So much for convincing investors that Europe is fixed.
The European Central Bank’s latest monetary policy decision—a 25 bps rate cut—hasn’t bolstered confidence, either.
UPDATE: Markets across Europe are tanking, although France and Germany are off their lows. No such luck for Spain. A quick look at the scoreboard:
German DAX: -0.6%
French CAC 40: -1.0%
Italian FTSE MIB: -2.1%
Spanish IBEX 35: -2.7%
The IBEX 35 is just getting destroyed:
Even more worrisome is the fact that borrowing costs are shooting higher [...]
Today’s AM fix was USD 1,569.50, EUR 1,248.01, and GBP 1,006.09 per ounce.
Yesterday’s AM fix was USD 1,567.75, EUR 1,261.47, and GBP 1,008.98 per ounce.
Silver is trading at $27.26/oz, €21.25/oz and £17.54/oz. Platinum is trading at $1,420.25/oz, palladium at $576.20/oz and rhodium at $1,190/oz.
Gold fell $17.70 or 1.12% in New York yesterday and closed at $1,557.00/oz. Gold climbed over 1% overnight in Asia and maintained those gains in European [...]
The Spanish IBEX 35 and the Italian FTSE MIB got crushed today, after Greek elections failed to reassure markets that anything has changed for the troubled Spain and Italy.
Comments from German Chancellor Angela Merkel worsened the blow. She told reporters near the end of European trading that she will not budge on the terms of the Greece aid package.
In core Europe, the DAX held on to gains to end just slightly higher, but [...]
Today’s AM fix was USD 1,619.00, EUR 1,289.83, and GBP 1,044.65 per ounce.
Yesterday’s AM fix was USD 1,612.75, EUR 1,286.19, and GBP 1,034.94 per ounce.
Gold climbed $7.20 or 0.45% yesterday in New York and closed at $1,618.80/oz. Gold traded sideways in Asia prior to a sudden buying bout which saw gold rise from $1,618/oz to $1,625/oz. Those gains have gradually been given up in European trading where gold is [...]
Asian shares tumbled on Monday, pushing the broader Tokyo market to a 28-year low, as investors extended a rout of global stocks and worried about a nightmare scenario of euro-zone breakup, U.S. economic relapse and a sharp slowdown in China.
Investors hedged against global financial and economic crisis, heading for havens such as the benchmark 10-year Japanese government bond whose yield fell below 0.80 percent to its lowest since July 2003. [...]
Wednesday 18.20 BST. Risk appetite is deteriorating sharply as hopes for Chinese stimulus measures are dashed and concerns grow over Spain’s banking problems.
In the US, eurozone fears were compounded after a report showed pending home sales dropped by the most in a year, sending the S&P 500 index down more than 1 per cent. The broad measure of US stocks is on track to close the month of May 6 [...]
Funny how two exchanges not using the USD or the Euro are displaying the same pattern.
And of course Dr. Copper:
By Barbara Kollmeyer
MADRID (MarketWatch) — Yields on Spanish and Italian government bond yields continued to rise on Tuesday as financial markets in Europe reopened after a four-day Easter break. Yields on 10-year Spanish government bonds ES:10YR_ESP +1.44% jumped 9 basis points to 5.83%, surpassing a high of 5.74% reached last week, a level not seen since the start of the European Central Bank’s long-term refinancing operations. Spanish yields soared last week after [...]
Fresh evidence of strain in eurozone financial markets in the shape of negative yields on German short-term debt weighed on Wall Street on Monday.
In a sign that traders remain keen to seek safety for their capital, Berlin was able to sell €3.9bn in six-month bonds at a yield of minus 0.0122 per cent. It is the first time that banks are in effect paying to lend money to a [...]
2012 Outlook For Gold – Positive Fundamentals Remain And Crucial Diversification
• Introduction – Gold in 2011
• Money Creating Central Banks May Push Gold to New Nominal Record in 2012
• Central Banks Will Continue To Be Net Buyers of Gold
• China Foreign Exchange Diversification Should Support Demand
• PIIGS Lesson: Iceland Shows How Gold Protects From FX Crises
• Currency Wars and Competitive Currency Devaluations
• Falling Confidence in Paper Assets, Bank Deposits May Prompt Physical Deliveries
• Gold Remains A Historically and [...]
The futures are tumbling with U.S. futures falling in sympathy with plunge in European stocks; Italy’s FTSEMIB index down 5.3%, DAX down 4.4%, CAC down 4.3%, Spain’s Ibex down 4.1%, FTSE down 2.9%. But here is the true reason why Europe already needs another bailout, or the promises thereof, courtesy of those so vile CDS which no matter how hard it tries, Europe just can’t kill:
Italy CDS Rise 45.5 bps [...]
We are saved again by more paper injection/gold and silver rebound to score higher levels
Good evening Ladies and Gentlemen:
Quite a day day. Europe announced a plan for saving the continent and Greece. Gold was set to be “clocked” as yesterday the gold/silver shares were down from earlier highs coupled with the lackluster performance of silver. These are usually the signals for the banking raid. Sure enough at 3 am, the bankers [...]
Welcome to the new world disorder.
Monday marks the first day of U.S. trading since America lost its coveted triple-A rating and traders are braced for almost anything. (See: After S&P Downgrade, ‘Sunday Night, Pray’ and Other Thoughts From Traders)
As indicated in futures trading, U.S. stocks fell sharply early Monday with the Dow down more than 350 points, or over 3%, in recent trading. The decline follows a [...]
The meek and somnolent shall inherit nothing, because Europe just came back online and the apocalypse has resumed. Italian, Spanish and Belgian bonds opened lower, with spreads to Bunds surging the most since before the euro was introduced in 1999 (but before it was abolished in 2012). Specifically, the yield on 10-year Italian bonds jumped 19 basis points to 6.38% as of 7:40 a.m. in [...]
Below we share Goldcore’s outlook on what UK’s slide into stagflation means for the reas of the world.
Stagflation in UK a Real Risk to US and Western Economies, via GoldCore
What were termed “shock” UK GDP figures yesterday, led to falls in the FTSE and the pound sterling which fell against the dollar and gold. Sterling’s fall saw sterling gold prices rise from Â£833 per ounce to [...]
Ã¢â‚¬Å“Equities are going to lose you money between now and October. You either sell right now or wait for the rest of the rally and sell into that,Ã¢â‚¬Â Robin Griffiths from Cazenove Capital told CNBC when taking a technical look at the FTSE.
- Prieur du Plessis
Since June 4
- unemployment report came out, it was ugly, gonna be over 10% this year
- retail came out, it was ugly
- BP is still ugly, already killing small businesses
- States have a $130B budget gap
- MBA purchase index at 13-year low, double-dip in housing is here
Markets since June 4
- EUR-USD at the VERY SAME level
- Dow, S&P 500, FTSE, French CAC40 and Germany’s DAX are at the VERY SAME [...]
I commented that the riots in Thailand may be the first of many around the world and that “Europe is in full panic mode and is hitting the 2.5% rule at 5am, about 11 am for them – very, very bearish if they canÃ¢â‚¬â„¢t hold 2.5% in a day and not very good if they finish near that line anyway. CAC must hold 3,500, DAX 6,000 and FTSE 5,175″ [...]
“Lloyds cut more jobs”
“GM close European factories”
“FTSE ends down for the secongd day in a row, probably closely followed by the DOW”
Is this the beginning of the ‘great sell off’?
Can someone explain how Goldmans can make expand their profits in a contracting world Economy? Surely the profits are only made from increasing production levels, so how can profits be going up?