April 2007

180 Global Institutions Sign UN’s Principles for Responsible Investment (PRI). – [COMMENTARY] The PRI is really another name for socially and environmentally responsible investing. It is indeed heartening to see how mainstream such investing concepts are becoming. I just hope that these signatories are serious and that it is not only a corporate public relations exercise. Most of these institutions are major financial and investing firms, still engaged in numerous controversial activities concerning their investing and lending policies. Except for a few who are oriented towards SRI, the majority of financial and investing firms who signed on to the PRI continue to promote investing or lending to environmental polluters and socially irresponsible companies.
PRI hits $8trn in first year, by Heather Dale, April 30, 2007, Global Pensions, UK.

Growing Pharmaceuticals? A New Battleground.  – [COMMENTARY] Largely unreported is the growing field of ’pharmaceutical farming.’ This is where genetically modified crops are grown to make ingredients for drugs. Proponents say it can make drugs much cheaper than by conventional means. Big pharma has so far been reluctant to get too involved, but things could change fast in this regard with current successes of these crops. The ethical questions are huge, and again, our food supplies and the natural world itself could be in danger. This article is a must read, particularly for those that invest in the drug industry.
Down on the pharm, by David Adam, April 30, 2007, The Guardian, UK.

SRI In Emerging Markets. Miniscule, But Growing. – [COMMENTARY] The article linked to below gives an interesting perspective of socially responsible investing as it pertains especially to the developing world.
Socially responsible investment, by Sunil K Sinha, Business Standard, India.

Dutch To Import Large Amounts Of Biomass From Developing World. – [COMMENTARY] The Dutch Cramer Commission released a final, major report on how they should import large amounts of biomass from the south. As an investor concerned about the spiritual, ethical or environmental impacts of energy, you will find this discussion in the following linked article useful. It is a subject that will concern us all for decades to come. The article also discusses how many people in the developing regard such trade as ’green imperialism.’
Dutch propose biofuels sustainability criteria: NGOs sceptical, developing world says ’green imperialism’, April 28, 2007, Biopact, Belgium.

British American Tobacco (BAT) Accused Of Hypocrisy At AGM. – [COMMENTARY] “The ASH report You’ve got to be Kidding, shows that BAT is using marketing methods round the world which glamorise and romanticise smoking, which are known to be particularly attractive to young people and which you voluntarily gave up using in the UK 30 years ago. How can you do this, yet say you practice corporate social responsibility?” – From article linked to below. How anyone can work or invest in this industry and still claim a moral conscience is beyond me!
750,000 Die In UK Corporate Social Responsibility Scandal, April 27, 2007, MaxHealth.com, UK.

US/UK Marketing Study Reveals True Value Of CSR. – [COMMENTARY] The survey indicates that the public’s perception of a company’s ethical stance is important as to whether or not they purchase their products. However, a company’s CSR policy is not a deciding factor in the consumer’s purchasing decision.
CSR is not consumers’ priority, April 27, 2007, MarketingWeek, UK.

Harvard Now Offering CSR Training To Executives. – [COMMENTARY] When Harvard Business School offers a new programme, one knows that business will listen. Harvard always has its ear keenly attuned to the thinking of top executives. Again, another milestone is reached for corporate social responsibility (CSR).
Harvard Business School Offers CSR Course to Execs, April 27, 2007, GreenBiz.com, USA.

Warren Buffett Asked To Sell Holdings With Sudanese Ties. – [COMMENTARY] According to the article linked to below, “Berkshire …owns 2.3 billion shares of PetroChina Co., a subsidiary of the state-controlled China National Petroleum Corp. (CNPC). CNPC has extensive operations in Sudan; it owns a major stake in Sudan’s national oil consortia.” This will be fascinating to watch and is likely come to a head at the May 5 annual general meeting of Berkshire Hathaway, Mr. Buffett’s holding company. I have for many years admired Warren Buffett for his ethics. Whatever he decides will have a significant influence on the decisions of many institutions and corporations who may also be considering divestment of holdings which have investments or activities that are supporting the Sudanese government.
Warren Buffett and Darfur: Sudan divestment movement targets Berkshire Hathaway’s China oil holdings, April 25, 2007, Sudan the passion of the Present, USA.

