Fear triggers an increase in purchases of gold, which empties stores of
sellers and leads the U.S. government bonds yield a record below
0%
The search by investors for safe means to preserve
their wealth, while the financial crisis shakes his faith in the system, has
movements caused by size extraordinary in global markets in recent days
, conducting performance a 3-month U.S. government securities below
0% and causing a rush to purchase the physical possession gold.
Ambrose Evans-Pritchard - Telegraph
http://www.telegraph.co.uk/finance/economics/3703565/Fear-triggers-gold-shortage-drives-US-treasury-yields-below -zero.html
December 11, 2008
"This is pure and simple fear without 'control: even
institutions withdraw money from banks, to hold personally
and put so ' safe, at least until at the end of the year, "said Marc Ostwald
, an expert at Bonds companies' financial
"Insinger de Beaufort."
La corsa per portare i risparmi al rifugio sicuro costituito dai Titoli di Stato
Usa sta portando lo scompiglio in America nel mercato da 7 mila miliardi di
Dollari delle "Repo", usato per gestire la liquidita'. (NdT.: tramite il "Sale and
Repurchase Agreement" - contratto di vendita e di riacquisto - gli investitori
vendono un Titolo finanziario e contestualmente sottoscrivono un contratto
per ricomprare il medesimo titolo ad una determinata data successiva e ad
un prezzo prestabilito) I gestori dei Fondi di investment are draining
any sound financial basis they can find, because '
are unable to imagine appear as' the world
in January 2009, when will resume 'normal activities ' affairs.
Tuesday, 'December 9, 2008 the Securities of been U.S. at 3 months showed a negative return
a - 0.01%, which implies that the Funds are charged
U.S. government for protection (NdT.: the risk of losing
Capital).
"The ordinary investor and 'certain that the U.S. Treasury will return to' his money,
while his bank could not be more '" said
Paul Ashworth, economist at market USA, employed by the financial
"Capital Economics (NdT.: with branches in London and Toronto).
Even gold markets were in turmoil. Intermediaries
and claim that 'become very difficult to buy the physical metal, in
form of ingots or coins. The market and 'place for the first time in
trim this that sellers are now paying a (NdT.: small) penalty, just to be
authorized by the buyer to carry out the late deliveries on the date
established, which means that future delivery contracts costing hours
(NdT.: a little) less than a immediate delivery.
seems that the Hedge Fund in trouble 'are forced to liquidate
profits on purchases of gold over the future, so to cover' losses
recorded in other markets or to meet withdrawals of deposits required by
customers. But most investors' children - and perhaps even some of those big
- s tanno buying gold at record volumes, and these buyers intend
accumulate.
The most recent figures from the World Gold Council (World Council
gold) show that the application for coins, bullion and certificates
property 'of gold traded in financial markets (NdT.: ETF - "
exchange traded funds) are doubled in 3.o quarter of 2008, reaching
amount to 382 tonnes, compared to 3.o quarter of 2007. This amount
equivalent to the total amounts of all auctions
gold made by the Central Bank of England between 1999 and 2002.
Peter Hambro, head of the company '"Peter Hambro Gold" (NdT.: Company'
mining exploration and production Gold, which operates mainly in Russia)
said that these numbers reflect a noteworthy change
in market structure. The race for safe assets reflect a mixture of
concerns about the fragility 'of global finance and concerns
the progression to the interest rate to 0% would lead
even a hyper-inflation, and perhaps trigger a debate on
real value of some currencies (NdT.: dollar, euro, yen, etc..) fitted
too limitata copertura di oro, e non convertibili in esso, se il portatore
lo richiedesse.
La semi-paralisi nei mercati "repo" potrebbe dimostrarsi con il tempo
niente altro che una crisi di nervosismo pre-Natalizia, quando a suo
tempo le banche renderanno pubblica la contabilita' del
4.o trimestre 2008 .
Tuttavia emergono alcuni segni che l'estremo stimolo monetario
(NdT.: l'abbassamento sino verso lo 0 % del tasso di interesse) da parte
della US Federal Reserve and other banks (NdT.: Central) is
starting to produce unintended and undesirable consequences.
The Central Bank of Japan seems reluctant to bring back to zero
the interest rate (NdT.: currently at 0.30%), due to the damage that
what 'brings the money markets, because 'a slightly positive rate also serves as
important lubricant of the banking system.
The U.S. are now beginning to face the same dilemma.
Translated by Francesco Caselli.
December 14, 2008
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