by Michael
#1 The yield on 10 year Italian bonds has now risen to more than 6 percent.
#2 The yield on 10 year Spanish bonds has now risen to more than 7 percent. This is considered to be an unsustainable level.
#3 Citigroup Chief Economist Willem Buiter says that both Italy and Spain are going to need major bailouts.
#4 The Spanish banking crisis continues to get worse. The following is from a CNN article that was posted on Monday….
But the depth [...]
by Michael
Would you pool your debt with a bunch of debt addicts that have no intention of reducing their wild spending habits? Of course you wouldn’t. But that is exactly what Germany is being asked to do. Increasingly, “eurobonds” are being touted as the best long-term solution to the financial crisis in Europe. These eurobonds would represent jointly issued debt by all 17 members of the eurozone. This debt would [...]
Daily Ticker
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President Barack Obama and presumptive Republican nominee Mitt Romney may be tied in general election matchup polls, but a new survey shows Obama’s popularity is growing among global investors.
According to a new poll of more than 1,000 Bloomberg customers, Obama is viewed in a positive light by 56 percent of global investors compared to only 40 percent who favor Romney. In the U.S. however, [...]
(CNN) – Two European elections, in France and Greece, have thrust the radical fringe into the spotlight.
In Greece, voters disillusioned by a brutal austerity program pushed through by the two mainstream parties have turned instead to parties on the far left and far right.
As a result, a leftist coalition opposed to austerity is seeking to form a government, and Golden Dawn — an ultranationalist party linked to street violence and neo-Nazism [...]
Note also concerns that GB pound may also come under pressure if it’s realised GB could be hit hard by debt contagion:
Sterling has hit a near three-and-a-half year high against the euro in the wake of new political uncertainties in the eurozone, paving the way for cheaper holidays for UK tourists.
The pound has risen against the single currency to levels not seen since autumn 2008 after elections in France and [...]
by Michael
The results of the elections in France and Greece have made it abundantly clear that there is a tremendous backlash against the austerity approach that Germany has been pushing. All over Europe, prominent politicians and incumbent political parties are being voted out. In fact, Nicolas Sarkozy has become the 11th leader of a European nation to be defeated in an election since 2008. We have seen governments fall in [...]
From GoldCore:
Gold’s London AM fix this morning was USD 1,627.00, EUR 1,250.77, and GBP 1,008.99 per ounce. Friday’s AM fix was USD 1,629.50, EUR 1,240.20 and GBP 1,007.54 per ounce.
Silver is trading at $29.74/oz, €22.91/oz and £18.47/oz. Platinum is trading at $1,525.50/oz, palladium at $635.40/oz and rhodium at $1,350/oz.
Gold fell $3.70 or 0.23% in New York yesterday and closed at $1,638.70/oz. Gold started out sideways in Asia then gradually dropped lower [...]
Published on May 2, 2012 by CapitalAccount
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Welcome to Capital Account. Nicolas Sarkozy and challenger Francois Hollande face off today in a live French election TV debate. This is reportedly being seen as the climax of the campaign. With elections in France and Greece this weekend, the results have the potential to send shockwaves across theEuropean debt-landscape. We speak with former diplomat and investment banker, and founder of creditwritedowns.com, Edward Harrison [...]
From GoldCore:
Gold’s London AM fix this morning was USD 1,661.25, EUR 1,253.02, and GBP 1,024.70 per ounce. Yesterday’s AM fix was USD 1,662.50, EUR 1,256.61 and GBP 1,021.44 per ounce.
Silver is trading at $30.85/oz, €23.37/oz and £19.10/oz. Platinum is trading at $1,570.00/oz, palladium at $677.60/oz and rhodium at $1,350/oz.
Gold rose $3.80 or 0.23% in New York yesterday and closed at $1,666.10/oz. However, there were more peculiar goings on in the gold [...]
Markets in Asia sold off nearly across the board, with Hong Kong’s Hang Seng finishing 1.8 percent lower. Trading in Europe is negative and U.S. futures point to a sharply lower open.
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Incumbent Nicolas Sarkozy trailed Socialist candidate François Hollande in the first round of presidential elections in France, with the two taking 25.6 percent and 27.7 percent of the vote respectively. Here are the pledges that Hollande has made that terrifies the [...]
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