Website Encourages Divestment In Companies Dealing With Terrorist Organizations Or Countries. – [COMMENTARY] The people behind this website make the case of how successful the boycott of South Africa was in helping get that country’s government to end apartheid. Whether you agree or disagree with this premise, the apparent growth of such a movement could have significant repercussions on your investments. All investors need to keep abreast of these activities.
Center for Security Policy, Divest Terror Initiative. USA.

Newmont Mining Supports Socially Responsible Shareholder Resolution (2). – [COMMENTARY]  Newmont management actually supported the resolution before it was even voted upon. This shows the power of the ethical investor movement today!
US mining company agrees to ’green’ review, by Ben Arnoldy, April 25, 2007, The Christian Science Monitor, USA.

Wal-Mart Goes Green? – [COMMENTARY] The company is following the green trend set by other retailers. It is interesting that when people are asked to name the most respected brands, Wal-Mart is often at or near the top. Yet, among those in the socially responsible investing (SRI) community, the company often ranks poorly. Many in the SRI community are critical of Wal-Mart, often citing low employee wages and other issues related to product sourcing.
Wal-Mart making changes ’For the Greener Good’, by Marina Strauss, April 26, 2007, The Globe & Mail, Canada.

Will The US Legislate Corporate Social Responsibility (CSR)?  – [COMMENTARY] There is just such a proposed law making its way through the US Congress. I firmly believe that companies have to be completely transparent in all their activities as they relate to social, environmental or other perceived activities and risks. Standards for reporting this information need to be developed and independent auditing performed, then reported to shareholders. This may well require government legislation. Shareholders must have all facts before them before they invest in a company. Too many companies are likely hiding from shareholders enormous, potential liabilities due to incomplete reporting of their activities.
Legislating Corporate Social Responsibility, by Michael A. Levine, April 2007, GreenBiz.com, USA.

Tony Blair Backs UK Companies Offering Green Solutions To Consumers. – [COMMENTARY] Governments around the world need to formally encourage their citizens to engage in green consumption habits. Investors might want to investigate exactly how the companies they invest in are helping their clients become more environmentally conscious.
Discounts if you cut carbon, by Jonathan Prynn, April 23, 2004, Evening Standard, UK.

Values-Based Investing Gaining Among US Social Conservatives. – [COMMENTARY] If you have strong views about particular social or environmental concerns, how can you then invest in companies whose actions oppose your views? Even though there are diverse opinions on many issues affecting modern life, it is my sincere belief that if we all invest according to our convictions, then a much more ethical society with higher values and greater prosperity, will evolve. Read this article –
Social conservatives rally an investor army, by G. Jeffrey MacDonald, April 23, 2007, The Christian Science Monitor, USA.

Newmont Mining’s Activities Under Attack. – [COMMENTARY] Shareholders at Newmont’s annual general meeting today face two shareholder resolutions asking the company to review its social and environmental policies in various communities where it has operations. The organizations issuing the press release linked to below paint a dismal picture of abuses that they attribute to the company. Perhaps Newmont should consult with Jim Sinclair of Tanzanian Royalty Exploration Corporation on how to conduct business in developing countries.
Groups Urge Newmont to Address Shareholder and Community Concerns, April 23, 2007, CSRWire.com, USA.

Canadian Financial Advisors Should Better Serve The Islamic Market.  – [COMMENTARY] Islam is listed as the fourth largest religious group in Canada, yet according to this article, they are poorly served by Canadian investment advisors. Financial/investment professionals everywhere need to realize that values-based investing is the way of the future. Values-based investing funds are growing much faster than the general fund universe in almost all countries where they are available.
Islamic market still underserved, by Mark Brown, April 20, 2007, Advisor.ca, Canada.

Is American Family Association′s Boycott Lowering Ford’s Sales?  – [COMMENTARY] The Association claims that over 700,000 Americans have signed a pledge not to buy Ford Motor Company products due to the company’s continuing support of homosexual advertising and sponsorships. It also says that mainstream media have ignored their ’do not buy’ Ford campaign. Ford lost more than $12 billion in 2006. It us useful for an investor, especially with a religious, spiritual or ethical orientation, to examine this issue, as it may influence one’s investment holdings.
Old Media Does Ford No Favors by Ignoring the American Family Association Boycott, by T Blumer, April 22, 2007, USA.

