Obama denies 'excessive celebration' on bin Laden milestone

US President Barack Obama Monday denied his administration was indulging in "excessive celebration" on the anniversary of the death of Osama bin Laden, six-months before he faces reelection.

Obama said it was "appropriate" to remember the killing of the Al-Qaeda leader by US special forces and took a clear swipe at his election rival Mitt Romney, implicitly questioning whether he would have ordered the raid.

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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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