Wednesday, December 1, 2010
In what is becoming a very sad development, the more money (pardon, monetary base) Bernanke prints, the more silver coins Americans buy. According to the US Mint, November sales of silver just hit 4.16 million ounces or coins, an all time record, since the introduction of the coin in 1986, and that does not even include the last day of the month. The number is roughly a 30% increase to the 3.15 million one-ounce Eagles sold in October, and well above the previous 2010 record of 3.6 million sold in May. So far in 2010, the mint has sold 32.8 million ounces of silver, higher than the previous full year record of 29 million coins set in 2009.......read in full
Federal Reserve Chairman Ben S. Bernanke said the economy isn’t growing fast enough to “materially” reduce unemployment and expressed concern about workers who have been without a job for a long time.
“This is very unusual and very worrisome because people who are out of work for an extended period, their skills tend to erode,” Bernanke said at a meeting with business leaders in Columbus, Ohio. The share of unemployed who are jobless for more than six months is greater than 40 percent, Bernanke said........read on
11/29/10 Chicago, Illinois – Every time a frightening headline jolts the financial markets, investors flock to the relative “safety” of US Treasury bonds. But just how safe is a “safe” Treasury bond?
The most insidious and dangerous part of the global debt story is hiding in plain sight. US Federal debt is now roughly 85% of American GDP, according to “official” figures. But after including the present value of future liabilities like Social Security and Medicare, US debt-to-GDP soars to nearly 500%.......read on
IMF slowed rate of gold sales by 40 pct in Oct. vs Sept.
* Cumulative on-market sales 148.6 tonnes by October (Recasts, adds details, background)
NEW YORK/WASHINGTON Nov 29 (Reuters) - The International Monetary Fund has slowed the rate of selling its gold by 40 percent in October from the previous month, as interest among central banks to own the metal increased as a hedge against economic uncertainty......read on
Spreads on Italian and Belgian bonds jumped to a post-EMU high as the sell-off moved beyond the battered trio of Ireland, Portugal, and Spain, raising concerns that the crisis could start to turn systemic. It was the worst single day in Mediterranean markets since the launch of monetary union.
The euro fell sharply to a two-month low of €1.3064 against the dollar, while bourses slid across the world. The FTSE 100 fell almost 118 points to 5,550, while the Dow was off 120 points in early trading.
"The crisis is intensifying and worsening," said Nick Matthews, a credit expert at RBS. "Bond purchases by the European Central Bank are the only anti-contagion weapon left. It needs to act much more aggressively.".................Echoing the national mood, Sinn Fein leader Gerry Adams said it was "disgraceful" that the Irish people should be reduced to debt servitude to foreign creditors of reckless banks. "The costs of this deal to ordinary people will result in hugely damaging cuts," he said..........read in full