Crude Oil Is Little Changed Near $122 Amid Nigerian Disruption
Bloomberg, 07-05-08
Crude oil was little changed near $122 a barrel in New York after rising to a record yesterday on supply disruptions in Nigeria, Africa's largest producer.
Countrywide Takes Away Home-Equity Credit Lines in Las Vegas
Bloomberg, 06-05-08
Countrywide Financial Corp. has suspended the home equity credit lines of almost all its Las Vegas customers, including the $60,000 Christopher Whipple says he needed to expand his cell-phone accessories business.
Gold steady as firmer dollar offsets inflation-driven buying
Forbes, 07-05-08
Gold was steady in early trade as rising inflation fears amid near-record oil prices were offset by strengthening in the U.S. dollar, which dented the precious metal's appeal as an alternative investment.
Dollar extends gains, Fed speculation brews
Reuters via The Guardian, 07-05-08
The dollar rose on Wednesday, heading towards a two-month high against a basket of currencies after a Federal Reserve official's comments added to a view that the cycle of aggressive U.S. interest rate cuts may be ending.
India gold demand "good" ahead of Akshaya Tritiya
Reuters, 02-05-08
India's gold demand was "good" on Friday amid steady prices as manufacturers bought the metal ahead of the Akshaya Tritiya festival next week, when consumers buy at least a bit of the metal to invoke prosperity, dealers said.
Gold Trades Near Four-Month Low as Dollar's Gains Reduce Appeal
Bloomberg, 02-05-08
Gold traded near its lowest in four months, almost erasing this year's gains after the dollar's rally to a five-week high against euro eroded the precious metal's appeal as an alternative asset.
House prices post biggest fall since 1993
Reuters, 02-05-08
House prices suffered their biggest annual fall in 15 years in April, data from HBOS shows, raising fears of a deep downturn this year.
U.S. Unemployment Benefit Rolls Climb to 4-Year High
Bloomberg, 01-05-08
The number of Americans receiving unemployment insurance climbed to a four-year high, a sign of a weakening labor market as employers remain reluctant to hire. First-time claims for jobless benefits also rose.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 29-04-08
"Gold is again under pressure with the dollar continuing to strengthen and oil continuing to sell off, but caution remains the predominant theme ahead of the Federal Reserve's interest rate decision," said Mark O'Byrne, executive director of Gold and Silver Investments Ltd., in a research note.
Gold Trades Near Lowest Since January on U.S. Rate Speculation
Bloomberg, 30-04-08
Gold was little changed near its lowest price in more than three months on speculation the Federal Reserve may signal that it's close to ending interest rate cuts at a policy meeting today.
House Prices Fall By £45 A Day
Sky News via Yahoo News, 30-04-08
House prices have fallen by an average of nearly £45 a day since the beginning of the year.
New figures show that the average value of a home in the UK has dropped by £44.39 every 24 hours or £310.73 a week so far during 2008, as the property market slows down.
UK house prices drop year-on-year for first time since 1996
The Telegraph, 30-04-08
House prices across the nation are now falling year-on-year for the first time in more than a decade, Nationwide Building Society said today.
S&P/Case-Shiller U.S. Home-Price Index Fell 12.7%
Bloomberg, 29-04-08
Home prices in 20 U.S. metropolitan areas fell in February by the most on record, pointing to an imbalance between supply and demand that shows no sign of ending.
Gold falls in cautious trade ahead of Fed decision
FX Street, 29-04-08
Gold fell in light trading early Tuesday, with many investors cautiously on the sidelines ahead of a U.S. interest rate decision on Wednesday.
Gold Rises as Oil Costs Jump, Signaling Inflation; Silver Gains
Bloomberg, 28-04-08
Gold climbed as energy costs rose to a record, boosting the appeal of the precious metal as hedge against inflation. Silver also gained.
Bank bail-outs to be kept secret
This is Money, 27-04-08
The Bank of England has imposed a permanent news blackout on its £50bn-plus plan to ease the credit crunch.
OPEC president sees $200 oil possible: report
Reuters, 28-04-08
OPEC President Chakib Khelil does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar's slide, Algerian government newspaper El Moudjahid reported on Monday.
Gold Rises in Asia as Crude Oil's Rally to Record Spurs Demand
Bloomberg, 28-04-08
Gold advanced in Asia as crude oil's rally to a record spurred demand for the precious metal as a hedge against inflation. Silver also gained.
Platinum Futures Advance as Oil Rally Boosts Inflation Concern
Bloomberg, 28-04-08
Platinum futures in Tokyo gained for the first time in three days as crude oil rose to a record, boosting the metal's appeal as a hedge against inflation.
House price inflation hits 'negative' as over half of properties lose value
The Independent, 28-04-08
The annual rate of house price inflation has now turned negative for the first time since the property market began its decline, figures to be released today will show.
Oil prices up on word US ship fired on boats in Persian Gulf
Associated Press via Yahoo Finance, 25-04-08
Oil prices rose sharply Friday on news that a ship under contract to the U.S. Defense Department fired warning shots at two boats in the Persian Gulf. Retail gas prices as expected rose further into record territory, nearing $3.60 a gallon.
Many states appear to be in recession as deficits grow
Associated Press via Yahoo Finance, 25-04-08
The finances of many states have deteriorated so badly that they appear to be in a recession, regardless of whether that's true for the nation as a whole, a survey of all 50 state fiscal directors concludes.
DJ IRA Investors Increasingly Turning To Precious Metals
Dow Jones Newswires, 23-04-08
Demand for precious metals in self-directed U.S. Individual Retirement Accounts is growing for many of the reasons other investors have been drawn to the metal - a hedge against inflation, dollar weakness and credit-market worries.
Gold Trades Near Three-Week Low in Asia as Euro, Oil Decline
Bloomberg, 25-04-08
Gold traded little changed near a three-week low in Asia as oil's decline and the dollar's gain versus the euro reduced the appeal of the precious metal as a hedge against inflation.
Power problems take bite out of SA precious metals production
Platts, 24-04-08
South Africa's power problems are beginning to take a huge bite out of the country's precious metals production and the situation is likely to get worse, according to industry insiders.
Fuel Supply Fears As Oil Refinery Closes
Sky News via Yahoo Finance, 25-04-08
The Grangemouth oil refinery will shut down today ahead of a strike that could disrupt fuel supplies to half the country.
