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IMF managing director Christine Lagarde told Bloomberg TV’s Sara Eisen on “Market Makers” today that the EBC has done “an awful lot” to stabilize the Europe’s economy and that, “for the last couple of years, it’s just incredible how much out of its traditional boundaries it has gone.”
Lagarde said that, overall, she is “deliberately, decisively, desperately optimistic, yes…I think there’s some good news.” She also said that the IMF welcomes [...] by John Aziz, Azizonomics: One of the key features of the post-2008 gold boom was the notion that inflation was soon about to take off due to Bernanke’s money printing. But so far — by the most-complete inflation measure, MIT’s Billion Prices Project — it hasn’t: To me, this signifies that the deflationary forces in the economy have so far far outweighed the inflationary ones (specifically, tripling the monetary base), to such an extent [...] World’s top economies shrink for first time in four years The world’s richest economies shrank for the first time in nearly four years in the final quarter of 2012, the Organisation for Economic Cooperation said on Tuesday, as the eurozone crisis continued to drag on global growth.
A Currency War Has Broken Out And Is Intensifying: Japan Will Keep Printing Until Nikkei Hits 13,000, The Fed Is Buying $85 Billion A [...] Currency Wars Return, 1930s Style… The balance of power now rests with Japan, according to the bank, as Japan’s policy-makers’ more dovish approach looks set to bring the world a step closer to a currency war. The Bank of Japan doubled its inflation target to 2 percent in January and made an open-ended commitment to continue buying assets from next year. This follows a leadership change, with new Prime Minister Shinzo Abe [...] Gold is rebounding. News that the Bank of Japan set a 2% inflation target and is buying 13 trillion yen worth of assets ($146 billion) rallied gold prices Tuesday, to near a one-month high of $1,697.80 set last week. That’s not surprising since gold, more than any other commodity, rises and falls along with changing government policies globally. Germany made even bigger splash than Japan in the gold market recently with its surprise announcement last [...] In this MUST WATCH video, Jim Rickards discusses ‘currency war games’ and how the in progress currency war between the US/West and China/Russia is likely to be played out. Not surprisingly, GOLD plays a pivotal role in the currency war games. The end of the current fiat monetary system is coming, and a GOLD BACKED CURRENCY will replace the fiat petro-dollar.
BUY GOLD NOW! As the WORLDWIDE CURRENCY WAR is STARTING Japan, [...] Currency wars are making headlines again with the Bank of Japan’s decision to double its inflation target to 2% while committing to open-ended asset purchases next year. The news comes as Japanese Prime Minister Shinzo Abe has been pressuring the central bank to devalue the yen. Bloomberg reports this move is the BOJ’s strongest commitment yet to end two decades of stagnation. The yen rose after the announcement, signaling that some investors were disappointed [...] London Gold Market Report from Ben Traynor BullionVault Tuesday 22 January 2013, 08:00 EST
Gold “Needs to Break $1700 for Momentum”, Japan’s “Bold” Policies Could “Threaten Central Bank Independence”
U.S. DOLLAR gold prices hovered above $1690 an ounce Tuesday morning in London, close to one-month highs, while prices in Yen quoted on Tokyo’s gold futures market set a new record, following an announcement of open-ended asset purchases and a new, higher inflation target by Japan’s [...] Jens Weidmann warns of currency war risk Loading central banks with more tasks and pressing them to pursue more aggressive monetary policies could risk a round of competitive devaluations, European Central Bank policymaker Jens Weidmann said on Monday, citing pressure on the Bank of Japan. Weidmann is the latest in a string of policymakers worldwide to warn of the threat of a “currency war” as central banks pump out cash to support [...] from Zerohedge: As the world’s equity markets prepare to rally on the back of yet more central bank printing as Japan’s Shinzo Abe takes the helm with a 2% inflation target, to be announced momentarily, and a central bank entirely in his pocket, The Telegraph’s Ambrose Evans-Pritchard suggests a rather concerning analog for the last time a Japanese minister attempted to salvage his deflation/depression strewn nation: the 1930s ‘brilliant rescue’ by Korekiyo Takahashi, who [...] by GoldCore Today’s AM fix was USD 1,688.00, EUR 1,269.08, and GBP 1063.58 per ounce. Silver is trading at $31.98/oz, €24.10/oz and £20.21/oz. Platinum is trading at $1,672.00/oz, palladium at $716.00/oz and rhodium at $1,200/oz. Cross Currency Table – (Bloomberg) Gold was up 1.26% for the week and silver was up 4.60%. Gold fell $2.80 or 0.17% in New York on Friday [...] London Gold Market Report from Ben Traynor BullionVault Wednesday 16 January 2013, 07:15 EST
Gold Cycle “Could Turn This Year” Says Goldman, Washington Politicians “Will Keep Markets Nervous”
THE DOLLAR gold price eased back below $1680 an ounce Wednesday morning, though it remained well within its trading range for the past month, while stock markets extended their losses for this week and US Treasuries gained.
