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by GoldCore
Today’s AM fix was USD 1,376.75, EUR 1,069.15 and GBP 903.62 per ounce. Cross Currency Table – (Bloomberg) Gold fell $6.00 or -0.43% yesterday to $1,386.70/oz and silver finished +0.71%. Nothing has changed regarding the positive fundamentals of the physical gold market. All that has changed is that the price of gold is again lower due to the machinations of [...] London Gold Market Report from Adrian Ash, BullionVault Thurs 9 May, 07:50 EST
Gold “Still Bearish” as Western Buying “Cools”, But Indian Festival Demand Seen Matching ETF Outflows
SPOT GOLD PRICES slipped back below $1470 per ounce Thursday morning in London, drifting as world stock markets failed to follow Wall Street higher, where equities yesterday hit new all-time highs.
Silver held above $24.00 per ounce, just shy of last week’s finish, as commodities slipped overall. A rise in [...] from Gold Money: A few months ago the German Bundesbank displayed concern about the security of their gold being stored at the New York Federal Reserve. They called for an audit of their holdings, and while that still has not taken place, the intermediate resolution was to have 10% of their gold repatriated over a period of seven years. There has been no explanation of why it takes seven years to get such [...] CONFIRMED: Europe’s Strongest Economy Continues To Contract April PMI for Germany came in at 48.1, which is down from 49.0 last month. Anything below 50 is contraction. What’s worse, there was a reduction in staffing levels, and total manufacturing output had its first drop all year. Here’s a quick summary.
Markit
Eurozone manufacturing downturn deepens in April
The European Implosion Continues The Eurozone’s PMI manufacturing reports for April are out and it’s clear that the economy remains in deep [...] by GoldCore
Today’s AM fix was USD 1,456.00, EUR 1,106.22 and GBP 935.07 per ounce. Cross Currency Table – (Bloomberg) Gold fell $17.30 or 1.17% yesterday to $1,458.70/oz and silver slid to $23.24 and finished down 2.60%. Gold remains under pressure despite very robust demand and anaemic supply globally. This suggests that speculators in the futures market continue to hold the upper hand. [...] from FT: So, more drugs to deal with our collective lack of growth. The Bank of England’s Funding for Lending extension is welcome: the scheme lasts longer than before, contains extra incentives to lend to cash-strapped small and medium-sized enterprises and has been widened to include non-bank sources of credit, including financial leasing corporations. And after some remarkably soggy eurozone data – including purchasing manufacturers index figures suggesting that the German economy is [...] Billionaire speculator says single currency’s prospects would be better without Germany, the eurozone’s most dominant member George Soros, the billionaire speculator best known as “the man who broke the Bank of England” in 1992, has launched a stinging critique ofGermany‘s role in the euro crisis and suggested the single currency’s prospects would be improved if its most dominant member were to quit. In an incendiary speech made on Tuesday afternoon in Germany’s financial centre of [...] After two-decade downturn, Bank of Japan unleashes world’s biggest stimulus – $1.4 trillion!
(Reuters) – The Bank of Japan unleashed the world’s most intense burst of monetary stimulus on Thursday, promising to inject about $1.4 trillion into the economy in less than two years, a radical gamble that sent the yen reeling and bond yields to record lows. … Bank of England keeps policy steady despite new remit
Here’s A Bunch Of Ugly Numbers Out Of [...] BOJ to pump $1.4 trillion into economy in unprecedented stimulus http://www.businessinsider.com/bank-of-japan-announces-monetary-plan-2013-4 Bank of England keeps policy steady despite new remit http://www.reuters.com/article/2013/04/04/us-britain-boe-idUSBRE9330AH20130404 Chancellor George Osborne and the outgoing head of the Bank of England, Sir Mervyn King, will hail the abolition of the Financial Services Authority, the watchdog set up by Gordon Brown in 1997. The Bank is once again taking sole charge of regulating lenders and protecting and enhancing financial stability. But the watchdog failed to prevent [...] from The Daily Bell: News Release – People’s Bank of China swap line … Governor Zhou Xiaochuan met Governor Mervyn King today during Governor King’s visit to Beijing. They agreed to facilitate discussions on the establishment of a reciprocal 3-year, renminbi (RMB)/sterling currency swap arrangement. The arrangement would be used to finance trade and direct investment between the two countries and to support domestic financial stability should market conditions warrant. They have agreed that the Bank of [...] Lawrence E. Rafferty The recent news about Cyprus banks confiscating depositor’s funds sent chills throughout the financial world here and abroad. I couldn’t believe that the plan in Cyprus hinged on the idea that the bank could just steal customer’s funds to balance the bank’s books. I muttered to myself when I read the story that something as crazy as that couldn’t possible happen here in the United States. [...] by