IMF Sees Business-Loan Losses of EU250 Billion in EU Banks

“Banks in Spain, Italy and Portugal face about 250 billion euros ($338 billion) in potential losses on their business loans over the next two years, the International Monetary Fund said. About one-fifth of combined corporate loans is at risk of default in the three economies, which are forecast to contract this year, according to the […]

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Banca d'Italia says gold reserves key to cenbank independence

“Keeping gold reserves is a key support to central banks’ independence, an official from Banca d’Italia told a bullion industry conference on Monday, dampening talk that it might sell some of its holdings. Speculation has emerged since the financial crisis hit the euro zone that Banca d’Italia might be pressured to leverage or even sell […]

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India might buy gold from citizens to ease rupee crisis

“A pilot project will be launched soon, a source familiar with the Reserve Bank of India (RBI) plans told Reuters. India has the world’s third-largest current account deficit, which is approaching nearly $90 billion, driven in a large part by appetite for gold imports in the world’s biggest consumer of the metal. With 31,000 tonnes […]

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The Periphery is Failing

“For years we’ve preached the From the Outside In principle of markets: When trouble starts, it nearly always does so out in the weaker periphery before creeping towards the core. We saw this in the run-up to the housing bubble collapse, as sub-prime mortgages gave way before prime loans, and in Europe, as smaller economies […]

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Russia’s offshore cash switches seas in search of a new tax haven

“The distance between the Mediterranean and the Caribbean isn’t so great when it comes to offshore finance. The former is the site of Cyprus, Russia’s offshore tax haven of choice until its financial system collapsed and this spring’s European bailout of Cyprus included a heavy levy on deposits. Other European governments weren’t interested in bailing […]

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Gold Now Beginning Its Long-Awaited Ascent…

“As mentioned in last Sunday’s note, technical gold trader Gary Savage indicated a potential “1-2-3 Reversal” was forming in the miners. This week saw that pattern complete and confirm itself. Based on that confirmation, Gary now expects an explosive move higher over the next few months, in which gold should retest the September 2011 highs.” […]

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The Most Profitable Route For Gold And Silver Bugs

“While much information circulates in our community regarding the impetus to buy gold, there is one classical item which could use attention with respect to the value of buying during corrective periods. That item is the power of dollar cost averaging over time. When one creates and reviews a set of dollar cost averaging numbers, […]

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Rob McEwen: “I See No Reason To Reduce One’s Exposure—But More To Increase One’s Exposure In Gold”

“I had the opportunity yesterday to join McEwen Mining‘s Q2 2013 conference call, led by the founder and former CEO of GoldCorp, Rob McEwen. He is now the CEO, Chairman, and Chief Owner of McEwen Mining. It was an interesting call as usual, with informative commentary on the mining environment in Argentina, and of particular […]

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Berlusconi Turmoil in Italy Poses Threat to Euro-Crisis Lull

“Italian government instability following the tax-fraud conviction of former Prime Minister Silvio Berlusconi threatens to end a lull in the European debt crisis and derail a nascent economic recovery. Berlusconi’s party has rallied around its leader, possibly seeking a presidential pardon and threatening a mass resignation of deputies in parliament, a move that could bring […]

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