Figures from gold brokers suggest that small investors are buying up physical gold, such as bars and coins, as well as so-called "paper gold", such as shares in gold companies and gold funds in far greater quantities than a year ago. Gold Money is a company that allows investors to buy gold bars or stakes in the bars, which it then stores in vaults on clients' behalf. A year ago it held $352 million worth of customers' gold in its vaults. This has nearly doubled to $694 million by the end of May.

These figures echo official data, which suggests demand for gold has increased substantially over the last 12 months, with some fears there could even be a shortage around the world. This is despite the global recession, which has pushed down the demand for jewellery, especially in India, the biggest gold jewellery market in the world. According to the World Gold Council, RETAIL INVESTORS AROUND THE WORLD BOUGHT 131 TONNES OF GOLD IN THE FIRST THREE MONTHS OF THIS YEAR, AN INCREASE OF 33 PER CENT.

THE MAIN ATTRACTION FOR INVESTORS IS THAT GOLD IS SEEN AS THE ULTIMATE HEDGE AGAINST INFLATION. While the pound or dollar may lose their value, depending on the fortunes of the economy, gold historically goes up in value when inflation gathers pace. That is because everyone from market traders to high-powered investors would prefer to be paid in gold when cash starts to lose its worth. MANY FEAR THAT INFLATION WILL SHOOT UPWARDS LATER THIS YEAR OR NEXT as a result of the extra money that has been pumped into the economy, following the quantitative easing programme undertaken by the Bank of England.

The success of Iranian Supreme Leader Ayatollah Ali Khamenei was never predicated on his authority as a religious scholar. THERE ARE A NUMBER OF SHIITE CLERICS WHO ARE SUPERIOR TO HIM IN THE PECKING ORDER. Charisma is also not a characteristic frequently associated with Iran's religious leader. Rather, Khamenei's power stems largely from his skills as a strategist. Since his election as the almost untouchable leader of the Islamic republic in 1989, Khamenei has proven remarkably adept at courting his political opponents, thereby avoiding open conflict. Few pursued consensus as arduously as Khamenei.

In recent years, however, as this consensus has become more virtual than real, the position of Iran's leader has been eroded. Indeed, the current street battles are symptomatic of that erosion. Tears in the country's religious establishment have become ever more visible in Iran's recent past, the gap between the country's rich and poor has widened, and the chasm between the Western-oriented youth and the religious fanatics has deepened. INDEED, THE CURRENT CRISIS COULD VERY WELL SPELL THE BEGINNING OF THE END FOR THE KHAMENEI SYSTEM.

The demonstrations in Tehran and elsewhere are not just in protest against President Mahmoud Ahmadinejad, who was declared the official winner of Friday presidential elections despite opposition concerns that the election was fixed. RATHER, THE PROTEST IS ALSO AGAINST KHAMENEI HIMSELF, a leader who has lost all connection to large swaths of younger Iranians. He seems not to have noticed the yearning for more openness, more freedom - and for jobs with a future.

The main agenda item at the meetings in Yekaterinburg will be HOW TO DEAL WITH THE GLOBAL ECONOMIC CRISIS. Putting the two top-level meetings next to each other highlights the dominance of the economic crisis for both groups. THE TWO MEETINGS ARE FURTHER SIGNS OF A GLOBAL POWER SHIFT.

Trade between China and the other five full members has grown from $12bn (£7.3bn) in 2001 to $68bn in 2007. There have been moves to build a single energy market and a common transportation corridor within the SCO. The energy-thirsty China will benefit from all this, but China has also provided training and other services in return.

Leaders from the emerging economies of Brazil, Russia, India and China, the so-called Bric countries, will hold their first ever summit in Russia on Tuesday. The term Bric was coined in the same year the SCO was set up. THE LAST EIGHT YEARS HAVE SEEN A SHIFT OF POWER BOTH POLITICALLY AND ECONOMICALLY, WITH CHINA AS THE BIGGEST WINNER.

