellites are not directly forwarded to hand held devices first, rather they are first diverted to the gateway station on earth or public switched telephone network and then they are forwarded to mobile handsets. Satellites in this system have a lifecycle of about four years.

Intermediate Circular Orbit (ICO) satellite system consists of ten satellites with the help of which it can provide full global coverage. These satellites are divided into groups of five into two orbital planes at about 10,355 km above the earth surface. They orbit the earth the earth in about 6 hours serving a geographical area on earth for 20 minutes. Each satellite in the Intermediate Circular orbit can provide up to 4500 channels for voice data traffic and access to these channels is made secure and reliable by using the Code Division Multiple Accessing (CDMA) scheme. The terminals ICO systems are capable of supporting dual mode which means that they can operate with satellite and as well as public switched telephone networks.

In this entire scenario, each type of satellite system has its own advantages and disadvantages. Geo-Stationary satellites can be useful for one form of mobile communication but in some scenarios it may be more feasible to use Low Earth Orbit satellite system. Like with the help of three Geo-Stationary satellites we can provide almost full global coverage. As the satellites remain at the same point above the earth in Geo-Stationary system, the transmitters and receivers can have the fixed antenna positions without the need to keep track of the satellite which at times can become a very tedious task. Because they are located at about 36000 km above the earth, they are less affected by the atmosphere around the earth during its orbit making its life cycle greater than the other satellite systems. On the other hand, there are certain disadvantages of the Geo-Stationary system as well. Besides almost having no coverage at the north and south poles, one of the biggest problems in this system is performing voice and data communication over these satellites. Because they are far away from earth?s surface, there is very high latency or delay in the transmission and reception which makes it unfeasible for voice traffic. And also because of its large distance from earth?s surface, very high power antennas are required for these satellites which consumes a significant battery power. Moreover, sending a satellite into a Geo-stationary orbit from earth is very expensive as compared to other Low Earth Orbit satellites.

While with the Low Earth Orbit (LEO) satellite systems, transmission rates of about 2.4 kbps can carry out voice data communication efficiently. Because these satellites are orbiting the earth at much lower altitude as compared to Geo-Stationary satellites, transmission power required for the antennas is much less which in turn saves the overall battery power consumed. And for the same reason, the delay or latency in the transmission is much less which can compete with the wired cable terrestrial networks on earth. Higher elevation of these satellites to the equator enables are better coverage at the north and south poles. And also because the geographical area covered by one satellite in LEO system is smaller; frequency reuse policy can be best utilized. On the other hand, the very obvious and possibly the one of the biggest problem with this satellite system is the need to have a large number of satellites to provide global coverage. As the satellites in this system do not stay at a fixed position over the earth surface, their serving time geographical is only about 10 to 15 minutes which require very complex antenna mechanism on earth to keep track of the satellites. Another disadvantage of having low earth orbits is the very short lifetime of a satellite. Friction from earth?s surrounding atmosphere can severely effect the lifetime of a satellite in LEO satellite system. If a satellite mobile user is roaming around the world, providing global connectivity to that user also require interconnectivity of these large number of satellites.

Mobile Communication Satellite Systems are evolving very quickly in this era to keep pace with the increasing demand of communication globally. The trend is shifting towards the LEO satellite systems from the Geo-Stationary satellite systems because of very less latency delays in LEO systems as far as voice data communication is concerned. However, these satellite systems cannot fully replace the need of terrestrial networks because of these systems are still very expensive for an average user and not all countries of the world are developed enough to cope up with these satellites systems.

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[1]?Handbook of Antennas in Wireless Communications, Chapter 2, Michael John Ryan, ????? University of New South Wales

[2] ?Requirements for a Mobile Communications Satellite System. Volume 1: Executive ????????? summary, Final Report, 15 Dec. 1981 ? 31 Mar. 1983, TRW, Inc., Redondo Beach, CA.

[3] ?The Use of Mobile Satellite Communications in Disaster Mitigation, Eugene I. Staffa, ?????? World Conference on Natural Disaster Reduction Technical Committee Session C

[4] ?The Past, Present and Future of Satellite Communications, John V. Evans

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Tags: free essay, mobile communication

Category: Free Essays, Information Technology

Source: http://writepass.co.uk/journal/2012/12/mobile-communication-satellite-systems/

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Thursday, December 20, 2012

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Source: http://forums.ferra.ru/index.php?showtopic=53598

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SSL security vulnerability reported in Simple banking app

Security requires eternal vigilance, and we're reminded of that once again today by Nick Arnott who went poking around the Simple banking app for iPhone and discovered what looks to be an SSL vulnerability. Arnott describes the issue on his website, Neglected Potential.

