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| RATIOS & INDEXES |
| Gold / Silver | 62.99 |
| Gold / Oil | 14.09 |
| Dowjones / Gold | 11.40 |
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 | Articles related to France |  |
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 | Jesse - Le Café Américain |
 Marking the Field: US Stated Gold Reserves and Gold Held at the Fed - World Gold and Gold Swaps |
| The US Treasury says that it holds 261,499,000 fine troy ounces in its international reserves.
The gold is valued on the books at $42.2222 per fine troy ounce. This represents a total value of $11,041,063,078.
Since there are 32,150.7466 troy ounces in a tonne, the US Treasury has 8,133.53 tonnes of fine gold on its books. Note that the number as presented on a copy of the official US Treasury statement shown below includes 'gold swaps.'
A discussion of the procedures and nature of goldMonday, May 20, 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 |
| Hollande Asks ECB to Engage in Japanese Style Currency Debasement |
| French president Francois has had enough of austerity but claims he "cannot do it alone". The Financial Times reports François Hollande goes on ‘offensive’ over stalled EU economy.
François Hollande promised an “offensive” to bring “more growth and less austerity” to Europe as he launched a bid to resurrect his presidency.
Mr Hollande said the first priority of his second-year “offensive” was a four-point plan to “get Europe out of its torpor” – concentrating on combating youth unemployment aSaturday, May 18, 2013 |
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 | The Gold Report |
| Gold and Bitcoin: Currencies of the Future?James Turk |
| The Gold Report: James, from your perspective in Europe, is the region in as bad a financial crisis as it appears in the headlines here in the U.S.?
James Turk: Yes, it really is. However, Europe is a big place, and you have to look at the individual countries one by one to understand the situation. Generally speaking, the Mediterranean countries are in the worst shape. Germany has been in the best shape, although recent economic data indicate it may be falling into a recession again. France isSaturday, May 18, 2013 |
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| Mish - Global Economic Analysis |
| Brussels Puts Spain Under Surveillance; Brussels Denies Putting Spain Under Surveillance |
| Here is an amusing set of back-to-back headlines regarding Spain.
Via Mish-modified Google translate from La Vanguardia Brussels Puts Spain Under Surveillance for Economic Imbalances
Spain will be placed under European supervision and its political leeway in deciding what reforms the economy agree will be reduced.
European monitoring will take place in the labor market and a review of the pension system and some economic reforms from now must be agreed with Brussels. Spain gets "two extra yeThursday, May 16, 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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 | Mark O'Byrne - gold.ie |
| South Africa Imports $1 Billion of Unwrought Gold to Meet Global Demand |
| 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 and led to concerns that South Africa was yet again Wednesday, May 15, 2013 |
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 | Julian D. W. Phillips - Gold Forecaster |
Gold & Silver Market Morning  |
| Gold Today - The gold price closed at $1,425.4 down $6 in New York yesterday.In Asia, gold weakened to $1,413 then in London it Fixed at $1,412.25 down $24.25 on yesterday and in the euro at ?1,094.513 down ?9, while the euro was much weaker at ?1: $1.2903. It then quickly fell to ?1: $1.2883. Ahead of New York's opening it stood at $1,411.55 and in the euro at ?1,095.67.Silver Today - Silver closed at $23.36, in New York yesterday down 24 cents. Ahead of New York's opening silver stood at $23.0Wednesday, 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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| Jesse - Le Café Américain |
| Currency Wars: Russia's Proposal for the Post-Bretton Woods II Global Financial System |
| "The great enemy of clear language is insincerity. When there is a gap between one's real and one's declared aims, one turns as it were instinctively to long words and exhausted idioms, like a cuttlefish spurting out ink.
In our age there is no such thing as 'keeping out of politics'. All issues are political issues, and politics itself is a mass of lies, evasions, folly, hatred, and schizophrenia.
When the general atmosphere is bad, language must suffer."
Eric Arthur Blair
The dollar reseTuesday, May 14, 2013 |
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 | Peter McKenzie-Brown - Language Instinct |
| Giuseppe Verdi |
| To commemorate his bicentennial, a brief biography of Verdi, the greatest Italian composer
By Peter McKenzie-Brown
A towering figure in his art, Giuseppe Verdi (9th or 10th of October 1813 – 27 January 1901) is often seen as an extraordinary genius whose operatic dominance is inexplicable. To the contrary: he was the greatest composer of a single generation of Italian opera composers who helped inspire each other’s work.
The others – Gioachino Rossini (1792-1868), Gaetano Donizetti (1797-1848)Tuesday, 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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 | Ron Paul |
 What No One Wants to Hear About Benghazi  |
| Congressional hearings, White House damage control, endless op-eds, accusations,
and defensive denials. Controversy over the events in Benghazi last September
took center stage in Washington and elsewhere last week. However, the whole
discussion is again more of a sideshow. Each side seeks to score political
points instead of asking the real questions about the attack on the US facility,
which resulted in the death of US Ambassador Chris Stevens and three other
Americans.
RepubMonday, May 13, 2013 |
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| Mish - Global Economic Analysis |
| Paul Krugman "Was" Right |
| Before discussing Paul Krugman and how right he was, let's first take a look at the Spiegel Online report EU To Impose Tariffs on Chinese Solar Panels.
Back in 2008, the German solar manufacturing industry was riding the crest of a wave of growth fuelled by generous subsidies and high demand. That year, the darling of the German solar industry, SolarWorld, logged a 31 percent annual increase in revenue for a total of €900 million ($1.18 billion) and expanded its operations by opening North AmeMonday, May 13, 2013 |
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| Mish - Global Economic Analysis |
| Germany France Feud Erupts Again; German Central Bank Head Blasts France |
| The simmering stew between Germany and France boiled over again this week as German Central Bank Head Blasts France.
France needs more time to get its budget deficit under control. That much was made clear last Friday when the European Commission announced it was granting Paris until 2015 to bring its budget deficit below the maximum 3 percent of gross domestic product allowed by European Union rules ensuring the stability of the euro.
But on Wednesday evening, Jens Weidmann, the president ofSaturday, May 11, 2013 |
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 | John Browne - Euro Pacific Capital |
| Germany Under Pressure To Create Money |
| Currently, central banks around the world are walking in lock step down a dangerous path of money creation. Led by the Federal Reserve and the Bank of Japan, economic policy is driven by the idea that printed money can be the true basis of growth. The result is an unprecedented global orgy of currency creation. The only holdout to this open ended commitment has been the hard money bias of the German-dominated European Central Bank (ECB). However, growing political pressure from around the world,Thursday, May 09, 2013 |
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| Mish - Global Economic Analysis |
| When All Else Fails, Blame Your Staff, Not Yourself |
| President François Hollande's popularity has sunk to a new low of 24%. Rather than blame his own policies for the huge rise in unemployment and the lack of competitiveness in France, Hollande pins hopes of fresh start on cabinet reshuffle.
In an interview with the French magazine Paris Match published on Wednesday, Mr Hollande warned that none of his ministers were indispensable and that all would be judged on their results.
“At some point, choices and adjustments will have to be made,” he saTuesday, May 07, 2013 |
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