Hedge funds cut positions on a gold rally by the most since February after the Federal Reserve laid out plans for reducing stimulus and this year’s drop in the value of exchange-traded products extended to $55 billion.
Abenomics in simple terms allows the nation’s Prime Minister to push its supportive Central Bank to increase the money supply by ramping up government printing presses, resulting in the yen dollar to break the ¥100 barrier.
Ireland’s Finance Minister, and current European Council President, Michael Noonan, is introducing a proposal to European finance ministers that will hit depositors that hold more than €100,000 in the event of future bank collapses.
For a long time governments have been redistributing peoples’ income and wealth in the name of fairness. They provide for the unemployed, the sick, and the elderly. The state provides. You can depend on the state. The result is nearly everyone in all advanced countries now depend on the state.
The gold price continued to hold above $1,600 per ounce in Asian and early London trade on Tuesday, as world stock markets struggled again amid fresh uncertainty and rumor over Euro-member Cyprus' banking crisis.
Should an accord be reached, we could see yet another round of selling in gold, as the 'deficit prop' that has been instrumental in the bullish argument for the precious metal will look somewhat more wobbly.