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- Euro Opportunity Could Be Coming
- Gaining From The Main Markets Mover Going Forward
- Gold “May Be Preparing for Further Falls”, But Central Banks Easing Implies “Upward Trend” for Bullion
- Everyone Owns A Little Gold – Here’s How
- Gold “May Be Preparing for Further Falls”
- The Impact of Inflation and Deflation on Gold
- Texas Governor Perry on Peter Robinson’s Uncommon Knowledge
- Why mine production has little influence on the gold price
- The Black Hole of Deflation & Gold and Silver - Part 3
- Why Deflation is the Biggest Catalyst for Precious Metals
- EM: Silver Chart Update – 7.6.12
- Technicals: Precious Metals, Oil, Dollar & SP500
- Currencies Don’t Make Gold Look Good
- Banks Refuse to Honor Silver as Legal Tender
- IMF’s Lagarde Issues Warning on Global Economy
- The Impact of Inflation & Deflation on Bullion
- Gold 'May Be Preparing for Further Falls'
- China’s Economic Policy of Denial
- Vegas: U.S. Dollar Is Worse Off Than The Euro
- S&T: When to Unload Your Gold for Fiat
- Investors Add to Gold ETPs in Face of Credit Crisis
- Silver Update: Rates Deflate – 7.5.12
- Mid-Year Gold Stocks Review
- German debt problems
- 1830 : The North Georgia Gold Rush
- Revealed: Why Gordon Brown Sold Britain's Gold at a Knock-Down Price
| Euro Opportunity Could Be Coming Posted: 06 Jul 2012 10:38 AM PDT By Chris Ciovacco: It didn't take long for the press to hop on the "pressure grows on Fed to act" train following the weak employment data on Friday morning. From Reuters:
Since quantitative easing (QE) involves buying bonds Complete Story » |
| Gaining From The Main Markets Mover Going Forward Posted: 06 Jul 2012 10:35 AM PDT |
| Posted: 06 Jul 2012 10:00 AM PDT
Gold "May Be Preparing for Further Falls", But Central Banks Easing Implies "Upward Trend" for Bullion U.S. DOLLAR gold bullion prices continued falling during Friday morning's London trading, extending losses from the previous day to hit $1592 an ounce by lunchtime, while stocks and commodities also traded lower and US Treasury bonds gained ahead of the release of June nonfarm payrolls data. Silver bullion fell to $27.42 an ounce – a few cents below where it started the week. "[Gold] has been in a three month consolidation range of $1528 to $1640," says the latest technical analysis note from bullion bank Scotia Mocatta. "We are either building a base, or preparing for another leg lower through $1500." Gold bullion fell 1.6% in less than two hours on Thursday, as monetary policy easing in Europe and China was shortly followed by a better-than-expected US jobs report. The Euro meantime fell more than 1% against the Dollar, dropping back towards two-year lows at less than $1.24. The US economy added an estimated 176,000 jobs in June, according to Thursday's privately-produced ADP Employment Report, which is published each month a day or two ahead of the official nonfarm payrolls number. In advance of yesterday's ADP release, which was delayed from Wednesday owing to the Fourth of July holiday, consensus forecast among analysts was for an additional 105,000 new jobs to be reported. "People are concerned that today's non-farm payrolls figures might [also] be better than expected, which will decrease the chances of quantitative easing by the Fed – bad news for gold," says Yuichi Ikemizu, head of commodity trading at Standard Bank in Tokyo. Ahead of Friday's nonfarm payrolls release, analysts' consensus forecast was for an additional 90,000 private sector jobs. By Friday lunchtime in London, gold in Dollars was down around $5 an ounce on the week, while the gold price in Euros was still showing a 1.9% weekly gain following the weakening of the Euro. The European Central Bank yesterday cut its main policy rate to a new record low of 0.75%. The rate paid to banks who deposit funds with the ECB was cut to zero – prompting Denmark's central bank to push its deposit rate into negative territory at -0.2%. "Cutting the deposit rate to zero has practically brought [the ECB] to the door of QE," says Julian Callow, chief European economist at Barclays here in London. "They have practically exhausted their conventional armory." "There is no such feeling that we are running low on policy options," countered ECB president Mario Draghi yesterday, when asked by a reporter if the ECB would now turn to unconventional measures. "We still have all our artillery ready to contain inflationary risk in order to pursue the objective of price stability…on both sides [and] in both directions…I do not think I want to elaborate on further non-standard measures at this point in time." Draghi added that asking the ECB "to act outside the limits of its mandate [risks] destroying its credibility". Here in London by contrast, the Bank of England's Monetary Policy Committee, as widely expected, voted for a further £50 billion addition to its QE program yesterday, taking the total commitment to asset purchases to £375 billion since the policy began in March 2009. "By merely matching market expectations the MPC has failed to deliver the 'shock and awe' it normally aims for when easing policy," says Nomura economist Philip Rush. "The ultra-loose monetary policy of the central banks speaks for an upward trend in the gold price," says today's commodities note from Commerzbank. China's central bank also eased policy yesterday, cutting interest rates for the second time in as many months. "The rate cut is necessary but not enough," reckons