Canadian Companies Aim For Sustainability.  – [COMMENTARY] Canada has a reputation as a ’good guy,’ but few of its companies rank among global sustainability leaders. This is a good article describing the thrust by many of the country’s corporations to move higher on global sustainability rankings.
Good green goals, by Sharda Prashad, April 22, 2007, The Toronto Star, Canada.

Environmental Concerns Creating New Religions!  – [COMMENTARY] Religious individuals and groups around the world are coming together with a focus on the environment and our consumption habits. The movement is worth watching, from both a spiritual and an investment perspective.
Put Your Hands Together for ’Eco-Faith,’ by Sarah, April 22, 2007, Sustainable Development Now.

Faith Based Mutual Funds Boom In The US. – [COMMENTARY] It seems that Morningstar reports funds invested in US faith based mutual funds increased to $17 billion from $2.5 billion between 2000 and 2007. Spiritual investing is moving from the fringes to the mainstream, and by reading this column you are proving this is a fact. Mr. Kostigen, the writer of the article is a leader in covering stories related to spiritual investing.
More investors acting on faith, by Thomas Kostigen, April 20, 2007, MarketWatch, USA.

UK Consumers Lead World In Being Ethically Aware. – [COMMENTARY] UK shoppers are famous for leading in new trends. And this is certainly a good trend. It leads to massive changes in shopping habits and consumption. Investors should look to the UK to get an idea of how ethically aware consumers may influence the outlook for companies in their own portfolios. See if your advisor is aware of what ethically oriented consumers may do to companies in your portfolio.
UK Consumers Are The Most Ethically-Aware, According to Surveys, by Nick Morgan, April 20, 2007, The Retail Bulletin, UK.

Hoteliers Think Green. – [COMMENTARY] Large and small hoteliers are going ’green.’ They are gaining customers as a result. The eco-hotel industry is in the forefront of the green movement. Many hotel industry workers are among the lowest paid in society. It will be interesting to see if this industry is ever pressured to do what McDonald’s has done below, namely, pay more to their lowest ranking workers. Will hotel customers begin to differentiate among hotels based on their corporate social responsibility polices? Should you as an investor want to do the same?
Greening the Hotel Industry One Eco-Property at a Time, by Heleigh Bostwick, April 20, 2007, ENN.com, USA.

Intel’s Unique Strategy For The Developing World. – [COMMENTARY] Intel is truly taking a bottom-up approach in creating an inspiring IT enabled, educational platform for the developing world. My only concern about their strategy is its WiFi aspect. Personally, I would like to see much less electromagnetic radiation pollution in our environment. Unfortunately, we may not know the consequences of such pollution for many years, but I feel that when we do know them, we will wonder why the ’precautionary principle” was never applied!
Next Billion Customers? Intel’s Already a World Ahead, by Robert Katz, April 20, 2007, WorldChanging.com, USA.

Poor Farm Workers Get Boost From McDonald’s. – [COMMENTARY] So McDonald’s is paying more for its tomatoes picked mostly by Mayan Indians, Latinos and Haitians. This is a trend that is just beginning and right out of the Fair Trade textbook. It shows a higher consciousness taking hold in affluent societies. Companies acting in such a socially responsible way will likely see their brands gaining in respect and even increasing their revenues too.
Making Supply Chains More Socially Sustainable, by Brian Adeba, April 19, 2007, Embassy, Canada.

Top US Builders To Disclose Their Energy Efficiency Performance.  – [COMMENTARY] Due to shareholder pressure, D.R. Horton Inc. and Toll Brothers Inc. are to disclose their energy efficiency and climate change-related strategies. Among other companies similarly pressured, Costco Wholesale Corp. and Starwood Hotels & Resorts Worldwide have also agreed to publish such reports. Construction and related industries are huge consumers of material resources and subsequent waste products. It will be most interesting to see these reports. However, until there is standardized reporting and auditing of this information, as with financial statements, it will be difficult to gauge the validity of what they report.
Investors Persuade Home Builders, Retail Giant and Hotel Chain to Disclose Energy Efficiency Performance, April 16, 2007, EDC Magazine, USA.