Following the announcement of the election results in Iran, Lieberman said that "The problem Iran poses to the international community is not based on a person but on its policy." However, he added, "Ahmadinejad's victory makes it even more clear that the international community must continue to act in an uncompromising manner to prevent Iran from obtaining nuclear [weapons] and to cease its support for terror organizations and destabilization of the Middle East."

Lieberman's deputy, Danny Ayalon, called upon the international community to stop Iran's nuclear programme and terrorism immediately. "Israel had no illusions about the Iranian elections to begin with," he said, "because on the subjects of nuclear weapons and terror there was no substantial difference between the candidates," he said. "If there was a shadow of a hope for change in Iran, AHMADINEJAD'S RE-ELECTION MEANS THE THREAT HAS GROWN," he added. Ahmadinejad reportedly received 62.6 percent of the vote, while his adversary Mousavi got 33.75 percent. Mousavi's supporters claim the results are skewed.

The blunt truth is that the European Parliament bears the brunt of the responsibility for the record-breaking abstention figures. In the 1980s, when the fledgling EU assembly was a glorified talking shop for retired politicians, it argued that if it had more powers it would be taken more seriously. Since then the parliament has been the major winner in the EU power struggle.

Yet the more powers the assembly accrues, the less interest it musters at the ballot box. Numbers matter because it is difficult to argue the parliament is the voice of the people of the Europe when the people of Europe cannot be bothered to elect its members once every five years. THIRTY YEARS AFTER DIRECT ELECTIONS WERE FIRST HELD, PARLIAMENT FACES A DOUBLE CRISIS OF LEGITIMACY AND OF RELEVANCE.

The most surprising thing about the Euro-elections is not that so few people voted but that so many did. Elections are about personalities - Obama vs. McCain, Segolene vs. Sarkozy, Brown vs. Cameron. IN THE EU THERE ARE FEW RECOGNIZABLE POLITICIANS and those that exist are either not running for the European Parliament or do not owe their jobs to it. It would help bridge the gulf between the EU and the citizens it is meant to represent if the president of the European Commission was directly elected by European voters rather than appointed by EU leaders.

But apart from celebrities like Bono or a handful of leaders or ex-leaders like Nicolas Sarkozy, Tony Blair and Vaclav Havel, THERE ARE FEW POTENTIAL LEADERS WITH EUROPE-WIDE NAME RECOGNITION. If sport, where tribal loyalties are perhaps strongest, can become Europeanized, there is no reason why politics cannot be. ALL WE NEED NOW IS THE POLITICAL EQUIVALENT OF A ZINADINE ZIDANE OR JOHANN CRUYFF - MASTER TACTICIANS AT HOME AND ABROAD, WITH INSTANT NAME RECOGNITION AND THE ABILITY TO DRAW IN THE PUNTERS ACROSS THE CONTINENT.

Prechter, known for predicting the 1987 stock market crash, joins a growing coterie of market heavyweights in forecasting THE UNITED STATES WILL LOSE ITS TOP CREDIT RATING AS THE GOVERNMENT ISSUES TRILLIONS OF DOLLARS IN DEBT TO FUND EFFORTS TO BAIL OUT THE ECONOMY.

Fears about the long-term vulnerability of the prized US credit rating came to the fore after Standard & Poor's in May lowered its outlook on Britain, threatening the UK's top AAA rating. That move raised fears that the United States could face a similar risk, with the hefty amounts of government debt issued in both countries to pay for financial rescues causing budget deficits to swell. Prechter, speaking at the Reuters Investment Outlook Summit in New York, said HE SEES INVESTORS' CONFIDENCE IN AN ECONOMIC REBOUND FADING, a trend that will drag the S&P 500 stock index .SPX well below the March 6 intraday low of 666.79 by the end of this year or early next.

THE ECONOMY "IS OBVIOUSLY HEADING TOWARD A DEPRESSION," despite the government's efforts to dodge one, said Prechter. Federal Reserve Chairman Ben Bernanke HAS NOT AVERTED A RE-RUN OF THE 1930s GREAT DEPRESSION, even though investors are becoming firmly convinced that the Fed has avoided disaster and that the economy has hit bottom. "IT'S THE NEXT LEG DOWN (IN STOCKS) THAT WILL MAKE IT CLEAR THAT THESE THINGS ARE NOT TRUE," Prechter said.