Gao Shanwen, chief economist at China Essence Securities in Beijing. China's vice premier Wang Qishan said Friday that the country will have difficulty hitting its official 10% trade growth target for 2012. Chinese gold bullion imports from Hong Kong meantime – widely viewed as proxy for overall imports – fell in May for the first time in five months, according to official Hong Kong government data published Friday. Imports of gold into Hong Kong from China by contrast hit their second-highest level on record. Over in India, the late monsoon has seen some farmers resorting to selling gold bullion in order to fund their expenses, India's Economic Times reports. "Last year, scrap gold sales in the market was to the tune of 130 tonnes," says Prithviraj Kothari, president of the Bombay Bullion Association. "But this year, scrap sales may go up to 300 tonnes." Ben Traynor Gold value calculator | Buy gold online at live prices Editor of Gold News, the analysis and investment research site from world-leading gold ownership service BullionVault, Ben Traynor was formerly editor of the Fleet Street Letter, the UK's longest-running investment letter. A Cambridge economics graduate, he is a professional writer and editor with a specialist interest in monetary economics. (c) BullionVault 2011 Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.
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| Everyone Owns A Little Gold – Here’s How Posted: 06 Jul 2012 09:48 AM PDT |
| Gold “May Be Preparing for Further Falls” Posted: 06 Jul 2012 09:37 AM PDT
from news.goldseek.com: London Gold Market Report U.S. DOLLAR gold bullion prices continued falling during Friday morning's London trading, extending losses from the previous day to hit $1592 an ounce by lunchtime, while stocks and commodities also traded lower and US Treasury bonds gained ahead of the release of June nonfarm payrolls data. Silver bullion fell to $27.42 an ounce – a few cents below where it started the week. "[Gold] has been in a three month consolidation range of $1528 to $1640," says the latest technical analysis note from bullion bank Scotia Mocatta. "We are either building a base, or preparing for another leg lower through $1500." Gold bullion fell 1.6% in less than two hours on Thursday, as monetary policy easing in Europe and China was shortly followed by a better-than-expected US jobs report. The Euro meantime fell more than 1% against the Dollar, dropping back towards two-year lows at less than $1.24. The US economy added an estimated 176,000 jobs in June, according to Thursday's privately-produced ADP Employment Report, which is published each month a day or two ahead of the official nonfarm payrolls number. In advance of yesterday's ADP release, which was delayed from Wednesday owing to the Fourth of July holiday, consensus forecast among analysts was for an additional 105,000 new jobs to be reported. Keep on reading @ news.goldseek.com |
| The Impact of Inflation and Deflation on Gold Posted: 06 Jul 2012 09:30 AM PDT
from news.goldseek.com: Today's AM fix was USD 1591.75, EUR 1285.54 and GBP 1024.29 per ounce. Gold fell by $18.40 in New York yesterday compared to Tuesday's close prior to Independence Day, and ended with a small loss of 1.13% at $1,604.40. Silver also dropped slightly, closing at $27.68. Silver is currently trading at $27.48. Gold did not manage to stay above $1,600/oz in Asian and European trading this morning, and is currently trading at $1,595.90. Gold is still up from a recent low of on the 28th of June at $1,552 oz. Key US employment data is due to be released later today. WGC – The Impact of Inflation and Deflation on the Case for Gold Following yesterday's WGC reports about the role of gold in investment portfolios, this report looks at gold's performance during inflationary and deflationary times. Gold, non-perishable and limited in supply, is seen as relatively immune to inflation, financial crises and credit default. Topically, periods of negative real interest rates are thought to support the demand for gold, because the opportunity cost of holding gold decreases when real interest rates fall. Weak dollar has also been seen to drive up the price of gold. The report concludes that gold may perform especially strongly when inflation is high, the dollar is weak, and there are elevated levels of financial stress, highlighting the role of gold as risk insurance in a balanced portfolio. There have been several recent inflationary periods in the world, but periods of general deflation have been rare. Nonetheless, the report suggests that in deflationary times, gold's demand as a store of value increases even when the demand for commodities that are industrial demand-driven is likely to fall. Keep on reading @ news.goldseek.com |
| Texas Governor Perry on Peter Robinson’s Uncommon Knowledge Posted: 06 Jul 2012 09:26 AM PDT The setup for the video below reads: "Texas Governor Rick Perry (R) talks to Peter Robinson about his career in Texas and his race for the White House. Perry speaks candidly about his presidential aspirations, and how they were thwarted by back surgery and a late entrance into the race. He also talks about why Texas is succeeding and California is failing when it comes to jobs and the economy. Is it as simple as low taxes and simpler regulations? Find out." Our favorite quote from this video (of several):
Ironically Texas is making the current administration look better on jobs than it deserves.