Does Pharmaceutical Direct-To-Consumer Advertising Create Unnecessary Drug Use?  – [COMMENTARY] The following study shows massive increases in per capita drug expenditure in the US as compared to Canada. In Canada, direct-to-consumer drug advertising is severely restricted while Canadians still outlive Americans. There needs to be much greater debate about the ethics of such advertising in the US. Investors with shares in drug companies should review the article below and ask themselves some deep questions as to whether they feel comfortable with the approach taken by the drug companies in the US. They might also consider what may happen to drug company profits if advertising restrictions were imposed, especially with a Democratic Congress wanting to reduce health prescription drug costs!
Direct-to-consumer advertising and expenditures on prescription drugs: a comparison of experiences in the United States and Canada, by Steven G. Morgan, Open Medicine, Vol 1, No 1 (2007), USA.

Nanotechnology Gaining Ground While Public Unprotected From Fallout.  – [COMMENTARY]  “In my experience…the public is currently not adequately protected from possible hazards due to nanoparticles.” So says Dr. Rob Sparrow, School of Philosophy and Bioethics, Monash University, Australia. What concerns me greatly is how little public debate there is regarding this technology. Like GMOs, nuclear energy or biotechnology, nanotechnology has the potential for great harm if the ’precautionary principle’ is not applied at once. A good test before investing in areas like this is whether or not insurers will provide liability coverage in case things go wrong. Investor beware!
Nanotechnology Progress, Dangers and Widespread Hypocrisy, A Bioethics Essay, by Dr Richard Sparrow, Monash University, AZoNano.com, Australia.

Companies Who Offer Good Work-Life Balance Likely To Get & Retain More Ethical Employees.  – [COMMENTARY] Studies like this show why those corporations excelling in corporate social responsibility activities generally outperform their peers financially. See Moskowitz Study.
Deloitte & Touche USA LLP Survey Finds Strong Relationship Between Work-Life Balance and Ethical Behavior, April 16, 2007, Press Release, Deloite & Touche, USA.

More Warnings About Monsanto’s GM Foods. – [COMMENTARY] “A variety of genetically modified corn that was approved for human consumption in 2006 caused signs of liver and kidney toxicity as well as hormonal changes in rats in a study performed by researchers from the independent Committee for Independent Research and Genetic Engineering at the University of Caen in France.” From the article cited below. This corn is approved for use in Australia, Canada, China, the European Union, Japan, Mexico, the Philippines, and the United States.
Monsanto’s GM corn MON863 shows kidney, liver toxicity in animal studies, April 10, 2007, by David Gutierrez, NewsTarget.com, Taiwan.

Fair Trade Reaches Palestinian Farmers. – [COMMENTARY] I truly hope that this is a sign of the future for desperately poor Palestinians. Fair Trade is growing enormously, and all investors need to keep abreast of developments in this area. Its potential to shape corporate – and shareholder – fortunes is just beginning.
New Fair Trade Deal between Palestinian Farmers and #1 Organic Soap Brand Presented at Green Festival, April 12, 2007, PRNewswire-USNewswire, USA.

US Retailer Focuses On Green Options. – [COMMENTARY] Welcome, and part of a growing trend demonstrating that consumers are driving changes in the marketplace by demanding eco-friendly products. However, as larger numbers of retailers participate in offering eco-friendly products, it becomes harder for environmentally oriented investors to differentiate which of them to invest in.
The Home Depot Introduces Eco Options, April 17, 2007, PR Newswire, USA.

International HR Study Shows CSR On The Rise. – [COMMENTARY] Interestingly, Brazil seems to lead in CSR. This study confirms the growing importance of social, environmental and ethical considerations in companies around the world.
Study finds Corporate Social Responsibility is spreading, April 11, 2007, by RP news wires, Reliableplant.com. Also, see actual survey, 2007 Corporate Social Responsibility: A Pilot Study.

EU Government Big On Biotech, Public Unsure. – [COMMENTARY] Europeans are largely positive about biotech’s medical benefits, but 58% are against GM foods. I have said many times that the ’precautionary’ principle needs to be rigorously applied to all biotech products. One wrong step could have disastrous results for all humanity.
Life sciences and biotechnology – a key sector for Europe’s competitiveness and sustainability, April 12, 2007, E Gov Monitor, UK.

US Fidelity Investments Urged to Divest Investments In Firms Doing Business With Sudanese Government. – [COMMENTARY] This could be a replay of the successful boycott that came about which helped to eliminate apartheid in South Africa. With investors increasingly applying ethical values to their investments, such trends as this are likely to gain markedly in strength. Consult your advisor to be sure that you are not caught off-guard with investments that could cause you problems.
Fidelity again hit for Sudan ties: Religious groups call on co. to divest $, by Jay Fitzgerald, April 12, 2007, Boston Herald, USA.

