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4 June 2012 at 13 : 14 PM
Hong Kong-China gold flow jumps 62 pct in April
04-Jun (Reuters) – Hong Kong shipped 101,768 kilograms of gold to mainland China in April, up 62 percent on the month and marking the second-highest monthly exports, the Hong Kong Census and Statistics Department said on Monday. [source] Share
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4 June 2012 at 10 : 09 AM
Operation Twist: New York Fed purchases $4.745 billion in Treasury coupons.
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4 June 2012 at 09 : 05 AM
Morning Snapshot
04-Jun (USAGOLD) — Gold remains generally well bid in the wake of Friday’s impressive gains. Sadly, the catalyst for the biggest one-day rise in the yellow metal in three-years was a raft of pretty dismal US economic data, most notably the May nonfarm payrolls report, which saw the unemployment rate tick higher for the first [...]
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4 June 2012 at 08 : 21 AM
Mikhailovich: Be Safe — Buy Physical Gold and Stash It Read more: Mikhailovich: Be Safe — Buy Physical Gold and Stash It
03-Jun (MoneyNews) — The U.S. and other major economies remain constantly at risk of suffering another 2008-style financial collapse, and that makes stashing physical gold as one of the safest investments around, says Eidesis Capital’s Simon Mikhailovich. The U.S. is trying to pay down its massive debts, but politicians tend to put off politically painful [...]
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4 June 2012 at 08 : 15 AM
Big factory orders miss on top of last week’s grim jobs data sends some of those in the record dollar long position heading toward the exit.
EUR-USD attempts to regain 1.2500. Share
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4 June 2012 at 08 : 07 AM
US factory goods orders -0.6% in Apr, well below market expectations of +0.3% vs big negative revision for Mar from -1.5% to -2.1%; inventories unch.
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4 June 2012 at 07 : 29 AM
Are Low Interest Rates Good?
PG View: With talk of QE3 on the rise in the wake of Friday’s dismal jobs report, it’s worth considering the pros and cons of the Fed’s Zero Interest Rate Policy (ZIRP) and the other monetary tools it uses to artificially suppress yields. Share
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4 June 2012 at 07 : 39 AM
Portugal Bailout on Track But Unemployment Worries
04-Jun (The Wall Street Journal) — Portugal’s EUR78 billion aid program remains on track and its banks are stronger following a capital injection by the state, bailout officials said Monday, although they warned an unexpected rise in unemployment poses a risk to budget goals. Portugal, which started receiving financial support a year ago, has become [...]
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4 June 2012 at 07 : 03 AM
Portugal props up banks with €6.6bn
04-Jun (The Telegraph) — Three top Portuguese banks will receive a huge injection of public cash, the finance ministry said Monday, as Portugal passed its fourth bailout review to open the way for more EU-IMF rescue loans. In agreeing to inject more than €6.65bn into the private banks BCP and BPI and state-owned Caixa Geral [...]
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4 June 2012 at 06 : 43 AM
World stocks fall on dismal US hiring report
04-Jun (AP) – World markets took a beating Monday as another setback for the U.S. economic recovery sent investors fleeing from stocks. A weak U.S. jobs report flustered investors and intensified fears that a global recession was in the making. The dismal report released Friday came on the heels of other data that showed weak [...]
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4 June 2012 at 06 : 14 AM
Gold easier at 1616.40 (-7.70). Silver 28.43 (-0.08). Dollar lower. Euro steady. Stocks called modestly higher. Treasurys mostly lower.
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1 June 2012 at 16 : 06 PM
Fed Debate Builds as Outlook Dims
By Jon Hilsenrath 01-Jun (The Wall Street Journal) — Friday’s dismal jobs report is sure to sharpen a debate at the Federal Reserve about whether to take new actions to spur economic growth, but it likely doesn’t settle it. Some Fed officials had already started arguing for more action before Friday’s report that the unemployment [...]
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1 June 2012 at 16 : 04 PM
Fed Will Likely Weigh Rosengren’s Call for Stimulus
01-Jun (Bloomberg) — Federal Reserve policy makers this month will consider joining Boston Fed President Eric Rosengren’s call for renewed stimulus after a report today showed unemployment rose to 8.2 percent in May, economists said. Rosengren said the Fed should further its full-employment mandate and extend beyond June a program known as Operation Twist, which [...]
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1 June 2012 at 16 : 30 PM
Stocks Have Worst Day of 2012
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1 June 2012 at 14 : 19 PM
The Jobs Disaster
01-Jun (Slate) — This morning’s Employment Situation Report from the Bureau of Labor Statistics was bad news masking even worse news. The economy added 69,000 jobs in May, far below the consensus expectation of economic forecasters. And the consensus expectation wasn’t even particularly optimistic. Few thought we could repeat the 200,000-plus jobs per month that [...]