Source: Uncommon Knowledge in association with Hoover Institution and PJTV via YouTube |
| Why mine production has little influence on the gold price Posted: 06 Jul 2012 09:12 AM PDT |
| The Black Hole of Deflation & Gold and Silver - Part 3 Posted: 06 Jul 2012 08:44 AM PDT Gold Forecaster |
| Why Deflation is the Biggest Catalyst for Precious Metals Posted: 06 Jul 2012 07:48 AM PDT The Daily Gold |
| EM: Silver Chart Update – 7.6.12 Posted: 06 Jul 2012 07:16 AM PDT endlessmountain: Silver Chart Update 2012.07.06 from endlessmountain: ~TVR |
| Technicals: Precious Metals, Oil, Dollar & SP500 Posted: 06 Jul 2012 07:14 AM PDT End Of Week Trade & Analysis on Precious Metals, Oil, Dollar and SP500 from thetechnicaltraders: ~TVR |
| Currencies Don’t Make Gold Look Good Posted: 06 Jul 2012 07:00 AM PDT SunshineProfits |
| Banks Refuse to Honor Silver as Legal Tender Posted: 06 Jul 2012 06:46 AM PDT Banks Refuse to Honor Silver as Legal Tender from scrapgoldbusiness: http://www.thestar.com/business/article/1221621–coin-collector-learns-the-difference-between-legal-tender-and-spending-money-the-hard-way ~TVR |
| IMF’s Lagarde Issues Warning on Global Economy Posted: 06 Jul 2012 06:03 AM PDT Spot gold fell to lows near $1,587 and then opened at $1,596, down $7 while silver touched $27.25 per ounce overnight but opened at $27.52. Once again, the US dollar added a few small steps to yesterday's upward march and reached 82.85 on the index. |
| The Impact of Inflation & Deflation on Bullion Posted: 06 Jul 2012 05:17 AM PDT Gold did not manage to stay above $1,600/oz in Asian and European trading this morning, and is currently trading at $1,595.90/oz. Gold is still up from a recent low of on the 28th of June at $1,552/oz. Key US employment data is due to be released later today. |
| Gold 'May Be Preparing for Further Falls' Posted: 06 Jul 2012 05:04 AM PDT US dollar gold bullion prices continued falling during Friday morning's London trading, extending losses from the previous day to hit $1,592 an ounce by lunchtime, while stocks traded lower and US Treasury bonds gained ahead of release of June nonfarm payrolls data. |
| China’s Economic Policy of Denial Posted: 06 Jul 2012 04:58 AM PDT
from dailyreckoning.com.au: Yesterday we did a brief Q&A on China's economy with Daily Reckoning colleague Callum Newman. Today, we want to stick with the China theme. There's still a lot of complacency about the Middle Kingdom. People think policymakers can flick a switch and domestic demand will take the reins of growth. After all, there are lot of people in China. They all need to buy stuff, right? While that's certainly true, China's manipulated financial system holds the key to understanding why domestic demand won't pick up anytime soon. And with most of China's leadership in denial, deep and difficult reforms are not on the immediate agenda. Consider this from yesterday's Financial Review, 'The Lujiazui Forum is one of China's many attempts to portray itself as a modern society with sufficient self-confidence to discuss its problems…But when it closed on Saturday, many delegates would have been left with the opposite message to that intended. For the most part, speakers rolled out the official line, denied there were any significant structural problems in the economy, and even tried to refute that local government debt was an issue – 30 per cent of loans are expected to go bad.' Keep on reading @ dailyreckoning.com.au |
| Vegas: U.S. Dollar Is Worse Off Than The Euro Posted: 06 Jul 2012 04:37 AM PDT U.S. Dollar Is Worse Off Than The Euro. By Gregory Mannarino from gregvegas5909: Link to my website/New Book: http://www.lulu.com/shop/gregory-mannarino/the-x-wave-phenomenon-2012-and-beyond-global-financial-impact/paperback/product-20234391.html ~TVR |