Crucially, there was no change on controversial plans to create three new EU authorities with the power to override national regulators in areas of banking, securities and insurances, despite attempts by the UK to water down the proposal. The Telegraph notes that the UK only managed to insert a provision in the joint statement saying that "such powers should not impinge in any way on the fiscal responsibility of member states". However, the Telegraph argues that the wording of the statement would still "APPEAR TO REDUCE BRITAIN'S FINANCIAL SERVICES AUTHORITY (FSA) TO A SUBSERVIENT ARM OF THE EU APPARATUS, limited to 'daily oversight'".

European Voice also reports that apart from the UK, only Slovenia, Slovakia and Romania were among the countries raising concerns that the new pan-European authorities will be given too much power. The Times reports that the UK also received some support from the German Finance Minister Peer Steinbrück. The UK Treasury has argued that only 16 out of 27 EU countries are members of the eurozone with a significant ECB role and would therefore not be adequately represented under the proposed arrangement, according to the Times.

The Czech Finance Minister, Eduard Janota, said that outstanding issues will "be dealt with politically" by EU leaders at their summit on 18-19 June, when the proposal is likely to be formally adopted. An article in the Irish Times argues that EU Monetary Affairs Commissioner Joaquin Almunia, "AS GOOD AS SAID BRITAIN WAS LIKELY TO BE OUTVOTED WHEN THE ISSUE IS DISCUSSED AT A SUMMIT OF EU LEADERS". EurActiv quotes him saying, "I am fully confident that the Council will support the Commission's proposal".

But the Mahmoud Ahmadinejad who was announced winner of a second four-year term this week is no cartoon character. Whether his 63 percent victory is truly the will of the people or the result of fraud, it demonstrated that MR AHMADINEJAD IS THE SHREWD AND RUTHLESS FRONT MAN FOR A CLERICAL, MILITARY AND POLITICAL ELITE that is more unified and emboldened than at any time since the 1979 revolution.

AS PRESIDENT, MR AHMADINEJAD IS SUBORDINATE TO THE COUNTRY'S TRUE AUTHORITY, SUPREME LEADER AYATOLLAH ALI KHAMENEI, WHO COMMANDS FINAL SAY OVER ALL MATTERS OF STATE AND FAITH. With this election, Mr Khamenei and his protégé appear to have neutralized for now the reform forces that they saw as a threat to their power, political analysts said.

"This will change the face of the Islamic Republic forever," said one well-connected Iranian, who like most of those interviewed declined to be named in the current tense climate. "AHMADINEJAD WILL CLAIM AN ABSOLUTE MANDATE, MEANING HE HAS NO NEED TO COMPROMISE." When he was first elected president in 2005, Mr Ahmadinejad showed his fealty to the leader, gently bending over and kissing his hand.

On Saturday, the leader demonstrated his own enthusiasm for the re-elected president, hailing the outcome as "a divine blessing" even before the official three-day challenge period had passed. On Sunday, Mr Ahmadinejad flaunted his achievement by mounting a celebration rally in the heart of an opposition neighborhood of Tehran, and holding a victory news conference where he scorned the West and made a joke out of his main opponent's quasi-house arrest. ASKED ABOUT SPECULATION THAT IN HIS SECOND TERM HE WOULD TAKE A MORE MODERATE LINE, HE SMIRKED, "IT'S NOT TRUE. I'M GOING TO BE MORE AND MORE SOLID."

Leaders of the so-called BRIC nations will discuss ways to reshape the global financial system after the worst economic crisis for decades and ideas for a NEW RESERVE CURRENCY TO REDUCE DEPENDENCY ON THE US DOLLAR may be on the agenda. "The good news is that rich countries are in crisis and that emerging countries are making a huge contribution to save the economy and, consequently, save the rich countries," Brazilian President Luiz Inacio Lula da Silva told Reuters on Wednesday.

