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This is Strongman Shelford reporting from Argentina. We have more than 4 exchange rates now If you want to learn about economic doom, ask an Argentinian we have already been in hell lots of [...] GOOGLE TRANSLATE: The head of Iran’s central bank last raised his hands to signal surrender market. Mahmoud Bahmani said the currency will announce new prices for the next 10 days to get a single exchange rate. Iran already had tried the single currency rates, but failed. Amir Payvar reports. http://www.bbc.co.uk/persian/business/2012/08…
Excerpts of the report, posted this week on several Iranian websites, revealed that the government might not be able to pay the full salaries of its [...] 35 Facts About The Gutting Of America’s Industrial Might That Should Make You Very Angry Did you know that an average of 23 manufacturing facilities were shut down every single day in the United States last year? As World War II ended, the United States emerged as the greatest industrial power that the world has ever seen. But now America’s industrial might is being gutted like a fish [...] From GoldCore Gold Over EUR 1,300 – On Way to ‘Infinity’ on Eurozone Contagion? Gold is trading at USD 1,783.10, EUR 1,307.50, GBP 1,116.30, CHF 1,612.20, JPY 138,315 and CNY 11,309 per ounce. Gold’s London AM fix this morning was USD 1,780.00, GBP 1,112.50, and EUR 1,300.41 per ounce. Yesterday’s AM fix was USD 1,794.00, GBP 1,114.49, and EUR 1,301.51 per ounce. Risk off has returned with a vengeance as Italian debt markets have gone into [...] From GoldCore Germany’s Best-Selling Tabloid Bild’s Front Page Encourages Readers To Buy Gold Gold has fallen today in all major currencies except the Swiss franc which has fallen on SNB intervention rumours. Gold is trading at USD 1,791.40 , EUR 1,257.10 , GBP 1,107.70, CHF 1,318.80 per ounce and 136,976.00 JPY. The yen has fallen by 8.7% against gold so far in August as the yen, while rising [...] by ZH Highlights from the just released G-7 statement: G7 Says Will Take Every Action to Stabilize Financial Markets But the winning bullet point of the year is… G7 says currency rates should [...] From Gold Core Sharp Increase in Central Bank Gold Reserves – South Korea Up 17 Fold & Thailand 15.5% in 2 Months Gold is higher in all currencies today except for the Swiss franc and is trading at USD 1,629.20 , EUR 1,147.30 , GBP 1,000.20 and CHF 1,270.10 per ounce. Gold’s London AM fix was USD 1624.00, EUR 1145.28, GBP 997.30 (10:41 GMT). Gold reached new record nominal highs [...] From GoldCore Bailout euphoria has returned to markets with Asian and European stock indices rising on renewed risk appetite. Gold has recovered from yesterday’s slight sell off (0.6% in USD) and the firm gold price in all currencies suggests that market euphoria is again misplaced. Gold is down only 20 euros per ounce in the last 24 hours. Gold is trading at USD 1,596.10, EUR 1,108.1, GBP 978.50 [...] From Gold Core Gold “Fever” in Asia and Central Bank Demand Could Cause an “Earthquake” in the Gold Market Gold is mixed against various currencies today but is higher in euros after the euro has fallen on concerns that European leaders gathering for the summit in Brussels may not be able to resolve the Eurozone’s debt crisis and prevent contagion in the financial system. Cross Currency Rates Gold is trading [...] From Gold Core Gold to Rise on $14.3 Trillion U.S. Debt Limit Increase– Bloomberg Chart of the Day Gold is flat in U.S. dollars and New Zealand dollars but marginally lower in most currencies today as increased risk appetite has seen risk assets rally despite poor fundamentals. Most Asian indices were higher, except the Chinese and Indian markets, and European indices have also risen. Gold is trading at [...] From GoldCore Gold to Correct After Front Page Financial Times Article? Gold in 2011 Vs the 1970’s and 1979 Gold has fallen in most currencies today and is trading at USD 1,603, EUR 1,130, GBP 995 and CHF 1,315 per ounce. Gold is 0.3% higher in Swiss francs again today after the last two weeks of deepening turmoil saw gold rise in the Swiss franc. Cross Currency Rates While [...] Gold rose to new record nominal highs in debt laden U.S. dollars, euros and pounds today due to the growing risk of a systemic financial collapse and fiat currency crisis. Gold rose 0.5% in U.S. dollar terms to a new nominal record high at $1,602.05 per ounce. Euro falls saw the dollar rise 0.8% against the euro and gold rise 1.4% in euro terms to EUR 1,041 per [...] From Gold Core Portuguese Bonds in Melt Down – Euro Gold Rises to €1,056/oz – 3% From Record Nominal High on Contagion Risk Gold is trading at $1,515.06/oz, €1,055.42/oz and £945.73/oz. Gold is marginally higher in most currencies today and has risen a further 0.55% against the euro to EUR1,056/oz. It is just 3% from the record nominal high in euros at €1,087/oz due to the risk of contagion in [...] Gold is trading at $1,504.13/oz, €1,039.34/oz and £933.89/oz. Gold is higher today and showing particular strength against the euro and the Japanese yen. The relief rally seen in equities since the latest Greek ‘bailout’ is under pressure as S&P have said the debt rollover proposal would be a “selective default”. The ECB may selectively reject the S&P Greek downgrade and arbitrarily select the best credit rating being [...] From Gold Core Gold and Silver Ownership and Prices Not be Affected by Dodd-Frank Legislation on July 15 Gold is trading at $1,507.70/oz, €1,044.69/oz and £941.54/oz. Gold is higher again today as the Greek debt crisis and continuing strong demand from Asia continues to support prices. The euro is surprisingly firm with the U.S. dollar, Japanese yen and Swiss franc under pressure. Risk appetite remains high with commodities, Asian and