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FOREX-Euro steady near 4-month low on jitters over Cyprus	20:14 Reuters - Economy
Energy bill rises push inflation to nine-month high	20:12 The Scottish Herald - Business
Surveys show improving economic confidence, rising inflation concerns	20:11 China Daily - BizChina
Chancellor's Budget for families	20:09 Express & Star - Business
Sims euro boss departs under cloud	20:09 The West Australian - Business - National
INDIA PRESS-Maxis Comm CEO quits, to head Reliance Ind's 4G mobile venture - Economic Times	20:05 Reuters - Industries - Technology, Media & Telecoms
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China's new economic team unleashes reform vitality	20:01 China Daily - BizChina
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Dollar and S&P 500 Ready for Fed Rate Decision	19:59 Daily FX
Sprott: Do Western Central Banks Have Any Gold Left? Part II	19:46 Zero Hedge
Forex Flash: Euro area faces new challenge on Cyprus drama - Nomura	19:44 FXstreet - Forex News
The Transmission Shop Promotes Cost-Saving Safety in Economic Downturn	19:41 Yahoo! US - Business - Press Releases
RBI to study banks active in selling gold coins	19:41 Business Today - Banking
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Fix economy before elections, IMF tells El Salvador	19:34 The Globe and Mail - International
Ringgit eases against US dollar	19:33 Business Times
Copper Seen Dropping as Stockpiles Increase, Aluminum May Climb	19:29 Bloomberg - Markets - Commodities
Jaguar Minerals uncovers rare earths at Tasmanian copper-gold project	19:29 Proactiveinvestors - Australia
Despite better economy, retirement fears rise	19:18 The Kansas City Star
Asia currencies gain on Cyprus fears	19:15 BBC - Economy
Trichet: Sees limits in what the BOJ can do for Japan’s economy	19:11 ForexLive.com
Gold price opens higher in HK	19:10 China.org.cn - Markets
Platinum Tax Defenders Reports On European Accusations of Tax Evasion For Google, …	19:08 Yahoo! US - Business - Press Releases
Forex: USD/JPY kept below 95.00, sellers dominant s/t	19:01 FXstreet - Forex News
Cyprus woes hurting Aussie dollar	19:00 WA Today - Markets
Bearish iron ore outlook weighs on ASX	18:54 The West Australian - Business - National
Veris Gold Corp. Announces Unaudited Year End Results for 2012	18:39 PR Newswire (Press Release) - General Business
Forex Flash: EUR/USD, weekly close below 200-day MA exposes 1.2650 - TDS	18:39 FXstreet - Forex News
Rand falls against dollar on mining strike concerns	18:38 Moneyweb - Across the Atlantic
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China’s Xi tells US Treasury chief of ‘shared interests’	18:34 The News International - Business
India cuts key interest rate to spur economy	18:34 The News International - Business
Trade, economy top agenda as Xi meets Lew	18:31 The Nation - Business
Trade events to boost Pakistan-Russia economic relations	18:31 The Nation - Business
Forex: NZD/USD pressured below 0.8250	18:29 FXstreet - Forex News
Cyprus vote raises more doubt over euro membership	18:28 MarketWatch
Economic Scene: U.S. Example Offers Hope for Cutting Carbon Emissions	18:21 The New York Times - Technology
Gold Trades Near This Month’s High Before Fed Policy Statement	18:21 Bloomberg - Markets
On claims of depositors, subordinated and creditors and central banks in bank resolutions	18:21 Credit Writedowns
Venezuela gives few details of new forex system	18:21 Reuters.com - Regulatory News
Oroya Mining strikes copper sulphide mineralisation within Granite Creek breccia pipe	18:04 Proactiveinvestors - Australia
Treasury Futures Remain Higher Before Fed Concludes Meeting	18:01 Bloomberg - Markets
Budget: Osborne's Hopes Of Rescuing Economy	18:01 Sky News
Forex Flash: Risk biased towards broader USD strength near term - RBS	17:59 FXstreet - Forex News
Confidence improves amid inflation worries	17:58 China.org.cn - Business

Cyprus Concerns Keep Gold Underpinned

by Peter A. Grant

Mar 19, AM
(from USAGOLD.com) --

Gold remains above $1600, underpinned by continued uncertainty about the broader implications of the Cyprus bailout. Additionally, the Fed's two-day FOMC meeting begins today amid expectations that Bernanke will try and be even more clear about the policy path moving forward.

Cyprus's Parliament is now expected to reject the terms of the EU bailout, based largely on backlash against the savings account levy. While a revision was pitched that would have exempted smaller savings accounts from the confiscation, it's looking increasingly like Parliament is disinclined to incur the wrath of the voters.

With both the banks and the stock market closed until Thursday, it will be interesting to see what a rejection of the bailout will look like when those institutions reopen. A run on the banks seems likely, but with no bailout agreement in place, the ECB may not be able to provide the needed liquidity.

Yes, Cyprus is tiny, but a default by a member if the European Union could have far reaching implications. It would once again bring the shortcomings of a monetary union with no political or fiscal union to the fore. It could result in Cyprus leaving the EMU, which would lead to renewed speculation about Greece and other troubled southern European countries.

The FOMC is widely expected to hold steady on rates when policy is announced tomorrow. There is talk that chairman Bernanke is going to take more firm control over the message as more hawkish rumblings at recent meetings caused longer term rates to rise on concerns the Fed might begin removing accommodations sooner rather than later.

Bernanke is expected to make is known in no uncertain terms that the Fed will keep its foot on the monetary gas pedal even if the economy shows signs of real improvement. He has already said as much in recent testimony on The Hill, but there are a number of regional Fed Presidents out there that continue to express more hawkish biases. I don't think Bernanke will attempt to silence those hawks, but I do think he will seek to remind the markets that he and the doves remain firmly in control of the FOMC.

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Opinions expressed in commentary on the USAGOLD.com website do not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. USAGOLD, Inc. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilization of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such USAGOLD does not warrant or guarantee the accuracy, timeliness or completeness of the information found here.

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Cyprus Concerns Keep Gold Underpinned