"Wealthy countries are no longer the only ones that account for the world's production capacity and consumption," he added, saying the BRICs should work together to "change the political and trade geography of the world". The BRIC term was coined by Goldman Sachs economist Jim O'Neill in 2001 to describe the growing power of emerging market economies. The June 16 summit in the Russian Urals city of Yekaterinburg marks a step toward cooperation as a group.

BRIC countries account for 15 percent of the $60.7 trillion global economy but Goldman Sachs predicts that in 20 years time, the four countries could together dwarf the G7 and China's economy will overtake the United States in total size. "BRIC is a myth but a myth that is slowly becoming a reality," said Alexei Pushkov, a professor of international relations and a leading Russian journalist. "This summit shows there is a tentative community taking root. THE QUESTION IS WHETHER IT CAN BECOME A POLITICAL INSTITUTION or whether it will be dormant."

The appeal for greater government protection came amid rising tensions between New Delhi and Beijing over trade, after a high-profile dispute over an Indian ban on Chinese made toys. India's Federation of Chambers of Commerce and Industry said on Sunday that a survey of 110 small and medium-sized manufacturers found that about two-thirds had suffered a serious erosion of their Indian market share over the past year, because of cheaper Chinese products.

In its statement, FICCI said the Chinese imports were between 10 and 70 per cent cheaper than comparable Indian products, A PRICE DIFFERENTIAL THAT IT SAID WAS "HUGE AND DIFFICULT TO EXPLAIN". Amit Mitra, the FICCI's secretary-general, said Indian industries were being hurt by "TYPICAL CHINESE PREDATORY PRICING" intended to drive rivals out of business so that Chinese companies could capture the market – and then raise prices to more normal levels.

In January, New Delhi announced a six-month ban on the import of Chinese toys, citing concerns about their safety, after Indian toymakers complained that such playthings had grabbed the lion's share of the country's $2.5bn toy market. However, the ban was lifted after just two months, after Beijing threatened to take the issue to the WTO.

"Countries have announced all types of protectionist measures as the global financial crisis weighs on domestic demand and international trade," the ministry said on its website. The statement issued by the ministry's bureau for fair trade comes a day after the EU and the US began preparing to take action against Chinese exports restrictions on about 20 types of raw materials.

"As the third biggest trade entity and the second-largest exporter, CHINA HAS BECOME THE MAIN TARGET OF INTERNATIONAL TRADE FRICTIONS BECAUSE OF INCREASING PROTECTIONISM," the statement said.

Ahmadinejad dismissed the unrest - the worst in the decade in Tehran - as 'not important' and insisted the results showing his landslide victory on Friday were fair and legitimate even though his rival said he would appeal the result. A huge rally in his support was organised even as clashes flared around the capital. The violence spilling from the disputed results has pushed Iran's Islamic establishment to respond with sweeping measures that include deploying anti-riot squads around the capital and cutting mobile phone messaging and internet sites used by the campaign of Ahmadinejad's election rival, Mir Hossein Mousavi.

Peter Horrocks said audiences in Iran, the Middle East and Europe could be affected by the electronic jamming of satellites used to broadcast the BBC Persian TV signal to Iran. He said: 'It seems to be part of a pattern of behaviour by the Iranian authorities to limit the reporting of the aftermath of the disputed election.' In Tehran John Simpson and his cameraman were briefly arrested after they had filmed the material for a piece.

'And at least one news agency in Tehran has come under pressure not to distribute internationally any pictures it might have of demonstrations on the streets in Iran.' The whereabouts of Mousavi are not known and he has not been seen publicly since a news conference shortly after polls closed. His own website has been shut down. More than 100 reformists were arrested last night after Ahmadinejad's election victory led to street protests. A judiciary spokesman said they had not been arrested but were summoned and "warned not to increase tension". They were later released, he said.

The officials said that the speech which Netanyahu delivered at Bar Ilan University was much worse than they had expected. THEY ALSO WARNED THAT NETANYAHU'S POLICIES WOULD TRIGGER A NEW INTIFADA. Some of Abbas's top advisors accused Netanyahu of "burying the peace process" and said the ball was now in the court of US President Barack Obama.