The first thing that jumps out is the request to https://api.simple.com/user-api/mobile-auth-tokens when you sign in to your account. Included in the request are your plaintext username and plaintext passphrase. The request is sent over SSL, but this doesn?t gaurantee security and when dealing with such sensitive data, more security measures should be taken.

Arnott points out that Simple isn't doing anything here that many other banks aren't also guilty of, but that just makes the problem bigger, not more excusable. Read the full story on his site, linked below.

Source: Neglected Potential



Source: http://feedproxy.google.com/~r/TheIphoneBlog/~3/Kz223gUZN9Y/story01.htm

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Harvey Organ's - The Daily Gold and Silver Report: Japan signals ...

Japanese Pension Funds With $3.4 Trillion In Assets Seek Safety In Gold

Today?s AM fix was USD 1,699.50, EUR 1,289.26 and GBP 1,048.10 per ounce.
Yesterday?s AM fix was USD 1,690.00, EUR 1,285.27 and GBP 1,043.21 per ounce.

Precious metals crept higher yesterday and closed with very slight gains for both gold and silver.?

Gold closed up 0.22% or $3.80 to $1698.00. Silver closed with a marginal gain of 0.12% - up 4 cents to $32.21/oz.

Prices crept gradually higher in Asian trading prior to some retrenchment in early European trading.

U.K. inflation held at the highest since May in November as higher food, electricity and gas costs kept consumer-price growth above the Bank of England?s target.

The fastest price rises were seen in the cost of fruit, bread and cereals, as well as in energy bills, the Office for National Statistics (ONS) said. Inflation is now expected by many investors and economists to creep up further next year as further increases in electricity and gas prices take effect.

Many traders are on the sideline as trading slows down prior to Christmas. The focus remains on U.S. lawmakers attempts to cobble together a deal to avert the 'fiscal cliff'. There is optimism that a deal can be done to avert fiscal disaster.

While this may be the case in the short term - another short term political panacea which fails to address the very poor deep rooted structural fiscal challenges may lead to an even greater fiscal disaster in the course of President Obama's second term.

The fundamentals which have led to another annual gain in 2012 (8% in dollar terms) remain in place.

Ultra loose monetary policies from the U.S. Federal Reserve, the Bank of England and other central banks will provide support, as currency debasement and rising inflation leads to continuing demand for bullion.

These fundamentals are leading to broad based global demand for gold - from retail investors to institutions and pension funds. Japanese pension funds are increasingly looking at gold according to an article in the Wall Street Journal this morning.

Diversification into gold is taking place in order to protect against sovereign risk, debasement of currency risk and inflation risk.

In March 2012, Okayama Metal & Machinery became the first Japanese pension fund to make public purchases of gold, in a sign of dwindling faith in paper currencies. Okayama manages pension funds for about 260 small and mid-sized companies in the Okayama area.

"By diversifying currencies, we aim to reduce risks associated with them," said Yoshi Kiguchi, the fund's chief investment officer. "Yields become stable if you put small amounts into as many types of holdings as possible."

Of its 40 billion yen ($477 million) in assets, the fund has invested around ?500 million-?600 million in gold, he said.

Initially, the fund aims to keep about 1.5% of its total assets of Y40bn ($500m) in bullion-backed exchange traded funds, according to chief investment officer Yoshisuke Kiguchi, who said he was diversifying into gold to ?escape sovereign risk?.

Other pension funds in Japan are following their lead according to the Wall Street Journal.

Japanese pension funds are diversifying into gold "largely to mitigate the damage from possible market shocks".

Japanese pension funds invest mainly in domestic stocks and bonds. Until recently, none have looked to gold or other physical assets.

For example, Japan's Government Pension Investment Fund, the world's largest public pension, held 64% of its assets in domestic bonds, 11% in domestic stocks, 9.0% in international bonds, and 12% in international stocks, as of end-September. The remainder were in short-term assets.

This strategy has produced meager returns at a time when bonds offer historically low yields and the stock market has stagnated.

