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| RATIOS & INDEXES |
| Gold / Silver | 61.99 |
| Gold / Oil | 14.77 |
| Dowjones / Gold | 11.04 |
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 | Articles related to Eurozone |  |
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 | Alasdair Macleod - Finance and Eco. |
Gold market report: bullion banks going net-long  |
| It has been an interesting week for gold. On Tuesday, open interest on Comex fell sharply by 6,961 contracts. The action was in the June contract which fell 12,072, only 3,000 of which appear to have been rolled into the next active month (August). The bulk of the fall in the June number must have been from bears closing their shorts ahead of Ben Bernanke’s testimony to Congress on Wednesday, but we can see from the numbers that the big bullion banks did not supply the stock (see below).
In theSaturday, May 25, 2013 |
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 | Mish - Global Economic Analysis |
| Discussion in Spain on Leaving the Euro; Euro Exit Manifest |
| Some common sense discussion is taking place in Spain regarding the necessity of Spain exiting the eurozone.
For example, please consider Opposition to the euro breaks: first manifesto to leave the single currency as translated from El Economista.
The political opposition that Spain remains part of the euro begins to crystallize. And the tool to achieve that end-Spain output of the single currency is again signing a manifest public that, for the moment, has already been signed by around 1,00Friday, May 24, 2013 |
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| Bullion Vault |
| Bullion Rallies Despite "Losing US Fed Prop" as Stock Markets Sink on Weak China Data |
| BOTH gold and silver rose in Asian and London trade Thursday morning,defying a sharp slide in global stock markets to gain 3.0% rally fromyesterday's sharp sell-off. Commodity prices fell as major governmentbonds rose but weaker Eurozone debt slipped, pushing interest rates higher. Tokyo's Nikkei index - up by 85% fromNovember- dumped more than 7% after new data showed a surprise contraction inChina's manufacturing sector. Private "retail" investors have"abducted" the Japanese stock market, accoThursday, May 23, 2013 |
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| Mish - Global Economic Analysis |
| Merkel Pins Cameron in Corner; Will Cameron Bury His Head in the Sand, Pretending to Not Notice? |
| UK prime minister, David Cameron, promised to hold a referendum on whether Great Britain should remain in the EU, but only on two conditions. The first condition, that Cameron be re-elected as prime minister is iffy enough.
The second condition, that Cameron renegotiate the Lisbon Treaty, I said would never happen. And it won't.
German Chancellor Angela Merkel sealed the fate on that score as Berlin plans to streamline EU but avoid wholesale treaty change.
Berlin is drawing up plans for treaTuesday, May 21, 2013 |
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| Mish - Global Economic Analysis |
| Folly of Preserving the Euro at All Costs; Should France Lead Breakup of Euro? |
| The Local, a website with German news in English reports Economists warn against German euro exit.
“Even a believable rumour that Germany would exit the euro would result in a massive capital flight from the countries of southern Europe to Germany.”
The southern European banking system would then collapse, bringing down entire economies with them, Schmieding said.
The consequences for Germany would be severe. The crisis countries could no longer pay back their debt and Germany’s important exSunday, May 19, 2013 |
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| Mish - Global Economic Analysis |
| Protests in Italy Against New Coalition; How Long Will Coalition Last? |
| The new coalition government in Italy is off to such a rocky start, it's hard to say there ever was a honeymoon.
People want more jobs. Instead, the price for a coalition by former Prime Minister Mario Silvio Berlusconi was a rollback in property taxes.
Here is the result: Thousands rally in Rome against cuts.
