Thursday 1st August

China Stocks World’s Worst Losing $748 Billion on Slump
{http://www.bloomberg.com/news/2013-07-30/china-stocks-world-s-worst-losing-748-billion-on-slump.html}

We could very well be entering into a multi-decade period of much lower price-to-earnings (P/E) ratios.
{http://www.marketwatch.com/story/pe-ratios-to-drop-20-in-coming-years-2013-07-31}

Gold
China launches two new gold ETFs
{http://emergingmoney.com/china/china-launches-two-new-gold-etfs/}
On Au
{http://johnhcochrane.blogspot.co.uk/2013/07/on-au.html}
On-On Au; What is the payoff structure of gold?
{http://noahpinionblog.blogspot.co.uk/2013/07/what-is-payoff-structure-of-gold.html}