| S&T: When to Unload Your Gold for Fiat Posted: 06 Jul 2012 04:35 AM PDT This will explain exactly what is going on now, what it will lead to, and tell you when to unload gold and silver at it's highest price. If you know what is happening in advance, you can profit when others are in panic. Watch the following video to know more about the final system. Very Important Concepts Covered In This Video!!! http://www.youtube.com/watch?v=swkq2E8mswI from mrthriveandsurvive: ~TVR |
| Investors Add to Gold ETPs in Face of Credit Crisis Posted: 06 Jul 2012 04:33 AM PDT While the European crisis deepens, investment demand for gold has continued to climb. The holdings in gold-backed ETPs rose to 2,413.61 tons, an all-time high, as investors switched out of the US Treasuries ETPs and added $2.2 billion to gold-backed ETPs in June. |
| Silver Update: Rates Deflate – 7.5.12 Posted: 06 Jul 2012 04:23 AM PDT BJF on Ag, central banks. interest rates and more in: Silver Update 7/5/12 Rates Deflate. from brotherjohnf: ~TVR |
| Posted: 06 Jul 2012 04:18 AM PDT It appears as if the gold sector is gradually coming to the end of the recent bear market, given the technical evidence and severely bearish sentiment. A top in paper assets (the dollar and bonds) would probably be the final nail in the coffin for this gold correction. |
| Posted: 06 Jul 2012 04:15 AM PDT Somewhat counterintuitive action in the precious metals markets yesterday, with gold and silver coming under selling pressure despite news of easing from a trio of major central banks. As expected, ... |
| 1830 : The North Georgia Gold Rush Posted: 06 Jul 2012 03:00 AM PDT Ngeorgia |
| Revealed: Why Gordon Brown Sold Britain's Gold at a Knock-Down Price Posted: 06 Jul 2012 02:35 AM PDT ¤ Yesterday in Gold and SilverThe gold price didn't do a thing in Far East trading on Thursday...and nothing much happened up until noon in London, either. Then the gold price headed north with a fair amount of conviction until about 12:50 p.m. BST...7:50 a.m. Eastern time. At that point, the high tick was around the $1,625 spot mark. Then a not-for-profit seller with a very large hammer came along...and in less than an hour, had beaten the gold price down almost thirty bucks. The low came at 8:45 a.m. Eastern time...and that price was about $1,597 spot. I don't have the precise figure, because the highs and lows posted over at Kitco were obviously wrong. From there, the gold price rallied at a pretty decent rate, but that only lasted until shortly before 11:00 a.m. Eastern time...and then got sold down into the 5:15 p.m. close. Gold finished the Thursday trading session down at $1,603.90 spot...down $12.80 on the day. Net volume [which included trading volume on July 4th] was around 155,000 contracts...not a heck of a lot.
In silver, the price didn't do much until about 3:00 p.m. Hong Kong time...and then began to rally a bit until it, too, ran into the same not-for-profit seller at the precise same time as gold. At its high, silver had just broken above $28.40 spot...but less than an hour later, it had hit its low of the day almost exactly a dollar off its high. Silver rallied 50 cents off that low, but got sold off starting just before 11:00 a.m. Eastern...again, just like gold. Silver closed back below $28 the ounce once again, at $27.70 spot...down 59 cents from Tuesday's close. Net volume [for two trading days] was pretty light at 38,000 contracts.
The dollar index gained about 40 basis points on Wednesday....and that had no effect on the gold price at all, as it traded flat. The dollar opened on Thursday morning around 82.20...and traded flat until 12:35 p.m. in London. Then the index blasted higher, reaching its zenith shortly after 10:00 a.m. in New York, although the vast majority of the gain was in by 8:30 a.m. After that it traded rule flat into the close at 82.80...up about 60 basis points on the day It's interesting to note that gold and silver prices didn't get tromped on until fifteen or twenty minutes after the dollar index went ballistic...so it appears that gold and silver prices were doing their own thing...and obviously had some help selling off as violently as they did. At least that's the way I interpret this data.
