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6 June 2012 at 11 : 49 AM
Morning Snapshot
06-Jun (USAGOLD) — Gold extended higher in overseas trading, notching fresh 4-week highs amid rising eurozone worries and a counter-intuitive rise in the euro, which has weighed on the dollar. The yellow metal’s convincing push back above the 50-day moving average returns a measure of credence to the underlying uptrend. The more important 100-day moving [...]
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6 June 2012 at 10 : 48 AM
Greece Warns of Going Broke as Tax Proceeds Dry Up
05-Jun (New York Times) — As European leaders grapple with how to preserve their monetary union, Greece is rapidly running out of money. Government coffers could be empty as soon as July, shortly after this month’s pivotal elections. In the worst case, Athens might have to temporarily stop paying for salaries and pensions, along with [...]
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6 June 2012 at 09 : 18 AM
Operation Twist: New York Fed purchases $1.703 billion in Treasury coupons.
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6 June 2012 at 08 : 39 AM
Gold Bugs Defy Bear-Market Threat With Soros Buying
06-Jun (Bloomberg) — Gold is stuck in the longest slump in a decade as investors shun bullion for the dollar and bonds, just seven months after Bank of America Corp. said Europe’s debt crisis would send prices to a record $2,000 an ounce. The bank was joined by Goldman Sachs Group Inc., Morgan Stanley and [...]
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6 June 2012 at 07 : 30 AM
Introductory statement to the ECB press conference
Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 6 June 2012 06-Jun (EC) — Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. While inflation rates are likely to stay above 2% for the remainder of 2012, over the [...]
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6 June 2012 at 06 : 50 AM
Stimulus hopes spur risk rally
06-Jun (Financial Times) — Risk assets are rallying as investors position themselves for action from the world’s central bankers. In the first in a series of closely-watched monetary policy moves European Central Bank kept benchmark interest rates on hold at 1 per cent. But markets have brushed off the slight disappointment from Frankfurt, choosing to [...]
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6 June 2012 at 06 : 34 AM
US Q1 productivity revised down to -0.9%, below expectations of -0.7%, from -0.5% initial print.
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6 June 2012 at 06 : 10 AM
Germany industrial production -2.2% m/m in Apr, well below expectations of -1.0%, vs negative revised 2.2% in Mar; -0.7% y/y.
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6 June 2012 at 06 : 18 AM
Eurozone Q1 GDP (sa) confirmed at 0.0% q/q; annual pace revised lower to -0.1% y/y.
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6 June 2012 at 06 : 56 AM
ECB holds refi rate steady at 1.0%, dashing hopes of an ease. Focus now on Draghi presser at 12:30GMT for policy indication.
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6 June 2012 at 06 : 18 AM
Gold higher at 1636.60 (+18.40). Silver 29.373 (+0.867). Dollar easier. Euro better. Stocks called higher. Treasurys mixed.
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5 June 2012 at 12 : 48 PM
Europe’s Mess: Time for the US to Clean It Up
By Steve Liesman 05-Jun (CNBC) — When it comes to Europe, incremental and mealy mouthed haven’t worked. It’s time for big and bold. Waiting for Europe to get its act together to solve its financial problems has become an even more insufferable drama than “Waiting for Godot.” They keep talking but a financial solution never [...]
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5 June 2012 at 10 : 15 AM
G7 hold emergency eurozone talks
05-Jun (The Finacial Times) — Finance ministers and central bank governors from the Group of Seven leading industrial nations held a conference call on Tuesday to discuss the financial crisis in the eurozone, and its implications for the global economy. The US Treasury, which hosted the call as the current president of the G7, said [...]
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5 June 2012 at 10 : 09 AM
CBO: Federal debt to double in 15 years
05-Jun (WashingtonTimes) — The federal government is staring at a disastrous fiscal picture with debt approaching 200 percent of GDP within two decades if Congress doesn’t change course on spending and taxes, according to the latest analysis by the Congressional Budget Office released Tuesday. CBO said it’s the worst picture since a brief period during [...]