Thousands of protesters, led by trade unionists, have rallied in the Italian capital Rome against the policies of the new coalition government. Wielding red flags and placards, they uSaturday, May 18, 2013 |
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 | FOFOA - FoFOA |
Glimpsing the Hereafter 2  |
| In this, my 400th post, I will peer into the future, to the Freegold revaluation and beyond. But I do not have an actual crystal ball. All I have is logic and reason, and a little help from Another and FOA. So to quote FOA, "If you came with a notion that I am someone who sees the future, grab the children and run far away." But if you came bearing your own logic and reason, then perhaps you will find this post useful. :D
I will touch on a few topics that have been the subject of recent disSaturday, May 18, 2013 |
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 | Deepcaster |
 Biggest Bubble About to Burst |
| "Nothing is normal: not the economy, not the financial system, not the financial markets and not the political system. The system remains still in the throes and aftershocks of the 2008 panic and the near-systemic collapse, and from the ongoing responses to same by the Federal Reserve and federal government. Further panic is possible and hyperinflation is inevitable. "The economic and systemic solvency crises of the last eight years continue. There never was an actual recovery following tSaturday, May 18, 2013 |
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| Bullion Vault |
| Bullion Pension Funds "Selling Gold ETFs", Dollar Weakness Seen Offering "Only Hope" Short Term |
| GOLD PRICESfailed to hold a rally above$1380 per ounce in London on Friday morning, trading 5% down for the week as worldstock markets held steady.Both the Euro and British Pound also cuttheir mid-week rallies against the Dollar, holding gold prices at ?1070 and £904per ounce respectively.New data overnight showed Japanese machineorders leaping 14% in March from February, while China's leading economic indexrose slightly for last month.Eurozone construction output sank 8% in Marchfrom a year earFriday, May 17, 2013 |
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| Ben Traynor - Bullion Vault |
| Precious Metals Hit 3-Week Lows, ETFs "Could Sell Another 250 Tonnes of Gold" |
| London Gold Market ReportWHOLESALE gold bullion prices fell to three week lows around $1410 an ounce Wednesday, as European stock markets ticked higher, reversing earlier losses following disappointing Eurozone growth data.Gold in Euros fell as low as ?1094 an ounce, while gold in Sterling fell below £930 an ounce."Gold spot is approaching the support [level] of $1403 [an ounce]," say technical analysts at Societe Generale."There is no significant level of support between here and the low from AWednesday, May 15, 2013 |
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| Mish - Global Economic Analysis |
| Triple Dip Recession in France; It's Not the Weather |
| France slipped into its third recession in four years as Germany barely went into positive territory, underperforming general expectations.
The Financial Times reports France contracts in 1st quarter as Germany returns to growth
French GDP shrank by 0.2 per cent in the first quarter, the same rate of decline as the final three months of 2012, according to Insee, the national statistics office. Investment, measured by gross fixed capital formation, remained weak, falling a further 0.9 per centWednesday, May 15, 2013 |
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| Ben Traynor - Bullion Vault |
| Stronger Dollar Means Gold "Has Lost Safe Haven Appeal", But Sentiment "Has Turned Positive" in Indi |
| London Gold Market ReportSPOT GOLD fell towards three-week lows Tuesday, dropping as low as $1423 per ounce, as the Euro also fell against the Dollar after comments from those attending today's Eurozone finance ministers' meeting appeared to show disagreement over the creation of a banking union.Days after Germany's DAX index set a new record high, European stock markets extended yesterday's losses this morning."Due to US Dollar strength and record levels in European shares, gold has been losingTuesday, May 14, 2013 |
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| Mish - Global Economic Analysis |
| UK Does Not Need EU or Vice Versa; Problem Entirely in Cameron's Head |
| Wolfgang Münchau writing for the Financial Times correctly asserts Lord Lawson is right – Britain does not need Europe
In discussing the pros and cons of Britain’s membership of the EU, the most important point to remember is this: the terms of an exit are freely negotiable. This means that the economic consequences will depend to a large extent on those exit terms.
In his article in the Times last week, Lord Lawson, a former UK chancellor, argued that the regulatory costs of the single marketTuesday, May 14, 2013 |
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| Mish - Global Economic Analysis |
| Social Mood Darkens in Europe, Especially France, as Eurozone Economy in Freefall |
| A PEW study on European Attitudes shows social mood is darkening in the Eurozone, but especially in France.