The gold stocks gapped down a bit over a percent at the open...and then rallied to their high of the day in positive territory, which came a few minutes after 11:00 a.m. Eastern time. From that high, the gold equities got sold off for the rest of the New York trading session...and the HUI closed down 1.06%.
The silver stocks got beaten up pretty good, especially some of the juniors, but there were a few green arrows here and there despite that. Nick Laird's Silver Sentiment Index closed down 1.41%.
(Click on image to enlarge) Thursday was a very quiet delivery day...and the CME's Daily Delivery Report showed that only one lonely gold contract got posted for delivery on Monday. I note in the CME's preliminary report for yesterday's trading activity, that there are still 1,815 silver contracts open in July. There were no changes reported in GLD...and there was a tiny withdrawal from SLV...131,064 troy ounces...which may, or may not, have been a fee payment of some type. There was a small sales report from the U.S. Mint. They sold 3,500 ounces of gold eagles...and 500 one-ounce 24K gold buffaloes. The Comex-approved depositories reported that they didn't receive any silver on Tuesday...but they did ship a rather substantial 1,295,580 troy ounces out the door, with virtually every ounce coming out of the Scotia Mocatta warehouse. The link to that action is here. I thank Australian reader Wesley Legrand for sending me the two photos below.
I have a lot of stories today...and since I'm on the road for the next few days, I'll leave the final edit up to you, as I have other fish to fry at the moment. Was yesterday's price action in the precious metals the free market at work...or was it something less savoury? China's gold output still rising - but at a slower pace? N-word haunts South Africa as ratings agencies threaten downgrade over mining policy. Coin collector learns the difference between legal tender and spending money. ¤ Critical ReadsSubscribeHow Stockton went broke: A 15-year spending bingeThe man in charge of the biggest U.S. city ever to file for bankruptcy is clear about the root of the crisis. It was a decision that gave firefighters full health care in retirement starting on January 1, 1996, said Bob Deis, the city manager of Stockton, California. At the time, the move seemed cheaper than giving pay raises sought by unions, officials involved in the decision said. When other Stockton employees demanded the same healthcare deal in following years, the city agreed. Deis, who signed Stockton's bankruptcy filing last Thursday, slammed the decision to provide free health care to retirees as a "Ponzi scheme" that eventually left the city with a whopping $417 million liability. This Reuters piece from Tuesday is courtesy of Washington state reader S.A...and the link is here.  Outsourcing Justice: The Poor Land in Jail as Companies Add Huge Fees for ProbationThree years ago, Gina Ray, who is now 31 and unemployed, was fined $179 for speeding. She failed to show up at court (she says the ticket bore the wrong date), so her license was revoked. When she was next pulled over, she was, of course, driving without a license. By then her fees added up to more than $1,500. Unable to pay, she was handed over to a private probation company and jailed — charged an additional fee for each day behind bars. For that driving offense, Ms. Ray has been locked up three times for a total of 40 days and owes $3,170, much of it to the probation company. Her story, in hardscrabble, rural Alabama, where Krispy Kreme promises that "two can dine for $5.99," is not about innocence. It is, rather, about the mushrooming of fines and fees levied by money-starved towns across the country and the for-profit businesses that administer the system. The result is that growing numbers of poor people, like Ms. Ray, are ending up jailed and in debt for minor infractions. This story was posted in The New York Times on Monday...and I thank reader Randall Reinwasser for sharing it with us. The link is here.  One thing is clear– the Bank of England knew Libor was broken and did nothingPaul Tucker, the Bank of England's deputy governor, says he is keen to give evidence to the Treasury Select Committee "as soon as possible" to clarify what he sees as the misconceptions surrounding the Libor fixing scandal. Let's hope he gets his wish, because clarity is one thing we didn't get on Wednesday from Bob Diamond's appearance. Diamond didn't satisfy the MPs and the MPs certainly didn't satisfy any watching voters with a session that rarely rose above the mundane. It was not a good advert for the committee which, with one or two exceptions, needs to be better briefed and cleverer in its questioning. But there were a few simple truths that emerged with a little more definition. Clearly Andrew Tyrie, the TSC's chairman, believes Diamond's infamous memo which emerged on Tuesday does read as Tucker giving Barclays the nudge and wink to lower its Libor submissions in October 2008. "It reads that way to anyone that looks at it," he said. This story appeared on the telegraph.co.uk website on Wednesday evening...and it's Roy Stephens first offering of many in today's column. The link is here.  