This page has been archived and commenting is disabled.
RBS £8 Billion Loss Shows Risk In UK Banking System
Today’s AM fix was USD 1,254.75, EUR 917.89 and GBP 756.42 per ounce.
Yesterday’s AM fix was USD 1,253.50, EUR 919.12 and GBP 757.04 per ounce.
Gold and silver rose by more than 1% on the COMEX today. Gold was $15.70 higher to $1,269.80 per ounce and silver rose $0.20 to $19.78/oz.
Traders eagerly await news from the Fed. The recent tapering of the central bank’s bond-buying program by $10 billion to $75 billion a month is already largely priced into the market contrary to much idle speculation.
Most physical buyers will ignore the noise and focus on the fact that the Fed’s monetary policies, along with most central banks in the world, remain extraordinarily accommodative even after the recent $10 billion taper.
They are likely to continue accumulating until they see an actual, real tightening in monetary policies and an actual end to quantitative easing.Traders eagerly await news from the Fed’s policy announcement on Wednesday. The recent tapering of the central bank’s bond-buying program by $10 billion to $75 billion a month is already largely priced into the market.
The smart money is either continuing to accumulate physical or transporting already purchased bullion from storage in the U.S., Canada, Europe and other western countries to storage in Singapore. Indeed, some are selling holdings in the West and rebuying bullion for storage in Hong Kong and Singapore.
Royal Bank of Scotland (RBS) is heading for an £8 billion loss for 2013 and yet it is rewarding senior executives massive bonuses despite losses. It will have to lay aside nearly $5 billion to cover potential litigation claims related to mortgage-backed securities and other high risk products sold before the financial crisis. Its poorly served clients have had frequent IT and computer technical problems and there have been found to be gouging some of their business clients who have found themselves in financial difficulty. Recent days have seen allegations of currency price fixing.
RBS is to stop providing dozens of currency benchmarks, as regulatory rate rigging probes raise doubts about the integrity of daily price fixings in the global foreign exchange and gold markets.
In a memo to clients, the bank said that it would limit its offering of foreign exchange benchmarks to a handful of price fixings, and that it would wind down its internal benchmark, called RBS Fix.
Nearly six years after the financial crisis and its massive bailout, it looks like business as usual by the bankers in RBS and in the City of London and Wall Street.
Find out why Singapore is now one of the safest places in the world to store gold in our latest gold guide -
The Essential Guide To Storing Gold In Singapore
»
- GoldCore's blog
- 10763 reads
- Printer-friendly version
- Send to friend
- advertisements -
RBS. Royal Bank of Shafting Shareholders. Must be time for another recapitalization. Let's bury this goddam zombie, shall we?
Yup... It's a WORLD OF DEBT!! See Music Video Below "WORLD OF DEBT":
http://www.youtube.com/watch?v=99xsqxzJnXs
I think this new cartoon/action figure line addresses the cause of the symptom you describe
https://www.youtube.com/watch?v=ZDXuPQ9ML9E
I read this and it is still so unbelievable and yet it's common everyday practice. I smell a bail in on it's way. Just steal the working folks capital. They need a good old fashion Texas hanging, a few of them. Televised would be good and it would stop post haste
Syme recounts to Winston Smith the joy and pleasure one is to experience at the hangings in the Ministry of Love:
’Did you go and see the prisoners hanged yesterday?’ said Syme. ‘I was working,’ said Winston indifferently. ‘I shall see it on the flicks, I suppose.’ ‘A very inadequate substitute,’ said Syme. ‘It was a good hanging,’ said Syme reminiscently. ‘I think it spoils it when they tie their feet together. I like to see them kicking. And above all, at the end, the tongue sticking right out, and blue—a quite bright blue. That’s the detail that appeals to me.'
Blue-bloods...with blue tongues...coming soon to a town square near YOU!
One small f.u. to the government one giant F.U. to the sheep.
