If the rumor mill is accurate, it seems that Citigroup Inc. (NYSE: C) may get to beat Wells Fargo & Co. (NYSE: WFC) in the race to exit the TARP in the catch-up game to Bank of America Corporation (NYSE: BAC).  It seems every TARP borrower wants out from under such strict government control on pay and operations, let alone all of the scrutiny over every single business decision.  But CNBC’s Maria Bartoromo just noted that Citi may make a announcement as soon as tomorrow of a giant capital raise to exit the TARP.  While some may take this as breaking news, this has been under development all week (or longer) and has been one of the top rumor mill subjects.

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The Oldest Known Textile Fibre Archaeologists and paleobiologists have discovered flax fibres in Georgia, the country not the state, that are more than 34 000 years old. The flax was apparently not part of a domestically grown crop, but was harvested from the wild and is the oldest example of humanly worked fibres yet found. While there seems to be much argument and heated discussion about which came first in the textile world, vegetable fibres or stray hair fibres from wild animals such as early sheep and goats, it seems likely that it would have been the vegetable fibres, as the technique of twisting braiding and rudimentary spinning would lend itself much more obviously to the immediate versatility and plentiful supply of vegetable fibres as opposed to that of the less convincing occasional nature of matted stray animal fibres. Flax for example, is extremely versatile and even in its roughened state can be used in various thicknesses for rope, string and fine thread. Some of the flax fibres found in Georgia were indeed twisted which gives strong evidence that some form of string and thread was present 34 000 years ago. String might appear to us to be a minor element in the history of the human use of textiles, but it helped to revolutionise human survival and development. It was this technological invention that was creatively used by adept nomadic peoples for a whole range of practical purposes such as traps, nets, shoes, binding together bulky items for transportation purposes, and perhaps more importantly, for rudimentary basketry which was the great forerunner of both woven textiles and ceramics. Interestingly, some of the fibres had also been artificially dyed, which leads on to ideas about the early decoration and ornamentation of humans and their accessories. What is perhaps more important, regards the history of the collection of plants for dying purposes. It is still not known how old the technology of textile dying is, but because there was such a wide range of dyed fibres found in Georgia, ranging from black, through turquoise to pink, it gives the impression that the technology was fairly advanced and so could go back much further than 34 000 years. It would be interesting to know how long this relationship between worked fibres and dying techniques has existed. Although there is much supposition and very little hard evidence for textile techniques at the site in Georgia, the evidence of twisted and dyed natural fibres does pose the question as to how far back our relationship with textiles really does go and at what stage the technology of braiding, basketry and ultimately weaving appeared.

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CHINA has put Gordon Brown’s investment philosophy to shame by enjoying a near-doubling of the value of its gold reserves.

The People’s Republic has gold reserves worth $10.8 billion (£6.2 billion), based on yesterday’s $558.60 gold fix in London, compared with about $6.6 billion at the end of 2002, when China last increased its stake. The Chinese central bank holds 600 tonnes of gold, according to new figures from the World Gold Council, the gold industry’s marketing arm. China almost doubled its gold reserves to the 600 tonne level between 2000 and 2002, at a time when the Chancellor was a bullion seller.

Is China is up-coming Power These statistics show what is going to be happening …..

British taxpayers missed out on £3.6 billion (£2.1 billion) worth of gold profits because Mr Brown sold most of the country’s reserves during the 1998-2002 gold price slump. Mr Brown’s dismal record is matched only by his counterparts in Switzerland and the Netherlands, which have been among the most active sellers of gold over the past five years. Switzerland’s decision to sell 908.3 tonnes of gold between January 2002 and March 2005 has cost it about $8 billion in forgone profits. Its central bank will argue that the sell-off was part of a strategy to diversify its foreign reserves. Unlike Britain, Switzerland still has a sizeable gold holding of 1,290 tonnes, worth $23.1 billion.

Gold storage in China

China’s fiscal leaders, on the other hand, held on to their bullion investment. In the late 1990s and early 2000s, the gold price was at its lowest level in 20 years, but it has since recovered to trade near 25-year highs. The surging price of gold has been driven by uncertainty about the state of the American economy and by booming demand for jewellery. Britain has kept 310.8 tonnes of gold, worth $5.6 billion, a relatively small holding compared with most Western European countries. Gold reserves make up 11.6 per cent of the UK’s total foreign reserves. America, the world’s biggest economy, also heads the list of nations placing their faith in the precious metal. America’s gold reserves are 8,135 tonnes, worth $146 billion and accounting for 73.2 per cent of America’s total foreign reserves. The central banks of Germany and Italy are similarly fond of gold as a prudent investment, and alongside France, which has reduced its gold holding, hold more than half their total foreign reserves in gold. Investor interest in gold was reinforced yesterday by the 6 per cent surge in AngloGold Ashanti’s New York share price to $51.41. The shares are trading about $21 higher than a year ago. The positive reaction followed confirmation from Anglo American, the London-based diversified mining group, that it would reduce its stake in AngloGold Ashanti from 51 per cent to as low as 41 per cent.

NYMEX crude oil futures prices ended above 71 dollars a barrel today after posting the biggest one day rise since August 19 on a buying spree spurred by weakness in the dollar.

Light, sweet crude oil futures for October settled 3.08 dollars higher at 71.10 a barrel, the highest price since Aug. 28. Nymex prices had dropped 4.72 dollars a barrel, or 6.5% last week.

The Organization of Petroleum Exporting Countries meets Wednesday in Vienna to review oil output policy, but traders said they don’t expect surprises. Ali Naimi, oil minister of OPEC kingpin Saudi Arabia, said the oil market is in “very good shape” and both producer and consumer nations are happy with crude prices between $68 and $73 a barrel.

Goldman Sachs said in a report it expects mountainous U.S. inventories of distillate fuel (diesel fuel/heating oil), at a 28-year high at the end of August, to decline in coming months, improving the supply/demand outlook. The bank repeated its forecast for $85-a-barrel crude oil by year end.

I am still standing path on the oil futures waiting for a big opportunity to emerge. I was caught on the May rally and I have been on the oil sidelines since then.

Oil Trader`s Blog is a website for active online futures and stock traders. I will provide my real time trading decisions and my market thoughts on this webpage.

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