Gold May Drop in London as Dollar Strengthens; Platinum Gains
Bloomberg, 24-04-08
Gold, little changed today in London, may drop as the dollar strengthens against the euro, eroding demand for the precious metal as a hedge against further declines in the U.S. currency.
Gold-India in mood to buy, price drop entices jewellers
Reuters, 24-04-08
Jewellers took advantage of a drop in gold prices to stock up, with main consumer India abuzz with activity during the wedding season and ahead of a religious festival, dealers said on Thursday.
Gold Little Changed in Asia as Oil, Euro Decline From Records
Bloomberg, 24-04-08
Gold was little changed in Asia after energy prices declined from a record and the euro eased against the dollar, eroding the precious metal's appeal as a hedge against inflation.
Gold May Climb for Six Years, TheBullionDesk.com Says
Bloomberg, 23-04-08
Gold may climb for another six years, buoyed by demand from investors seeking a haven from declines in equities, Ross Norman, a director of London-based TheBullionDesk.com, said.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 22-04-08
"Gold continues in a tight range between $910 and $930, but the path of least resistance looks to be to the upside, especially with oil [surging] on supply concerns," said Mark O'Byrne, executive director at Gold and Silver Investments Ltd., in a research note.
Gold jumps as oil, euro hit records
The Australian Business, 23-04-08
Gold finished higher in New York, after drawing strength from record highs in the euro and crude oil as well as weaker equities.
Surge in oil prices prompts warnings of global recession
The Independent, 23-04-08
The price of oil has surged to a new record above $119 per barrel. Given the spate of "Record Oil Price!" stories that have filled newspapers in recent months, investors might be inclined to dismiss the latest threshold crossed – if it weren't for the increasingly dire warnings being issued about the havoc that expensive oil may wreak on the global economy.
Japan's hunger becomes a dire warning for other nations
Fairfax Digital, 23-04-08
A 130% rise in the global cost of wheat in the past year, caused partly by surging demand from China and India and a huge injection of speculative funds into wheat futures, has forced the Government to hit flour millers with three rounds of stiff mark-ups. The latest — a 30% increase this month — has given rise to speculation that Japan, which relies on imports for 90% of its annual wheat consumption, is no longer on the brink of a food crisis, but has fallen off the cliff.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 21-04-08
"The lower weekly close in gold was bearish from a technical point of view," said Mark O'Byrne, executive director of Gold & Silver Investments Ltd., in a research note.
However, "with oil and the dollar remaining near record highs and record lows respectively and with physical demand internationally and particularly in Asia and China remaining strong, gold is unlikely to fall below $900 per ounce," he said.
Goldman Sachs warns on gilt market after BoE's bail-out
The Telegraph, 22-04-08
Goldman Sachs has advised clients to take out "short" positions on British 30-year Gilts before a rash of new issues by the Government floods the bond market.
Sterling suffers as Bank of England unveils rescue package
AFP, 21-04-08
The Bank of England's 50 billion lifeline to the beleaguered banking sector -- in the latest bid to combat the global credit crisis -- was met with an unenthusuastic response by the currency markets on Monday.
Newly rich Chinese take a shine to gold
AFP, 19-04-08
Li Zhixin spent weeks planning his one-day family tour of Beijing's historic sites, but instead found himself in one of the city's shopping malls, watching his wife happily trying on gold necklaces.
Report: Iran's president says oil prices too low
Yahoo Finance, 19-04-08
Iran's hard-line president declared that crude oil prices, now above $115 a barrel, are too low, state media reported Saturday.
Gold clings to gains as dollar, oil eyed
Reuters, 17-04-08
Gold steadied on Thursday, keeping gains made the previous day when record-high oil prices and the dollar's tumble to all-time lows against the euro helped to lift the metal's price by more than 2 percent.
Gold Little Changed in Asia as Crude Oil Trades Near Record
Bloomberg, 17-04-08
Gold traded near the highest in more than two weeks in Asia as oil climbed to a record and after the dollar fell on bets the Federal Reserve will cut borrowing costs.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 16-04-08
"With oil and commodities surging, the dollar continuing to weaken and economic growth slowing, gold's best friend stagflation is a real and growing threat to much of the global economy," said Mark O'Byrne, executive director at Gold and Silver Investments Ltd., in a research note.
The precious metal will likely challenge recent resistance at $950 in the coming days "as investors realize that inflation is not some short-term phenomenon, but rather a medium and possibly long-term problem yet to be priced into the market," O'Byrne said.
Zimbabwe's runaway inflation hits 165,000 per cent
Agence France Press via The Globe and Mail, 16-04-08
Zimbabwe's annual rate of inflation soared to an all-time high of almost 165,000 per cent in February, according to the latest government statistics obtained Wednesday.
Gold Little Changed in Asia as Investors Await Inflation Report
Bloomberg, 16-04-08
Gold traded little changed in Asia ahead of a report forecast to show U.S. consumer inflation accelerated in March, raising speculation the Federal Reserve will slow the pace of interest-rate cuts.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 15-04-08
With oil "surging to a near record price today, gold's role as a hedge against inflation will likely see it supported at $900 and again challenge resistance at $950 in the coming days," said Mark O'Byrne, executive director at Gold and Silver Investments Limited.
Biggest grain exporters halt foreign sales
The Financial Times, 15-04-08
Gold and platinum rose, snapping a three-day decline in London, as the dollar traded near a record low against the euro, spurring demand for precious metals as a hedge against further declines in the U.S. currency.
Gold, Platinum Snap Three-Day Decline in London as Dollar Falls
Bloomberg, 15-04-08
Gold and platinum rose, snapping a three-day decline in London, as the dollar traded near a record low against the euro, spurring demand for precious metals as a hedge against further declines in the U.S. currency.
Gold Advances in Asia on Dollar Outlook, Rising Crude Oil Costs
Bloomberg, 15-04-08
Gold climbed in Asia on speculation the dollar may weaken after the Group of Seven nations failed to stem its decline, and as higher energy costs boosted the appeal of the precious metal as a hedge against inflation.
House prices decline at record levels
The Telegraph, 15-04-08
House prices are experiencing their most widespread decline since records began because of the fallout from the credit crisis, a report released today shows.
