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Precious metals analyst Bill Haynes raised an interesting point recently on King World News. Imagine that in 2005 you told your peers and colleagues about some of the events that we would witness in the next decade. That Lehman Brothers and Bear Stearns would no longer exist. That the Federal Reserve’s balance sheet would be almost ...
The thinking behind GoldMoney’s business model was that there might come a time when prudent savers would want to protect themselves from the twin risks of a global banking crisis and a loss of purchasing power of paper currencies. The first of these two risks is now upon us, and it is important that everyone with savings to protect ...
The “Troika” (European Commission, ECB and IMF) and the Cypriot government have reached an agreement on a new bailout deal for Cyprus (one that conveniently doesn’t require Cypriot parliamentary approval, as it’s not deemed a “tax”). Depositors with savings of under €100,000 at the Bank of Cyprus ...
Last night the Cypriot parliament rejected the proposed IMF/EU bailout that would have seen the confiscation of up to 10% of depositors’ money from the island’s banks. Under pressure from hoards of protesting citizens (and perhaps fearful of the consequences of stealing from one or two of the wealthier Russian depositors) the ...
Pure theft. That’s the description many are giving to the weekend’s news from Cyprus, where bank depositors have had their accounts frozen, with a special 9.9% levy on deposits of over €100,000 and 6.7% on amounts below that. Interest is also being taxed at 20-25%, and the country is being forced by the IMF and EU to ...
After Wednesday’s gold and silver price plunges – no doubt linked to options expiration – the metals have recovered. Gold was fairly stable over the course of yesterday’s Comex pit-session in New York, up just 0.62%, but silver had a strong session – posting gains of close to 2%. As usual, this coincided ...
Quite a bit of media attention has been devoted recently to a working paper by two International Monetary Fund economists that re-examines the “Chicago Plan”. First put forward by University of Chicago economists in 1933, this proposal calls for the abolition of fractional reserve banking and the replacement of bank credit ...
Last week marked a very definite pause in the rally in the euro, stocks, commodities and gold that we’ve seen since the Federal Reserve and European Central Bank’s new stimulus measures were announced a month ago. US, Japanese, UK, German and Swiss stock markets all lost ground over the five days, while gold, silver, the euro ...
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