Gold has all the potential to go unprecedentedly high. But silver will be gold on
Site:
Precious metals news
Mar 10, 2022 - 07:25:54 PST
Democrats hail the new budget agreement as "the largest increase in non-defense discretionary spending in four years" while Republicans tout a big boost in military spending. Everyone wins!
The International Monetary Fund (IMF) on Wednesday approved a $1.4 billion emergency loan for Ukraine to help mitigate the economic impact of Russia President Vladimir Putin’s invasion.
Mar 10, 2022 - 07:20:34 PST
Russian billionaire Roman Abramovich has been hit with a UK travel ban and asset freeze, as Britain tightens the screws on oligarchs with close ties to Russian President Vladimir Putin amid backlash to the Ukraine invasion.
Goldman Sachs Shutters Russia Business, First Major Wall Street Bank To Leave After Ukraine WarMar 10, 2022 - 06:52:28 PST
"Goldman Sachs is winding down its business in Russia in compliance with regulatory and licensing requirements," said a bank spokeswoman. "We are focused on supporting our clients across the globe in managing or closing out pre-existing obligations in the market and ensuring the wellbeing of our people."
If the swap market is to be believed, Russia is going to default on foreign debt, and insurance is going to pay out.
Deutsche Bank (DBKGn.DE) said its credit risk exposure to Russia and Ukraine was 2.9 billion euros and that it had reduced its Russia exposure further over the past two week. The latest European bank to reveal the size of potential losses as Western sanctions shut Russia out of the global financial system.
The Consumer Price Index data for February just came out. It was smoking hot yet again with prices up 0.8% month-on-month and 7.9% on an annual basis. Keep in mind, this was before the big spike in oil prices due to the Russian invasion of Ukraine.And inflation is even worse than the official government numbers suggest.
So the next time the Biden admin tries to tell you to be grateful that your wages are rising, show them that chart!
European Central Bank President Christine Lagarde is giving a press conference after the bank's latest monetary policy decision.
Inflation Rose 7.9% in February, More Than Expected As Price Pressures IntensifiedMar 10, 2022 - 05:37:19 PST
The consumer price index for February was expected to rise 7.8% over the past year, according to Dow Jones estimates.
Gold futures trade higher Thursday as Russia ramps up its attack on Ukraine and investors await a report on U.S. inflation in February.
Mar 10, 2022 - 05:31:52 PST
A windfall profit tax on oil companies didn't work in the 1970s and it won't work today.
The head of Volkswagen, Europe’s largest carmaker, has warned that a prolonged war in Ukraine risks being “very much worse” for the region’s economy than the coronavirus pandemic. The interruption to global supply chains “could lead to huge price increases, scarcity of energy and inflation”...
BlackRock's Fink Says Russia Essentially Cut Off From Global Capital MarketsMar 10, 2022 - 05:27:12 PST
In a statement on LinkedIn, Fink said American brands like McDonald's Corp, PepsiCo, and Visa Inc suspending or curtailing their operations in Russia was helping isolate the country's economy from the global financial system and showed the commitment of major brands to "go beyond profit”...
A debate is raging inside the California Public Employees’ Retirement System over whether it should quickly exit its Russia investments -- at a hefty cost.
The European Central Bank will extend a precautionary facility that provides euros to central banks outside the currency bloc until Jan. 15, 2023, signaling it intends to help ease liquidity stresses caused by the war in Ukraine.
The credibility of the dollar is taking some self-inflicted blows. And the world is watching.Could this hasten the end of the greenback as the world's reserve currency?
The European Central Bank is likely to make as few policy commitments as possible on Thursday as the shock of Russia's invasion of Ukraine up-ends its expectations for the economy and leaves policymakers grappling with new realities. With inflation in the euro zone at a record high even before Moscow...
Russia's Central Bank Caps Hard-Currency Withdrawals From Commercial Banks at $10,000Mar 10, 2022 - 05:08:13 PST
Russia’s central bank has sharply tightened currency restrictions amid crippling Western sanctions over the Russian war in Ukraine. The bank ordered the country’s commercial banks to cap the amount clients can withdraw from their hard-currency deposits at $10,000.
Russia, Belarus Squarely in 'Default Territory' on Billions in Debt: World BankMar 10, 2022 - 05:06:24 PST
Russia and Belarus are edging close to default given the massive sanctions imposed against their economies by the United States and its allies over the war in Ukraine, the World Bank's chief economist, Carmen Reinhart, told Reuters. The specter of Russia defaulting on $40 billion of external bonds...