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Myanmar: Gold Mine or Sink Hole?	18:19 The Wall Street Journal - US Business
Fed’s Evans: Sees jobless rate falling to 6.5% in2015; hard pressed to see inflation outlook much above 2.3%	18:18 ForexLive.com
European Court to Rule Over ECB’s Secret File	18:17 Bloomberg - Europe
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Euro Moves Lower on US Fiscal Fears, Greece Debt Doubts	17:55 CNBC.com - Currencies
U.S. Avoids Labeling China A Currency Manipulator	17:55 The Wall Street Journal
Banks Feel Currency Pinch	17:55 The Wall Street Journal
Lack of inflation clearing could hit LDI community	17:52 Credit
Myanmar copper mine protesters charged: police	17:50 The West Australian - Business - World
Record Dollar inflows not good enough to stem Rupee fall	17:49 The Economic Times - Markets
U.S. declines to name China currency manipulator	17:47 The Star Online
Australian Dollar Outlook - 28 November 2012	17:46 IBTimes.co.uk - Real Estate
Forex: NZD/USD hardly above 0.82 figure	17:43 FXstreet - Forex News
Between Price Stability and Economic Growth	17:33 ThisDay Live
Treasury Bills Attract $2.27bn Bids in 1 Week	17:33 ThisDay Live
Copper North Files Carmacks Copper Project Feasibility Study	17:23 The Street - Markets
US again says China not currency manipulator	17:19 Channel NewsAsia - Business
China not a currency manipulator, US says	17:18 South China Morning Post - Money
Philippine Economy Seen Picking Up in Third Quarter	17:18 CNBC.com
FOREX-Euro moves lower on US fiscal fears, Greece debt doubts	17:14 Reuters - Economy
Forex: AUD/USD bears defending 1.05; downward bias in play – V.Bednarik	17:13 FXstreet - Forex News
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Gold slides on dollar's strength	17:08 UPI - Security & Terrorism
US declines to label China a currency manipulator but says yuan remains undervalued	17:06 Orlando Sentinel, Florida
US declines to name China currency manipulator	17:06 Business Times Online - World
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News Summary: The Obama administration declines to brand China as currency manipulator	16:59 The Washington Post
Euro sags after new Greek debt deal sealed	16:59 Channel NewsAsia - Business

The Greek Tragedy is Far from Over

by Peter A. Grant

Nov 27, AM
(from USAGOLD.com) --

Gold slipped in early trade on Tuesday to new lows for the week, but remains confined to the high end of last Friday's range. The yellow metal was weighed modestly by a firmer dollar, which benefited from some better than expected U. S. economic data.

Consumer confidence for November came in higher than expected at 73.7. The Case-Shiller home price index posted another modest rise in September, as did the FHFA home price index. The Richmond Fed index rebounded to +9 in Nov, versus -7 in Oct. The dollar index found support ahead of 80.00 yesterday and is retracing some of last week's losses, but upticks remain lackluster.

While Greece seems to have secured yet another new deal, designed to get them back on a sustainable fiscal path, the market seems to have its doubts. The euro is under pressure today, having failed to sustain recent probes above 1.3000. After setting new four-week highs earlier in the session, the single currency is now trading below yesterday's low.

One of the concessions was that Greece new has an extra two years to achieve a debt/GDP ratio of 124% by 2020, rather than the previously agreed to 120%. However, whether your talking debt ratios of 120% or 124%, Greece remains in the midst of a devastating depression, which raises serious doubt about whether any such goal is attainable. After all, previous troika projections over the past three years on Greek debt and recovery have been colossal misses. I'm not sure why anyone would believe that their latest calculations are any more reliable than the previous one's.

Gavyn Davies of Fulcrum Asset Management suggests in an FT op-ed that the latest deal is based "on the optimistic assumptions that the primary budget surplus can be held indefinitely at 4.5 per cent of GDP, while nominal GDP growth rebounds to more than 4 per cent per annum." That is indeed pretty optimistic. Davies goes on to suggest the deal provides "the outline of an eventual, larger deal, based on official debt forgiveness." One thing seems certain, the ongoing Greek tragedy is far from over.

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The Greek Tragedy is Far from Over