Worse yet, when crises have roiled the markets, big funds such as the GPIF have seen red. The GPIF lost 7.6% in the 2008 fiscal year, when the global financial crisis struck, and a less-painful 0.3% in the 2010 fiscal year, when the euro-zone debt crisis spooked markets.

Gold, whose price movement isn't historically correlated with those of stocks or bonds, can protect portfolios from being damaged too badly in times of market stress, investment managers say. Low interest rates also justify holding non-yielding gold in place of cash.

Mitsubishi UFJ Trust and Banking Corporation said it has secured more than Y2 billion in investments from two pension funds for a gold fund it started in March.

Gold is also used as a hedge against inflation, which is becoming a bigger concern as global central banks buy ever-more bonds, market watchers say.

The Bank of Japan has increased its purchases of Japanese government debt from the market and is under political pressure to do more. Shinzo Abe, Japan's next prime minister, has said he wants the central bank to employ "unlimited easing measures" to achieve a 2% inflation target.

"Responding to inflation is becoming one issue," said Hiroaki Nakaoka, sales manager for SPDR ETF Japan at State Street Global Advisors (Japan) Co.

Higher inflation could drive up interest rates and erode the value of the Japanese government bonds in which pension funds have invested most of their money.

In some ways, Japanese pension funds are merely tracking a trend that has already been seen in other developed markets, industry watchers say. Gold's potential to offset inflation-linked losses has already prompted some U.S. and European pension funds to buy small volumes. The Teacher Retirement System of Texas pension trust fund, for example, held $235 million of SPDR Gold Shares GLD +0.19% out of its total investment net value of $111.1 billion, as of end-August.

The emergence of gold exchange-traded funds has enabled pension funds to invest in gold without holding the physical product. Some funds restrict themselves from investing in physical assets. The first ETF backed by actual gold was introduced in Japan in June 2008.

ETFs "opened the door" to investment in gold, said Tetsu Emori, chief fund manager at Astmax Investment Management Inc., which manages ?70 billion in assets. Roughly 60% of its portfolio is invested in commodities, with gold accounting for the largest portion.

In March 2011, Mizuho Trust & Banking Co. started incorporating gold in a package product for pension funds that invests in various assets, including gold ETFs. Gold accounts for about 3% of the package. The product has attracted ?180 billion in investment from about 200 pension funds.

The vast majority of pension funds continue to shy away from gold, an investment that offers no yield and, in the case of physical gold, actually costs money to store.

But the potential for market turmoil and expectations of inflation could change that, industry experts say.

The global pension market is of a huge scale - with the Japanese pension market alone worth some $3.4 trillion.?

Even a small allocation by pension funds internationally to gold would result in a significant new source of demand which could be a new fundamental factor which propels prices higher in the coming years.

NEWS

COMMENTARY

For breaking news and commentary on financial markets and gold, follow us on?Twitter. end?



The Queen: on seeing the gold bars at the Bank of England:

"Regrettably not all of them belong to us"



(courtesy GATA/Wall Street Journal)



?Section:?Daily Dispatches

10:27a ET Tuesday, December 18, 2012

Dear Friend of GATA and Gold:

Becoming today the first British monarch to attend a Cabinet meeting since George III in 1781, Queen Elizabeth remarked on her visit last week to the Bank of England's gold vault, which was greatly publicized in the United Kingdom. (See?http://www.gata.org/node/12030.)

In a receiving line at 10 Downing St., addressing the chancellor of the exchequer, the UK treasury secretary, George Osborne, the queen said, "I saw all the gold bars. Regrettably not all of them belong to us."

Osborne replied that Britain still has some gold left, and apparently that was that -- nothing about swaps and leases and the purposes thereof, particularly secret currency market intervention to sustain the Anglo-American financial establishment that is bankrupting much of the Western world. (Seehttp://www.gata.org/node/12016.)
If any of our British friends happen to run into the queen -- and she?does?get around, being the most conscientious and selfless public servant in Britain -- they might let her know that GATA would be delighted to make a presentation to her about what her chancellor apparently won't tell her about her kingdom's gold and its former gold.

Of course under one of the basic U.K. laws -- is it the Act of Irrelevance? -- the sovereign and her immediate family are forbidden to do much more than serve as fodder for celebrity programs on television and the celebrity columns in the newspapers. But since there are no serious financial journalists anymore, one has to start somewhere, and if the queen could just keep talking about gold, maybe the issue eventually could break into "Inside Edition," "Entertainment Tonight," and People magazine if not "60 Minutes," "Panorama," and The Wall Street Journal.