The 78 page study "The New Sick Man of Europe: The European Union" is worth a look in entirety, but let's turn the spotlight on France.
France in Free Fall
The euro crisis first undermined France’s economy, and now there is strong evidence that it has severely eroded French public attitudes toward the economy, the European project and the country’s domestic leadership. Moreover, FranceTuesday, May 14, 2013 |
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| Alasdair Macleod - Finance and Eco. |
| Gold market report: continuing consolidation |
| Gold and silver continued their consolidation after the April lows, trading in narrow ranges with a firm undertone. Attention is now firmly focused on Chinese and Indian demand for gold, which between them is absorbing all non-Asian mine supply. Chinese net purchases of gold totalled 320.54 tonnes in the first quarter 2013, with purchases in March alone being 130 tonnes compared with February’s 97 tonnes, according to official statistics. Note that the March total was before the drop in price inMonday, May 13, 2013 |
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 | Ranting Andy - Miles Franklin |
| NIRP VS. Gold, Part II |
| Read the Friday Afternoon Wrap-Up for 5/10/2013 and the Monday Morning Commentary for 5/13/2013
Last summer, yet another European crisis prompted short-term interest rates to plunge BELOW ZERO. Several nations even mandated short-term “NIRP” – or Negative Interest Rate Policy – to force investors to pull funds from banks and spend them; as discussed in my July 18, 2012 RANT, “NIRP VS. GOLD”
Two days later – on July 20th – the ECB printed €100 billion to (temporarily) bail out the Spanish bankinMonday, May 13, 2013 |
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 | Jeffrey Nichols - Nichols on Gold |
Monetary Policies Favorable for Gold-Price Recovery  |
| Global financial markets will be taking their cues from U.S. Federal Reserve and European central bank policy meetings to be held by the Fed on Tuesday and Wednesday and by the European Central Bank (the ECB) on Thursday.
The consensus among economists who pay attention to these things suggests there won’t be any significant change in Fed policy . . . but, in contrast, there is a strong belief that the ECB will cut European interest rates from their already record low levels.
ECB Expectations
TMonday, May 13, 2013 |
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| Mish - Global Economic Analysis |
| German Finance Minister Throws Cold Water on Single Bank Resolution Agency; For How Long? |
| Germany's Finance minister, Wolfgang Schäuble, has an uncanny ability to tread a very narrow line on formation of an EU banking union. He frequently crosses over the line in both directions but never very far, and never for long.
Every time he gives an inch to solidarity, he quickly takes it back, and vice versa. And here we go again.
Weeks before the European Commission is due to present its plan for a single bank resolution agency and rescue fund, Schäuble threw the plans in doubt with a waSunday, May 12, 2013 |
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| Mish - Global Economic Analysis |
| German Export Machine Hits Skids; Imbalances Intensify: Exports Drop 4.2% YoY, Imports Drop 6.9% YoY |
| Eurozone imbalances continue to grow even as German exports slump. Why? German imports slumped even more, and the German current account surplus grew.
Via Mish-Modified Google Translate from Les Echos, please consider Germany's Export Machine Slumps in March.
The German trade surplus grew in March for the third consecutive month in raw data (to € 18.8 billion after € 16.8 billion in February) detailed figures released Friday, yet the report shows much weakness.
First, calculated seasonally Sunday, May 12, 2013 |
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| Mish - Global Economic Analysis |
| Read Between the Lines: IMF Admits Spain is Bankrupt; Get Your Money Out While You Can |
| It should be obvious to anyone reading this blog that Spain is in an economic depression as well as bankrupt. It is equally obviously that eurozone imbalances and a flawed treaty are to blame.
Finding mainstream organizations willing to admit Spain is bankrupt is another matter. Yet today, Jeremey Warner writing for The Telegraph says just that.
Warner says Spain is officially insolvent: get your money out while you still can
I'd not noticed this until someone drew my attention to it, but Saturday, May 11, 2013 |
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