Silver hovered around $31.30 an ounce for most of this morning, also in [...] Jim O’Neill, chairman of Goldman Sachs Asset Management, spoke with Tom Keene and Sara on “Bloomberg Surveillance” today and said that the Bank of Japan must show it is serious about inflation targeting for the yen to weaken further. O’Neill said: “We’ve traveled a long way since late November” and “classical indicators suggest it is oversold.” The Bank of Japan “has got to show its going to take this 2 percent [...]
globaleconomicanalysis.blogspot.com / By Mike “Mish” Shedlock / Friday, January 11, 2013 12:18 PM Bank of Japan to Adopt 2% Inflation Target Bloomberg reports Yen Falls to Lowest Since 2010 on Stimulus The yen reached the weakest since June 2010 versus the dollar after Japanese Prime Minister Shinzo Abe’s government said it will spend 10.3 trillion yen ($116 billion) in new stimulus efforts that tend to weaken a currency. The yen headed for a ninth weekly decline, the [...] London Gold Market Report from Ben Traynor BullionVault Friday 11 January 2013, 12:15 EST
“Campaign Against Gold Has Failed” Says Central Bank Think-Tank, Rally fades in Gold and Silver
WHOLESALE gold bullion prices dipped back below $1670 an ounce Friday morning in London, 0.9% up on where it started the week, after jumping 1% yesterday following the European Central Bank’s decision to leave interest rates on hold, which was also followed by gains for the Euro.
Silver meantime [...] by GoldCore Gold Bullion Today’s AM fix was USD 1,669.50, EUR 1,258.29 and GBP 1,036.25 per ounce. Silver is trading at $30.68/oz, €23.24/oz and £19.12/oz. Platinum is trading at $1,629.00/oz, palladium at $694.00/oz and rhodium at $1,150/oz. Cross Currency Table – (Bloomberg) by GoldCore Gold Bullion Today’s AM fix was USD 1,663.50, EUR 1,272.37 and GBP 1,035.35 per ounce. Silver is trading at $30.40/oz, €23.39/oz and £19.04/oz. Platinum is trading at $1,591.50/oz, palladium at $679.00/oz and rhodium at $1,150/oz. Gold climbed $11.80 or 0.72% in New York yesterday and closed at $1,658.20/oz. Silver surged to a high of $30.534 and finished with a [...] Inflation-Targeting Dead, Long Live Inflation by Adrian Ash BullionVault Friday, 14 December 2012
The Fed actually thinks it can drive 315 million souls through a 0.2% gap in its forecasts… REMEMBER INFLATION? Central bankers do – and they want to get rid of it, writes Adrian Ash. Not in the way they used to get rid of it. Back then they would raise interest rates to curb debt-fuelled spending. Whereas now they want to throw inflation [...] from silverdoctors: Japan’s likely next Prime Minister Shinzo Abe Wednesday called for the Japanese Central Bank to print “unlimited yen” to reach an inflation target of 3%, triple the current target of 1%. QE will continue TO INFINITY…AND BEYOND!!! throughout the entire developed Western world until the Western financial system collapses in Weimar flames.
from CNBC: Japan’s main opposition leader Shinzo Abe, seen as the most likely next premier if a snap election is held [...] Perma-QE: Lessons from Bernanke’s Latest Splurge by Ben Traynor BullionVault Friday 14 September 2012
Negative real interest rates show no signs of going away…
AFTER months of “quanticipation“, the Federal Reserve has finally done it. Ben Bernanke yesterday announced another round of asset purchases.