This is one sick-ass bunch of cocksuckers masquerading as a financial institution. RIP, RBS.
Yer avatar makes me hungry.
The Banksters will probably be bonused heavily before they shut the bank down.
"why Singapore is one of the safest places in the world to store gold".... really? Wow, I guess I should ship my gold to you... in Singapore. Great fucking idea. I got a better idea. Come over to my house to get it; Mr. Kimber (.45) meet Mr. GoldCore. Mr. GoldCore... meet my very close personal friend... Mr. .45 Kimber.
What does Mr.45 Kimber do when you go to work, go the shop, go bowling? Singapore, Switzerland and the Hong Kong vaults all have guys that are there 27/7 with their Mr .45 Kimbers. Give me that security and peace of mind any day.
At what point do small nations serving as 'safe havens' for capital assets become targets for 'confiscation' by large well armed nations?
Anyone seen Libya's gold yet?
And if it's a matter of ones own citizens (or former citizens) 'sheltering' assets, there's no need for actual invasion - simply an offer of 'protection' in exchange for 'co-operation' on certain matters. Look at how the US bullied the Swiss over accounts held by US citizens....
Driving into a ditch pays well...for banksters.
anyone jumed yet? no ? call me when they do?
"anyone jumPed yet? no ? call me when they do?"
Does this count?
http://www.independent.co.uk/news/business/news/jp-morgan-employee-killed-in-fall-from-banks-london-office-in-canary-wharf-named-as-gabriel-magee-9091649.html
free "p" for ya
Conspiracies abound!
"Two top American bankers commit suicide in London as one jumps 500ft to his death from JP Morgan skyscraper and another hangs himself in luxury home"
http://www.dailymail.co.uk/news/article-2547684/TWO-senior-American-bank...
"Gabriel Magee, a 39-year-old JP Morgan bank executive, died this morning after he threw himself off the top of the bank's European headquarters
"Magee was a vice president in the corporate and investment bank technology department having joined JP Morgan in 2004 and moved with the bank from the U.S. to Britain in 2007."
On Sunday, former Deutsche Bank senior manager, William 'Bill' Broeksmit, 58, was found hanging in his home in South Kensington"
"Broeksmit - who retired last February - was a former senior manager at Deutsche Bank and had lived in London many years. He started working for the bank in 1996 but left for a period of 7 years before returning in 2008.
Broeksmit worked in investment banking - specifically risk and securities - and lived on exclusive Evelyn Gardens in South Kensington, which has an average property value of £1.9million.
He is also registered to a high-value property a stone's throw from New York's Central Park.
Broeksmit's name appears on U.S. government records for the Broeksmit Family Foundation, which is based in the palatial 1185 Park Avenue building.
The three-bedroom, three-bathroom apartment to which he is linked was worth $4,500,000 when it was last sold in June 2000.
He worked at Deutsche Bank from 1996 to 2001, then from 2008 until he retired. Broeksmit was also employed by Merrill Lynch for a period.
Broeksmit was one of around 100 bankers who left Merrill Lynch for Deutsche when its investment banking arm was founded in the 1990s.
He was involved in the process of rescuing the bank in the wake of the 2008 financial crisis, when many investment banks found their debts were 'toxic', and unlikely ever to be repaid.
Broeksmit, a renowned risk expert, assisted the bank's efforts to shift the worst of the debt, and reduce its total amount of lending.
Chiefs at Deutsche Bank had planned to promote Broeksmit to its management board in 2012, but stopped when the German financial regulator expressed doubts about his experience as a leader.
Scotland Yard confirmed only that a 58-year-old man was found hanged."
Of course the classic: I repeatedly stabbed myself to death in my car!
"'Stressed' Bank of England official stabbed self to death" - 04 Jul 2012
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9376436/...
It's like the end of Godfather past one.
Senior level massive bonuses and 8$ Billion dollar losses should be in the same sentence.