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Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    I wouldn't be counting any chickens just yet!!

    The eurozone looks to be odds on for creating that catastophe. Italian bond yields back up to 5.46%(edit 1.30pm ..now 5.50%) .....and as for the Greeks....what's the point its like p****ing into the wind!

    Yep... European markets including the FTSE all falling sharply today....

    Meanwhile the euro zone debt crisis continued to plague market confidence after reports that the Greek government and its international lenders are wrangling over whether the country met conditions needed to qualify for its latest bail-out package.

    The European Central Bank is scheduled to meet on Thursday to discuss monetary policy.

    In Germany, Chancellor Angela Merkel saw her party come in a distant second in a regional election in her home state, its worst performance since the Berlin wall came down.

    The electoral defeat may make Merkel even more wary of using German money to bail out struggling members of the Eurozone.

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    As harve has touched on, re inflation and interest rates, its a hell of complicated set up to understand correctly (nobody does imho), the news always presents it very clean, simplistically and wrong.

    Go Greek strikes Go.... It's not often I support strikes, but in this I do. They are absolutely right that Greece does not need more lending. It can't afford what it owes full stop, they still need t

    Afraid not, old bean; China has been a Communist People's Republic since, when, 1947? Just because it's a Tory government that's doing all the kow-towing makes not a jot of difference...But I bet that

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    Posted
  • Location: Bramley, Hampshire, 70m asl
  • Location: Bramley, Hampshire, 70m asl

    Agreed overal with your assumption but, the current trend seems unsubstanable to me, up 13% on the month. Weak jobs data out of the States and the fear of more US QE driving the latest rise. $1700-$1750 looks the right level to me?

    The boys in the city will be looking to take profits too so, I am looking for a $100 correction before it resumes upwards??

    Hit $1900 today! .... fuelled by the euro debt disaster

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    Posted
  • Location: Sheffield South Yorkshire 160M Powering the Sheffield Shield
  • Weather Preferences: Any Extreme
  • Location: Sheffield South Yorkshire 160M Powering the Sheffield Shield

    Yep... European markets including the FTSE all falling sharply today....

    Meanwhile the euro zone debt crisis continued to plague market confidence after reports that the Greek government and its international lenders are wrangling over whether the country met conditions needed to qualify for its latest bail-out package.

    The European Central Bank is scheduled to meet on Thursday to discuss monetary policy.

    In Germany, Chancellor Angela Merkel saw her party come in a distant second in a regional election in her home state, its worst performance since the Berlin wall came down.

    The electoral defeat may make Merkel even more wary of using German money to bail out struggling members of the Eurozone.

    Wot Greece not meeting criteria what a surprise. Will Germany pull the plug??? Will Merkel have the nerve to bring the end of the Euro idea under it's present guise?

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    Posted
  • Location: Chevening Kent
  • Location: Chevening Kent

    Hit $1900 today! .... fuelled by the euro debt disaster

    Yep! Lot of woes pushing gold, Euro debt, US growth and possible QE, Germany getting cold feet over Greece etc. But Gold has still gone to far to quickly, it cannot sustain these levels. 30 daychg +236.90 +14.24% is ripe for a $100-$150 correction and still be well up on the month. Although its a 'hold' as it will continue its rise after the dip Posted Image

    Its coming ???

    Edited by HighPressure
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    Posted
  • Location: Bramley, Hampshire, 70m asl
  • Location: Bramley, Hampshire, 70m asl

    Yep! Lot of woes pushing gold, Euro debt, US growth and possible QE, Germany getting cold feet over Greece etc. But Gold has still gone to far to quickly, it cannot sustain these levels. 30 daychg +236.90 +14.24% is ripe for a $100-$150 correction and still be well up on the month. Although its a 'hold' as it will continue its rise after the dip Posted Image

    Its coming ???

    Madness but next stop $2,000!!......by the end of the week if the ecb don't restart buying Italian debt soon (besides all the other factors that you mention).

    You're right there is bound to be a correction soon..... but given all the economic grief around it's only going to continue rising in the medium term.

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    Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    I wouldn't be too sure about that golden bubble bursting just yet... there are far too many signs of a Global slowdown and other economic uncertainties..

    Whilst the markets remain unsettled Gold and the Swiss Franc are going to remain sought after safe havens.

    http://www.reuters.c...E7K50RD20110905

    Edited by kar999
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    Posted
  • Location: Orleton, 6 miles south of Ludlow
  • Location: Orleton, 6 miles south of Ludlow

    Gold still hovering just under the $1900 mark — now more expensive than platinum!

