Today’s AM fix was USD 1,412.25, EUR 1,094.51 and GBP 926.67 per ounce.
Yesterday’s AM fix was USD 1,436.50, EUR 1,103.47 and GBP 938.15 per ounce.
Cross Currency Table – (Bloomberg)
Gold dropped $6.00 or -0.42% yesterday to $1,425.40/oz and silver finished – 1.02%.
On Tuesday 14th May, workers at Lonmin PLC, the world’s No. 3 platinum producer in South Africa began a wildcat strike. This caused immediate disruption of all mine production [...]
Last minute comments
After the deadline for this GEAB number last Saturday evening, our team has closely watched the unusual coincidence of all the market indicators’ collapsing: European, American and Asian stock exchanges, raw materials… and even and especially gold. Unfortunately we don’t have time to expand on this event but, anyway, we interpret it in line with everything we have written in this number. But where this number describes things [...]
From Peter L. Brandt:
Actually, I leaned positively toward the longer-term charts in the Aussie until last Friday.
With the massive decline in raw materials, the fundamentals and technical factors could be lining up. Notice what happened to the Aussie during the major decline of raw material prices in 2008.
The monthly and weekly charts display a possible two-year symmetrical triangle in the Aussie. My default bias is to normally assume a period [...]
Fed ‘Currency Debasement 3′ (QE3) Sees Gold and Silver Surge 2% and 4.3%
Today’s AM fix was USD 1,772.50, EUR 1,359.70 and GBP 1,093.53 per ounce.
Yesterday’s AM fix was USD 1,730.50, EUR 1,339.81 and GBP 1,073.64 per ounce.
Bernanke’s announcement of further money printing and ultra loose monetary policies saw gold and silver surge in all currencies yesterday. Gold rose $34.30 or 1.98% in New York and closed at $1,732.00. Silver [...]
LONDON (MINEWEB) -
One thing that is most apparent about China relative to virtually any industry is that nothing is done without the approval, or instruction, of government. When you have an enormous population of over 1.3 billion – around 20% of the global population – the government’s policies are all aimed at maintaining order among its people, and for the past decade or so this has revolved around massive internal growth. [...]
Back in 1885, to much fanfare, the General Act of the Berlin Conference launched the Scramble for Africa which saw the partition of the continent, formerly a loose aggregation of various tribes, into the countries that currently make up the southern continent, by the dominant superpowers (all of them European) of the day. Subsequently Africa was pillaged, plundered, and in most places, left for dead. The fact that a credit system reliant [...]
June 28, 2012
Two hundred and ninety million pounds – that’s how much Barclays has been fined for attempting to manipulate the Libor interest rate. That’s not much less than the estimated £300m cost of last year’s riots in London, and it may only be a small fraction of the total damage Barclays has caused. As Philip Aldrick noted yesterday, loans with a value of $10 trillion are indexed using Libor, while [...]
By Arti Patel, MarketWatch
SAN FRANCISCO (MarketWatch) — Alcoa Inc. saw its earnings estimates slashed Tuesday by Deutsche Bank Securities, which cited lower aluminum prices and production cuts.
The downward revision comes two weeks ahead of the Dow component’s scheduled release of second-quarter results on July 9.
Deutsche analyst Jorge Beristain wrote in a research note that he now expects Alcoa AA +0.66% to earn of 4 [...]
As a small refresher on FRB: it is only viable if the amount of growth in the economy exceeds the amount of interest falling due on loans issued under the FRB system. If growth is less than interest due then money must be allocated from other spending (aka austerity). A shortfall can be disguised for some time by issuing ever greater amounts of debt to pay the interest on existing [...]
From the London Financial Times, 4/27/12
Procter & Gamble,
the world’s largest consumer products group by sales, cut its profit
forecast for the year, against a backdrop of sluggish economic growth in
the west, higher costs for raw materials and a restructuring of its
Net income in the three months to March 31 fell 16 per cent to
$2.41bn, or 82 cents per share, compared with $2.87bn, or 96 cents per
share, in the same period last [...]
Once the self-conscience realization that economic collapse is a genuine threat, that it’s not a Hollywood movie that can switched off at the credits, or a computer game in which you can be shot and never feel a thing, or a talking point on your favourite bulletin board that is frightening yet always seems to be just ok enough to carry on at the end of the day – enough for you to [...]
The manufacturing surveys are not leading indicators. The surveys are an indicator of business conditions 2-3 months prior. Manufacturing is not a just in time business. Most of the lead time in manufacturing is procurment of materials, actual manufacturing usually happens the week before the ship date. So labor will always rise the month the orders are due to ship. Your quote is normally good for 30 days, and production [...]
The United States of America has been raping the planet of its raw materials – notably oil – by bombing and invading many of the raw-material producing countries. To date, the USA had bombed more than 12% of the planet’s countries, resulting in the deaths of over one million innocent civilians.
The financial problem – for the US – is that [...]
The past two decades have seen implementation of technologies that have improved overall productivity across theentire supply chain – raw materials to end consumer. Implementing computing and internet productivity have required immense amounts of skilled labor but delivered gold rush level returns. Is it manufacturing to install the automation in a manufacturing process? I suppose not but that manufacturing has to be there for the outsourced IT to exist.
Now there are [...]
