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June Gold News 2015

Crucial talks between Greece and their international creditors ended last night after hour of talks without a deal being reached. According to one senior Eurozone politician “not much progress was made.”

Today’s EU meeting is the last chance for Greece, IMF, ECB and the European to broker a deal over Greece’s debt.

Following the meeting Greek Prime Minister, Alex Tsipras, lashed out against his countries creditors after they rejected his latest proposal to cut government spending. The IMF want the Greeks to increase the state retirement age to 67 and close a number of loop holes allowing many Greeks to ...

26 Jun 2015, 11:22 a.m.
Duncan Richardson

The Shanghai Gold Exchange have announced they will launch an alternative to the century old London gold fix later this year.

Globally China buys more gold than any other country and as their influence grows its natural they would want more control over the pricing mechanism for the yellow metal.

The official line from Shanghai Gold Exchange President is the new fix will provide a more diversified pricing benchmark.  Many gold analysts believe the new yuan denominated benchmark is just one step in China’s long term plan to eventually launch a gold backed currency.

25 Jun 2015, 10:13 a.m.
Adam Pike

The latest plan by the International Monetary Fund (IMF), European Central Bank (ECB) and the European Commission to rescue the Greek economy is likely to fail. The Greek economy needs to grow and the countries debt reduced, however, the latest proposals will not solve either issue.

No doubt the IMF, ECB and European Commission will draw up forecasts that show further austerity measures will promote investment, increase consumer confidence and stimulate economic growth. Their forecasts will be wrong and the depression will only deepen causing a bigger crisis in the future.

When the IMF first became involved in 2010 they ...

24 Jun 2015, 2:14 p.m.
Duncan Richardson

Fidelity one of the world’s largest money managers is recommending clients to allocate a significant percentage of their portfolio in cash deposits and precious metals to protect themselves against systemic risk.

Ian Spreadbury who manages over £4bn of client monies told the telegraph that systemic risk is alive in the system and investors should be aware and protect their portfolios.

Spreadbury believes the world is swimming in an ocean of debt and when interest rates rise mortgages in particular will become unserviceable. He points out that many mortgages will be defaulted on and in such an environment banks will suffer ...

23 Jun 2015, 10:46 a.m.
Duncan Richardson

The Greek government and Eurozone leaders have one day to find a solution to Greece’s sovereign debt crisis. Alex Tsipras will meet with European leaders this afternoon in a last ditch attempt to thrash out a compromise.

Overnight Tsipras set out a new proposal to the countries creditors in a hope of unlocking additional bailout funds. The Greek government, IMF and the EU have been at loggerheads for 5 months with both sides refusing to back down.

Greek banks are running out of money fast as savers start to withdraw deposits as concerns rise the banking system is on the ...

22 Jun 2015, 2:15 p.m.
Duncan Richardson

Panagiotis Romumeloitis Greece’s former representative to the International Monetary Fund (IMF) said a number of Greek journalist were trained in Washington to support the position of the European Commissions and IMF.

Although Romumeloitis would not disclose the names of the journalist he did confirm that training seminars took place in both Greece and Washington. Romumeloitis believes the actions of the IMF/EU are illegal and overt. He accuses the IMF/EU of spreading propaganda that Greece’s debt were affordable.

Romumeloitis noted that many university professors and economists also attended the training courses. Romumelitis was trained as a banker and economist who served ...

22 Jun 2015, 2:14 p.m.
Peter Walden

Downing Street have confirmed they are drawing up contingency plans should Greece default and exit the Eurozone.

Eurozone finance ministers are scheduled to meet later today, but there is little chance of a break through after the Greek Prime Minister questioned the morality of the EU and IMF. Greece only has few of days left to broker a deal before its current bailout deal expiries.  Without a new deal, Greece will be unable to access the 7.2 bn euros which were previously promised by the IMF and EU.

Depositors are withdrawing millions of euros out Greek banks, sending deposit levels ...

18 Jun 2015, 3:35 p.m.
Duncan Richardson

Alexis Tsipras, the Greek Prime Minister has spoken out against his countries creditors who he believes are attempting to undermine this government.

The comments came after the European Commission warned the Greeks that their economy would collapse unless a deal can be reached.

Germany’s EU Commissioner Guenther Oettinger said creditor nations are drawing up plans to deny Greece access to the European payment system and impose capital controls. Such actions would result in bank closures and the rationing of cash withdrawals. Sources close to the Syriza government confirmed Greece may seek an injunction from the European Court of Justice to ...

16 Jun 2015, 12:57 p.m.
Adam Pike

The gold price is little changed today despite talks breaking down between Greece and their international creditors. The Greek stock market is down 5% today following a 5.9% drop on Friday with Greek banks on average falling 10% this morning.

More worryingly bonds yields throughout Europe are rising as traders fear a Greek exit from the Eurozone will cause contagion in the debt markets.

The IMF is demanding the Greek government repay 1.5 bn euros of loans by the end of the month and introduce further austerity measures. If they fail to do so the Greek government will not receive ...