The Telegraph's story about the queen's visit to the Cabinet meeting, posted at the link below, contains a 1-minute, 53-second video of the event, with the queen's exchange with the chancellor about gold coming at the 1-minute mark:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

The Wall Street Journal report of Japanese pension funds seeking the safety of gold:

(courtesy Wall Street Journal/GATA)

?Section:?Daily Dispatches

By Kosaku Narioka
The Wall Street Journal
Tuesday, December 18, 2012

TOKYO -- A small number of pension funds in Japan have started to invest in gold for the first time, largely to mitigate the damage from possible market shocks.

Japanese pension funds invest mainly in domestic stocks and bonds. Until recently none have looked to gold or other physical assets.

For example, Japan's Government Pension Investment Fund, the world's largest public pension, held 64% of its assets in domestic bonds, 11% in domestic stocks, 9.0% in international bonds, and 12% in international stocks, as of end-September. The remainder were in short-term assets.

This strategy has produced meager returns at a time when bonds offer historically low yields and the stock market has stagnated.

Worse yet, when crises have roiled the markets, big funds such as the GPIF have seen red. The GPIF lost 7.6% in the 2008 fiscal year, when the global financial crisis struck, and a less-painful 0.3% in the 2010 fiscal year, when the euro-zone debt crisis spooked markets.

Gold, whose price movement isn't historically correlated with those of stocks or bonds, can protect portfolios from being damaged too badly in times of market stress, investment managers say. Low interest rates also justify holding non-yielding gold in place of cash.

Among those moving into gold is Okayama Metal & Machinery Pension Fund, which manages pension funds for about 260 small and mid-sized companies in the Okayama area. It started buying gold in March.

"By diversifying currencies, we aim to reduce risks associated with them," said Yoshi Kiguchi, the fund's chief investment officer. "Yields become stable if you put small amounts into as many types of holdings as possible."

Of its 40 billion yen ($477 million) in assets, the fund has invested around Y500 million-Y600 million in gold, he said.

Mitsubishi UFJ Trust and Banking Corp. said it has secured more than Y2 billion in investments from two pension funds for a gold fund it started in March.

Gold is also used as a hedge against inflation, which is becoming a bigger concern as global central banks buy ever-more bonds, market watchers say.

The Bank of Japan has increased its purchases of Japanese government debt from the market and is under political pressure to do more. Shinzo Abe, Japan's next prime minister, has said he wants the central bank to employ "unlimited easing measures" to achieve a 2% inflation target.

"Responding to inflation is becoming one issue," said Hiroaki Nakaoka, sales manager for SPDR ETF Japan at State Street Global Advisors (Japan) Co.

Higher inflation could drive up interest rates and erode the value of the Japanese government bonds in which pension funds have invested most of their money.

In some ways Japanese pension funds are merely tracking a trend that has already been seen in other developed markets, industry watchers say. Gold's potential to offset inflation-linked losses has already prompted some U.S. and European pension funds to buy small volumes. The Teacher Retirement System of Texas pension trust fund, for example, held $235 million of SPDR Gold Shares GLD -- 1.01% out of its total investment net value of $111.1 billion, as of end-August.

Partly because it is seen as a hedge against inflation, the price of gold has more than doubled since the end of 2007, rising 103% to $1,695.75 an ounce Monday, according to the daily London fixing price.

The emergence of gold exchange-traded funds has enabled pension funds to invest in gold without holding the physical product. Some funds restrict themselves from investing in physical assets. The first ETF backed by actual gold was introduced in Japan in June 2008.

ETFs "opened the door" to investment in gold, said Tetsu Emori, chief fund manager at Astmax Investment Management Inc., which manages ?70 billion in assets. Roughly 60% of its portfolio is invested in commodities, with gold accounting for the largest portion.

In March 2011, Mizuho Trust & Banking Co. started incorporating gold in a package product for pension funds that invests in various assets, including gold ETFs. Gold accounts for about 3% of the package. The product has attracted ?180 billion in investment from about 200 pension funds.

The vast majority of pension funds continue to shy away from gold, an investment that offers no yield and, in the case of physical gold, actually costs money to store.

But the potential for market turmoil and expectations of inflation could change that, industry experts say.


end

What!!!! Kitco??? worried about gold market manipulation? ?It can't be so....

