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filipo

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  • SGE Gold Withdrawals - A Massive 54 Tonnes In Latest Week [View article]
    fish,
    LBMA sets the price being a benchmark.
    Comex follows suit.
    In fact they're like a dancing couple.
    Bank of China has announced though that at the end of 2015 they will fix the gold price for domestic use.
    Jun 29, 2015. 04:05 AM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    Ben,
    Wait 'n see
    Jun 29, 2015. 04:01 AM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    gel,
    The real Greek drama is that the Greeks are being taken hostage by their communist govt.
    If in the referendum they vote "yes, Europe and yes austerity", is their govt going to step down ? I dare hope so, but am not so sure. There might be a lot of confusion. During the negotiations the Greek govt often have changed their conditions, which is a sign they're not reliable, not adult and certainly miss the political and diplomatic experience. They sent notes to the Eurogroup which later on were recalled etc..

    If they vote "no Europe and no austerity", which I hope, Greece will get toasted and Europe will finally be able to look to a brighter future.
    Jun 29, 2015. 02:47 AM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    LT,
    Spot on, I agree 100%.
    Jun 28, 2015. 11:22 PM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    gel,
    Your words come as a relief.
    Jun 28, 2015. 11:21 PM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    Ben,
    Your link says "other bondholders" and "eurozone members most exposed".

    NOT "banks". Repeat with me: NOT "banks". EZ banks have no direct exposure to Greek debt anymore.

    True, EZ banks hold bonds of other EZ countries who hold Greek debt. Belgium f.i. -I know the situation well cause I'm a concerned citizen- holds €7bn Greek debt.
    None of it will probably ever be repaid.
    It was our former socialist govt who granted these loans to Greece in a gesture of solidarity.

    These €7bn are part of the budget and hence will NOT affect Belgian solvency.
    The same can be said of Germany, France, Spain, Italy: all Greek debt is part of the budget and hence will not change the accountability.

    "it would be hugely destabilizing as the market would be asking 'which country is next for the chop?'"

    You're daydreaming.
    This is the reality:
    http://tinyurl.com/q6l...
    Jun 28, 2015. 11:15 PM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    Ben,
    Your article about who owns Greek debt dates from FEB 2012.
    Since then the ECB has bought the banks' Greek exposures.

    Actually when Greece leaves, we will be rid of an annoying tick. The EZ will be richer and will get wealthier.
    The Greeks should responsibilize.
    We had the same problem in Belgium with the Walloons. For hundreds of years they dragged capital from Flanders.
    Now, with our new government that started a program of responsibilzing the Walloons, the capital draind North-South have diminished.
    This appears to be a win-win situation: for Flanders it means less good money is thrown after bad money and Wallonia it meant a rude wake-up call: clientelism, corruption, dependency on other person's money have stalled and they finally are seeing green shoots under the form of new enterprises.
    If you want to kill people, just alienate them by giving them free money.

    To me, what happens now with Greece, is something that should have happened years ago. It comes as a true relief and if some sell their equities tomorrow, I'll be the one who buys.
    Jun 28, 2015. 03:20 PM | 1 Like Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    Right,
    If everyone had read the Maastricht Treaty and if every EZ govt would have acted in accordance to that Treaty, no fiscal or monetary problems would have risen.
    However, the govts of the profligate states must have thought: a Treaty is only a rag of paper that we're not supposed to respect.

    In your mind, do the US respect the Treaties they've signed ?
    If not, you must be right and Greece is only mimicking all the other nations.
    But if they do, then why does not Greece have to comply to a Treaty they have signed ??
    Jun 28, 2015. 03:07 PM | 1 Like Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    gel,
    It will be a relief if and when Greece leaves the EZ and the EU.
    They were a drag on our economy, the weakest link in the chain gang.
    AND they were bloody communists, sympathising with Putin for whom my personal sympathies diminish day by day.
    As long as Ukraine was concerned, I could more or less understand his feelings, but now with Greece, he's clearly getting annoying.
    Jun 28, 2015. 03:01 PM | 1 Like Like |Link to Comment
  • Will Gold Rally In 2015? [View article]
    Reynold,

    Yes, rate cuts are very positive for gold, especially now that the stock exchange isn't bringing what everyone expected.

    Also should be brought to mind that the Bank of China is planning to start a gold price fix in China:

    http://tinyurl.com/onz...
    Jun 28, 2015. 02:49 PM | Likes Like |Link to Comment
  • Will Gold Rally In 2015? [View article]
    Yes, if they continue.

    However,
    Now Chinese regulators are cracking down on shadow lending to stock investors, a campaign analysts say is partly to blame for last week’s 13 per cent fall in the Shanghai Composite Index — the largest weekly drop since the global financial crisis in 2008.

    It's my feeling they will persue the same policy after having tried a massive round of QE and having seen that this leads to an equally massive asset bubble but not to a healthier economy.

    I'm convinced the Chinese have every reason to turn to gold after having been so bitterly disappointed by the stock exchange.
    Jun 27, 2015. 01:40 PM | Likes Like |Link to Comment
  • Gold Bulls Are On Borrowed Time [View article]
    Ar,
    Any delay keeps on sapping the ECB's money.
    Jun 26, 2015. 11:18 PM | Likes Like |Link to Comment
  • Will Gold Rally In 2015? [View article]
    Reynold,
    1 Q:
    What if the Chinese stock exchange for some reason would plunge by some 30%
    Jun 26, 2015. 11:13 PM | Likes Like |Link to Comment
  • Gold Price Benchmarking Battle Commencing [View article]
    007,
    Hear, hear !
    Jun 26, 2015. 11:11 PM | Likes Like |Link to Comment
  • Gold Price Benchmarking Battle Commencing [View article]
    fish,
    Yes, that's what William Clark says, put in a nutshell by you and I have no reason to doubt that it is the truth.
    The British had the same bias in the 19th cent. and it cost them dearly in lives and military expenses. Now, they gave up that status and are much happier. The UK £ has lost quite a bit of its value, but the Brits are a happy people. The only reason they go to war is when their last interests are threatened (Falklands, Gibraltar -they would if Spain would dare to touch the rock-with-the-monkeys) or when their big brother asks them to join in (Iraq -Blair is much hated for this).

    This is exactly what I mean: Americans would be much happier if they lost their ambition to be the sole world policeman.

    However I don't beleive in moral duties when it comes to politics. I would be the last one to dictate what should be done. To be in charge of the world and to have the world reference currency is not a necessity, it's rather the result of a healthy economic condition -healthier anyway than its peers'.
    Up till now, the US had that condition, so it was only normal that they gained world suppremacy and that the USD was the world's reference currency.
    However, if that changes, I see no reason for the US to hold on that status. China for the moment is the only threat, but they still are years behind (let's see how they are going to cope with their plunging Stock Exchange). Europe is struggling, not economically but politically and monetarily, so no chance for the Europeans that they would gain a world leadership status soon.
    That might be the biggest achievement Obama has made -I know you're not a fan, but nevertheless-: after Bush hopelessly screwed up American world ladership and reputation, Obama has performed a turnaround.
    It doesn't mean the whole world loves America, but they know it's a fierce and clever power.
    Jun 26, 2015. 08:25 AM | 1 Like Like |Link to Comment
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