Big Public Companies Buying Small, Private Fairtrade Firms.  – [COMMENTARY] As this trend intensifies, do the products of the fairtrade companies remain ’pure’? The acquisitions of The Body Shop (by L′Oreal) and Ben & Jerry′s (Unilever) have certainly been controversial. Nonetheless, investing in private, upcoming fairtrade companies could become an interesting specialty area – providing you can get the knowledgeable, expert advice, for such speculative investments.
Fairtrade companies set to become target for acquisitions says analyst, April 11, The Appointment.co.uk, UK.

Sin Stocks Perform At Society’s Cost. – [COMMENTARY] It would be interesting to apply ’full-cost’ accounting to ’sin’ industries. Suppose we add-up the costs of alcohol related road accidents and its costs in lowering productivity, increasing family breakdown, etc., to the cost of alcoholic beverages? I believe that global society is entering a period of much higher consciousness and that profits from sin industries will be increasingly under strain as income deficient governments, by way of taxation, start demanding real full-cost accounting to these industries.
’Sin stocks’ may not be good for the soul, by Carrie Tait, April 10, 2007, Financial Post, Canada. See the actual study, The Price of Sin: The Effects of Social Norms on Markets, by Harrison Hong and Marcin Kacperczyk, March 2007, USA & Canada.

Doubts About Socially Responsible Investing. – [COMMENTARY] Many analysts criticize socially responsible/ethical investing as being naive. That is, what is deemed ’responsible’ varies according to the values of the individual and that it is almost impossible to assess companies on qualitative value scales. The simple point is that if we try to apply our personal values in our investment decisions, then these values ultimately get transmitted into the marketplace and beneficially influence the entire business environment. It is just that simple!
Joe Nocera: The trouble with socially responsible investing, April 6, 2007, The International Herald Tribune, France.

US Muslim Financial Institutions Expand. – [COMMENTARY] The US is home to some of the largest Arab Muslim populations outside of the Middle East. It is great that these populations are able to do banking and investment activities that are in accord with their religious values.
Financial Institutions Expand Products that Target U.S. Muslims, April 9, 2007, by Elizabeth Kelleher, US Department of State, Information Programs, USA.

Canada’s Banks And Pension Funds Invest In Cluster Bomb Makers. – [COMMENTARY] Scotiabank, TD Bank and the Royal Bank of Canada participate in international financing syndicates in providing credit to US cluster bomb manufacturers. This is a black eye to these banks which purport to show themselves as socially and environmentally responsible. Furthermore, they are all signatories to the United Nations Environmental Program’s Finance Initiative, which, according to their website, “…carries out its mission to identify, promote, and realise the adoption of best environmental and sustainability practice at all levels of financial institution operations.” Furthermore, the Canada Pension Plan Investment Board, an arm of the Canadian government pension system, has over $50 million invested in US cluster bomb manufacturers Raytheon, Lockheed Martin, and Textron, even though the Canadian government itself is a signatory to an international treaty banning such munitions!
Deadly investments, by Peter Gillespie, April 5, 2007, The Toronto Star, Canada.

Shop Less Says UK Government’s Top Green Advisor.  – [COMMENTARY] Jonathon Porritt is the most senior adviser to the UK government on sustainability and he is saying that for the sake of the planet that we need to shop less. His remark reminds me of how difficult this may be to accomplish, especially with richer consumers in the developed countries enjoying the ‘good-life’. Supporting my point is the recent Canadian Angus Reid Strategies’ survey. It shows that more affluent Canadians are less likely to reduce or change consumptive behaviour than are poorer Canadians in regard to climate change. I believe that Mr. Porritt is partly right, but people should know that inner fulfillment comes first. Then one does not rely solely on outer pleasures for happiness. After enjoying more inner fulfillment, people will be more able to change their habits.
Stop shopping … or the planet will go pop, by David Smith, April 8, 2007, The Observer, UK.

Have You Prepared Yourself Or Your Investments For Climate Change?  – [COMMENTARY] Create a list of questions for yourself, for the family, and for your financial advisor as you read the report linked below. These questions just may be the most important ones in your life!
Climate Change 2007: Climate Change Impacts, Adaptation and Vulnerability, April 6, 2007, Working Group II Contribution to the Intergovernmental Panel on Climate Change Fourth Assessment Report, UN.

