|
|||||
|
London Gold Market Report from Ben Traynor, BullionVault Tuesday 14 May 2013, 07:30 EDT
Stronger Dollar Means Gold “Has Lost Safe Haven Appeal”, But Sentiment “Has Turned Positive” in India
SPOT GOLD fell towards three-week lows Tuesday, dropping as low as $1423 per ounce, as the Euro also fell against the Dollar after comments from those attending today’s Eurozone finance ministers’ meeting appeared to show disagreement over the creation of a banking union.
Days after Germany’s [...] From Zero Hedge: Remember when we said two months ago that one way or another the market will need to tumble to enforce the chain of events that lead to Spain demanding the bailout which has long been priced in, and (especially after yesterday’s violent protest) Rajoy handing in his resignation? Well, it’s “another.” After nearly 3 months of suspending reality, in hopes to not “rock the boat” until the U.S. presidential election, [...] The cold douche begins. Markets will now learn that the European Central Bank’s bond plan is a devout wish, not a done deal. Europe’s political minefield lies ahead. Nothing can happen until Spain and then Italy request a rescue from the EU bail-out funds (EFSF/ESM), and sign away their sovereignty. Nothing further can happen until an angry Bundestag approves the terms and signs away its money. Germany has a 27pc voting weight [...] Telegraph By Ambrose Evans-Pritchard, International business editor 9:36PM BST 23 May 2012 591 Comments In a blunt warning to Athens, the Bundesbank said a Greek withdrawal from the eurozone would be disruptive but “manageable”, undermining claims by Greece’s radical anti-austerity leader, Alexis Tsipras, that Europe would not dare pull the plug. “When the Eurosystem provided Greece with large amounts of liquidity, it trusted that the programmes would be implemented and thereby ultimately assumed considerable risks,” said the [...] Telegraph Pressure on Greece increased dramatically on Wednesday night after Germany’s central bank called for a suspension of financial support to Athens and eurozone finance ministries agreed to draft contingency plans for a Greek exit from the euro. By Ambrose Evans-Pritchard, International business editor 9:36PM BST 23 May 2012 266 Comments In a blunt warning to Athens, the Bundesbank said a Greek withdrawal from the eurozone would be disruptive but “manageable”, undermining claims by Greece’s radical anti-austerity [...] From Bloomberg: Greece may have only a 46-hourwindow of opportunity should it need to plot a route out of the euro. Bloomberg Greece may have only a 46-hour window of opportunity should it need to plot a route out of the euro. That’s how much time the country’s leaders would probably have to enact any departure from the single currency while global markets are largely closed, from the end of trading in New York on a Friday to Monday’s market opening in Wellington, New Zealand, based on a synthesis of euro-exit scenarios from 21 [...] European Central Bank Executive Board member Joerg Asmussen on Monday reaffirmed that the ECB is working to keep Greece in the Eurozone, stressing that the country needs to stick to the agreed consolidation and reform program. “I want to say very clearly that our preference is that Greece remain in the Eurozone — that?s what we?re aiming at,” Asmussen said according to MarketNews at a conference organized by German daily Die [...] From Bloomberg: European Central Bank President Mario Draghi acknowledged that Greece could leave the euro area and signaled policy makers won’t compromise on their key principles to prevent an exit. While the bank’s “strong preference” is that Greece stays in the euro area, “the ECB will continue to comply with the mandate of keeping price stability over the medium term in line with treaty provisions and preserving the integrity of our balance [...] Earlier we wrote up a note from BNP Paribas discussing the dramatic economic collapse that would happen in Greece (on top of what’s happened already!) were Greece to quit the Euro.
But before Greece gets to that state, something else has to happen first: basically, the mother of all games of Chicken. If there is a June election, the likely victor will be Alexis Tsipras, and that will be interesting… BNP’s Paul Mortimer-Lee sets the stage: Alexis Tsipras, leader of [...] http://www.marketwatch.com/story/canadian-german-officials-clash-over-eu… WASHINGTON (MarketWatch) — The finance minister of Canada and a top official of the European Central Bank clashed in public Thursday over whether the euro zone has done enough to reduce the risk of another round of crisis. The dispute started during a session on global growth sponsored by the Bertelsmann Foundation on the sideline of the IMF/World Bank spring meeting when Jim Flaherty, the finance minister of Canada, said that [...] From Bloomberg: ederal Reserve Bank of St. Louis President James Bullard said the U.S. and world economies risk elevated inflation that persists for years should developed nations mistime their exits from easy monetary policies. “Once inflation gets out of control, it takes a long, long time to fix it,” Bullard said in a Bloomberg Television interview in Hong Kong today. “Ultra-easy” policies across the Group of Seven nations, which include the U.S. and Germany, [...] by Finance Addict The ECB Is Very P.O.’d The big news out of Europe on Friday was not S&P’s downgrade of 9 countries, France included. The ratings agency told us weeks ago that it might do this. No, much more important was the ECB’s saying in the bluntest possible terms that the EU leaders are backtracking on the fiscal compact agreed just 5 weeks ago by 26 of the 27 countries. The Financial Times reports that ECB boardmember Jörg Asmussen has put pen to [...] Juergen Stark has become the second policymaker to resign from the European Central Bank in a year. Sources have told Reuters the chief economist is stepping down because of a conflict over the bank’s controversial bond-buying programme, which recently rescued Spain and Italy from the brink of disaster – even though the bank said Stark was leaving for personal reasons. Axel Weber also [...] REUTERS A protest against austerity measures in Athens. Greece is considering leaving the euro zone, according to sources in the German government. |
Custom Search
    |
||||
|
Copyright © 2013 InvestmentWatch - All Rights Reserved |
|||||
