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Articles related to Sovereign Debt
Andy Hoffman - Miles Franklin
It’s Monday evening, following yet another day of across-the-board “horrible headlines”; no matter what nation, continent, or hemisphere one considers. That said, today’s “top story” is that Greece – what a shock – didn’t complete its “reforms list” today as planned; putting it off until tomorrow – and thus, leaving the world a measly four days from “Grexit,” without even a firm proposal on the table. Heck, early this morning, well before this ominous news emerged, the Euro was already tanking –
Wednesday, February 25, 2015
Przemyslaw Radomski CFA - SunshineProfits
The Future of Russia and Gold
What are the prospects for the Russian economy and its possible impact on global markets and gold? This year Russia is going to slide into recession (the CBR estimated that the economy will shrink 4.5 percent, if oil stays at $60/barrel). This is one that could last a while, unless there is a reverse in trends of oil prices (affected to a large extent by the greenback), and the government follows credible monetary policy, and decides to implement systemic reforms. Actually, with double-digit inf
Tuesday, February 24, 2015
Michael Pento - Delta Global Advisors
Great Recession Redux
We are fast approaching the time when it will become obvious to all that mortally-wounded economies cannot be resuscitated by a massive increase in credit from central banks. Nations that suffer from tremendous capital imbalances, debt capacities and asset bubbles cannot be healed by printing money. Quantitative easing and zero percent interest rates have the ability to provide GDP growth that is merely illusory and ephemeral. This is because it can temporarily levitate equity, real
Tuesday, February 24, 2015
John Rubino - Dollar Collapse
If Debt Was The Problem...
Confounded Interest just posted a nice summary of a McKinsey report on the growth of global debt during what some persist in calling the "great deleveraging." Turns out that since the crisis of 2008, debt has actually risen by $57 trillion, and the ratio of debt to GDP is up 17 percentage points to 286%. Meanwhile, central banks are monetizing 100% of newly-issued sovereign debt. The obvious response to this is 1) wow, nothing has been fixed; in fact just
Monday, February 23, 2015
Jim Willie CB - Hat Trick Letter
  Debt Heaven Fallacy, not on Earth 
Today marks the Chinese New Year, the day promised for unleashing forces from the East which complete the Global Paradigm Shift. Let it rain; let it pour. For a full generation, the Western central bankers have relied upon debt to solve debt saturation problems as well as economic slowdowns founded within the credit cycle. In the last four years, they have added reliance upon free cost printed money to solve debt saturation and insolvency problems. The USTreasury Bond market has vanished for all
Saturday, February 21, 2015
Jeffrey Lewis
Bubbles, Tensegrity and Fragility
"....I thought sympathetically of nature's having to make all those myriad frustrated decisions each time she made a bubble. I didn't see how she managed to formulate the wake of every ship while managing the rest of the universe if she had to make all those decisions. So I said to myself, "I don't think nature uses π. I think she has some other mathematical way of coordinating her undertakings."—R. Buckminster Fuller, Your Private SkyAbout 15 years ago I was lucky enough to see a one man play -
Tuesday, February 17, 2015
Przemyslaw Radomski CFA - SunshineProfits
Russia Downgraded to Junk Status
In the last Market Overview discussing the Russian economic crisis we wrote: “Credit rating agencies will probably downgrade Russia’s rating to junk status soon.” Indeed, the biggest country in the world has been recently downgraded to junk status, first time in a decade. Will this affect the gold market? On January 26, 2015, S&P issued a BB+ rating, below investment grade, because “the Russian Federation’s monetary policy flexibility has weakened, as have economic growth prospects.” Other big
Thursday, February 12, 2015
Jesse - Le Cafe Américain
Economists-Say-Dumb-Things Chronicles: 'Debt Is Money We Owe To Ourselves'
Like so many sloppy discussions of economics to make an important policy point, but badly, this one diverges from common shared reality fairly quickly.  Let me strike the key hypothesis in this, that prompts a leap of faith, over a cliff and into the abyss of fantasy. "Debt is money we owe to ourselves." Something on which Mr. Krugman can agree with Dick Cheney who said, 'Reagan proved that deficits don't matter.'   How is that for a twist?   From an accounting st
Wednesday, February 11, 2015
John Browne - Euro Pacific Capital
Greece Dependency Has Created Dangerous Illusions
Once again the crisis in Greece is threatening the unity of the entire euro zone. Many analysts are asking what must be done to restore viability to the Union's weakest link. Lost in this discussion is that modern Greece, formed in 1830, has never really been required to stand on its own. Generations of support from abroad, typically given for strategic reasons, has created a false sense of prosperity in the country and has prevented the Greeks from accepting the realities of their current situa
Wednesday, February 11, 2015
Przemyslaw Radomski CFA - SunshineProfits
Will the 1998 Russian Meltdown Repeat Itself?
