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 [...]
London Gold Market Report
from Ben Traynor, BullionVault
Friday 26 April 2013, 07:45 EST
“Gold Shortage” Seen in Asia with “Physical Market Still Tight”
GOLD drifted lower towards $1460 an ounce Friday morning in London, having climbed to its highest level since last week’s price drop at $1485 during Asian trading.
“The next resistance level is $1487,” says a note from technical analysts at Scotia Mocatta published late Thursday.
“Should we trade through that, we believe it [...]
Summary: Anonymous appears to have published login and private information from over 4000 American bank executive credentials its Operation Last Resort, demanding US computer crime law reform.
Following attacks on U.S. government websites last weekend, Anonymous seems to have made a new “Operation Last Resort” .gov website strike Sunday night.
Anonymous appears to have published login and private information from over 4,000 American bank executive accounts in the name of its new Operation Last [...]
‘Blame The Weather’ As UK Heads For Unprecedented Triple-Dip-Recession
How many ‘dips’ before a recession cycle becomes a depression structure? That is likely the question on Carney’s mind as he enters his role as top man at the BoE shortly. As The Guardian reports, an unprecedented third slump in four years looms for the UK as shoppers stay at home and vital transport links grind to a halt amid paralyzing weather. As snow [...]
Market crash ‘could hit within weeks’, warn bankers
The cost of insuring RBS bonds is now higher than before the taxpayer was forced to step in and rescue the bank in October 2008, and shows the recent dramatic downturn in sentiment among credit investors towards banks.
“The problem is a shortage of liquidity – that is what is causing the problems with the banks. It feels exactly as it felt in 2008,” [...]
If there was one piece of news that could force an all out panic in a market already on the edge, it is that outgoing (as in finally departing) US Treasury Secretary, Tim Geithner, was getting involved in the European Crisis. Sadly, this is precisely what happened.
SPAIN DEPUTY PM: US TREASURY’S GEITHNER AGREES TO WORK WITH SPAIN TO RESOLVE BANK CRISIS – DJ
SAENZ DE SANTAMARIA SAYS GEITHNER URGES SPAIN BANK [...]
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 [...]
Greece’s structural problems may take up to 10 years to fix and the country may need assistance from the World Bank to make needed adjustments, former European Central Bank Executive Board Member Lorenzo Bini Smaghi said.
“I think what needs to be done is to have a longer term perspective,” Bini Smaghi said in an interview with Dublin- based RTE. “Greece will not be solved in one or two years, it will take [...]
Greece is heading for a clash with international lenders as the radical leftwing party that came second in the weekend’s election called for the ripping up of a “barbarous” austerity programme underpinning its bailout and questions mounted about the country’s future inside the euro.
Alexis Tsipras, the 38-year-old leader of the Syriza party that surged in popularity in Sunday’s poll, outlined a five-point plan to be put to conservative and [...]
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 [...]
by FMX Connect
MF Global: Comments from a Bank Executive
More from our Bank Exec friend, this time on MF Global after we tried to lay blame on Rubin, Thain and Corzine for blowing up their firms :
“MF Global. They named that company right. You probably didn’t see it first hand but Lehman, Bear and Merrill were doing the dumbest real estate deals “ever” in the run up to the implosion. Every real [...]
Remember this from January 2010:
We don’t expect to be bailed out by anybody as, I think, is perfectly clear we’re doing what needs to be done to bring the deficit down and control the public debt,” Finance Minister#0066cc;”>George Papaconstantinou said in an interview with Bloomberg Television today.
Papaconstantinou is trying to buttress confidence in Greece’s fiscal plans after the ballooning budget deficit last month triggered a sell-off of the country’s #0066cc;”>bonds.#0066cc;”>European Central [...]
Some Wall Street executives have made sympathetic public remarks about the Wall Street protesters in recent weeks, saying they understand why the protesters are frustrated.
