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Three Surprise Rate Cuts This Week The Bank of Korea just unexpectedly cut its key interest rate to 2.5% fom 2.75%. This is pretty remarkable, considering that market economists have already been surprised by two other central bank rate cuts this week. On Monday, the Reserve Bank of Australia unexpectedly lowered its key interest rate to 2.75% from 3%. Earlier Wednesday, the National Bank of Poland unexpectedly cut its key interest rate to 3% [...] (Reuters) – Car sales in Spain fell dramatically in the first two weeks of September following a hike in value-added tax, car retailers association Ganvam said on Monday, the first sign the tax rise is further dampening consumer spending in a weakened economy…. http://in.reuters.com/article/2012/09/17/spain-car-idINL5E8KHA5020120917 Spanish Banks Bleeding Cash Cloud Bailout Debate: Euro Credit From The Gold Report: Last year, Africa was the region that witnessed the strongest growth in gold-mining operations. In an exclusive interview with The Gold Report, Nana Sangmuah, managing director of research with Toronto-based Clarus Securities, expects that trend to continue and suggests some immediate smart investments in Ghana, Mali, Liberia, and the Democratic Republic of the Congo. The Gold Report: Gold consultancy GFMS, which is now owned by Thomson Reuters, recently published [...] From Newsmax: Inflation concerns emerged on Thursday as global food prices rose for a second-straight month in February, the United Nation’s food index showed. World food prices were up 1% month-on-month in February, driven by gains in cereals, vegetable oils, and sugar… but were still some 10% off a record-high that was hit in February 2011, the UN’s Food and Agriculture Organization (FAO) said. The FAO’s chief economist played down further rises in [...] Overnight excitement from the RBA (no rate cut) and concerns at China’s GDP growth given a European recession did nothing to initially slow risk markets early on as they reached up to yesterday’s highs as ES (the e-mini S&P 500 futures contract) and BE500 (the broad Bloomberg equity index for Europe) pushed higher out of the gate (as AUD strength sustained carry trades – which appear now to be leaking [...] By Manoj Pradhan | London Slowing growth is threatening the creditless, jobless recovery in the US and the Fed stands ready to act. The European flu has flared up and the risks to the ECB’s strategy of normalising policy have risen markedly. And emerging market central banks are balancing domestic growth against downside risks to developed market economies as they keep policy from becoming [...] 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 [...] by Havakasha Should be interesting to see where Oil goes for the rest of the year. Why Commodities Prices Are Plunging Once Again The euro is getting murdered and commodities are plunging—again. Greece’s debt crisis and rising [...] by es2 http://www.kitco.com/reports/KitcoNewsMarketNuggets20110420.html http://www.kitco.com/reports/KitcoNewsMarketNuggets20110421.html Market Nuggets: Gold Prices Remain Over $1,500 As Commodities Supported By Soft Dollar Debt at 200% of GDP Dares [...] via Reuters: Consumer sentiment in March fell to its lowest level in more than a year as gasoline and food prices rose, a survey released on Friday showed. The index was slightly lower than March’s preliminary reading, while inflation expectations remained elevated. Even so, the latest consumer survey from Thomson Reuters and the University of Michigan said there was no decline in buying plans. “While the data clearly indicate that the rate of [...] From GoldCore The paper-driven sell off in the gold market seen in January has been trumped by continuing robust physical demand in January and February. This has resulted in gold rising nearly 6% in February and silver’s strong industrial and investment demand leading to a 19% rise to new nominal 30-year highs. Gold in USD – 6-Month (Daily) and 150-Day Moving Average Political, and [...] by ZH Yesterday Richard Fisher, now it is Jeffrey Lacker’s turn to speak out against QE2 and inflation concerns. Just more jawboning or are we actually going to see more dissenting votes finally? Keep in mind Lacker is an alternate member on the FOMC board in year 2011 and is not a voting member. From remarks presented by Lacker to the University of Delaware: “The Committee [...] by Karen Maley Global inflation concerns are adding to gold’s luster, with a recent report predicting that Chinese demand for gold as an inflation hedge is resulting in unprecedented physical demand for the precious metal, which will likely push prices higher this year. At the same time, there are signs that gold is expanding its role as an alternative currency. Overnight, the US investment bank JP Morgan Chase [...] By BRIAN BLACKSTONE And MARCUS WALKER Inflation fears—fueled by spiraling food, oil and raw material prices—are mounting around the globe, prompting the head of the European Central Bank to signal that it could raise interest rates in the future even though some countries have been weakened by the Continent’s debt crisis. Jean-Claude Trichet, president of the European Central Bank, pictured last week at a euro group finance [...] |
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