(courtesy GATA)

?Section:?Daily Dispatches

2:50p ET Tuesday, December 18, 2012

Dear Friend of GATA and Gold:

The afternoon metals market roundup by Jim Wyckoff at Kitco News takes note of growing suspicion of manipulation in the gold market. Wyckoff writes:

"Tuesday's major selloff in the gold market, amid no major, fresh fundamental news to move prices so sharply, once again has many market watchers scratching their heads. The past few weeks have seen similar unexpected, and seemingly inexplicable quick downside price moves in gold and silver. Many traders and investors are wondering (and many are frustrated) regarding the role of 'manipulators' in the gold and silver markets.

"Watching, trading, and analyzing the markets on a full-time basis for more than a quarter century, there is no doubt in my mind that bigger players in the market place can and do manipulate markets -- on a short-term basis. The big boys like to catch the market in thin, low-volume conditions so they can have as big of a desired price impact as possible when they execute their bigger trades. Such activity is not exclusive to the gold and silver markets. It happens in nearly all traded markets -- and it is nothing new.

"What is important to remember is that no individual trader or individual firm can control (manipulate) a market's price for very long. Even the major central banks of the world have tried manipulation in the currency markets (central bank intervention to the tune of billions in currency) with only marginal initial success and not a lasting impact.

"Regarding any longer-term conspiracy to manipulate the price of gold or silver (lower), I cannot say for sure if that is the case or not because I have never had the time to completely research the matter. However, I do know that by looking at the longer-term monthly chart for gold I see that prices are in a solid 11-year-old uptrend and that gold has been one of the best upside market performers of any asset class for the past 11 years. If some big outfit has been trying to manipulate gold to the downside, it has not worked very well for them the past 11 years."

Of course GATA long has addressed the "controlled retreat" of central banks in the gold market and we're not going to belabor it today, but the documentation of central bank intervention in the market remains available to Wyckoff and anyone else who wants to make the time to visit our documentation archive here:

Of special interest recently are two confidential reports by the International Monetary Fund dated 1999 and disclosed by GATA this month.

The first is a survey by the IMF about central bank gold leasing, which concluded that about 15 percent of official gold reserves were on loan in 1999. The amount now is almost certainly much higher. That report is here:

The second is a report to the IMF's Executive Board about transparency in central bank accounting, which discloses that Western central banks objected to reporting their gold loans and swaps because doing so would impair their secret intervention in the currency markets:

Imagine if a Kitco News reporter ever tried to interview central banks about these reports and to interrogate them about their activities in the gold market.

But for the time being we'll have to settle for Wyckoff's musing, headlined "P.M. Kitco Metals Roundup: Gold Down Sharply, at 3.5-Month Low, on Technical Selling, Stops Hit; Manipulation Discussed" and posted at Kitco here:

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

A detailed look at the role of silver for China.

(Michele Smith/silver investing news)

The structure of the silver industry in China is almost unrecognizable from the situation 20 years ago, a new?reportfrom?Thomson Reuters GFMS states. In 1990, China was a relatively small player in silver. Now, the nation is responsible for 17 percent of global demand and produces 14 percent of the world?s silver. GFMS? latest research reveals that China?s expanding role in the silver market has been driven by the liberalization of its silver industry and over a decade of economic growth. After the revolution in 1949,?gold?and silver mining did not feature in the People?s Republic?s economic planning, GFMS explains. Investment in the industry was limited and private trading and personal ownership of the metals was forbidden. Get the latest Silver Investing News articles delivered to your email inbox.?Learn more

China?s low level of silver production in the early 1980s raised concerns among State Council members, who decided that local production needed to expand in order to support industrialization and move the country toward self-sufficiency.

In 1983, regulations that covered the various aspects of the silver and gold industries, from production to export, were rolled out. The People?s Bank of China (PBOC) was granted monopolistic authority to set prices and buy and sell silver.

That initiated the rise of China?s silver production, which resulted in China becoming a surplus producer by the end of the 1980s. Production surpluses continued in the 1990s, and by 1997, the PBOC realized state stocks were more than sufficient for China?s fabrication needs.

Authorities eventually came to see silver as a metal with which to test deregulation. Exploratory sales from state stocks began in 1998. In 2000, an official trading platform was designated and China?s monopoly on silver ended.

China?s silver supply

China is now the third-largest producer of silver after Peru and Mexico.