European equities [...] From GoldCore Gold is trading at $1,501.60/oz, €1,052.35/oz and £941.09/oz. Gold is marginally higher in all currencies and 0.7% higher in sterling after a downward revision of UK GDP from 1.8% to 1.6% growth saw sterling decline. Stagflation appears to be taking hold in the UK with soaring food and energy costs eroding household incomes and economic growth continuing to decline. Cross Currency Rates Despite UK inflation being 4.5% [...] From Gold Core Trichet: Debt Crisis is Flashing “Red” – Marc Faber Continues to Like Gold and Silver and Accumulating Gold is marginally lower in U.S. dollars but continues to eke out gains in euros. The euro has fallen again today possibly as markets digest Trichet’s grim warning regarding financial contagion. Gold at €1,081.40/oz is less than 1% away from record nominal highs in euros at [...] From GoldCore Greeks Turn Savings to Gold and Perth Mint Silver Coin Sales Surge to Record on Haven Demand Gold is lower in dollars but higher in euros and has reached new record highs in pounds sterling at £958.25/oz. Gold is being supported by strong and increasing demand internationally. Sterling has fallen after the BoE minutes raised concerns of further quantitative easing and currency debasement. The Bank of England looks [...] by Gold Core Fort Knox U.S. Gold Reserves to be Independently Audited and Assayed? Congressman Ron Paul Pressures U.S. Treasury Gold has given up much of yesterday’s modest gains and is marginally lower in all currencies except the Swiss franc. The euro has stabilized despite continuing contagion concerns and an existential threat to the euro currency itself. Cross Currency Rates Gold remains close to record nominal highs [...] From Gold Core Contagion Risk Increases – Euro Falls As Moody’s May Cut Rating On 3 Large French Banks Exposed To Greece The euro has fallen on international markets as the European sovereign debt crisis is deepening and appears to be reaching a dangerous denouement. European stock markets are also weaker due to serious divisions in Greece and in the EU as to how to resolve the Eurozone [...] From Gold Core Gold Robust Over $1,500 As Stagflation Deepens And Greek Default Risks Eurozone Break Up And Financial Contagion Gold is trading at $1,517.80/oz, €1,051.33/oz and £925.09/oz. Gold is tentatively higher this morning with the British pound, yen, Swiss franc and dollar showing weakness. Greek German 10 year bond yields have surged to euro era record highs and the Greek 10 year bond has surged to a [...] From Gold Core Sterling and Euro Fall on Economic Concerns – Gold Rises to Record £950.81 British Pounds an Ounce Gold has risen to new record nominal highs in British pounds and is consolidating just below recent record nominal highs in U.S. dollars, euros and other currencies. The ECB’s rate decision and Trichet’s ‘signals’ saw the euro fall sharply against the dollar and against gold with gold [...] From GoldCore Moody’s Warns UK’s AAA Rating at Risk – Sterling Lower and Remains Near Record Nominal Gold High Gold and silver are lower today despite European equities falling for a sixth day on sovereign debt and economic growth concerns. Bernanke’s failure to even suggest that the Federal Reserve will embark on further stimulus and QE3, after QE1 and QE2 failed to kick start the US economy, [...] From Gold Core EU Debt Contamination Deepens In Greece, Portugal And Ireland – Gold Just 2% From Record Nominal High Gold and silver are flat in US dollars but higher in euros this morning. Trade is thin with the UK and US markets closed for spring holidays. Gold and silver were 1.75% and 8% higher last week and the precious metals and especially gold appear to be on solid [...] From Gold Core Euro and Global Debt Contagion Concerns Mount – Gold New Record Nominal Highs in Euros and Pounds Europe’s debt crisis has seen gold prices climb to new record highs in euros and British pounds at EUR 1,087.80/oz and GBP 944.93/oz respectively. Contagion concerns are mounting due to the failure of the ECB, the IMF and respective governments to tackle the sovereign debt crisis. Cross Currency Rates The [...] From GoldCore Eurozone Debt Crisis Deepens Sending Euro Lower and Gold to New Record at EUR 1,080/oz The euro, global equities and bonds in peripheral Eurozone countries are all lower this morning on heightened concerns about the debt crisis in the Eurozone. The euro has fallen against all currencies and is now at a record low against gold at EUR 1,080.21/oz. Silver is lower [...] From GoldCore India, Indonesia, China and Wider Asia Buy Physical Gold and Silver on Dip as Stagflation Threatens Gold and silver have extended their recovery and may be headed for the fourth day of gains due to the continuing European sovereign debt crisis, Chinese inflation (+5.3%) and the real risk that rising oil and commodity prices are leading to an inflation spiral internationally and stagflation. Cross Currency Rates German [...] From GoldCore Euro Gold Targets Record EUR1,072/oz on Risk of Forced Greek Default and Euro zone Debt Contagion Gold and silver continue to rebound from their sell offs as Euro zone periphery worries intensify with real risks of defaults and possible contagion. Gold has risen from €1,010/oz to over €1,057/oz since Friday. The long period of correction and consolidation may soon see a break out above [...] From GoldCore Silver’s Paper Driven Sell Off to Be Confronted by Continued Significant Physical Demand Gold stabilised in Asian and early European trading prior to a 1% fall, while silver’s sharp price fall continues and silver is now down 20% in USD terms in 5 days. The huge and unprecedented increase in margin in the paper silver market has forced some weak hands out of [...] |
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