The much-vaunted third round of quantitative easing (QE3) is now a reality. And this time it’s permanent (or, at least, open-ended).
First, let’s get the details out of the way:
The Fed will buy $40 [...] A few Federal Reserve policy makers said the central bank will probably need to take more action to boost the labor market and meet its inflation target, according to minutes of their June meeting. “A few members expressed the view that further policy stimulus likely would be necessary to promote satisfactory growth in employment and to ensure that the inflation rate would be at the Committee’s goal,” according to the record [...] From Bloomberg: A few Federal Reserve policy makers said the central bank will probably need to take more action to boost the labor market and meet its inflation target, according to minutes of their June meeting. “A few members expressed the view that further policy stimulus likely would be necessary to promote satisfactory growth in employment and to ensure that the inflation rate would be at the Committee’s goal,” according to the [...] From ritholtz: In my May 22nd post here on the Big Picture titled “Are Markets in a Crash?”, I argued at the time that credit spreads, which dramatically widened in a matter of days, behaved as if we were in the midst of a Crash. This was occurring during the “mini-correction” of May which I began stating in my writings was likely as early as April 6th “Bad jobs numbers, a correction and [...] From The Big Picture: Followers of my various writings know that I have been wildly bullish on stocks for 2012, making the case that we could see a 2003/2009-like move as the reflation trade takes hold. Ritholtz
Followers of my various writings on sites such as MarketWatch, Minyanville, SeekingAlpha, and theStreet know that I have been wildly bullish on stocks for 2012, making the case that we could see a 2003/2009-like move as the reflation trade takes hold (see my segment on Bloomberg in late March). On April 6th, I argued that conditions were favoring a “mini-correction” for stocks and that if markets were resilient, it would further increase the chances [...] At this point an argument that was once considered way out there — that euro area adjustment won’t be possible unless the inflation target is raised — now has widespread support, albeit not from the crucial players. Inflation significantly above 2 percent is almost surely a necessary (though not sufficient) condition for the euro to survive. So what’s happening to euro inflation expectations? We can look at theGerman breakeven — the difference in yields [...] theatlantic.com
Chicago Federal Reserve president Charles Evans doesn’t look the part of a heretic. But in the cozy, conservative club that is central banking, he certainly qualifies. While most of his colleagues at the Fed have recently taken an even more hawkish turn, Evans remains a champion of additional monetary stimulus. And on Tuesday he took an even bigger step: He became the first sitting Fed member to endorse nominal GDP (NGDP) level targeting. Sounds [...] You know it’s nuts when “Helicopter Ben” thinks it’s too extreme… From Bloomberg: Federal Reserve Chairman Ben S.Bernanke took on Nobel prize-winning economist Paul Krugman yesterday andcalled his advice to reduce unemployment by boosting inflation “reckless.” “The question is, does it makesense to actively seek a higher inflation rate in order to achieve” aslightly faster reduction in the unemployment rate, Bernanke said yesterday toreporters after a Federal Open Market Committee meeting. “The view [...] From Bloomberg: ederal Reserve Bank of St. Louis President James Bullard said the U.S. and world economies risk elevated inflation that persists for years should developed nations mistime their exits from easy monetary policies. “Once inflation gets out of control, it takes a long, long time to fix it,” Bullard said in a Bloomberg Television interview in Hong Kong today. “Ultra-easy” policies across the Group of Seven nations, which include the U.S. and Germany, [...] |
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