GFMS estimates that from 1998 to 2006, government stock sales totaled almost 350 million ounces (m/oz), more than 4 percent of global silver supply during that period. However, the firm confidently assumes that the PBOC has stopped selling silver as its stock levels are no longer ?excessive.? Its remaining silver will play a role in diversifying China?s reserve portfolio away from US dollars, the firm notes.

Still, total supply has grown from 94.2 m/oz?in 2002 to 281.5 m/oz?in 2011, the firm reports.

This growth was largely the result of China?s decade-long GDP growth, which drove industrial development by averaging 10 percent annually. Rising commodity prices also accelerated exploration and development.

Mine production more than doubled during this time, increasing from 52.9 m/oz?in 2002 to 104.6 m/oz in 2011. That growth is incidental as it was mostly due to China?s need to supply fabricators with base metals, GFMS explains. The volume of primary silver production in China is limited. 95 percent of its domestically mined silver originates as a by-product, mostly from?lead-zinc?deposits.

Despite this rapid supply growth, China experienced its first silver market deficit in 2002; that deficit grew to 23 m/oz in 2011. This gap has been filled in large part by hefty increases of imported base metal concentrates.

According to GFMS, since 2007, the largest source of silver supply in China has been base metals containing silver. Supply from that source increased from a mere 20.4 m/oz in 2002 to a peak of 150.3 m/oz in 2008.

China?s silver demand

GFMS states that China?s fabrication demand has grown about 12 percent per year from 2000 to 2011, representing a rise in offtake from 48.7 m/oz to 159.5 m/oz.

That is in stark contrast to the rest of the world, where fabrication demand has posted a double-digit fall over the same period, the report notes.

If China?s fabrication demand is viewed in segments, industrial demand is the largest slice. Within that segment, electrical and electronic applications represent the largest slice. Over the past decade, China has also become the world?s largest silver jewelry fabricator.

Growth in China?s investment demand is another notable development. With the liberalization of the market, Chinese investors? participation has grown, elevating the nation from being ?a marginal player just a few years ago ? [to] the world?s leading market for both physical investment and paper trading? today.

An explosion in local precious metals purchases has been driven by macroeconomic conditions in China and abroad, states GFMS. For example, the firm explains that Chinese households have a great deal of cash savings that need to find a home. Yet the property market has been volatile and is now more heavily regulated, the stock market has seen heavy losses and interest rates on savings are close to zero in real terms.

Investment has traditionally been dominated by coins as silver bars were only made available in mid-2009. Last year, China accounted for 8 percent of global net purchases of these products.

Interest has also grown in silver contracts. The launch of silver contracts on the Shanghai Futures Exchange (SHFE) in May means that three exchanges now offer silver paper trading. GFMS notes that the SHFE has become an important commodity exchange for silver futures trading on a global basis, ranked only after the COMEX.

China silver outlook

As long as the outlook for economic growth in China remains positive, the nation is expected to continue playing a major role in the silver market.

Its use and production of base metals are slated for growth, which should result in an increase of by-product silver supply. GFMS also forecasts strong increases in production from primary sources as new projects are realized.

Growth in paper trading could be dramatic, the firm states. Further growth in coin and bar demand in upcoming years is expected as people place their trust in precious metals as a store of value and inflation hedge, notes the firm.

Urbanization and rising incomes also paint a bright picture for silver in China. As GFMS points out, the urban population only exceeded 50 percent in China for the first time last year. That compares to 80 percent in the countries that make up the Organisation for Economic Co-operation and Development and presents a bullish case for demand growth for silver-bearing products.

end



OK!!! Let's get the crooks into ?the copper game and relieve a little pressure on the gold/silver front:


(courtesy GATA/London Financial times)

?Section:?Daily Dispatches

SEC Approves JPMorgan Copper ETF

By Emiko Terazono
Financial Times, London
Monday, December 17, 2012

A JPMorgan-backed investment vehicle that aims to track the price of copper has won the approval of US regulators in spite of strong opposition from users of the metal and senior politicians.

The Securities and Exchange Commission on Monday approved the exchange traded fund, which is backed by physical buying of copper, opening the door to easy investment in the metal. The regulator's approval comes despite opposition from Carl Levin, chairman of the powerful Senate subcommittee on investigations, on the grounds that the proposed products "would allow speculators to create a squeeze on the market."

