Despite the near multi-year record highs in stock indices, which have typically correlated tick-for-tick with the-wealthy-people’s view of the world, today’s Bloomberg Consumer Comfort index sub-data has a rather nasty surprise in its tail. Those earning over $100k, the highest bracket interviewed in their survey, saw their ‘comfort’ plunge to its lowest of the year – massively diverging from the incessant rise in equity markets (and its supposed ‘wealth effect’ transmission channel).
This is [...]
From The Reformed Broker:
There’s a new hot trade on The Street I continue to hear about more and more that involves one of the most hated areas of the global markets: Europe. Hedge funds and go-anywhere asset managers are increasingly circling the concept that the time is now to dig through the rubble for quality euro stocks.
Before I go any further, please understand that I am not advocating that anyone [...]
by GoldCore
Today’s AM fix was USD 1,583.25, EUR 1,267.41, and GBP 1,013.73 per ounce.
Yesterday’s AM fix was USD 1,569.00, EUR 1,256.41, and GBP 1,009.00 per ounce.
Silver is trading at $27.47/oz, €22.08/oz and £17.64/oz. Platinum is trading at $1,445.25/oz, palladium at $601.40/oz and rhodium at $1,190/oz.
Gold’s safe haven credentials were burnished again yesterday when despite falls in stock indices globally, gold rose $15.10 or 0.99% and closed at $1,586.30/oz. Gold traded [...]
From FT:
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 [...]
From The Big Picture:
Don’t be fooled by noise about reforming Insider Trading rules for Congress – it’s a scam, with lots of loopholes, says Yale law professor Jonathan Macey.
First, the background:
“Members of Congress already get better health insurance and retirement benefits than other Americans. They are about to get better insider trading laws as well.
Several academic studies show that the investment portfolios of congressmen and senators consistently outperform stock indices like [...]
From GoldCore
Germany to G20: German Gold “Must Remain Off Limits”; Italian Gold Sale Again Proposed In Germany
Gold is trading at USD 1,767.90, EUR 1,283.90, GBP 1,101.60, JPY 138,011, CHF 1,583.90, and AUD 1,711.70 per ounce.
Gold’s London AM fix this morning was USD 1,764.00, GBP 1,102.78, and EUR 1,286.65 per ounce.
Friday’s AM fix was USD 1,756.00, GBP 1,096.47, and EUR 1,269.61 per ounce.
Cross Currency Table
Gold prices have risen in all major currencies [...]
Action yesterday across markets was bearish and set alarm bells ringing – in particular the action in the PM sector, where the Head-and-Shoulders bottom pattern that we have observed in PM sector stock indices appears to be aborting. If it does abort it will probably mean that the broad market will go into the tank, and that is precisely what we can expect to happen if Europe should fail.
It has to [...]
Action yesterday across markets was bearish and set alarm bells ringing – in particular the action in the PM sector, where the Head-and-Shoulders bottom pattern that we have observed in PM sector stock indices appears to be aborting. If it does abort it will probably mean that the broad market will go into the tank, and that is precisely what we can expect to happen if Europe should fail.
It has to [...]
From GoldCore
Bailout euphoria has returned to markets with Asian and European stock indices rising on renewed risk appetite.
Gold has recovered from yesterday’s slight sell off (0.6% in USD) and the firm gold price in all currencies suggests that market euphoria is again misplaced. Gold is down only 20 euros per ounce in the last 24 hours. Gold is trading at USD 1,596.10, EUR 1,108.1, GBP 978.50 [...]
Markets stumbled and economists darkened their forecasts as a dismal jobs report underscored that the U.S. economy’s core remains battered two years after the officially declared end of the recession.
The major U.S. stock indices fell at the open Friday morning and continued falling, on the heels of a employment report that showed the jobless rate tick up to 9.2 percent in June as non-farm payrolls gained only 18,000 jobs. The [...]
Are European G20 leaders correct in declaring there is too much debt in the world? Or is President Obama’s team right in pushing for more stimulus? Who holds the real economic insights? Those who say we must borrow our way forward to recovery? Or those who believe a new day of financial austerity looms?
What does it really mean to allege there is too much global debt? How can there be [...]
“Shortly After the Comex Close Gold Is Allowed to Trade Above 1200″
http://jessescrossroadscafe.blogspot.com/2010/05/shortly-after-comex-close-gold-manages.html
“Gold traded all day below 1200, at times rising to within fifty cents of the key strike price of 1200 where a large concentration of call options were clustered.
Well, since the call options at 1200 have expired worthless, why bother using the energy to continue to suppress the price?
Blatant and arrogant price fixing is done with the cooperation of [...]
A contradictory investment climate exists because the Fed bombed Wall Street with money. Hedge funds and investment banks don’t care that short-term Treasuries pay next to nothing. They buy Treasuries as collateral in up-leveraging speculative plays, especially in commodities. Wall Street elites expect to recoup the losses of 2008 as well as to grasp massive new profits, even if major indexes top out well short of their former highs [...]
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