Gold Investments Quoted in Marketwatch
Dow Jones Marketwatch, 14-04-08
Gold futures finished slightly higher Monday, as weakness in the U.S. dollar underpinned demand for the precious metal.
Goldman Says 'Awful' Profits Will Drag Down S&P 500
Bloomberg, 14-04-08
Goldman Sachs Group Inc. strategists said the U.S. corporate earnings season got off to an "awful'' start and shares will drop as companies slash forecasts for the rest of 2008.
Finance Ministers Emphasize Food Crisis Over Credit Crisis
The New York Times, 14-04-08
The world’s economic ministers declared on Sunday that shortages and skyrocketing prices for food posed a potentially greater threat to economic and political stability than the turmoil in capital markets.
Gold Investments in Bloomberg Survey of Analysts
Bloomberg, 14-04-08
A majority of analysts surveyed April 3 and April 4 predicted gold's gains last week. The survey has forecast prices accurately in 128 of 206 weeks, or 62 percent of the time.
Chavez Muses About Buying IMF Gold
Yahoo Finance, 12-04-08
Venezuelan President Hugo Chavez said Saturday that his government could afford to buy some of the International Monetary Fund's gold reserves as the Washington-based lender faces hard times.
Investors fear for US bank losses
FT Alphaville, 14-04-08
Wall Street is bracing itself this week for news of large losses, multibillion dollar writedowns and thousands of job cuts as Citigroup and Merrill Lynch, two of the biggest casualties of the credit crunch, report results. Citi is likely to report a writedown of more than $10bn and Merrill, more than $7bn, say analysts.
Nations in secret deals over grain supplies
The Financial Times, 11-04-08
Governments are racing to strike secretive barter and bilateral agreements with food-exporting countries to secure scarce supplies as the price of agricultural commodities jump to record highs, diplomats and cereal traders say.
Gold Investments Commentary in Bloomberg
Bloomberg, 11-04-08
"Stock markets are all up strongly overnight, this would weigh on the gold price,'' said Mark O'Byrne, managing director of Dublin-based brokerage Gold and Silver Investments Ltd.
Gold Investments Commentary in China Post
China Post, 11-04-08
"With oil remaining near new record highs, there is likely to be inflation-hedging gold buying," Mark O'Byrne, managing director of Dublin-based brokerage Gold and Silver Investments Ltd., said in an e-mail.
Gold may rise to US$950 an ounce as early as Thursday, he said.
S.Africa gold output falls 28.2 pct y/y in February
Reuters, 10-04-08
South African gold output fell 28.2 percent year-on-year in February in volume terms, while total minerals production fell by 7.3 percent, official data showed on Thursday.
Gold, Platinum Advance in London as Oil Gains, Dollar Drops
Bloomberg, 10-04-08
Gold rose to its highest in 10 days in London as record oil prices and a weaker dollar spurred investors to buy the metal as a hedge against inflation and as an alternative investment. Platinum also advanced.
Gold Investments Commentary in Marketwatch
Dow Jones Marketwatch, 10-04-08
"With oil reaching new record highs, there is likely to be inflation-hedging gold buying," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd.
As a result, the gold contract may be in a position to challenge resistance at $950 an ounce in the coming days, he said.
Gold Investments Commentary in Resource Investor
Marketwatch via Resource Investor, 10-04-08
"With oil reaching new record highs, there is likely to be inflation-hedging gold buying," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd.
Gold Trades Near Highest This Month on Dollar, Commodities
Bloomberg, 10-04-08
Gold traded near its highest this month as the dollar fell against the euro and commodities from crude oil to corn traded near records, underpinning demand for the precious metal as a hedge against inflation.
Consultant GFMS says gold at $1,100 possible this year
Marketwatch, 09-04-08
The price of gold can very well reach $1,100 an ounce this year or early 2009, the London-based consultancy group GFMS Ltd. said Wednesday in its latest survey of the gold market.
Commodities Rise Most in 2 Weeks; Oil, Fuel, Corn Hit Records
Bloomberg, 09-04-08
Commodities jumped the most in two weeks as crude oil, gasoline and corn surged to records following U.S. government reports signaling demand for energy and grain is still outpacing supplies.
Bullion should shake off IMF's gold sales
Reuters, 08-04-08
The International Monetary Fund's (IMF) plan to sell part of its gold should not affect bullion prices since any possible sales by the institution will be within an existing central bank gold agreement.
Gold Little Changed After Fed's Minutes Point to U.S. Slowdown
Bloomberg, 09-04-08
Gold was little changed in Asia after minutes of a Federal Reserve meeting added to concern that a slowing U.S. economy may weigh on the dollar and boost the appeal of the precious metal as alternative to the currency.
Gold regains lustre, focus on c.bank meetings
MSN Money, 09-04-08
Gold rose on Wednesday with the help of bargain hunters, and as investors took another look at a plan by the International Monetary Fund to sell around 400 tonnes of its gold and reckoned the market could absorb it.
IMF says worldwide losses stemming from the US subprime mortgage crisis could run to $945 billion
Finfacts, 08-04-08
The IMF (International Monetary Fund) said today that the widening and deepening fallout from the US subprime mortgage crisis could have profound financial system and macroeconomic implications. This view is set out in the Fund's latest Global Financial Stability Report (GFSR). The Fund says that the worldwide losses stemming from the US subprime mortgage crisis could run to $945 billion.
Gold Investments Commentary in Thomson Financial
Hemscott, 0-04-08
'Friday's poor jobs data and the continuing poor economic data out of the U.S. suggests the economy is worsening and this will put pressure on the dollar in the coming weeks,' said analysts at Gold Investments. 'Oil's rally back above $107 will also lead to inflation hedging by investors as will the surge in soft commodity prices and particularly rice in recent days.'
Gold futures rally, as other commodities also rise
Marketwatch, 07-04-08
Gold futures rallied along with other commodities Monday, as worries about the health of the U.S. economy drove investment demand for the precious metal.
More than 50 percent chance of U.S. recession: Greenspan
Yahoo News, 06-04-08
There is more than a 50 percent chance the United States could go into recession, former Federal Reserve chairman Alan Greenspan told El Pais newspaper in an interview published on Sunday.
Bank of England May Cut as Mortgage 'Panic' Spreads
Bloomberg, 07-04-08
The Bank of England may be forced to cut its main interest rate this week as the credit squeeze spreads to the mortgage market, exacerbating the worst housing downturn since the last recession in 1991.
