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8 June 2012 at 19 : 01 PM
Continuation. . .The most important gold market event since 1999
London Trader – Staggering 515 tons of gold sold in 4 hours “With many global investors still rattled by the recent price action in gold and silver, today King World News interviewed the ‘London Trader’ to get his take on these markets. The source told KWN that not only was a shocking amount of paper [...]
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8 June 2012 at 10 : 47 AM
Operation Twist: New York Fed purchases $1.914 billion in Treasury coupons.
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8 June 2012 at 10 : 41 AM
US trade deficit narrowed to -$50.0 bln in Apr, outside expectations of -$49.5 bln, vs negative revised -$52.6 bln in Mar.
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8 June 2012 at 10 : 46 AM
Morning Snapshot
08-Jun (USAGOLD) — Gold extended to the downside in overseas trading, at the end of a week where no central bank (beyond the PBoC) seemed inclined to ease further, despite mounting global growth risks. In addition, speculation that a Spanish request for a bailout was imminent pushed the euro back below 1.2500 and the corresponding [...]
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8 June 2012 at 08 : 03 AM
US wholesale sales +1.1% in Apr, well above expectations of +0.4%, vs negative revised +0.4% in Mar; inventories +0.6%.
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8 June 2012 at 08 : 16 AM
BOJ May Be Pushed to Twist Bond Purchases as Growth Slows
07-Jun (Bloomberg) — The Bank of Japan (8301) may debate overhauling its asset-buying program next week after its campaign to end deflation was undercut by government bondholders’ reluctance to sell as financial turmoil deepens. Governor Masaaki Shirakawa and his board gather June 14-15, days before a Greek election that may determine whether the nation leaves [...]
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8 June 2012 at 07 : 50 AM
Bank Of France Sees Second Quarter GDP Contraction
08-Jun (Dow Jones) — The Bank of France Friday said the French economy will contract in the second quarter of this year according to the central bank’s monthly index of business activity. French gross domestic product will fall 0.1% in the second quarter from the first three months of the year, the Bank of France [...]
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8 June 2012 at 07 : 52 AM
Nowotny Says Spain Aid Request Delay Would Increase Costs
08-Jun (Bloomberg) — European Central Bank Governing Council member Ewald Nowotny said any delay in Spain requesting a European Union aid would increase the costs of a bailout. While declining to comment on rumors that Spain may ask for aid this weekend, Nowotny said that he “of course considered it sensible to request aid, because [...]
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8 June 2012 at 07 : 46 AM
Spain poised to seek bailout
08-Jun (Financial Times) — Spain could request bailout aid for its struggling domestic banks as early as Saturday during conference calls between officials from all 17 eurozone finance ministries, making Madrid the fourth member of the single currency bloc to need a rescue from EU authorities since the outbreak of the sovereign debt crisis. People [...]
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8 June 2012 at 06 : 28 AM
Gold lower at 1577.43 (-14.24). Silver 28.28 (-0.385). Dollar firms. Euro tumbles. Stocks called lower. Treasurys steady to higher.
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7 June 2012 at 13 : 04 PM
US consumer credit +$6.5 bln in Apr, well below expectations of $10.5 bln, vs $12.4 bln in Mar.
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7 June 2012 at 11 : 02 AM
Wall Street Trims Early Gains After Bernanke Dashes Easing Hopes
07-Jun (MoneyNews) — Stocks rose on Wall Street Thursday after China cut its benchmark lending rate in another bid to boost its slowing economy, but an early rally faded after Federal Reserve Chairman Ben Bernanke gave no signal of immediate action to prop up the U.S. economy. The Dow Jones Industrial Average was up 80 [...]
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7 June 2012 at 10 : 01 AM
Fitch downgrades Spain’s sovereign credit rating by three notches to BBB.
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7 June 2012 at 10 : 35 AM
Morning Snapshot
07-Jun (USAGOLD) — Gold has tumbled back below $1600 after a Chinese rate cut was offset by a steady stance by the BoE and no strong indication from Ben Bernanke that further Fed accommodations are imminent. Additionally, comments by German Chancellor Merkel about ‘more Europe’ seemed to improve risk appetite, lifting stocks and diminishing the [...]
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7 June 2012 at 09 : 30 AM
Operation Twist: New York Fed sells $8.370 billion in Treasury coupons.
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7 June 2012 at 08 : 37 AM
Bernanke: Fed Ready to Act if Europe Hits U.S.
07-Jun (The Wall Street Journal) — The U.S. economic recovery faces significant risks, including from the European sovereign debt crisis and uncertain U.S. fiscal policy, Federal Reserve Chairman Ben Bernanke said in testimony prepared for a congressional hearing on Thursday. Still, the Fed chairman stopped short of signaling Fed action to combat these risks, other [...]
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7 June 2012 at 08 : 22 AM
Bondholders look for word of more Fed help
06-Jun (Financial Times) — The pattern is now all too familiar and has been a regular feature since the financial crisis. Fears of systemic stress and weak US economic data spark dramatic declines in Treasury yields, followed by the Federal Reserve launching a new round of bond purchases, confirming the pre-emptive positioning of bond investors. [...]
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7 June 2012 at 07 : 49 AM
Greek unemployment hits 21.9 pct in March
07-Jun (CNBC) — Greece’s unemployment shot up to 21.9 percent in March, rising sharply from the 15.7 percent rate in the same month last year and up from 21.4 percent in February, the country’s statistics agency said Thursday. Greece has been struggling through a financial crisis for the past two years, and has been relying [...]
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7 June 2012 at 06 : 20 AM
SNB spends billions defending the franc
07-Jun (Financial Times) — Switzerland’s central bank spent tens of billions of francs defending the country’s currency from haven flows as the eurozone crisis escalated in May. The Swiss National Bank said that its stockpile of foreign exchange reserves rose to SFr304bn in May – a record high – up from SFr238bn the previous month. [...]
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7 June 2012 at 06 : 35 AM
US initial jobless claims -12k to 377k for the week ended 02-Jun, below expectations of 380k, vs upward revised 389k in previous week.
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7 June 2012 at 06 : 28 AM
Gold better at 1623.90 (+1.47). Silver 29.52 (+0.07). Dollar slips. Euro higher. Stocks called higher. Treasurys steady to lower.
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7 June 2012 at 06 : 56 AM
PBoC cut benchmark lending rate 25bp to 6.31%, and deposit rate 25bp to 3.25%.
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7 June 2012 at 06 : 26 AM
BoE leaves repo rate unchanged at 0.5% and refrained from raising the asset purchase target beyond current £325 bln. No statement.
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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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