"Netanyahu's speech is a blow to Obama before it's a blow to the Palestinians and Arabs," commented an aide. "IT'S OBVIOUS, IN THE AFTERMATH OF THIS SPEECH, THAT WE ARE HEADED TOWARD ANOTHER ROUND OF VIOLENCE AND BLOODSHED." The office of PA President Mahmoud Abbas issued a terse statement in which it accused Netanyahu of destroying efforts to achieve peace in the region.

"The speech has destroyed all initiatives and expectations," the statement said. "It has also placed restrictions on all efforts to achieve peace and constitutes a clear challenge to the Palestinian, Arab and American positions." NABIL ABU RUDAINEH, A SPOKESMAN FOR ABBAS, ALSO LAMBASTED NETANYAHU FOR REFUSING TO RECOGNIZE JERUSALEM AS THE CAPITAL OF THE PALESTINIAN STATE and his call for solving the issue of Palestinian refugees outside Israel. "Netanyahu's remarks won't lead to a just and comprehensive peace based on United Nations resolutions," he added. The US said Mr Netanyahu's stance was an "important step forward".

"There are no seasons in the American supermarket", a voice intones in the opening scene as a camera swept past supermarket shelves groaning with plump-breasted chickens, perfect cuts of meat and bountiful fruit, vegetables and grains.

THE DOCUMENTARY CLAIMS COWS ARE FATTENED UP ON HEAVILY SUBSIDISED CORN, EVEN THOUGH THEY CANNOT DIGEST THE GRAIN PROPERLY AND THEIR GUTS BECOME BREEDING GROUNDS FOR DEADLY E. COLI STRAINS AS A RESULT. It also says chickens with oversized breasts are grown to maturity and are ready to be slaughtered twice as quickly as they would be naturally, thanks to chemicals in their feed. There is also stomach-churning footage of conveyer belts packed with little yellow chicks being pushed around like mechanical parts; a cow, barely alive, being dragged around by a forklift; and herds of squealing pigs being forced onto a factory "kill floor".

Food Inc is being released as AMERICA IS FINALLY STARTING TO WAKE UP TO THE PUBLIC HEALTH CRISIS FUELLED BY ITS EATING HABITS AND FOOD INDUSTRY. Organic food stores are booming in affluent urban neighbourhoods and even some mainstream supermarkets are responding to demands for healthier food – most notably, Wal-Mart recently began carrying organic options and stopped selling milk containing growth hormone. But America remains far behind Europe in terms of regulation of the food industry and consumer demand for organic produce.

Eric Schlosser, the author of Fast Food Nation one of the driving forces behind the movie, said: "There is this deliberate veil, this curtain that's drawn between us and where our food is coming from. The industry doesn't want you to know the truth about what you're eating because if you knew, you might not want to eat it. WE'VE NEVER HAD FOOD COMPANIES THIS BIG AND THIS POWERFUL IN OUR HISTORY."

Yossi Altman said Koogle, a play on the names of a Jewish noodle pudding and the ubiquitous Google, appears to meet the standards of Orthodox rabbis, who restrict use of the Web to ensure followers avoid viewing sexually explicit material. The site, at www.koogle.co.il, omits religiously objectionable material, such as most photographs of women which Orthodox rabbis view as immodest, Altman said.

Its links to Israeli news and shopping sites also filter out items most ultra-Orthodox Israelis are forbidden by rabbis to have in their homes, such as television sets. "This is a kosher alternative for ultra-Orthodox Jews so that they may surf the Internet," Altman said by telephone.

The site was developed in part at the encouragement of rabbis who sought a solution to the needs of ultra-Orthodox Jews to browse the Web particularly for vital services, he said. NOTHING CAN BE POSTED ON THE JEWISH SABBATH, WHEN RELIGIOUS LAW BANS ALL TYPES OF WORK AND BUSINESS, ALTMAN SAID. "IF YOU TRY TO BUY SOMETHING ON THE SABBATH, IT GETS STUCK AND WON'T LET YOU."