    FTSE slightly up at 11.30 (+1.4%)

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    Posted
  • Location: Dorset
  • Location: Dorset

    Lots of problems for the Euro area.

    Firstly CSU getting a pounding in local elections due to Merkels stance on Euro and the bail outs, meaning that she has zero room for any more bail outs on the political front.

    Italian self interest from the northern league proping up Billy boy when they desperately need to get rid of him, he's ditching the difficult decisions to tackle the deficit and instead saying that he will crack down on tax evasion (something that nobody ever manages to actually do). ECB unhappy about this and threatening to stop buying Italian debt unless firm action is taken (Fat chance of that). Meanwhile Italy has 60bn of Govt debt to service this month and 70bn of italian bank debt. Alot for the ECB to buy !.

    Meanwhile the US govt are sueing the UK population by proxy for 30bn, They are actually taking RBS to court but since we own 80% of it and RBS has no money it will be the UK tax payers taking the hit.

    The funny thing about it all is that it's US mortgages approved by Fanny and Freddy that RBS sold back. Madness.

    Talk about the US govt accepting maybe 10bn from RBS if they settle out of court, US banks are keen on this and if they did RBS and Barclays will have no choice but to do the same, (Barclays are on the nose for 3-5Bn).

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    Posted
  • Location: Sheffield South Yorkshire 160M Powering the Sheffield Shield
  • Weather Preferences: Any Extreme
  • Location: Sheffield South Yorkshire 160M Powering the Sheffield Shield

    I thinks it time we invade the us now we sorted out Libya. Alternatively are there any big contracts we can threaten to cancel? Operations in Afghanistan where we can sorry we can't support you we've got a 30 billion deficit to deal with?

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    Posted
  • Location: Leeds/Bradford border, 185 metres above sea level, around 600 feet
  • Location: Leeds/Bradford border, 185 metres above sea level, around 600 feet

    Lots of problems for the Euro area.

    Firstly CSU getting a pounding in local elections due to Merkels stance on Euro and the bail outs, meaning that she has zero room for any more bail outs on the political front.

    Italian self interest from the northern league proping up Billy boy when they desperately need to get rid of him, he's ditching the difficult decisions to tackle the deficit and instead saying that he will crack down on tax evasion (something that nobody ever manages to actually do). ECB unhappy about this and threatening to stop buying Italian debt unless firm action is taken (Fat chance of that). Meanwhile Italy has 60bn of Govt debt to service this month and 70bn of italian bank debt. Alot for the ECB to buy !.

    Meanwhile the US govt are sueing the UK population by proxy for 30bn, They are actually taking RBS to court but since we own 80% of it and RBS has no money it will be the UK tax payers taking the hit.

    The funny thing about it all is that it's US mortgages approved by Fanny and Freddy that RBS sold back. Madness.

    Talk about the US govt accepting maybe 10bn from RBS if they settle out of court, US banks are keen on this and if they did RBS and Barclays will have no choice but to do the same, (Barclays are on the nose for 3-5Bn).

    They will not settle out of court and nor should they. Governments were responsible for regulations and failed, the banks did many things wrong, but they were all within the confines of the supposed regaulation.

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    Meanwhile the US govt are sueing the UK population by proxy for 30bn, They are actually taking RBS to court but since we own 80% of it and RBS has no money it will be the UK tax payers taking the hit.

    The funny thing about it all is that it's US mortgages approved by Fanny and Freddy that RBS sold back. Madness.

    Talk about the US govt accepting maybe 10bn from RBS if they settle out of court, US banks are keen on this and if they did RBS and Barclays will have no choice but to do the same, (Barclays are on the nose for 3-5Bn).

    It seems like a mind over matter policy by the Americans - they don't mind and we don't matter - so much for the special relationship - it was always one sided anyway.Posted Image

    Can't the UK banks find evidence for the mis-selling of those junk bonds that the US banks sold to our banks in the first place starting off this whole mess - I'm sure that they were not above board and some porkies were involved in these deals - how else can you get somebody to buy something that is worthless? Then perhaps we should be suing the Americans for very much more.Posted Image

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    Posted
  • Location: Carryduff, County Down 420ft ASL
  • Location: Carryduff, County Down 420ft ASL

    The fall in Irish bond yields, if it continues, may hopefully allow the Government to test the markets before the end of the year. On the current trend I could see Ireland in the markets in the second half of next year assuming there is no catastrophe in the global economy.

    http://www.bloomberg...R%3AIND&img=png

    More Ulster Bank jobs to be announced in the morning, most in the ROI I would expect. RBS has to sort out its Irish problem asap.

