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EU Leaders Agree On Bank Supervisor
EU Leaders Agree On Bank Supervisor
Today’s AM fix was USD 1,732.75, EUR 1,327.27, and GBP 1,078.86 per ounce.
Yesterday’s AM fix was USD 1,748.00, EUR 1,331.71and GBP 1,081.42 per ounce.
Silver is trading at $32.37/oz, €24.90/oz and £20.24/oz. Platinum is trading at $1,632.50/oz, palladium at $633.75/oz and rhodium at $1,175/oz.
Gold fell $7.70 or 0.44% in New York yesterday and closed at $1,741.00. Silver slipped to a low of $32.67 and finished with a loss of 1.24%.
Gold pulled back on Friday as shares in Asia were off following a three day rally as investor’s maintained positions ahead of the EU summit outcome on the eurozone debt crisis which should support the euro.
XAU/EUR Currency 1 Year – (Bloomberg)
The yellow metal is heading for its second weekly fall, its peak year to date at $1,795.69/oz in October but a recent rebound in the dollar and uncertainty in Europe has pared back gains.
In September 2011, gold hit a lifetime high of $1,920/oz.
EU leaders committed to establishing a euro-area bank supervisor by year-end, leaving the door open for supplying direct aid to Spanish banks.
The EU must now agree on the structure that makes the ECB (European Central Bank) the main supervisor by January 1st. This new system was created to break the link between banks and governments at the root of the zone’s financial crisis and will roll out in the next year and expect to cover all 6,000 eurozone banks by January 2014.
XAU/USD Currency 1 Year – (Bloomberg)
“Our goal is banking supervision that’s worthy of the name, because we want to create something that’s better than what we currently have,” Merkel told reporters.
Germany and France argued contentiously about the timing. Berlin has insisted the supervisor be effective before the ESM can begin cash injections into Spanish banks, those transactions are not foreseeable to occur until the latter half of the year, around the time of Germany’s national elections.
Angela Merkel said it would take more than a few months before the supervisor was fully effective and direct bank recapitalisation could be considered.
However, the agreement appeared to upset German finance minister Wolfgang Schaeuble's efforts to delay and limit the scope of European banking supervision.
Germany has been averse to see its politically sensitive Savings and Cooperative banks come under outside supervision. It rejects any joint deposit guarantee under which wealthier countries might have to underwrite banks in poorer states.
The final deal came after the leaders of France and Germany held a private meeting after numerous public clashes over greater EU control of national budgets.
A French government source said the European Stability Mechanism (ESM) could start recapitalising troubled banks as early as the first quarter of 2013, but a German source said it was "very unlikely" to happen so soon.
Dr. Merkel earlier demanded broader authority for the executive European Commission to veto national budgets that breach EU rules. She said a December EU summit would make decisions on these issues of closer euro zone economic governance.
The point when the ECB will effectively become the bloc's banking supervisor is important because it would open the way for the euro zone's bailout fund to inject capital directly into troubled banks, without adding to their sovereign governments' debts.
Cross Currency Table – (Bloomberg)
Greek Prime Minister Antonis Samaras was praised for the country’s efforts in sticking to its austerity plans. “We welcome the determination of the Greek government to deliver on its commitments and we commend the remarkable efforts by the Greek people,” the 16 other euro-area leaders said in a statement released about 3 a.m. today in Brussels. “Good progress has been made to bring the adjustment program back on track.”
Physical gold buying will pick up in India unless the rupee appreciates significantly. Wedding season will be in full swing with the festivals of Diwali and Dhanteras next month. Gold jewellery is a necessary part of the dowry that Indian parents give their daughters for wedding ceremonies.
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Gold holds above $1,740, euro summit eyed - Reuters
Gold Set for Second Weekly Drop as Data Damp Stimulus Outlook – Bloomberg
Gold prices down further on dollar gains – Market Watch
EU Aims for Euro-Area Bank Supervision to Start in 2013 - Bloomberg
EU leaders strike deal on bank oversight – The Financial Times
Eurozone crisis: EU summit day two – live – The Guardian
Should Central Banks Cancel Government Debt? – Zero Hedge
Greece Nears Aid Revival as Samaras Wins EU Summit Praise - Bloomberg
»
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Yup. Here is the new bank supervisor's bio:
http://en.wikipedia.org/wiki/Mr._Potter
Supervisors.....cause I think we can all agree the word Czar is just a little bit creepy.
if the shit hits the fan in Spain/greece in early 2013 the Mr Potter of Pottersville will be more Harry Potter playing Quiddich with a broom stick!
Too little, too late! WHere's that snitch???
Every time a bell rings a TBTF gets a bailout. Every day is Christmas when you're spending other peoples money...
Bank supervisors?
The ECB reserve requirement is 1%....ONE PER CENT!!!
They are enablers, not supervisors: Historical changes reserve ratios
It works until it doesn't, then Europe's "leaders" will say,
This outcome is not a matter of if, only when.
Fuck it. Nobody cares. We have been dumbed down to a point where it is simply too hard for most to comprehend what a reserve requirement is, or even attempt to learn from the past.
Are we like sheep? Yes.
The ECB says, "We need the extra return from the additional leverage, but it is safe, trust us."
Baaaaa. Baaaa. Baaaa.
Somebody has to clean out those Augean stables of the Euro banksta cabal; but Mutti Merkel won't let the Bank Czar put his nose into the Landersbank derivatives cookie jar until after the election in September 2013.
Nein, nein, nein; vait til I'm elected; while Hollande sings : oui, oui, oui, I want zee euro bond so fast to save ze Club med with German money....eurooooooobondddddd!
Not James Bond of CIty titty! Tax the bugger to make Nigel sing "Farage is Figaro, Figaro".
Thats Euro cacaphonia for u!
Bank supervisor? Where do I apply? I can easily get my hands on some whips and chains
Fuck Yeah! We are saved! More bureaucrats will do the trick.
Hope so.....we've got buttloads of them.
more more more
Oh....you're just asking for it now.
oh boy a Bank supervisor....kind of reminds me of Summer Camp and a camp counsler...always a meanie
Can-kicking exercise complete, now time for some Bunga-Bunga.
Great, another layer of transparency added.
There has been no agreements made on the banking union, just a vague statement issued that could mean anything you that you wish to spin it into.
If you do not see these six points addressed and paid for, then you do not have a banking union:
1.A joint depository insurance scheme
2.The type of institution to be regulated
3.A set of rules
4.An implementation schedule
5.How to legally allow countries outside the eurozone to participate in an ECB-led banking union
6.What to do about banks that are already in trouble
Read more here:
http://dareconomics.wordpress.com/2012/10/19/no-agreements-on-euro-banki...
Agreed however there are no normal or reasonable circumstances. The banksters are getting away with LIBOR manipulation. They'll invent protocol as needed.
Don't worry, that will come. You see, the politicians in Europe say one thing and then do another. But this one needs to do slowly so the sheep won't notice. Cause there is this one unfortunate thing in politics: sheep vote and you don't want to give them any ideas now, don't you?
Creepy for sure. Bankster supervisor leads path for single global currency and governemnt. The script is already written. Supervisor leads Europe to "recovery" thus proving to global leaders one world currency is best for "everyone". The EU model is a sampling of global events yet to occur.
The EU pulls out of its (pre-planned invented) chaos, the world must follow its recipe of "success".
Whats name of new currency...Wocu?
And there was much rejoycing at GS headquarters.