15 Jun 2015, 4:41 p.m.
Duncan Richardson

Government officials and financial regulators are becoming increasingly concerned about increased volatility in the government bond markets. In terms of size the world’s debts markets dwarf the value of the world’s stock markets.

Sovereign debt markets have experienced significant price volatility in recent weeks. The yield on 10 year German debt has risen from 0.05% in April to 0.88% yesturday Whilst yields on UK bonds have risen from 1.81% to 2.05% over the same time period. Debt is the foundation of our current financial system, including money itself and the world is swimming in a sea of debt. Are we ...

9 Jun 2015, 11:17 a.m.
Duncan Richardson

There is continuous debate in the precious metals markets as to whether the gold and silver price are being manipulated, with many believing the world’s largest central banks are at the heart of the manipulation.

The mainstream media dismiss these accusations, however groups such as the Gold Anti-Trust Action Committee (GATA) have produced credible evidence to suggest otherwise. Central Banks certainly have a motive for keeping the prices suppressed as a runaway gold price would that signal the world’s monetary system is coming under pressure.

Silver is no longer a monetary metal so why would Central Banks want to stop ...

8 Jun 2015, 12:48 p.m.
Peter Walden

Yesterday Greece became the first industrialised country to defer a payment to the IMF as the standoff between Greece and its creditors enters the final stages.

Yesterday Greece informed the International Monetary Fund (IMF) they would not pay a 300 million euro payment due on Friday. Instead they will pay the next 4 IMF payments in one bundle at the end of June. Just how long can the debt be kicked down the road? The concept of borrowing additional funds from the IMF to pay existing IMF debt will not solve the issue of over indebtedness. The delayed payment increases ...

5 Jun 2015, 12:25 p.m.
Adam Pike

The gold price has declined £12.20 per ounce in the last 24 hours as investors wait for the release of the latest U.S jobs report. A weakening dollar has exaggerated the downward price movement in sterling.

The increased likelihood of Greece and its creditors brokering a deal may also be weighing heavy on the market. Greek Prime Minister, Alex Tsipras said the two sides are edging closer to reaching a deal which will unlock further bailout funds.

Investors are waiting for Fridays U.S. jobs report. A better than expected result will increase the likelihood of an interest rate and reduce ...

4 Jun 2015, 11:45 a.m.
Duncan Richardson

The European Commission has ordered Italy, France and nine other European members to pass new bail-in legislation within the next two months or face legal action via the European Court of Justice. The legislation was drafted in response to the 2008 economic crash.

No doubt the legislation will be sold as a solution to halt future bank failures. However in reality depositor’s money will bail-in to save the bank. Incredibly in the U.S. holders of derivatives rank higher in the event of a bank insolvency than ordinary depositors.

Sweden, Poland, Romania, Netherlands, Malta, Lithuania, Czech Republic and Bulgaria are yet ...

3 Jun 2015, 11:11 a.m.
Peter Walden

The U.S. economy is teetering on the edge of collapse and could soon become an economic basket case like Spain or Greece.

That’s the opinion of multi billionaire Donald Trump, who believes the U.S. is headed down hill quickly. According to Trump the U.S. is no longer a rich country and forecasts that U.S. government debt will soon reach $20 trillion. Trump argued the countries mountain of debt will eventually cause the countries sovereign debt to be downgraded.

 Trump does not believe the government unemployment figures and estimates the real unemployment rate to be closer to 15-16%. In an interview ...

2 Jun 2015, 11:31 a.m.
Duncan Richardson

The gold remained flat yesterday, as investors contemplated the timing of a U.S interest rate hike and the ongoing bailout discussions between Greece and their EU creditors.  The gold price has been trading in a tight range between $1180.20 and $1190.50 over the last 48 hours.

Greece’s creditors confirmed yesterday that intensive work is required over the next couple of days in order to reach an agreement on the country’s economic reforms.

A 305 million euro payment to the IMF is due on Friday, but the Greek government has warned it will be unable to make the payment unless further ...

2 Jun 2015, 11:03 a.m.
Adam Pike

The Austrian Central Bank has announced they are to repatriate £3.5 bn of its gold reserves stored in the UK. The move comes after auditors warned against the risks of vaulting such a high percentage of their gold overseas. The repatriation will occur over the next five years.

Up to now the Austrian Central Bank like many nations has stored the majority of its gold with the Bank of England. The gold will be flown to Vienna in 5 ton consignments in heavily guarded planes.

Last year both Germany and the Netherlands decided to repatriate a proportion of their gold ...

1 Jun 2015, 12:16 p.m.
Duncan Richardson

The amount of money being withdrawn from Greek banks is accelerating as the standoff between the Greek government and its creditors continues.

Deposits held in Greek banks by households and business fell from 146.7 billion euros to 133.7 billion euros in April, a 3% drop. Since start of the 2014 election campaign 31 billion euros has been transferred out of the Greek banking system.

Private saving are now at their lowest level in a decade as Greeks remain concerned over a Cypriot style bail-in or the savings being re-denomination  into devalued drachmas.

Greek banks are being denied access to ECB ...

1 Jun 2015, 12:15 p.m.
Adam Pike