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Oct. 12 (Bloomberg) — Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades. Policy makers boosted foreign currency holdings by $413 billion last quarter, the most since at least 2003, to $7.3 trillion, according [...]
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This week, Gold broke through its all time high and set a new benchmark at $1,061.10 per ounce. Concerns about the weakened U.S. Dollar and a second economic downturn, along with increased risk of higher inflation, were the leading causes for the commodities boost this week. Other factors had an impact as well, such as [...]
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By The Mogambo Guru In case you were wondering, there is no way to stop spending a debt-based currency once you start, which handily explains why Doug Noland, in his Credit Bubble Bulletin, asks “what about an exit strategy? Well, I see a ‘No Exit’ sign. These distortions have been going on for too many [...]
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UBS May Pass Data on 4,450 Accounts to U.S. in Tax Settlement
By Elena Logutenkova Aug. 19 (Bloomberg) — UBS AG, Switzerland’s largest bank, may give information on 4,450 accounts as part of an agreement between the Swiss and U.S. governments to settle a lawsuit that sought data on American clients suspected of evading taxes. Switzerland pledged to process a new administrative assistance request from the U.S. [...]
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Bank of America looks to expand its metals and energy presence
The bank could grow its team as much as 25% over the next 2 to 3 years. Read more….
Bank of America-Merrill Lynch to help BHP Billiton sell Ravensthorpe – Source
Sources close to the deal say the sale could fetch as much as $1bn Read more….