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    Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    The court action won't stand up....Fred The Shred followed the Yanks lead and like Enron destroyed all the evidence! Posted Image

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    Posted
  • Location: Chevening Kent
  • Location: Chevening Kent

    The court action won't stand up....Fred The Shred followed the Yanks lead and like Enron destroyed all the evidence! Posted Image

    Maybe we could pay them off with some of those Junk US Bonds we own?

    We could tear $30bn worth up and they could owe us a bit less :)

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    Posted
  • Location: Bramley, Hampshire, 70m asl
  • Location: Bramley, Hampshire, 70m asl

    All well in lala land the eurozone this morning.

    The German courts say Ya ...the bailout assistance is legal.

    Meanwhile the Greeks have promised to try harder.

    And tonight Berlusconi's crew will pass tougher austerity measures.

    Great news ....the equity markets are up and bond yields are down. All happy then (apart from the increasingly impoverished German taxpayers).

    I really do wonder what colour the sky is in euroland??Posted Image

    I wonder what the odds are on the Italians implementing their tough new measaures or the Greeks avoiding a default?

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    Posted
  • Location: Co Dublin, Ireland
  • Location: Co Dublin, Ireland

    More Ulster Bank jobs to be announced in the morning, most in the ROI I would expect. RBS has to sort out its Irish problem asap.

    There has been good news about Ireland recently. I think a corner has been well turned. We should be back on track next year and I think we can expel the IMF next year if things go as planned. But it is out of our hands now. It's the global economy we need to watch because we are an export economy. A slowdown could hit us hard. But the country has proved it is doing what is needed and will continue to do it.

    Edited by The Eagle
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    Posted
  • Location: Dorset
  • Location: Dorset

    Re RBS and the US court action.

    We have to remember that we don't know what RBS is actually being sued for. It could be that they sold the re-packaged mortgages in the US claiming that the they only contained A quality debt, or say 80% of A quality debt. But actually contained only 20% A debt. If this is the case then it's fraud pure and simple and the UK banks should pay up to who ever they sold these on to. Very much like guaranteeing the mileage on a car, knowing that in fact the car had been clocked by 100,000 miles.

    It's very noticable that all that Miliband can say atm is that bankers should be struck off in the same way that doctors can be, what a bloody stupid idea and what a mind numbingly stupid comment when we have such large economic issues such as potential Euro collapse, Currency issues, govt spending cuts, Vickers report etc, if Milliband wants to give ideas then lets have some on regulation, balance sheet, leverage numbers, liquidity ratio's etc i.e something that might actually make a difference.

    BTW bankers do not have a GMC, there is no firm definition of a banker, unlike a doctor, there are no licenses required and no formal qualifications needed. If somebody in a bank commits fraud they should be taken to court, to work in a bank a security check is carried out (by BofE regulations) anybody with bakcruptcy issues, fraud etc is not allowed to work in a bank even as a cashier. !

    This is already in place.

    You get the feeling that he's talking about Fred, if there is evidence that Fred did something wrong, again this should be investigated by the police, even if he were to be suspended he could still get a job in lots of other banks across the globe.

    Vickers is very very soft on the banks I know that the UK banks with major investment arms already had plans in place from 2 years ago to spin off their investment banking arms and that this could be implemented in 2 years if needed so allowing them until 2019 is bizarre.

    French and Italian banks in trouble today as evidence grows that there are being frozen out of international markets due to liquidity issues and sovereign debt risk. Germans have announced plans to re-capitalise their banks on a soon to be Greek default with a 50% loss off the back of Greece not meeting it's not meeting it's next cuts targets.

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    Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    It's very noticable that all that Miliband can say atm is that bankers should be struck off ....

    BTW bankers do not have a GMC, there is no firm definition of a banker, unlike a doctor, there are no licenses required and no formal qualifications needed.

    I remember watching the grilling the bankers got in front of the Select Committtee in 2009 when they all had to admit none of them had any banking qualifications....

    Former bosses of RBS and HBOS apologise to the Treasury select committee for the events that led up to their banks being taken largely into public ownership.