Gold Little Changed on Rising Oil Cost, Weak Dollar Expectation
Bloomerg, 07-04-08
Gold was little changed in Asia amid speculation the dollar may weaken after worse-than-expected U.S. jobs data and as higher energy costs boost the appeal of the precious metal as a hedge against inflation.
Gold edges higher as weak U.S. payrolls keeps pressure on dollar
Forbes, 07-04-08
Gold edged higher in early London trade as the dollar remained under pressure following weak U.S. payrolls data on Friday.
Oil hits $107 while gold rises
The Financial Times, 07-04-08
Oil prices pushed above the $107 level while gold extended its gains but base metals and grains put on a mixed performance on Monday. Renewed dollar weakness after disappointing US employment data on Friday lent support to commodities.
IMF chief urges global action on turmoil
The Financial Times, 07-04-08
Government intervention at a global level is needed to tackle the credit crisis, said Dominique Strauss-Kahn, IMF managing director, who also warned that market turmoil will take a serious toll on world growth. Strauss-Kahn told the FT that the need for public intervention was “becoming more evident”.
IMF Cuts Global Forecast on Worst Crisis Since 1930s
Bloomberg, 02-04-08
The International Monetary Fund cut its forecast for global growth this year and said there's a 25 percent chance of a world recession, citing the worst financial crisis in the U.S. since the Great Depression.
Gold back above $900 an ounce as dollar loses steam
Marketwatch, 02-04-08
Gold futures edged higher Wednesday, after two sessions of sharp losses, with the dollar losing steam after Federal Reserve Chairman Ben Bernanke said the U.S. economy might contract in the first half of the year.
More turmoil ahead, warns ECB man
RTE Busines, 02-04-08
European Central Bank governor Axel Weber has warned that more financial turmoil is likely. His remarks to a German newspaper came after banking shares jumped on hopes that the sector could be turning the corner.
Metal pipes worth more than some US homes
The Telegraph, 02-04-08
Copper pipes and wiring found in many of America's repossessed homes are now more valuable than the properties themselves.
Clashes over food prices trouble political leaders
Reuters, 01-04-08
Surging food prices due to global supply concerns and heady world futures markets have posed a particular risk to poor economies, especially in Africa, where food makes up a disproportionately large part of household spending and imports.
Gold Advances as Jobs Report, Bernanke May Show U.S. Slowdown
Bloomberg, 02-04-08
Gold gained for the first day in five on speculation the dollar will decline on reports that may show that the world's largest economy is slowing, boosting the metal's appeal as an alternative investment to the U.S. currency.
Gold recovers; weak market lures investors
Reuters, 02-04-08
Gold regained strength on Wednesday as a fall in prices to two-month lows in the previous session provided bargain hunters and investors in Asia a window of opportunity to snap up the metal.
George Soros warns 'superboom' is over
The Telegraph, 02-04-08
The world economy is at the end of a "super-boom" in asset prices and debt which has lasted since the end of the Second World War, billionaire investor George Soros has warned.
USA 2008: The Great Depression
The Independent, 01-04-08
Food stamps are the symbol of poverty in the US. In the era of the credit crunch, a record 28 million Americans are now relying on them to survive – a sure sign the world's richest country faces economic crisis.
Gold erases early gains on firming dollar
Ninemsn, 01-04-08
Gold gave up early gains on Tuesday as the dollar bounced against major currencies, and the metal could be stuck in a range ahead of this week's U.S. economic data.
Gold Investments Commentary in Marketwatch
Dow Jones Marketwatch, 31-03-08
"Gold remains in a range between $905 and $955, but gold's higher weekly close is constructive from a technical point of view," said Mark O'Byrne, executive director at Gold and Silver Investments, in a research note.
"The weakening U.S. economy is obviously dollar bearish and conversely it is gold bullish, but more consolidation may be necessary before we get above the four-digit price again," he said.
Gold Investments in Dow Jones Newswire
DJN via FX Street, 31-03-08
"The weakening U.S. economy is obviously dollar bearish and conversely it is gold bullish, but more consolidation may be necessary before we get above the four-digit price again," said a research note from Gold Investments.
UK house prices continue to slide
The Financial Times, 30-03-08
House prices fell by an average of 0.2 per cent in March, according to the latest survey from Hometrack, the property information group.
As Jobs Vanish and Prices Rise, Food Stamp Use Nears Record
The New York Times, 31-03-08
Driven by a painful mix of layoffs and rising food and fuel prices, the number of Americans receiving food stamps is projected to reach 28 million in the coming year, the highest level since the aid program began in the 1960s.
Stockbroker's collapse to rock markets
The Australian, 31-03-08
Fallout from the first collapse of an Australian stockbroker in a decade will hang over financial markets today, as the banks behind Opes Prime order the sale of more shares in an effort to recover $1 billion in loans to the failed business.
Gold Investments in Bloomberg Survey
Bloomberg, 31-03-08
A majority of analysts surveyed March 20 and March 21 anticipated gold's gains last week. The survey has forecast prices accurately in 127 of 204 weeks, or 62 percent of the time.
Gold Gains on Speculation Dollar May Drop as U.S. Economy Slows
Bloomberg, 31-03-08
Gold headed for a third quarterly gain on expectation the U.S. currency would decline as reports may show that the world's largest economy is slowing, boosting the metal's appeal as an alternative investment to the dollar.
Indians buying up gold?
Marketwatch, 31-03-08
India has a fairly high import duty on gold. If you subtract the duty from the world price, you find whether the domestic price makes importing profitable. It has been moved decisively into profitable territory for legal imports this week. This has not been the case for some time.
Gold dips on oil, book squaring; platinum at 1-week high
Reuters, 28-03-08
Gold fell on Friday to track weaker oil, while platinum jumped to its highest in more than a week as speculative buying accelerated after the white metal regained $2,000 an ounce.
Gold futures pare losses to end little changed
Marketwatch, 27-03-08
Gold futures pared most of their losses to end virtually unchanged on Thursday, as a rebound in the U.S. dollar put some pressure on the precious metal.
Chances of full-blown UK recession risk rising
The Telegraph, 28-03-08
A full-blown recession on these shores is now a 35pc probability as the credit crunch engulfs Britain's housing market and broader economy, warns an authoritative report.