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5 June 2012 at 10 : 38 AM
The Daily Market Report
Gold Continues to Serve as a Safe-Haven, Regardless of Price 05-Jun (USAGOLD) — I was contacted by a MarketWatch reporter last week who asked me: Whatever happened to gold as a safe-haven? This was on Thursday, the day before gold posted its biggest one-day gain in nearly three-years. I suspect those gains have somewhat tempered [...]
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5 June 2012 at 09 : 58 AM
Euro Troubles: The End of Germany’s Illusions
05-Jun (Der Spiegel) — Germany’s booming economy and plummeting unemployment has long insulated the country from the euro crisis on Europe’s periphery. Those times, however, are coming to an end. The German economy is now showing it is vulnerable after all, and Chancellor Merkel will now be forced to make sacrifices. There they are again: [...]
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5 June 2012 at 09 : 06 AM
JPMorgan Faces $4.2 Billion Trading Loss, ISI Forecasts
05-Jun (Bloomberg) — JPMorgan Chase & Co. (JPM), the largest U.S. bank, may report a $4.2 billion second-quarter trading loss in its chief investment office, according to an estimate by International Strategy & Investment Group Inc. The pretax loss would help cut second-quarter earnings to 65 cents a share, a 30 percent decline from an [...]
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5 June 2012 at 09 : 54 AM
Operation Twist: New York Fed purchases $4.854 billion in Treasury coupons.
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5 June 2012 at 08 : 32 AM
Australia Trims Rate to Ward Off Global Troubles
05-Jun (NY Times) — The Australian central bank cut its benchmark interest rate for a second consecutive month Tuesday in a bid to shore up confidence at home, as finance chiefs of advanced economies around the world prepared to hold emergency talks on the euro zone debt crisis. Citing a weaker outlook abroad and only [...]
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5 June 2012 at 08 : 28 AM
Nervous Europeans Snap Up London Property
04-Jun (NY Times) — Britain may be in recession, but business is booming for Rupert des Forges, a real estate agent in one of London’s most expensive neighborhoods. He expects it will take just a few weeks to find a foreign buyer for a 1,530 square-foot, or 140-square-meter, apartment within a mansion, with concierge, in [...]
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5 June 2012 at 08 : 55 AM
Turkish gold imports jump 150 pct, Iran buying seen
01-Jun (TheDailyStar – Lebanon) — Turkish gold imports leapt by 150 percent in May due to unrelenting demand from sanctions-strapped Iran, where buyers are increasingly choosing to keep savings in the precious metal rather than paper currency. Turkey has imported 19.47 tonnes of gold in May, up from 7.78 tonnes in April, according to data [...]
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5 June 2012 at 08 : 35 AM
BoC held steady, leaving the policy rate unchanged at 1.00%, in-line with expectations. Slightly less hawkish stance noted.
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5 June 2012 at 08 : 50 AM
US ISM Non-Manufacturing index edged higher to 53.7 in May, on expectations of 53.5, vs 53.5 in Apr.
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5 June 2012 at 07 : 00 AM
Fed “back in play” as Europe crisis intensifies
04-Jun (Reuters) — Europe’s escalating debt crisis is emerging as a top concern for Federal Reserve officials and could nudge them closer to more bond buying or extending “Operation Twist,” the U.S. central bank’s most recent program to lower long-term borrowing costs. The turmoil in the euro zone has risen to near fever pitch with [...]
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5 June 2012 at 06 : 05 AM
Spain Minister Urges EU Aid for Banks in First Plea for Help
05-Jun (Bloomberg) — Spain called for outside support for the first time to battle the financial crisis as Budget Minister Cristobal Montoro said European institutions should help shore up the nation’s lenders. Spanish banks don’t need “excessive” amounts to recapitalize, and the question is “where that figure comes from,” Montoro said in an interview with [...]
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5 June 2012 at 06 : 46 AM
Gold steady at 1619.66 (+0.22). Silver 28.40 (+0.092). Dollar mixed. Euro retreats. Stocks called mixed. Treasurys mostly lower.
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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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