Aug 12, 2012
Nick McDonald of Trade With Precision presents a concise technical analysis of these markets for the week ahead, using the Russell 2000® index and the ICE US Dollar Index® as pivotal focuses.
German Chancellor Angela Merkel returns to the front line of the European debt crisis this week as the bloc’s leaders squabble over measures including bond purchases to relieve concerns the single currency may fragment.
Bank of England Governor Mervyn King said the U.K. must press on with reforms to the banking industry and repeated his gloomy outlook for the euro-area debt crisis, which is impeding Britain’s economy.
Former telecommunications executive Sol Trujillo is trying to drum up interest in a buyout of Deutsche Telekom AG’s T-Mobile USA unit and has so far been unsuccessful in pitching a deal to private-equity firms including Blackstone Group LP and KKR & Co., according to people with knowledge of the matter.
European Central Bank bond purchases won’t solve Spain and Italy’s difficulties maintaining investor confidence, ECB Governing Council member Luc Coene said in an interview with De Tijd and L’Echo.
AFTER a six-week break, the nation's bitter debate over asylum-seekers will resume today with the release of an expert panel's report.
Angus Houston's expert panel will release its report into border protection at 12.30pm in the main committee room at parliament house. Senior Labor figures are contemplating reopening the Howard-era processing centre on Nauru with the understanding that if it didn't stop the boats the Malaysian Solution would be triggered (Oz).
Key independent Tony Windsor, who took part in the parliamentary advisory group to the expert panel, told ABC radio this morning all parliamentarians should "show respect" to the work Angus Houston 's panel has put into the report. He said he expected the report to include a recommendation for offshore processing. Mr Windsor and other parliamentary cross-benchers will receive a briefing on the panel's report at 10.30am. The government, Greens and Coalition will also be briefed on the panel's findings this morning before the official release of the report.
Despite the apparent move to meet the Coalition's demands on border protection, the opposition says it will not allow the Malaysian Solution in any circumstances (SMH). The impending release of the expert panel's report comes amid a rush of asylum-seeker boats. Six boats were intercepted between Friday and late yesterday carrying 265 people ( Age).
Cabinet is seeking across-the-board savings to fund education reforms costing $3 billion a year in a ploy to draw Tony Abbott into a battle on traditional Labor issues (Fin Review). This comes as it has been revealed that taxpayers are spending around $150 million a year on an army of spin doctors to sell the Gillard government's policies to voters ( Read more...
August 12, 2012
Compiled 20:30 GMT
Compiled 20:30 GMT
By KAREEM FAHIM
President Mohamed Morsi ousted his powerful defense minister, the army chief of staff and several senior generals, seeming for the moment to reclaim power seized by Egypt's military.
By THOMAS ERDBRINK
Iranian relief workers saved more than 200 people from the rubble of dozens of villages that were destroyed after two powerful earthquakes struck Saturday in a wide area north of the city of Tabriz.
By DAMIEN CAVE
The Arab League postponed a meeting on Syria that had been scheduled for Sunday, as Syrian authorities reported continued fighting in Aleppo and two bomb attacks in Damascus.
By STEVEN LEE MYERS and THOM SHANKER
Concerned about a security vacuum in the Sinai region, officials in the United States and Egypt are discussing American aid that would include equipment, training and surveillance.
By DAMIEN CAVE
The countries said a unified task force with intelligence, military and political leaders would be formed immediately to track Syria's present and plan for its future.
By JANE PERLEZ
China is increasingly making its presence felt in the South China Sea, with larger navy patrols and a newly strengthened army garrison on a tiny island.
GATA THE GATA DISPATCHES on Sunday, August 12 2012: Anniverasry of credit crunch / Return to gold standard is inevitable / The contrarian's delight in the divergence between gold and Jr. shares / Excess debt must go via inflation or default
Alasdair Macleod: Anniversary of the credit crunch
Writing for GoldMoney's research bureau, the economist Alasdair Macleod notes that no Keynesian economists saw the credit crunch coming and now all of them are advocating still more credit creation to revive the world's economies. Macleod notes that gold and silver have performed well since the credit crunch began while traditional equity investments have declined. Macleod's commentary is headlined "Anniversary of the Credit Crunch" and it's posted at GoldMoney here:
Return to gold is inevitable, Gold Standard Institute founder Barton says
Submitted by cpowell on 09:41AM ET Sunday, August 12, 2012. Section: Daily Dispatches12:36p ET Sunday, August 12, 2012
Our friend the journalist Lars Schall today interviews the founder and president of the Gold Standard Institute, Philip Barton, about his belief that a gold standard for the whole world is inevitable -- a return to gold but not to the gold standard system of old. The interview is underwritten by Matterhorn Asset Management and is posted at its Internet site, Gold Switzerland, here:
Gene Arensberg: Divergence between gold and junior shares is contrarian's delightSubmitted by cpowell on 01:46PM ET Sunday, August 12, 2012. Section: Daily Dispatches
4:40p ET Sunday, August 12, 2012
At the Got Gold Report, Gene Arensberg has posted in the clear his new analysis of junior gold and silver mining stocks, which have been nearly destroyed over the last couple of years but which, Arensberg finds, are showing signs of life. The divergence between the price of gold and the price of the juniors is now so great, Arensberg says, that contrarians should be springing into action. Arensberg writes of the chart of the Canadian Venture Exchange, home of many juniors:
"The chart just above is the kind of chart that makes a contrarian salivate with great anticipation. Consider that prior to the Lehman collapse the CDNX traded at a multiple of the price of gold -- up to five times the gold price. Today it has fallen all the way to less than .75 times the price of gold. Simply amazing volatility on display in the chart above. And contrarians know that volatility works in both directions. The market first creates, or rather, is driven into huge divergences and gargantuan imbalances -- which it abhors -- and then gets busy correcting them, given enough time and patience. For many gamers it is the pace or frequency and the amplitude (size) of the giant moves that are out of phase with their own tolerances and psychology/comfort levels -- so they end up missing them completely."
Arensberg's commentary is headlined "Vulture Bargain Update Notes for August-September 2012 -- Seller Exhaustion" and it's posted at the Got Gold Report here: