First Presidential Debate Under Way

(AP) DENVER
The first debate between Democratic President Barack Obama and Republican nominee Mitt Romney is under way at the University of Denver.

Obama and Romney are taking the stage in the first of three 90-minute presidential debates scheduled this month.

The debate is expected to focus on domestic policy. The moderator is PBS newsman Jim Lehrer. He will open each 15-minute segment with a question, and then Obama and Romney will have two minutes apiece to answer.

After that, it's up to Lehrer to keep the conversation going and to intervene if one candidate speaks too long.

National polls show the two candidates in a tight race among likely voters. But Obama has the advantage in many of the battlegrounds, including Colorado.

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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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