Fake organic products from Italy have been sold around Europe, Italian police said on Tuesday as they announced the results of an inquiry that has led to seven arrests and the seizure of 2,500 tons of food.
The police said 700,000 tons of illegal organic products valued at 220 million euros ($295 million) had been sold over several years across Italy and toAustria, Belgium, France, Germany, Hungary, the Netherlands and Switzerland.
The people arrested included executives from three agro-business companies – Sunny Land, Sona and [...]
Expectations for ISM Services (services as in the sector that accounts for 70% of US GDP) were for expansion to keep the decoupling dream alive. Unfortunately, those dreams are dashed for now as the data prints its worst level in 23 months. The biggest driver of this drop was the employment sub-index which cliff-dived from 53.3 to 48.9 (a contracting print). The composite manufacturing and services PMI also dropped notably.
With the Dow rallying more than 400 points and gold trading up over $30, near the $1,750 level, today King World News has released the eagerly anticipated interview with legendary investor Marc Faber, author of the Gloom Boom and Doom Report. Faber warned KWN that the Chinese economy may crash and noted this will have a huge impact on various economies and markets, “Well if we define a bubble as [...]
by Marin Katusa of Casey Research
Who’s Right About Commodities: Bears or Bulls?
In the last few weeks a slow slide in commodity prices – metals in particular – has turned into a full-scale nosedive.
All through 2011 copper had remained essentially between US$4 and $4.50 a pound, but on September 11 it dropped below that range and didn’t really stop falling until October 4, when it bottomed at $3.05. Aluminum gained ground in [...]
by Simon Black from Soveriegn Man
“This time it’s different”– the four most expensive words in the English language
For at least a decade now, the world has marveled at China’s amazing economic transformation.
Hundreds of millions of people have been lifted out of medieval peasantry and brought into the modern world. Living standards have improved dramatically. China has become the manufacturing hub of the world.
And, today, China boasts world-class [...]
International trade touches us all. We drink soda from cans made of aluminum mined in Australia, wear shoes made in Europe, eat fruit from South America, build machinery from steel milled in Asia, wear clothes made from African cotton, [...]
by Gordon T. Long
The Economic Death Spiral Has Been Triggered
For nearly 30 years we have had two Global Strategies working in a symbiotic fashion that has created a virtuous economic growth spiral. Unfortunately, the economic underpinnings were flawed and as a consequence, the virtuous cycle has ended. It is now in the process of reversing and becoming a vicious downward economic spiral.
One of the strategies [...]
by Brad Schaeffer
Some Thoughts On The Recent Commodity Correction
The recent correction in the commodities markets may be providing Bernake, Geithner and their easy money acolytes with a sense of relief given the relentless run up in prices of raw materials since the announcement of QE back in 2008, but they should not sleep tight just yet. As anyone in the markets will tell you, when [...]
(Google News http://google.com/news/search?aq=f&pz=1&… )
Household-product makers are about to put the recovery to the test.
When consumer-products giants Procter & Gamble Co., Unilever PLC and Colgate-Palmolive Co. report earnings today they are expected to discuss plans to raise prices. Battered by rising costs for raw materials such as pulp, resin and fuel, and already running lean operations, these companies have signaled in recent months that price increases [...]
Shoppers’ worries about juggling rising gas and food prices and other household costs pushed the Consumer Confidence Index down sharply in March.
The decline, which followed a three-year high in February and reversed five straight months of improvement, raises questions about shoppers’ ability and willingness to spend in coming months.
The Conference Board’s Consumer Confidence Index fell more than expected to 63.4 from a revised 72.0 [...]
by Peter Schiff
One of the immediate financial consequences of the catastrophic Japanese earthquake is that Japan needs to call on its huge cache of foreign exchange reserves to rebuild its shattered infrastructure. To pay for domestic projects, Japan will require yen – not dollars, euros or Swiss francs. As a result of these conversions, the yen rallied considerably [...]
Another quite odd data point about the US Economy: while US wholesale inventories came at 1.1% on expectations of 0.9%, (a drop from the revised 1.3%), wholesale sales increased by 3.4% on expectations of 0.5%, (and the previous revised from 0.4% to 1.1%). A headline glance would indicate a trend of improvement, as the Inventory/Sales ratio dropped to an all time low 1.13. Yet [...]
First it was “Get Ready For Higher Food Prices” going mainstream… Now, logically following, it is “Get Ready For Margin Collapse.” As Zero Hedge has long been warning, the one immediate consequence of surging commodity prices as a result of endless liquidity, is a collapse in corporate margins. Now, about 6 months after we first broached the topic, it has finally hit the mainstream [...]
The Dallas Fed prints at 10.9 and misses expectations. Stocks ramp as the miss would have been bigger if it had snowed in Texas, and so you must acquit. In the meantime, GETCO buying not just every single INTC share in Level 2 – 200, but moving on to everything not nailed down. Melt up must proceed as planned.
Since this index missed and is thus [...]
28 January 2011
Baltic Dry Index (BDI)Â Â Â -49 1137
SPOT 4 TCE AVG
SpotÂ 4 TC Average = The Average Value of the Four Main Shipping Routes applicable for each of the 3 types of Ships
BDI=The Weighted Composite Index of BCI/BPI/BHMI
Daily Chart For Cape/Panamax/Handy
4 TC AVERAGE Values
The BDI is NOT a traded index,so no one profits from the [...]