Spain The Latest Domino To Fall In The Eurozone Bailouts?

Tyler Durden's picture

From GoldCore

Spain The Latest Domino To Fall In The Eurozone Bailouts?

Today's AM fix was USD 1,571.50, EUR 1,298.12, and GBP 1,011.91 per ounce.
Friday’s AM fix was USD 1,583.00, EUR 1,291.30and GBP 1,007.83 per ounce.

Silver is trading at $26.98/oz, €22.36/oz and £17.94/oz. Platinum is trading at $1,396.00/oz, palladium at $564.80/oz and rhodium at $1,190/oz.

Gold climbed $2.90 or 0.18% in New York on Friday and closed at $1,583.90/oz. Gold initially traded sideways in Asia and then began to fall about 0.75% by the open of trading in Europe. 

Gold edged down on Monday due to the pressure from a stronger dollar, as worries about the Eurozone debt crisis grew after Spain looked like the next candidate for a sovereign bailout.

Spain has two regions seeking aid from the central government and El Pais reported that six Spanish regions may ask for aid from the central government while Spanish bonds yields continue to rise. As the 4th largest economy in the Eurozone Spain looks likely to follow Greece, Portugal and Ireland seeking an international bailout. 

Greece’s creditors meet this week as many doubt they will meet their bailout commitments. German Vice Chancellor Philipp Roesler said he’s “very skeptical” that European leaders will be able to rescue Greece.  China’s economic expansion may fall for a 7th straight quarter to 7.4% in the three months to September, said Song Guoqing, a member of the People’s Bank of China monetary policy committee.

Technical analysis suggested that spot gold would be neutral in the range of $1,567.34 - $1,597/oz said Wang Tao a Reuters market analyst.

Investors are favouring safe haven assets such as the dollar, yen and U.S. Treasuries while some just sit on cash until more clearer signals from the US Fed are given.

For breaking news and commentary on financial markets and gold, follow us on Twitter.

Dollar, yen rally on raging Greece, Spain fears - MarketWatch

Gold eases as heightened Spain worries boost dollar - Reuters

African Barrick gold production declines - MarketWatch

Special report: After Libor, where will the next scandal be? – The Independant

LIBOR Scandal And Its Effects On Gold And Silver Lease Rates – Seeking Alpha

The Economic Collapse For Dummies – Zero Hedge

Will the LIBOR scandal be the one to take down the banking system? - MSN

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firstdivision's picture

...and the USG10 is about to break into 130's.

GetZeeGold's picture



Next stop Pluto........our crap only stinks a little bit.


genr8n's picture

If PBoC is saying 7.4% down from 7.6% reality must be somewhere around 5-6%...

TrainWreck1's picture

What concerns me is the recent setback for famous gold guru Tony Robbins

From happier times:

Tony's recent nightmare:



(for those interested in physics vs. TR's 'leap of faith'- )

GetZeeGold's picture



Next time.....walk faster....or don't pay someone to walk over their fire.


TrainWreck1's picture

Many moons ago, I dated a girl (very) briefly who had a shelf of Tony Robbins motivatonal crap.

No wonder her ex walked out on her. Nuttiier than a squiirrel turd.

Mr_Wonderful's picture

Actually the ritual took about one and a half hour and 6000 people attended the event. So, what if one out of 100 got burned.

Mr_Wonderful's picture

If you just hand over all your money before the 'event', Tony lets you surf the coals on your empty wallet.

Son of Loki's picture

“The World Can't Get Enough Of Tony Robbins.” — The New York Times

weird stuff.....why don't they just ead the classics...more wisdom in the classics then 10,000 robbins....

SWRichmond's picture

Spain is to the EU as California is to the U.S.A.


Mugatu's picture

I guess were going to need another Euro Summit,  

forrestdweller's picture

there will be no recovery.

the only reason money is now invested is to wrench the last drops of value out of comanies and countries, which have already been wrenched out dry.

they're all trying to save themselves.

so there is no constructive investment anymore, just speculation.

so any interventies will only lead to a very short improvement (kicking the can), because this is specifically the nature of speculation, making a quick buck.

i would say that good investment for the coming years is minimizing your losses and minimizing damage.

Son of Loki's picture

The 'strong dollar' will really help stimulate our way out of this 'Great Recession,' right?

timbo_em's picture

Since the EFSF is pretty much empty and the ESM will not go into operation in the near future (decision of the German court will come on September 19 and I don't expect an 'all clear' decision). So who will finance that bailout? The ECB with their SMP as an de facto preferred creditor? Hells yeah!

Tom Green Swedish's picture

Apparently whatever they are doing with Spain is not working.  Time for Plan B. Whatever that is.

forrestdweller's picture

in europe,

the solutions is often higher taxrates.

so just tax em some more.

Grand Supercycle's picture

SPX bearish weekly chart strengthens: an important development.

As mentioned on Friday, SPX downleg continues.

Useful SPX weekly chart at blog.