History never repeats itself exactly, but many similarities between the past and the current Russian crisis suggest that the eastern bear could significantly falter in the future: 1. The collapse of the ruble and its scope (Graph 2). The ruble lost over two thirds of its value in 1998. In 2014 it has lost more than half of its value against the dollar. Also the ruble’s unusual one-day falls are similar: Russian currency plunged 22 percent December 15 and 16, 2014 -an echo of the 27 percent fall
Wednesday, February 11, 2015
Michael J. Kosares - USA Gold
Gold Chartography 101 The case for gold ownership in ten charts you will never see on CNBC
"What's past is prologue." – William Shakespeare, The Tempest These charts summarize gold's impressive performance during the tumultuous first fourteen years of the 21st century. Investors fearing some future Black Monday, a general bank or currency collapse, a 1930s-style economic depression, or a sudden and virulent inflation took precautions by purchasing gold coins and bullion as a form of portfolio insurance.
Sunday, February 08, 2015
Alasdair Macleod - Finance and Eco.
Sovereign Bonds
Today's obvious mispricing of sovereign bonds is a bonanza for spending politicians and allows over-leveraged banks to build up their capital. This mispricing has gone so far that negative interest rates have become common: in Denmark, where the central bank persists in holding the krona peg to a weakening euro, it is reported that even some mortgage rates have gone negative, and high quality corporate bonds such as a recent Nestlé euro bond issue are also flirting with negative yields. The most
Saturday, February 07, 2015
Jesse - Le Cafe Américain
Gold Daily and Silver Weekly Charts - And That Was the Non-Farm Payrolls Report
"One may safely say that it would be no sin if statesmen learned enough of history to realise that no system, which implies control of society by privilege seekers, has ever ended in any other way than collapse." William E. Dodd, US Ambassador, Address to the American Chamber of Commerce in Berlin, 1933 “Our pundits and experts, at least those with prominent public platforms, are courtiers. We are captivated by the hollow stagecraft of
Saturday, February 07, 2015
Chris Martenson
  Greece Exposes The Global Economy's Achilles Heel
The new Greek political party, known as Syriza, the Coalition of the Radical Left, has done the unthinkable: they've dared to speak the truth. In this case, the truth is perfectly captured by the blunt assessment by the new Greek finance minister, Yanis Varoufakis, who recently declared "I'm the finance minister of a bankrupt country." Such honest assessments are not supposed to be uttered in politics, no matter how true they may be. And so, as you can imagine, the machinery of the defenders of
Friday, February 06, 2015
Bill Downey - Commodity Trader
Gold at short term decision point for the next two weeks
Feb 4 2015 Charts and analysis follow after headlines from today.......... GoldTrends continues to favor its forecast from a couple of years ago that a major global liquidity squeeze coming. Is It Socialism Or Just Failure? Submitted by Tyler Durden on 02/03/2015 The US, like Western Europe, is in the midst of a massive failure of its brand of capitalism. There are no free markets, no price discovery, there are asset bubbles being blown with money that belongs to our grandchildren as people a
Wednesday, February 04, 2015
Michael Pento - Delta Global Advisors
Say Goodbye to the 'Strong Dollar Policy'
It is absurd to believe that the inhabitants of the Eccles building in D.C. promote a strong dollar policy. Printing $3.8 trillion dollars and keeping interest rates at zero percent for going on the seventh year can hardly be confused with a hard-currency regime. Merely pretending to cheer the dollar higher appears to be the Fed's method of operation. But since World War II every administration likes to pledge their support for a "strong dollar policy". However, the truth is this polic
Monday, February 02, 2015
Captain Hook - Treasure Chest
Within the physical world, vibrations are generally not a good thing, often warning of an impending event, with earthquakes perhaps the best comparative example for our purposes. With earthquakes, before the big one arrives, most often they are preceded by many smaller vibrations, many of which are in fact undetectable to those experiencing them. Of course with earthquakes, as with other such phenomena, smaller vibrations can occur without a larger event being triggered as well, or at least it m
Monday, February 02, 2015
Phoenix Capital - Gains Pains & Capital
  Why Are Central Banks Terrified of Debt Restructuring? 
Back in 2012, Mario Draghi promised to “do whatever it takes” to hold the Euro together. A lot of analysts interpreted this statement in a literal sense. However they are incorrect. Draghi is willing to… 1)   Confiscate wealth by cutting interest rates to negative. 2)   Permit regulators to seize bank accounts to “bail-in” banks. 3)   Verbally intervene every time possible provided it pushes yields on EU nation sovereign bonds lower. 4)   Buy EU sovereign bonds despite the fact that this c
Sunday, February 01, 2015
Gary Dorsch - SirChartsAlot
The Raging 'Currency Wars' Across Europe
The theater of the absurd became even more bizarre on Jan 22nd, when the European Central bank desperate to extract the Euro-zone's economy from the quagmire of deflation and stagnation, decided it would try its hand at the magic elixir of "quantitative easing," (Q€). Starting on March 1st, the ECB will inject €60-billion of liquidity into the Euro-zone's money markets, each month until the end of Sept 2016. The ECB is the last of the Big-4 central banks to unleash the nuclear
Saturday, January 31, 2015
Ed Bugos
Economic and Financial Outlook (Part I)
“The coming European monetary crack-up is rooted in the fact that the ECB’s financial repression and ZIRP policies have—like everywhere else—-destroyed honest price discovery in Europe’s massive sovereign debt market. There is no other way to explain the preposterously low 10-year bond yields prevailing this morning for the various and sundry fiscal cripples that comprise the EU-19.” David Stockman’s Contracorner The bold script is Mr. Stockman’s emphasis, although it serves to elucidate our me
Thursday, January 29, 2015

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