Thread: Economic Bomb Sends Gold Surging $1,566 Ireland Slashes Outl

Second Friday Night Economic Bomb Sends Gold Surging To $1,566 As Ireland Slashes Outlook

Submitted by Tyler Durden
04/29/2011 14:16 -0400
95 comments

And another economic fail, this time an attempt from Ireland to bury bad news on a royal wedding, later afternoon Friday:

• Ireland revises 2011 GDP growth to +0.8% from +1.7%; 2012 to +2.5% from 3.2%

• Irish govt revises 2013 deficit forecast to 7.2% from 5.8%; 2012 to 4.7% from 2.8%.

• Ireland revises 2011 debt/GDP forecast to 111% from 98.6%; 2012 to 116% from 102%

Which only means more stimulus. And since fiscal is out of the question (austerity remember, duh) it means monetary. Which means gold surges to $1,566.



http://www.zerohedge.com/article/second ... es-outlook

Bernanke Starts Talking, Gold Surges Past $1,558

by Tyler Durden
04/29/2011 13:39 -0400
222 comments

Remember when every appearance of Obama and Geithner would send the market plunging before the institution of central planning? Well, we now have a new phenomenon: every time the Chairsatan opens his mouth gold surges. Pretty simple. The second Bernanke started delivering his prepared propaganda at the Community Affairs Research Conference, whose parallel chat session http://www.streamtext.net/text.aspx?event=FRB appears to have been overtaken by conscientious objectors, gold surged from the mid $1540s to $1,558. A few dollars here, a few dollars there, and pretty soon we are talking real money...



http://www.zerohedge.com/article/bernan ... -past-1558

Europe Closes Week With A Friday Night M.A.D. Cluster Bomb, Warns Of Pervasive Bank Restructuring

Submitted by Tyler Durden
04/29/2011 12:16 -0400
102 comments

Even as America has an insolvent government and a debt ceiling to deal with in the only way it knows - Mutual Assured Destruction, Europe still has a insolvent banking system 10 times greater than America's to worry about. Which explains the following Friday night bomb (because it is past 6pm in Europe). From DJ:

• 15:52 29Apr11 DJN-DJ EU PAPER: LARGE PARTS OF BANK RESTRUCTURINGS YET TO COME
• 15:54 29Apr11 DJN-DJ EU: "DISTINCT VULNERABILITIES REMAIN" IN EU BANK SECTOR
• 15:55 29Apr11 DJN-DJ EU: ROLL-OVER RISK STILL PRESENT IN SOVEREIGN DEBT MARKETS
• 16:05 29Apr11 DJN-DJ EU: EXIT FROM GOVERNMENT BANK BAILOUTS MAY SPUR M&A WAVE
• 16:13 29Apr11 DJN-DJ EU: THREAT OF PRIVATE CREDITOR LIABILITY "BADLY RECEIVED"
Translation of bolded: if you hear gronin', MAD's a-bonin' (taxpayers)

The headlines come from the following 72 page report http://register.consilium.europa.eu/pdf ... 2.en11.pdf which has so far not been caught by anyone in the press.

http://www.zerohedge.com/article/europe ... tructuring

GoldCore Questions On Comex Silver Default Due To Secret Buying By Russian Billionaire, Chinese Traders and People's Bank Of China

Submitted by Tyler Durden
04/29/2011 07:54 -0400
233 comments

From Gold Core

Comex Silver Default Due To Secret Buing By Russian Billionaire, Chinese Traders and People's Bank Of China?

Gold rose to new record nominal highs at $1,540.85/oz in early Asian trading last night. Silver and gold remain very close to nominal highs today as the beleaguered U.S. dollar remains under pressure due to ultra loose U.S. monetary policies, deepening inflationary price pressures and concerns about the feeble economic recovery.



Gold has risen 8% this month and silver 28% due to the very poor U.S. monetary and fiscal position, the Eurozone debt crisis and in the background the Japanese nuclear crisis and geopolitical instability in the Africa and the Middle East. This is continuing to lead to diversification into the precious metals.

COMEX Silver Default?

A number of readers contacted us yesterday to comment critically on our advice to “as everâ€