Gold surges past $1,900 mark August 22, 2011 GOLD spiralled past the $1,900 mark in after-hours trading last night, setting yet another record high for the safe-haven asset. It reached a peak of $1,917.90 on the futures market before falling back slightly. Spot gold also reached the milestone, with the sputtering global economy boosting expectations for further monetary easing and raising bullion’s appeal [...]
Rebels fight for Tripoli as Gaddafi disappears August 22, 2011 REMNANTS of forces still loyal to Muammar Gaddafi staged a desperate stand in Tripoli last night as rebels surged through the streets of the capital, but the whereabouts of the Libyan leader were a mystery. World leaders urged Gaddafi to surrender to prevent more bloodshed and appealed for an orderly transition of power, as the [...]
Hopes for oil supply boost Libya majors August 22, 2011 SHARES in oil companies whose supply chains have been disrupted by the civil war in Libya rose yesterday, as investors bet on a swift return to production by some of Europe’s biggest players. Despite a drop in the price of oil futures during trading, shares in Italy’s ENI, French major Total and Austria’s OMV rose [...]
Pathetic markets want Bernanke to save them August 22, 2011 IT was heady stuff. The price of gold smashed through the $1,900 level in after-hours trading last night, as investors worried about instability and inflation piled into the precious metal. It was not just gold: equities also rose yesterday. Libya helped, of course, but there was one much more powerful reason why stock markets gained ground: [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 22, 2011 FINANCIAL TIMES JONATHAN SORRELL TO JOIN MAN Jonathan Sorrell, one of Goldman Sachs’ top bankers and the son of Sir Martin Sorrell, chief executive of the advertising group WPP, is to join Man Group as a senior executive at the hedge fund manager. Sorrell, 33, who is among the best-known figures in the hedge fund [...]
Price of crude falls as investors bet on exports August 22, 2011 THE price of Brent crude oil fell yesterday as Libya’s civil war appeared to near an end and investors anticipated the resumption of oil exports from the country, which is part of Opec. If production returns to the African nation it could ease petrol prices and increase disposable income, potentially boosting the recovery. The Libyan [...]
World leaders urge Gaddafi to surrender August 22, 2011 AS REBEL forces moved closer to gaining control of Tripoli yesterday, world leaders united in urging ordinary Libyans to finally push out Colonel Gaddafi after 41 years in power. Prime Minister David Cameron said the tyrant had “committed appalling crimes against the people of Libya and he must go now to avoid any further suffering”. [...]
ECB cuts back bond buying as yields fall August 22, 2011 THE European Central Bank reduced its bond purchases last week to €14.3bn (£12.5bn) from €22bn a week earlier, scaling back its market intervention after its first bout of buying helped Italian and Spanish debt yields to ease. The ECB reactivated its controversial bond-buying programme earlier this month after borrowing costs for Italy and Spain soared [...]
Germany’s central bank warns against Eurozone bailout plan August 22, 2011 GERMANY’S Bundesbank has sharpened its criticism of the Eurozone’s bond buying policy, warning yesterday that the stability efforts were in danger of increasing states’ tendency to build up debts and will weaken incentives for pursuing orderly fiscal policies. In its monthly report, the German central bank said that agreements made by Eurozone leaders “result in [...]
CITY VIEWS: DO YOU THINK THE PRICE OF GOLD IS SET TO INCREASE FURTHER STILL? August 22, 2011 RYAN TAYLOR | STEPHEN RABY ASSOCIATES “In the current financial market I think it will continue to rise over the coming months. The price will probably plateau but as the markets are still so volatile I don’t think that will be any time soon.” PETER GADOMSKI | CATLIN “The markets are very unstable at the [...]
