GOLD PRICES TREADING WATER

Gold prices are trading sideways on the New York Spot Market as of 10:54 a.m. EST as thinning volume and the Bank of Japan's attempt to control the yen's meteoric rise provide little direction for the yellow metal. The Bank of Japan's decision to add another $117 billion to a loan program for banks at a 0.1% interest rate did little for the gold price. Typically, a surge of more yen in circulation would be a catalyst for gold as investors buy the metal for protection against a devalued currency. But many experts believe Japan's moves weren't strong enough to control the yen's appreciation, which left gold relatively unchanged. (The Street, 8/30/10)

Stocks are modestly lower on the New York Stock Exchange after a report showed personal spending was on the rise but Americans were saving less of their disposable income. Investors were also mulling two billion-dollar corporate deals and a move by the Bank of Japan to shore up its economy. Investors will be gearing up for Friday's monthly jobs report, due before the opening bell Friday. (CNN Money, 8/30/10)

The U.S. must ‘stop printing money’ and ‘copy Europe’ according to billionaire investor Jim Rogers, chairman of Rogers Holdings. In an article for CNBC, Rogers urged the U.S. policy makers to take on austerity measures and let the United States go bankrupt. “In America, Bernanke just says we'll print more money, we'll spend more money, even though the United States is now the largest debtor nation in the history of the world,” said Rogers. "The things that have worked in the past... will be you go bankrupt then you re-organize and you start over. You have a painful period for a while, and then you start over. This has been done in the past 3 or 4 thousand years, and that's the way you do it." Rogers also states unequivocally that he believes gold is not in a bubble and that he expects "a lot more currency turmoil over the next 2- 3 years because of the huge imbalances that exist in the world." (CNBC, 8/30/10)