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1 June 2012 at 14 : 00 PM
The most important gold market event since 1999
A special report by USAGOLD’s President Michael J. Kosares 01-Jun (USAGOLD) — Quite unexpectedly, except perhaps among a handful of long-time gold advocates, gold is quietly and gradually moving back to its centerpiece role in international reserves. Stretched and threatened financially, nation states have begun accumulating gold for the same reason private individuals do — [...]
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1 June 2012 at 13 : 27 PM
Recession storm clouds threaten global economy
01-Jun (MSNBC) — The gears of the global economy are all slowing in unison. The latest evidence came with Friday’s startling employment report from the Labor Department: Job growth slowed in May to just 69,000 and was much weaker in April than initially reported. The news followed a string of reports from Europe to China [...]
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1 June 2012 at 09 : 12 AM
Operation Twist: New York Fed sells $8.620 billion in Treasury coupons.
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1 June 2012 at 09 : 16 AM
Gold’s having an identity crisis
01-Jun (MarketWatch) — SAN FRANCISCO (MarketWatch) — If gold’s a safe haven, it certainly hasn’t been acting like one. Gold futures ended May with a loss of 6%, the metal’s fourth-straight monthly decline. “We are in the midst of a cash crunch globally due to the banking issues in Europe,” said Vedant Mimani, lead portfolio [...]
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1 June 2012 at 09 : 57 AM
‘Sigh of Relief’: Irish Approve Fiscal Pact in Referendum
01-Jun (Der Spiegel) — Amid all the doom and gloom of the escalating euro crisis, there was a rare piece of good news for European leaders on Friday, when Irish voters backed the fiscal pact in a closely watched referendum. The Irish government declared victory based on early results, which showed the fiscal pact passing [...]
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1 June 2012 at 09 : 25 AM
Weak Jobs Data Ignite Expectations of Twist Extension
01-Jun (WSJ Blogs) — Friday’s weak jobs report immediately ignited market expectations that the Federal Reserve‘s “wait-and-see” mode may be coming to an end. Three months of disappointing jobs data increases the chances that Fed officials may act later this month to extend Operation Twist, currently scheduled to expire at the end of June, economists [...]
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1 June 2012 at 09 : 33 AM
U.S. bond yields hit new lows after weak payrolls
01-Jun (MarketWatch) — Treasury prices jumped on Friday, pushing yields on major benchmark indexes down sharply to record lows after a report showed U.S. payrolls rose 69,000 in May, far fewer than analysts expected. Yields on 10-year notes (ICAP.SD:10_YEAR) , which move inversely to prices, fell 10 basis points to 1.46% — setting a new [...]
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1 June 2012 at 09 : 57 AM
Weak US jobs figures for May hit markets
01-Jun (BBC) — Stock markets have fallen following worse-than-expected jobs figures from the US. Dow Jones futures suggest that US shares will open much lower, while the Dax in Frankfurt was down 4.1% and the Cac 40 in Paris was down 3.1%. The US economy added 69,000 jobs in May, which was well below forecasts. [...]
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1 June 2012 at 08 : 33 AM
Morning Snapshot
01-Jun (USAGOLD) — Gold started the day under pressure after weak PMI data from China and a rise in the eurozone unemployment rate — on top of an escalating sovereign debt crisis — pushed the euro down to the 1.2300 zone, boosting the dollar in the process. However, the yellow metal rebounded sharply after a [...]
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1 June 2012 at 08 : 30 AM
US manufacturing ISM fell to 53.5 in May, below market expectations of 54.0, vs 54.8 in Apr; prices paid plunges to 47.5, vs 61.0 in Apr.
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1 June 2012 at 08 : 46 AM
US construction spending +0.3% in Apr, below expectations of +0.4%, vs upward revised +0.3% Mar.
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1 June 2012 at 07 : 00 AM
Bund, Treasury, Gilt Yields Drop to Records as Euro Crisis Grows
01-Jun (Bloomberg) — German, U.S. and U.K. yields fell to all-time lows after Spanish Economy Minister Luis de Guindos said the future of the euro is at stake, driving demand for the safest government securities. …”There is a real sense of impending panic spreading now and that’s exacerbating all of these moves,” said John Wraith, [...]
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1 June 2012 at 07 : 42 AM
Job Growth Slows
01-Jun (The Wall Street Journal) — U.S. job growth slowed sharply in May, the latest indication that the economy has lost momentum. Nonfarm payrolls grew by a 69,000 last month, the Labor Department said Friday, the smallest gain in a year. The unemployment rate, obtained by a separate survey of U.S. households, ticked one-tenth of [...]
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1 June 2012 at 06 : 52 AM
Gold surges — up more than $30 from earlier low — on big payrolls miss as stocks get hammered. USD-JPY falls to 3-mo lows below 78.00.
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1 June 2012 at 06 : 15 AM
US Personal Income +0.2% in Apr, below expectations of +0.3%, vs +0.4% in Mar; PCE +0.3%, in-line with expectations.
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