Barclays is branded a 'rotten, thieving bank' by MP John MannJust when the Committee was getting bogged down in detail, John Mann, Labour MP for Bassetlaw, cut to the quick. "Can you remind me the three founding principles of the Quakers who founded Barclays?" he asked Bob Diamond. As the deposed bank boss sat stoney-faced, Mann continued: "Honesty. Integrity. Plain dealing. That's the ethos of the bank you've just spent two hours telling us is doing so well - in fact so well that I wonder why you've not received an extra bonus rather than the sack." He was just warming up. "You're the man in charge. But you're accepting all the good things and the bonuses [and] the people working for you are fiddling the system, potentially going to prison... give me a suggestion of how you're going to show contrition to those staff and customers who are wondering whether to take their money out of this rotten, thieving bank?" Had Barclays, the venerable British bank that traces its roots back to 1690, really sunk so low? This is Roy's second offering of the day. It, too, was posted over at The Telegraph on Wednesday evening...and the link is here.  Moody's cuts Barclays outlook to 'negative' amid Libor scandalMoody's on Thursday cut its outlook on Barclays' financial strength rating to "negative" from "stable" after the British bank's top executives resigned this week over an interest rate rigging scandal. "Moody's Investors Service has today changed the outlook on the C-/baa2 standalone bank financial strength rating (BFSR) of Barclays Bank Plc to negative from stable," the ratings agency said in a statement. The decision reflects "concerns that the senior resignations at the bank and the consequent uncertainty surrounding the firm's direction are negative for bondholders." This AFP story was posted on the france24.com Internet site yesterday...and is Roy Stephens third article of the day. The link is here.  Max Keiser goes BALLISTIC on Barclays/LIBORBallistic? How about supernova. This 26-minute, 4-person panel discussion on Aljazeera sort of gets out of hand when Max blows up starting around the 12:15 mark. The whole interview is worth your time if you have it. But watching Max lose it is worth the trip. The interview is posted on the ritholtz.com website...and I thank reader 'Tom in Thailand' for sending it our way. The link is here.  Fraud trial for Rodrigo Rato over Bankia collapseRodrigo Rato, the former head of the International Monetary Fund, is to face trial for alleged fraud in connection with the spectacular collapse of Spanish lender Bankia. Mr Rato, who quit as chairman of the bank in May just before it was bailed out to the tune of €23.5bn (£18.9bn), is named alongside 32 other Bankia managers in a lawsuit brought by UPyD, one of Spain's smaller political parties. Hours after the legal probe was announced, Bankia's chief executive Francisco Verdu, abruptly quit, announcing the move in a one sentence regulatory filing. Spain's top national court on accepted the suit, alleging fraud, price-fixing, embezzlement and falsifying accounts, though no date has yet been set for the hearings. The rot just gets deeper and closer to the top of the financial food chain with each passing day. This is another story posted on Wednesday evening at The Telegraph...and I thank Roy Stephens for digging it up. It's worth the read...and the link is here.  Debt crisis: Italy's deficit to double, but Germany's to halveItaly has almost doubled its deficit forecast, as Germany halved its, underscoring the increasing lag of "sinner states". Mario Monti, the Italian prime minister, told a joint press conference with Angela Merkel, the German chancellor, that Italy's deficit would rise to 2pc of GDP rather than the 1.3pc predicted, while the German finance ministry revised its forecast from 1pc to 0.5pc "thanks to the favourable overall economic development". Referring to their clash at the Brussels summit, Mrs Merkel said she and Mr Monti were "willing to overcome our difficulties" and work together to end the three-year-old debt crisis. She said that "every day counts" in finding a resolution. Francois Hollande, the French president, announced €7.2bn (£5.8bn) of tax rises in a bid to relieve France's "crushing" national debt. The government expects the French economy to grow by just 0.3pc this year, compared with previous estimates of 0.7pc. Despite the gloom, markets have risen in recent days in anticipation of an ECB rate cut. This is another Roy Stephens offering from late Wednesday night. It, too, was posted on the telegraph.co.uk Internet site...and the link is here. |
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