Not surprisingly, however, other executives, speaking off the record, have different sentiments, as an excellent article by the NYT’s Nelson Schwartz makes clear:
“Most people view it as a ragtag group looking for sex, drugs and rock ’n’ roll,” said one top hedge fund [...]
Protesters Rally Outside Downtown BofA
LOS ANGELES, Calif. (KTLA) — Ten protesters were arrested at a downtown Los Angeles Bank of America branch on Thursday afternoon, after a group marched inside the bank and tried to cash a $673 billion check.
The protest was organized by the Refund California campaign. “Occupy L.A.” protesters, inspired by the “Occupy Wall Street” protesters in New York, also joined in, authorities [...]
SINGAPORE -(Dow Jones)- Deutsche Bank AG’s (DB) incoming Co-Chief Executive Anshu Jain said Thursday there was reluctance on the part of investors to fund European banks, but that he expected a political resolution to the European debt crisis.
Jain said policy makers have done a good job in averting the risks of a deep recession.
However, he said this has come at a price as the global economy has now moved into [...]
There’s really not much more to say than this….
Source: Bloomberg (click link above)
No, that’s not a stock. It’s the CDS spreads on the PIIGS (composite), and is up an astounding 60% today.
It’s over folks, despite the protests of BNP, which reacted in predictable fashion to a WSJ “opinion piece” this morning:
‘We can no longer borrow dollars. U.S. money-market funds are not lending to us anymore,” a bank executive for BNP [...]
Image: WebMuseum at ibiblio
‘We can no longer borrow dollars. U.S. money-market funds are not lending to us anymore,” a bank executive for BNP Paribas, who declines to be named, told me last week. “Since we don’t have access to dollars anymore, we’re creating a market in euros. This is a first. . . . We hope it will work, otherwise the downward spiral will be [...]
Market Crash ‘Could Hit Within Weeks’, Warn Bankers
A more severe crash than the one triggered by the collapse of Lehman Brothers could be on the way, according to alarm signals in the credit markets.
By Harry Wilson, and Philip Aldrick
August 25, 2011 “The Guardian” – -Insurance on the debt of several major European banks has now hit historic levels, higher even than those recorded [...]
Greece to top agenda at Thursday summit but new, unprecedented steps might not be bold enough
By Nick Malkoutzis
Eurozone leaders will meet in Brussels on Thursday for an emergency summit whose main aim will be to agree on a second bailout package for debt-burdened Greece as it becomes increasingly obvious that the current system of providing interest-bearing loans to Athens in return for austerity measures and [...]
Gold gained for the first time in four days in New York as concern about Greece’s debt crisis and a weaker dollar spurred demand for the metal as an alternative investment.
European Central Bank Executive Board member Juergen Stark said in an interview with Die Welt newspaper that he doesn’t expect the international community to finance Greece further after July if the country doesn’t implement its austerity plan. [...]
Liquidity is drying up as British banks become cautious about the the finances of European banks exposed to the eurozone debt crisis.
Senior sources have revealed that leading banks, including Barclays and Standard Chartered, have radically reduced the amount of unsecured lending they are prepared to make available to eurozone banks, raising the prospect of a new credit crunch [...]
European Central Bank Executive Board member Juergen Stark reveals in a ZDF Radio broadcast tomorrow that “a sovereign debt restructuring in a euro zone state could could trigger a banking crisis worse than that unleashed by the collapse of Lehman Brothers”
Not world-wide of course, but this would be euroland’s Lehman. As we already know, euroland simply does not have neither the wherewithal nor the will [...]
The International Monetary Fund may transform its loan to Greece into a longer-term repayment plan, a move that would allow the country to pay its loan back later without restructuring, European Central Bank Executive Board member Lorenzo Bini Smaghi said.
â€œThe IMF is certainly thinking of these issues,â€ Bini Smaghi said in a speech in Washington. â€œThere are mechanisms in the IMF to prolong packages.â€
â€œThere is a standard procedure [...]