Mortgage rates lifted as lenders feel pain
The Financial Times, 28-03-08
The credit crunch yesterday forced three of the UK's biggest lenders to tighten up the supply of home loans and charge more for them in moves that are likely to put further pressure on the property market.
Further slowdown in house prices
BBC News, 28-03-08
Annual house price inflation has fallen to its lowest rate for 12 years, according to the latest survey from the Nationwide building society.
Jump in rice price fuels fears of unrest
The Financial Times, 27-03-08
Rice prices jumped 30 per cent to an all-time high on Thursday, raising fears of fresh outbreaks of social unrest across Asia where the grain is a staple food for more than 2.5bn people.
Gold Falls From One-Week High as Dollar Rebound Reduces Demand
Bloomberg, 27-03-08
Gold fell for the first day in three in Asia as the U.S. dollar's decline against the euro stalled, reducing the metal's appeal as an inflation hedge.
UK central bank to join battle on liquidity
The Financial Times, 26-03-08
The Bank of England is poised to take revolutionary action to find a “resolution” to the problems faced by British banks unable to sell or refinance portfolios of mortgage-backed debt, Mervyn King, the governor, signalled on Wednesday.
Orders for Durable Goods in U.S. Unexpectedly Fell
Bloomberg, 26-03-08
Orders for U.S. durable goods unexpectedly fell in February, led by the biggest slump ever in demand for machinery that indicates companies are becoming more reluctant to invest as the economy heads into a recession.
Henry Paulson warns US house prices must plunge
The Times, 26-03-08
The US Treasury Secretary gave warning today that there is more pain ahead in the American housing market after he said prices must be allowed to drop before the economy can stabilise.
Gold Investments Commentary in Marketwatch
Dow Jones Marketwatch, 25-03-08
"Some investors and speculators feel that the sell-off is overdone and the metal may have become oversold in the short term," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd.
Gold Investments Commentary in Resource Investor
Resource Investor, 25-03-08
MarketWatch reports: Gold futures rallied nearly 2% Tuesday, gaining as weakness in the U.S. dollar boosted demand for the precious metal.
"Some investors and speculators feel that the sell-off is overdone and the metal may have become oversold in the short term," said Mark O'Byrne, executive director at Gold & Silver Investments Ltd. "While there may be further consolidation at these levels, gold will likely resume its upward march sooner than expected."
Gold Investments Commentary in Finfacts
Finfacts, 26-03-08
Mark O'Byrne, Director of Gold Assets UK and Ireland commented on Tuesday:
Gold has rallied on bargain hunting as gold’s short term overbought status has been corrected and some investors and speculators feel that the sell off is overdone and the metals may have become oversold in the short term. While there may be further consolidation at these levels, gold will likely resume its upward march sooner than expected and we will likely see gold back near (nominal) record highs above $1,030 before the end of April.
...
Hoarding by banks stokes fears on credit crisis
The Financial Times, 25-03-08
Central banks’ efforts to ease strains in the money markets are failing to stop financial institutions from hoarding cash, stoking fears that the recent respite in equity markets may not signal the end of the credit crisis.
Gold May Rebound on Speculation Last Week's Plunge Was Overdone
Bloomberg, 24-03-08
Gold may rise, rebounding from the biggest weekly loss since August 1990, as investors buy the metal on speculation the sell-off was overdone.
Consumer Confidence in U.S. Fell More Than Forecast
Bloomberg, 25-03-08
U.S. consumer confidence fell more than forecast in March as Americans' outlook on the economy dropped to the lowest level since Richard Nixon was in the White House.
Home Price Drop Signals Tough Spring
Yahoo Finance, 25-03-08
Home prices plunged by record levels in January from a year ago, with almost no major cities immune from the spiraling market. Analysts worried that even the usually reliable spring selling season would fall flat.
Ron Paul on CNBC: 'Abolish the Federal Reserve'
CNBC via The Gold Blog
It seems that there is something of a chorus beginning for abolishing the federal reserve, after it has noticeably failed to mitigate the whole subprime mess. Is this debate finally about to escape the confines of conspiracy forums?
Gold Climbs in London as Dollar Declines; Silver, Platinum Rise
Bloomberg, 25-03-08
Gold rose the most in more than two weeks in London after the dollar fell before a U.S. consumer confidence report that may indicate slower economic growth, spurring demand for precious metals as an alternative to stocks.
Gold Rises in Asia as Drop Lures Jewelry Buying, Dollar Falls
Bloomberg, 25-03-08
Gold rose in Asia after the biggest weekly decline in prices in 25 years enticed buying from jewelers and as the dollar fell on concern that U.S. consumer confidence dropped to a five-year low.
Gold bounces on bargain hunting; dollar sheds gains
Reuters, 25-03-08
Gold rebounded on bargain hunting on Tuesday after the dollar resumed losses against the euro but weaker crude oil capped gains as it reduced the metal's appeal as a hedge against inflation.
America is ALREADY in recession, say top economic global experts - and that spells trouble for the UK
The Daily Mail, 21-03-08
Experts have accused the International Monetary Fund of "driving the car using the rear view mirror" after the global body warned the U.S. was on the verge of a recession.
Buy-to-let investors who fear they may be left homeless
The Guardian, 22-03-08
Buy-to-let investors are facing their hardest times since amateur landlords first hit the scene in force a decade ago. Property values are falling, rents are static, and interest rates are on the way up - assuming buy-to-letters can find mortgages now that many lenders have toughened up their criteria.
Gold Prices Dive With Heavy Fund Liquidation
Resource Investor, 19-03-08
Gold futures plunged $59 to finish at $945.30 an ounce, the biggest single-session loss since June 2006, after hitting a record high of $1,034 an ounce Monday. Spot gold was last down $44 at $937.30 bid. The yellow metal was hit by heavy liquidation of funds when the dollar regained some strength in light of yesterday’s smaller than expected U.S. Federal Reserve rate cut.
Gold Investments Commentary in Marketwatch
Dow Jones Marketwatch, 19-03-08
"With gold already up by more than 19% so far this year, consolidation is healthy and to be expected," said Mark O'Byrne, executive director of Gold & Silver Investments Ltd., in a note.
Bank of England denies HBOS approach for funding
Citywire, 20-03-08
The Bank of England (BoE) has issued a statement denying rumours that it has met with HBOS to discuss emergency funding.