Senator Levin said that the SEC's approval of the ETF was "a blow to American businesses and consumers" and that it would "increase copper prices and volatility, and undermine market efforts to produce prices in response to supply and demand by copper users."

The SEC said it did not see the products disrupting the supply of copper available for immediate delivery and gave the go-ahead to NYSE Arca, the exchange, to list the JPMorgan ETF. NYSE has a separate request to list a rival BlackRock iShares copper ETF, which is now likely to go ahead too.

Leading US copper users have argued that the ETF would even "wreak havoc" on the global economy, given the metal's use in electrical wiring, which makes it essential to the manufacturing industry.

Companies such as Southwire, Encore Wire, Luvata, and AmRod as well as trading house Red Kite said the launch of the products would result in a "substantial artificially induced rise in near-term copper prices."

JPMorgan said it could not comment until the launch of the copper ETF, but in a previous submission to the SEC the bank had countered that the product would not consume metal but would merely hold it.

If and when the metal is needed by real consumers, the investors can sell their shares in the ETF and the copper will be available to the market within days.

Its regulatory filings suggest JPMorgan's ETF could hold 61,800 tonnes -- the equivalent to 27 per cent of the copper held in the London Metal Exchange's global network of warehouses.

The regulator said it believed the physical copper ETF would "provide another way for market participants and investors to trade in copper" and could enhance competition among exchanges.

The SEC added that the new copper ETFs would "provide investors another investment alternative, which could enhance a well-diversified portfolio" and "could increase competition among financial products and the efficiency of financial investment."

Source: http://harveyorgan.blogspot.com/2012/12/japan-signals-purchase-of-massive.html

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(IBD) Great Scott! Racist Sexist Indian-American Female GOP Gov Picks An African-American Senator

Congress: The first black Republican senator in three decades will be? a spokesman for Tea Party conservatism and a proud member of the party that was? founded to fight slavery and made the civil rights revolution possible.

Though he'll inevitably be dismissed as a "token" or worse, Rep. Tim Scott,? the next Republican senator from the former slave state of South Carolina, and? the first black GOP senator since Edward Brooke of Massachusetts, shatters once? again the stereotype of the GOP as a party of racists and sexists.

Appointed by an Indian-American female, Gov. Nikki Haley, to replace outgoing? Republican and Tea Party favorite Sen. Jim DeMint, Scott got the chance to be? the first black congressional Republican since 2003 ? when J.C. Watts of? Oklahoma left Congress ? by beating the son of Strom Thurmond, South Carolina's? legendary politician, in the 2010 GOP primary.

The elder Thurmond was the nominee of the genuinely racist Dixiecrat Party,? which split off from the Democrats in 1948. The symbolism of Scott holding Strom? Thurmond's seat in the U.S. Senate, after beating Thurmond's son in his first? U.S. House race, should not be lost on anyone.

Scott joins Florida Sen. Marco Rubio, New Mexico Gov. Susana Martinez, Nevada? Gov. Brian Sandoval, Louisiana Gov. Bobby Jindal and Texas Sen.-elect Ted Cruz? as another high-profile exception to the media portrayal of the Republican Party? as a collection of Paleolithic white males so hostile to women and minorities? that they opposed Susan Rice as secretary of state even though they'd put forth? Condoleezza Rice and Colin Powell as her predecessors.

Read More At IBD:? http://news.investors.com/ibd-editorials/121812-637548-nikki-haley-...

Source: http://patriotaction.net/xn/detail/2600775%3ABlogPost%3A6032396

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Wednesday, December 19, 2012

Google Apps for Business users get free Quickoffice for iPad | TUAW ...

Google purchased mobile productivity suite maker Quickoffice this past June and now we're seeing one of the fruits of that buyout. Starting immediately, users of Google Apps for Business will gain free access to a specialized free version of Quickoffice for iPad.

The app, which requires you to enter your Google Apps for Business credentials in order to function, has been built specifically to work with Google Drive. Using the company's cloud storage service, you can create, store and open Word, Excel and PowerPoint files. Of course, if you aren't a Google Apps for Business user, you can still download Quickoffice Pro HD (US$7.99) from the App Store.


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Source: http://www.tuaw.com/2012/12/19/google-apps-for-business-users-get-free-quickoffice-for-ipad/

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World's Oldest Person Dies; Dina Manfredini was 115

Source: http://www.thehollywoodgossip.com/2012/12/dina-manfredini-worlds-oldest-person-dies-at-115/

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