US Subprime Mortgage Mess Creates Political Heat.  – [COMMENTARY] Our hearts go out to the borrowers. I certainly agree that the ethics of many of the lenders were suspect. My feeling is that the legal system needs to be empowered – if it does not have the powers already – to deal with exactly who was unethically swindling who. Unfortunately, some mortgage borrowers were lying to get loans too!
Consumer Advocates Call for Subprime Foreclosure Moratorium, April 4, 2007, Housing Wire, USA.

Global Banks Compete for 2007 FT Sustainable Banking Awards.  – [COMMENTARY] The link below shows the banks that have been nominated for this award, which is to be announced June 7. This will be fascinating to watch, as I believe the award could become a much coveted prize by the banks, and may do a lot to encourage sustainability in their operations and lending activities.
World’s Top Sustainable Banks Compete for Award, April 2, 2007, GreenBiz.com, UK.

Greenpeace Ranks Apple Worst On List For Toxic Products. – [COMMENTARY] It is something to think about before buying Apple products. How far do you apply your values to what you buy – and to how you invest? To get an idea of the most environmentally friendly global electronics’ manufacturers, see the Greenpeace rankings in the link below.
Chinese company tops Greenpeace “Green Ranking” of electronics industry, April 3, 2007, Greenpeace International, Netherlands.

UK Organization Begins To Certify Organic Beauty Products. – [COMMENTARY] Such certification seems timely to me, and hopefully will spread beyond the UK. Investors in beauty product companies might want to be aware of this trend. It could become a significant differentiating factor among these companies.
New organic beauty standard launched, April 6, 2007, UKPRwire, UK.

Rich Canadians Believe Less Than Poor Canadians In Global Warming. – [COMMENTARY] Angus Reid Strategies, surveyed in March 3,698 Canadians for this poll. It found that richer Canadians are less inclined to believe and take action on climate change than poorer Canadians. This could indicate why the elites in Canada have been so slow to act on Kyoto.
Rich and Educated Less Likely to Act Green, Today or Tomorrow, March 21, 2007, Angus Reid Strategies, Canada.

Valuable Overview of US Socially Responsible Mutual Funds. – [COMMENTARY] Mr. Kathman follows up on his earlier review of religious funds with this one on US socially responsible funds. It is a good introduction for anyone considering investing in this fund sector.
Find The Right Socially Responsible Fund, by David Kathman, CFA, April 3, 2007, Morningstar.com, USA.

When Is Organic Milk, Organic? – [COMMENTARY] With many large US supermarkets selling Horizon’s organic milk and dairy products, this question is relevant since much of Horizon’s milk comes from ’factory” dairy feedlots. This is a great article to read for anyone interested in consuming organic foods and/or interested in investing in the industry.
Interview: Organic Consumers Association’s Ronnie Cummins tells the truth about organic milk that isn’t, April 2, 2007, by Mike Adams, News target.com, USA.

UK Advisors See 30% Rise In Interest For Ethical Investing.  [COMMENTARY] The survey was conducted in March. It is a very good sign that UK investors are getting serious about ethics in relation to their investments. This sets a good example to other countries.
Ethical investing ’gathering pace’, by Scott Sinclair, April 2, 2007, IFAonline, UK.

US Securities Brokers & Financial Planners Held To Same Ethical Standards. – [COMMENTARY] There is no reason why these individuals should not be held to the same ethical standards when dealing with their clients. And this is what the U.S. Court of Appeals for the District of Columbia Circuit stated in an opinion on March 30.
Very Good News for Investors and Consumers: ‘Merrill Lynch Rule′ Overturned, April 2, 2007, BizzyBlog, USA.

Buy Responsibly Mined Gold?  [COMMENTARY] A campaign for ’ethical gold’ appears to be beginning. Many gold miners have been criticized for behaving irresponsibly towards the environment, their employees, and to the communities in which they are situated. Gold of course is not only used in jewellery, but also has, and continues to be, used as a currency. Some people believe that it is the only honest – or ethical – currency. Indeed, that a sound ’paper’ currency needs to have a tie to gold. This is a view that I largely share and which I will explain in a future editorial in our free newsletter, The Soul Investor.
Should I wear newly mined gold? By Lucy Siegle, April 1, 2007, The Observer Magazine, UK.

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