Thornburg teeters on the brink for $1bn
The Times, 19-03-08
Thornburg Mortgage today made a last ditch attempt to stave off bankruptcy by agreeing a deal with its key creditors, including the recently rescued Bear Stearns, that gives them the option of buying about a quarter of the company for a fraction of its market value.
Gold set to storm higher, experts say
The Telegraph, 19-03-08
Gold will continue to set new record highs in coming weeks, experts have predicted, despite suffering a sharp sell off this afternoon, alongside other metals and oil.
Sooner Fed bail-outs than the 1930s revisited
The Telegraph, 19-03-08
Put a clothes peg on your nose. The moral stench of bail-outs for the über-rich will be sickening. None of us wants to pay a farthing to rescue the bankers and assorted debt pimps who got us into this financial mess, and in doing so exposed our societies to such harm.
Dollars tough to sell
Reuters, 18-03-08
The U.S. dollar's value is dropping so fast against the euro that small currency outlets in Amsterdam are turning away tourists seeking to sell their dollars for local money while on vacation in the Netherlands.
Fed Cuts Main Rate to 2.25%, Says Outlook 'Weakened'
Bloomberg, 18-03-08
The Federal Reserve cut its main lending rate by three-quarters of a percentage point to 2.25 percent as officials try to prop up the faltering economy and restore faith in the U.S. financial system.
ECB's Stark Says Euro Strong Against 'Weak Dollar'
Bloomberg, 18-03-08
Two European Central Bank Executive Board members said the euro hasn't appreciated as much against other currencies as it has against the dollar, suggesting the bank is comfortable leaving interest rates at a six-year high even as the Federal Reserve prepares to cut borrowing costs again.
Gold steadies at $1,000 ahead of Fed, funds sell
Reuters, 18-03-08
Gold steadied around $1,000 an ounce ahead of U.S. Federal Reserve's meeting on interest rates on Tuesday, suggesting investors and speculators were still keen to book profits after pushing up the price to record highs.
Most markets tumble; gold still at $1,000
The Guardian, 17-03-08
Most commodities tumbled on Monday as investors sold assets ranging from oil to coffee to grains to cover deepening losses in stocks and bonds. But gold ended slightly higher, as safe-haven buying kept it above the key $1,000 level.
High street banks hold out their begging bowls
The Times, 18-03-08
High street banks went with begging bowls to the Bank of England yesterday, seeking more than £23 billion in emergency loans as fears over the global credit crunch deepened.
Gold extends its gains amid trading turmoil
The Financial Times, 18-03-08
Gold extended its gains above the $1,000 level yesterday but the yellow metal was a rare gainer as commodities staged a broad retreat amid turmoil across global financial markets.
State funds look to commodity investment
The Financial Times, 12-11-07
State-owned sovereign wealth funds are beginning to diversify their investments into commodities, potentially having a significant impact on international raw material prices because of their immense resources.
$100 Oil May Mean Recession as U.S. Economy Hits 'Danger Zone'
Bloomberg, 12-11-07
Rising fuel prices that businesses and consumers took in stride earlier this year may now be near the point of pushing the weakened U.S. economy into recession.
Housing market faces big slowdown
The Financial Times, 13-11-07
The property market is set for a more severe slowdown than in 2005, according to the most authoritative survey of estate agents, which shows they believe house prices are already falling in almost all areas of the UK and even the rampant London market has recently hit the buffers.
Gold Investments Commentary in Marketwatch
Dow Jones Marketwatch, 13-11-07
On Monday, the benchmark gold contract dropped $27 an ounce, or 3.2%.
"The sell-off is likely to be sharp but shallow," said Mark O'Byrne, director at Gold & Silver Investments Ltd., in a research note.
"Fears that we may experience something akin to the sell-off in May 2006, which saw gold fall from $730 to $560, are likely to be unfounded," he said, adding that, at the time, "oil was not over $90 per barrel, there was no property and credit crisis and little or no obvious systemic risk."
Gold Rises in Asia as Oil Gain Boosts Demand as Inflation Hedge
Bloomberg, 14-11-07
Gold gained in Asia as crude oil rose, boosting the appeal of the precious metal as a hedge against inflation. Silver also rallied.
Crude oil in New York increased as much as 0.6 percent today on speculation U.S. stockpiles fell last week and on a report that industry inventories dropped in the world's most-developed economies. Gold, which has advanced 27 percent this year, is 4.6 percent below its 27-year high of $845.84 reached on Nov. 7.
Inflation, gold: Back to the 1970s?
The National Post, 14-11-07
So how much gold immunizes portfolios against inflation? Millennium Bullion Fund's Nick Barisheff points to Wainwright Economics' convenient conclusion that stock portfolios should be almost half in gold to offset inflation. It found bonds and gold inversely correlated so a bond portfolio 18% in gold would offset inflation.
With credit in crisis, banks trade commodities
The Associated Press via Times Union, 12-11-07
Bear Stearns' expansion of its energy business on Friday follows a trend among investment banks, which are increasingly embracing commodities -- particularly energy trading -- to offset major losses from the troubled credit markets.
Currency Controls Return as Central Banks Fight Gains
Bloomberg, 12-11-07
Central banks from Bogota to Mumbai are imposing foreign-exchange curbs to take control of their soaring currencies from traders dumping the dollar.
Gold May Rise for Sixth Straight Week on Demand for Haven Asset
Bloomberg, 12-11-07
Gold may rise for a sixth straight week and top a 27-year high on speculation that financial market turmoil will boost the appeal of the precious metal as a haven.
Gold Declines as Investors Judge Rally Overdone; Silver Drops
Bloomberg, 12-11-07
Gold declined in London as investors judged a five-week rally that took the metal to within 0.5 percent of a record was overdone. Silver also dropped.
Gold soars as a perfect storm begins to gather
The Times, 11-11-07
If a preoccupation with the weather is a curiously English phenomenon, then nothing could be as compelling a story as a “perfect storm” – a rare occurrence in which several weather conditions come together to destructive effect.
Housing meltdown hits US economy
BBC News, 09-11-07
The sudden tightening of credit on high-risk sub-prime mortgages has led to a property price crash in the US, with devastating effects on the whole economy.