    During hostile questioning, led by commitee chairman John McFall, the four also admitted:

    •They did not have any formal banking qualifications.

    http://www.guardian.co.uk/business/2009/feb/10/bankers-apologise-rbs-hbos-treasury-committee

    I wouldn't trust Milibands judgment on the economy. His track record of initally appointing Postman Pat as Chancelloir spoke volumes about having no understanding of economicis. Balls is a man still in total defecit denial who's only policy is to carry on signing rubber cheques.

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    Posted
  • Location: Dorset
  • Location: Dorset

    Against my own thoughts and judgements what the markets are starting to price in on shares and gilts is the potential for an abandonment of the euro. On thinks like today's Italian debt auction the prices beig asked show a decoupling of the euro risk (Italy are paying twice as much in interest than they did 12 months ago and even 20 percent more than last month.

    This is equally true of the euro banks where the likes of soc gen are priced below their exposures to the sovereign debt crisis.

    I am not sure the euro politicians are really.graspsing this it's gone beyond a sovereign debt crisis now

    Edited by Iceberg
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    I wouldn't trust Milibands judgment on the economy. His track record of initally appointing Postman Pat as Chancelloir spoke volumes about having no understanding of economicis. Balls is a man still in total defecit denial who's only policy is to carry on signing rubber cheques.

    I think I would put more trust in his black and white cat:)

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    Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    Whilst Merkel, Papandreou and Sarkozy spout more hollow words on a conference call and the greek public sector workers continue to strike (take note UK TUC union sabre rattlers), there are interesting developments from other countries fearful of Greece's possible default and contagion...

    Rumours over China's intervention in the Euro crisis were still making headlines today. Caijing magazine reported that Zhang Xiaoqiang, a vice-chairman of the National Development and Reform Commission in China, is in favour of China buying bonds issued by nations embroiled in the Eurozone debt crisis. However, the viewpoint seems to clash with the opinion voiced by China's Premier, Wen Jiabao, that "Countries must first put their own houses in order."

    Underlining the risk of contagion spreading from the Eurozone, he so-called BRICs - Brazil, Russia, India and China - are to hold a meeting on September 23-24 in Washington in order to study their role in the Eurozone crisis. Sources close to the Russian government told France Press that Russia will study possible petitions for aid. Also, Brazilian financial newspaper Valor reported that one of Brazil's proposals would be for the BRICs to increase their reserves in euro-denominated assets.

    Meanwhile, remarks from European Commission president José Manuel Barroso buoyed sentiment as he said that the body would "soon present options for the introduction of Eurobonds".

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    Posted
  • Location: Carryduff, County Down 420ft ASL
  • Location: Carryduff, County Down 420ft ASL

    Shear madness to continue throwing money at Greece, They don't even have effective means of collecting tax even if the citizens would pay. Only full fiscal union can save the Euro and give the markets peace.

    The alternative is of course the break up, Greece to default, go back to the Drachma and have its people return to poverty.

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    Posted
  • Location: Taasinge, Denmark
  • Location: Taasinge, Denmark

    Shear madness to continue throwing money at Greece, They don't even have effective means of collecting tax even if the citizens would pay. Only full fiscal union can save the Euro and give the markets peace.

    The alternative is of course the break up, Greece to default, go back to the Drachma and have its people return to poverty.

    I don't see the Germans - or the Dutch come to think of it - forking out to keep southern Europeans afloat. Neither do I see anyone disqualifying themselves from the Euro Beauty Contest. Matters will gradually worsen while everyone does their best to protect their own interests and keep their reputation intact.

    The EU is transitory, just as the Hanseatic League was. If some attractive alternative economic association to the EU were to suddenly appear over the horizon, the Germans and Dutch would drop Greece, Italy, Spain and Portugal like hot cakes. Not that there is any love lost between Germany and The Netherlands either. I have heard Germans call the Dutch kasekopfen, while Italians are spaghettifresser, and what was it now I heard in Alblasserdam? The German flag has the colours of blood, soot and snot............no.......wait a minute........that was the Belgian flag they referred to.

    So much for European community spirit.

    Edited by Alan Robinson
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    Posted
  • Location: Bramley, Hampshire, 70m asl
  • Location: Bramley, Hampshire, 70m asl

    Meanwhile, remarks from European Commission president José Manuel Barroso buoyed sentiment as he said that the body would "soon present options for the introduction of Eurobonds".

    I really do wonder when the markets respond to this sort of news.

    Delusional or just clutching at straws? Germany won't go with the eurobond idea.

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