by Charles Hugh-Smith
Giddy “buy the dip, the Fed’s got our back” participants tend to forget that major players profit from going short when all the other shorts have been terminated with extreme prejudice.
A funny thing happened on the way to the next Bull market: the price-earnings (P/E) ratio has entered bubble territory–again. Courtesy of frequent contributor B.C., here is a chart of the average P/E for the S&P 500 (SPX). Note [...]
Today’s AM fix was USD 1,674.50, EUR 1,234.88, and GBP 1,058.47 per ounce.
Yesterday’s AM fix was USD 1,666.25, EUR 1,230.70, and GBP 1,057.20 per ounce.
Silver is trading at $32.08/oz, €23.76/oz and £20.40/oz. Platinum is trading at $1,677.50/oz, palladium at $736.00/oz and rhodium at $1,200/oz.
Cross Currency Table – (Bloomberg)
Gold rose $13.80 or 0.83% in New York yesterday and closed at $1,676.50/oz. Silver slipped to a low of $31.24 in the [...]
Prime Minister Mariano Rajoy delayed seeking a second rescue for Spain while pledging to continue bailing out its regions as Valencia requested more money to settle bills and cover debt.
Rajoy spoke today following a meeting in Madrid with French President Francois Hollande. Catalonia, Valencia and Murcia this week claimed more than half of an 18 billion-euro ($23 billion) fund announced by Rajoy last month to help the regions face bond redemptions and finance [...]
Gold’s London AM fix this morning was USD 1,579.00, EUR 1,255.67, and GBP 1,006.63 per ounce. Friday’s AM fix was USD 1,560.50, EUR 1,240.66, and GBP 996.04 per ounce.
Silver is trading at $28.65/oz, €22.86/oz and £18.33/oz. Platinum is trading at $1,442.50/oz, palladium at $592.60/oz and rhodium at $1,275/oz.
Gold rose $13.30 or 0.85% in New York on Friday and closed at $1,572.80/oz. The higher close Friday was not enough to prevent [...]
China’s December lending and money supply growth exceeded economists’ estimates, reports Bloomberg, with new loans totalling 640.5bn yuan ($101bn) for the month. M2 rose 13.6 per cent, comparedhttp://ftalphaville.ft.com/thecut/2012/01/09/822301/chinas-december-mone…
Mario Monti has defended a tough crackdown on tax evaders in luxury ski and coastal resorts, rejecting angry reactions from leading members of Silvio Berlusconi’s centre-right party whose support in parliament is vital for Italy’s new government of technocrats,http://ftalphaville.ft.com/thecut/2012/01/09/822291/monti-defends-tax-cr…
David Cameron has left open [...]
Gold to Top $2,000 on Central Bank Buying: Chart of the Day
Gold is trading at USD 1,675.30, EUR 1,214.20, GBP 1,062.30, JPY 129,036.00, AUD 1,634.90 and CHF 1,503.70 per ounce.
Gold’s London AM fix this morning was USD 1,676.00, GBP 1,062.31 and EUR 1,214.31 per ounce.
Yesterday’s AM fix was USD 1,673.00, GBP 1,065.74 and EUR 1,218.05 per ounce.
Cross Currency Table
Gold is marginally higher in most currencies today and continues to [...]
1) Gold May Climb to $2,500 in the Next Year, Citigroup Says
“This insurance role will likely continue to assist demand while concerns remain about sovereign risk and the longer-term issue of whether the dollar will still be the world’s reserve-currency in 5-10 years time.”
2) Italy’s borrowing costs rise as demand falls
“Italy sold 3.9 billion euros ($5.3 billion) of five-year bonds Tuesday as borrowing [...]
1) Dagong is likely to downgrade US rating
“The US’ sovereign credit rating is likely to be downgraded regardless of whether the US Congress reaches an agreement on raising its statutory debt limit, Chinese rating agency, Dagong Global Rating Co Ltd, said on Monday.
“If the debt limit is raised and the public debt continues to grow, it will further damage the US’ debt-paying ability, which is a key [...]
Up to £8,736
Up to £13,052
£8,736 – £13,000
£13,052 – £19,396
£13,000 – £17,524
£19,396 – £26,156
£17,524 – £25,012
£26,156 – £37,336
People on low incomes have suffered higher inflation than those on higher incomes in the past decade, the Institute for Fiscal Studies has said.
The IFS said that the difference had been particularly strong since 2008. The poorest 20% of households faced an average annual inflation rate of [...]