U.K. House Prices Fall for Second Month, HBOS Says
Bloomberg, 08-11-07
U.K. house prices fell for a second month in October, the first back-to-back decline since May 2005, as higher interest rates and the prospect of slowing economic growth deterred buyers, HBOS Plc said.
Trade Deficit Declines in September
Yahoo Finance, 09-11-07
A falling dollar boosted U.S. exports to record highs, pushing the trade deficit down to its lowest level in 28 months.
Gold Poised for Fifth Weekly Gain as Dollar Drop Boosts Demand
Bloomberg, 09-11-07
Gold gained and was poised for a fifth straight weekly increase as a decline in the value of the dollar boosted the appeal of precious metals as an inflation hedge. Silver also rallied.
Investors set for long-term commodity bets
The Financial Times, 09-11-07
Long-term commodities prices are braced for a wave of investments as two leading banks launch indices that will make it easier for investors to access this increasingly popular asset class.
Gold surges to a record closing high of $837.50
Marketwatch, 08-11-07
Gold futures surged to finish at a record closing high of $837.50 an ounce on Thursday, topping the previous session's record by $4.
National Debt at Record $9 Trillion
Yahoo Finance, 07-11-07
The national debt has hit $9 trillion for the first time.
The Treasury Department, which issues a daily accounting of the debt, said Wednesday that the debt subject to limit was at $9 trillion on Tuesday. It was $8.996 trillion on Monday.
New Titanic Threat
The New York Post, 08-11-07
More than $500 billion of potentially worthless paper is padding the balance sheets of the nation's top-10 banks - and could also be contaminating the huge pensions and annuities that support millions of Americans.
Gold Investments Commentary in Marketwatch
Dow Jones Marketwatch, 07-11-07
"At some stage, there will be a sharp correction [in gold prices]; however, some analysts are postulating that the correction could be when gold reaches $900," said Mark O'Byrne, director at Gold and Silver Investments Ltd., in a research note.
"The correction will likely be sharp, but short, and gold will likely bounce back from any correction in short order due to marked increase in macroeconomic risk in the world and consequent safe-haven demand," O'Byrne said.
Gold eyes all-time high on currency crisis
The Telegraph, 08-11-07
Gold has surged to $846 an ounce on fears of a dollar collapse and signs of spreading credit crisis in the United States, coming within a whisker of the all-time high seen at the end of the 1970s inflation era.
Gold Investments Commentary in Resource Investor
Marketwatch via Resource Investor, 07-11-07
Gold continued to set 28-year records today in a rally that doesn’t seem to be stalling out soon, reported MarketWatch.
(quote same as above article).
US Commodities: Precious Metals Soar; Grains Up Sharply
Easy Bourse, 07-11-07
Gold, silver and platinum futures all leaped Tuesday, boosted by speculative interest as the dollar sagged and crude oil surged, traders and analysts said.
Grandich expects gold traders will have to cover shorts soon
The National Post, 06-11-07
Peter Grandich gave readers of his popular newsletter the good news and the bad news on Tuesday. On the plus side, his bullish move on gold in the spring of 2003 has proven wise. He also anticipated gold would move to a new, all-time nominal high sometime in 2007 back when bullion traded at US$600 an ounce at the beginning of the year.
But the bad news: gold is no longer “cheap."
Oil, gold and euro surge to record prices
The Telegraph, 08-11-07
Oil has rocketed to an all-time high of $97 a barrel in New York on fears of terrorist attacks on pipelines in the Middle East and falling crude inventories in the United States.
Gold Investments Commentary in Marketwatch
Dow Jones Marketwatch, 06-11-07
"The surging oil price is an important factor and investors are using gold as an inflation hedge," said Mark O'Byrne, director of Gold and Silver Investments Ltd., in a research note. "But of more importance is the dollar falling to new all time record lows against the euro and a basket of currencies again this morning."
"Morgan Stanley analysts have warned that the dollar could experience a more 'violent correction' and their managing director in Asia Stephen Roach has said that gold will likely remain a safe haven given what is happening in the financial markets," O'Byrne said.
Credit Suisse warns of quantum rise in gold price
Metal Markets, 05-11-07
Credit Suisse is warning that supply and demand factors “could trigger a quantum upward change in the gold price”.
David Davis, a research analyst at the bank, has reported that “Our studies indicate that the dynamics surrounding the gold supply and demand have begun to change inexorably towards a diminishing supply of gold and increasing investment demand, which will ultimately impact the gold price.”
Oil hits another record above $97
CNN Money, 06-11-07
Oil prices set another record high Tuesday, jumping over $2 on fears of dwindling supplies in the United States, projections for strong worldwide demand and a falling U.S. dollar.
UK 'faces more financial shocks'
BBC News, 06-11-07
The governor of the Bank of England, Mervyn King, has warned that the US sub-prime mortgages crisis poses more risks for the UK's financial system.
Gold Investments Commentary in Finfacts
Finfacts, 06-11-07
Mark O'Byrne, Director of Gold and Silver Investments Ireland, commented on Monday:
Gold's trend remains up and the path of least resistance is to the upside. In the short term gold remains slightly overbought but the massive gold short positions are exposed to losses in the billions and the shorts will likely take opportunities to close their short positions on any dip in the gold price which will be supportive of gold. The 5 week moving average is at $774 and this should provide strong support and be used to buy on the dips.
Gold Investments Commentary in Marketwatch
Dow Jones Marketwatch, 05-11-07
Gold futures traded at their highest level in nearly 28 years on Monday, as renewed turmoil in the credit markets boosted the metal's safe-haven appeal after Citigroup said it will have to write off up to $11 billion more in losses.
Wittner, Rogers, Gartman Comment on $100 Oil, $1000 Gold: Video
Bloomberg, 06-11-07
Crude oil and gold prices have surged to records over the past few weeks, many analysts predict oil will rise to $100 and gold $1000. Falling crude oil inventories, rising emerging market demand and Middle East tensions drove oil prices to a record close of $95.93 a barrel on Nov. 2. Gold closed above $800 an ounce for the first time in 27 years on Nov. 2 as investors sought a haven from declines in the U.S. dollar and financial market turmoil.
Soros sees "serious" economic correction
Reuters, 06-11-07
Billionaire investor George Soros forecast on Monday that the U.S. economy is "on the verge of a very serious economic correction" after decades of overspending.