Ian Cowie, The Telegraph: Outrage about theCyprus banks euro tax bail-out should not be allowed to obscure the fact that millions of savers in British banks have already lost much more of the real value or purchasing power of their money to prop up financial institutions closer to home. Savers in British banks and building societies have been stealthily robbed of more than £43bn of the real value of their savings since the Bank of [...] Quantitative easing could cost the taxpayer £8bn, the Bank of England has warned in its first admission that the “money printing” programme may be unprofitable. by Philip Aldrick, The Telegraph: Policymakers had previously insisted they expected to make money on the £375bn of gilts bought through QE. But, in a study published on Thursday, the Bank conceded there were scenarios under which the Government would have to bear a loss by the end [...] Together with the Bank of England, Osborne’s belief that cheap money and ultra-low rates are the only way forward has helped prop up tens of thousands of “zombie” firms, delaying the economy’s readjustment. by Allister Heath, The Telegraph: He could have been referring to British economic history, and to the increasingly depressing similarities between Chancellor George Osborne’s failure to get to grips with the economy and that of his Tory predecessor in the [...] by GoldCore
Today’s AM fix was USD 1,580.50, EUR 1,213.25 and GBP 1,054.02 per ounce. Silver is trading at $28.94/oz, €22.33/oz and £19.37/oz. Platinum is trading at $1,602.50/oz, palladium at $746.00/oz and rhodium at $1,200/oz. Gold climbed $8.40 or 0.53% yesterday in New York and closed at $1,583.40/oz. Silver finished with a gain of 1.33%. Gold edged lower today and sentiment remains poor [...] Thousands of Bank of Ireland and Bristol & West borrowers customers face a doubling of interest on mortgage interest payments this year after the banks decided to ramp up tracker rates. Buy-to-let borrowers are being hit by a bigger hike than residential customers: they will see their mortgage rate jump to 4.49 per cent on top of Bank of England base rate - or 4.99 per cent compared to the current rate of 2.25 per [...] Bank of England deputy governor Paul Tucker has said negative interest rates should be considered. A negative interest rate would mean the central bank charges banks to hold their money and could encourage them to lend out more of their funds. Speaking to MPs on the Treasury Committee, Mr Tucker said: “This would be an extraordinary thing to do and it needs to be thought through carefully.” He said it was one [...] from FT: Credibility is seeping away from the Bank of England’s Monetary Policy Committee. The minutes released last week revealed fundamental differences of view at best and muddle at worst within the committee. They showed that three of the nine votes cast were in favour of a change in policy. Read more Bank of England closes in on China currency deal Sir Mervyn King, Governor of the Bank of England, is on the brink of striking a deal with the People’s Bank of China which would cement the UK’s role as the leading G7 trade hub for the world’s fastest growing currency. The Bank of England expects to sign a final agreement to set up a three-year yuan-sterling swap line “shortly”, during a meeting [...] London Gold Market Report from Ben Traynor BullionVault Wednesday 20 February 2013, 07:00 EST
Gold Falls Below $1600 for First Time in 6 Months, “Sharp Move Could Trigger Stronger Demand”
THE SPOT gold price dropped below $1600 an ounce for the first time in six months Wednesday, as the Dollar strengthened and stock markets were broadly flat, ahead of the publication of the latest Federal Reserve policy meeting minutes later today.
Silver fell to $29.19 an ounce, also [...] Obama Calls For $9 Minimum Wage This will probably be the most controversial proposal of the State Of The Union: Obama calls for a $9 minimum wage.
We know our economy is stronger when we reward an honest day’s work with honest wages. But today, a full-time worker making the minimum wage earns $14,500 a year. Even with the tax relief we’ve put in place, a family with two kids that [...] from FT: A simple observation last week by the Bank of England’s Monetary Policy Committee speaks volumes to the historic evolution of modern central banking – a process that is consequential, unprecedented and inadequately covered in traditional “money and banking” texts. In its February 7 statement, the MPC stated that, due to a sluggish UK economy facing fiscal contraction, it is “appropriate to look through the temporary, albeit protracted, period of above-target [...] |
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Britain’s economic recovery is in sight and the pound has fallen far enough, says Governor Sir Mervyn King
The recovery is now “in sight” and the pound has fallen far enough, the Governor of the Bank of England has declared, sparking a rebound in sterling.
by Philip Aldrick, The Telegraph:
In some of his most upbeat comments since the crisis, Sir Mervyn King claimed “there is momentum behind the recovery that’s coming” and that “good progress” has been made towards a new, sustainable economy in the last few years.
“I think that [...]