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European markets have been lifted following the formation of a new Greek government, alongside expectations that eurozone leaders are poised to announce a €750-billion bailout for Spain and Italy. In addition, news that 37 countries have pledged additional bailout funds to the IMF (bringing the total to $456 billion) has also lifted ...
The “EUphoria” from the weekend’s Spanish bailout died out quickly yesterday, following news that Italy’s GDP fell 0.8% during Q1. Concerns that Italy is heading for the same rocks that the stricken ships SS Hellas and Iberia struck sent stocks lower, with the Dow closing down 1.1%. Ten-year Italian government bond ...
Yesterday’s big news as far as gold was concerned was a Telegraph report stating that Germany could be about to get into the “cash for gold” business in a big way. Angela Merkel is said to be increasingly favourable to the idea of countries pooling a portion of their sovereign debt into a redemption fund, with the ...
Another quiet day for precious metals yesterday. Gold continues to face resistance at and around $1,650, while silver remains holed below $32. The most actively traded Comex gold contract, June, settled 0.7% lower at $1,639.60. US Mint sales figures for gold coins during Q1 show 210,500 ounces were sold – down 30% from 299,500 in ...
Worries at the European credit markets have persisted as yield on Italian bonds remain high. The euro has been under renewed sales pressure, hitting $1.29 against the US dollar – the lowest level its been at since September 2010. Traders are also selling gold and silver futures. Gold, platinum and palladium have also been under ...
In recent weeks the European banking sector's refinancing problems have grown significantly, as major credit rating agencies have downgraded a number of important banks. Thus, Italian and French bonds have come under increasing pressure. Some market observers believe that the most indebted eurozone countries will ultimately resort to ...
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