Greenspan Says Dollar Won't Fall More Against Euro
Bloomberg, 06-11-07
Former Federal Reserve Chairman Alan Greenspan said the U.S. currency is unlikely to weaken further against the euro, though over the long term it will fall against Asian currencies.
City fears second bank is heading for credit crisis
The Guardian, 03-11-07
The City was swept by rumours yesterday that another British bank was in trouble after Northern Rock indicated it was not the only bank borrowing from the Bank of England's rescue fund.
Dollar Slide May Prompt Joint Intervention, Morgan Stanley Says
Bloomberg, 02-11-07
The dollar's decline to record lows may turn into a ``more violent correction'' that requires the U.S., the European Union and Japan to intervene in foreign- exchange markets, said analysts at Morgan Stanley.
Supermodel Gisele rejects the dollar
The Telegraph, 06-11-07
According to US magazine Forbes Ms Bündchen is the highest-earning model in the world. She follows in the footsteps of wealthy investors Warren Buffett and Bill Gross who are turning their backs on the dollar in favour of stronger currencies.
WGC sees no decline in Indian demand
Business Standard, 05-11-07
World Gold Council (WGC) has ruled out any decline in Indian gold demand because of rising prices.
The council has forecast that gold sales would increase 10-15% this year from 800 tonne consumed last year arguing that the rising crude oil and base metal prices have left limited alternatives for investors to park their funds.
A golden retirement for investors
The Irish Times via The Financial Times, 03-11-07
Retirement savers can now invest in bullion for their golden years after the Revenue Commissioners gave its seal of approval to gold bullion investment certificates for use in self-directed pension funds.
The Revenue has lifted a 5 per cent limit it had placed on the amount which holders of self-administered pension schemes could invest in the Perth Mint gold certificate programme sold by Gold Investments.
Rush for safety pushes gold through $800
The Financial Times, 02-11-07
Gold surged through the $800 an ounce level Friday for the first time in 28 years as investors sought refuge from a second wave of credit turbulence.
City fears second bank is heading for credit crisis
The Guardian, 03-11-07
The City was swept by rumours yesterday that another British bank was in trouble after Northern Rock indicated it was not the only bank borrowing from the Bank of England's rescue fund.
Charles Merrill Fears Market Crash
The Earth Times, 30-11-07
Fearing a stock market crash worse than 1929, Charles Merrill of Palm Springs, cousin to the founder of the Merrill/Lynch dynasty, is quickly converting to gold coins.
"Merrill Lynch is crashing, due to the ineptness of the CEO. No matter who is running Merrill Lynch & Co., it's going to need a regimen of restraint and recuperation after getting badly bruised by the global credit market shakeout. I predict a house of dominos, and the whole stock market is going to crash," stated Merrill.
Gold regains strength and takes aim at $800 an ounce
Reuters, 02-11-07
Gold bounced on Friday to trade just below 28-year highs, with speculators and investors betting on strong oil prices and an ailing dollar.
The metal, which has gained 25 percent since the current rally started in mid-August, remained on track to breach the key technical level of $800 an ounce this year and move towards its all-time high of $850 next year, traders said.
Gold futures gain after strong payroll data
Marketwatch, 02-11-07
Gold futures rose Friday, after the Labor Department reported higher-than-expected nonfarm payroll growth in October and the dollar fell against most of its major rivals.
US gold futures hit $800 early on inflation fears
Reuters, 02-11-07
Gold futures in New York touched $800 early on Friday on inflation fears sparked by stronger crude oil prices and a record low dollar following a surprisingly strong U.S. jobs report.
Gold, Silver Rise in Asia as Investors Deem Decline Overdone
Bloomberg, 02-11-07
Gold rose in Asia as some investors speculated that yesterday's decline was overdone given the metal's appeal as a hedge against inflation amid rising oil prices. Silver also rose.
Dow plunges 362 points on credit fears
CNN Money, 01-11-07
Citigroup downgrade reignites credit concerns and leaves major gauges sharply lower, wiping out Fed rate cut bounce.
Fed pumps 41 billion dollars into markets
AFP, 01-11-07
The Federal Reserve injected 41 billion dollars in temporary reserves into the US money markets Thursday to help ease ailing credit markets.
Jump in Foreclosure Could Hurt Prices
AP via Yahoo Finance, 01-11-07
The number of U.S. homes in foreclosure more than doubled in the third quarter, a surge that analysts said will likely drive already weak prices even lower in the hardest-hit areas.
Spending Growth Slowed in September
AP via Yahoo Finance, 01-11-07
Consumers slow spending growth while key manufacturing gauge slips for fourth straight month.
Irish national house prices declined by average of 0.3% in September; Prices down by 3.6% in 2007
Finfacts, 01-11-07
Average national house prices declined by 0.3% in September, according to the latest edition of the permanent tsb / ESRI House Price Index. This compares to a decline also of 0.3% in August. Measured over the past twelve months [September 2006 to September 2007 inclusive], the index shows that average prices declined by 2.8%. Measured since the start of this year, that decline has been 3.6%.
Gold surges above $800 after Fed cuts rates
Marketwatch, 01-11-07
Gold futures surged above $800 an ounce for the first time since 1980 on Wednesday after the Federal Reserve cut the fed funds rate by a quarter-point to 4.50% and said that the recent spike in commodity prices may put renewed upward pressure on inflation.
Gold passes 800 dollars an ounce
AFP, 01-11-07
The price of gold passed 800 dollars an ounce here on Wednesday for the first time since 1980 after the US Federal Reserve lowered its key short-term interest rate, the New York Mercantile Exchange said.
Gold Tops $800 for 1st Time Since 1980
The Associated Press, 31-10-07
Gold barreled above $800 an ounce Wednesday for the first time since 1980 as investors cheered the Federal Reserve's decision to lower its benchmark interest rate by a quarter point.
The Fed dropped its federal funds rate to 4.50 percent, as the markets widely anticipated. Lower interest rates tend to undermine the dollar and raise the allure of precious metals as an investment alternative. The dollar stumbled to another low against the euro following the Fed's decision on Wednesday, helping drive gold higher.
Crude Oil Rises to Record Above $96 on U.S. Stockpile Decline
Bloomberg, 01-11-07
Crude oil rose above $96 a barrel for the first time in New York after U.S. inventories unexpectedly fell to a two-year low and the economy expanded at the fastest pace in more than a year.