Live Webcast Of Bob Diamond Testimony On Lieborgate
![](http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2012/07/20120704_diamond_0.png)
UPDATE: *BARCLAYS SAYS HAS RECORDING OF DIAMOND, TUCKER CALL, SKY SAYS
We suspect the Treasury Select Committee hearing with Barclays ex-CEO Bob Diamond will have a few more fireworks than Jamie Dimon's congressional hearings. The Chairman of the committee noted "This is the most damaging scam I can recall" as the goal of the hearing is to ensure "the public know what went wrong and whether the perpetrators have been rooted out." While we will have our own fireworks on this side of the pond, we suspect the live stream below will contain more than a few as the independence of Libor remains in question.
The Post EU-Summit Reality Reversion
![](http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2012/07/20120704_EU2_1.png)
Germany Backtracks On Last Week's Summit
Those curious why peripheral European bond yields have once again resumed their levitation creep higher, it is because not only did yesterday the key Merkel coalition partner, CSU, threaten to leave Germany's ruling party hanging "if further euro zone states secure bailouts, saying there were limits to how far his party was prepared to go", but today we have gotten even more furious backtracking on Mario Monti's history "success" less than a week earlier, after on one hand German opposition SPD has said it opposed Direct ESM aid to banks, but more importantly, the German Finance Ministry itself said that the entire bailout timeline is now in question, saying that it "remains unclear if Eurozone finance ministers will decide on Spain's request for banking sector aid at their next monthly meeting on July 9." The ministry also added that a decision could only come once the report on Spain by the troika - the European Commission, the ECB and the IMF - had been finalized. In other words, that much maligned Troika, which Monti had supposedly exorcised from intervening in the economies of Spain and Italy, will, after all be very much present, which also means that all the media spin about last week's "gamechanging" and unconditional bailout summit resolution, has been for nothing, in line with all the skeptical expectations.BoE's Tucker Preparing To Self-Immolate... And Take Others Down
![](http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2012/07/20120704_fire_0.png)
Pilots Of Downed Turkish Jet Found Dead
In the ongoing story of confusing (as even the US has now said Syria was in its right to defend itself) yet continuing Turkish provocation, whereby a Turkish jet was shot down after entering Syrian airspace, resulting in immediate NATO-wide escalations and fighter jets being scrambled every single day since, the latest news is that the pilots who had been hoped to be alive, have been found dead.Frontrunning: July 4
- Most Germans Reject Ceding Sovereignty to EU, Stern Poll Shows (Bloomberg)
- How Stockton went broke: A 15-year spending binge (Reuters)
- Manchester United Shoots for $100 Million IPO (WSJ)... with 4x leverage and Jefferies as underwriter
- Iran says can destroy U.S. bases "minutes after attack" (Reuters)
- Poison claims spark call for Arafat exhumation (FT)
- Diamond Would Be Catch for Investment, Private Equity (Bloomberg)
- Investors may shun big Libor lawsuit and go it alone (Reuters)
- New Particle Found, Consistent With Higgs Boson (WSJ)
- Chinese riot police clash with protesters (FT)
- Euro-Area June Manufacturing, Services Output Contracts (Bloomberg)
- Utilities Struggle to Restore Power in East (WSJ)
- Dark economic clouds gather anew over Obama campaign (Reuters)
Three Reasons Why The Housing Recovery Dream Is Overdone
![](http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2012/07/20120703_housing_1.png)
We The Sheeplez... is intended to reflect
excellence in effort and content. Donations will help maintain this goal
and defray the operational costs. Paypal, a leading provider of secure
online money transfers, will handle the donations. Thank you for your
contribution.
I'm PayPal Verified
"So What Can Go Wrong"
![](http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/07/Avg%20surprise%20index_0.jpg)
Despite economic miss after miss, the momentum players in the market continue unfazed, dodectupling down on Bernanke Put Double Zero, pushing stocks to new highs simply on continued hopes that something in Europe may have changed with Merkel's so-called defeat last week, even as Merkel's key CSU coalition partners voiced an open threat earlier today to no longer support Eurozone aid if there is no conditionality - supposedly Mario Monti's biggest victory (ignoring that the German constitutional court is also faced with a barrage of demands to undo the ESM), and on hopes that tomorrow the ECB will announce something more drastic than the now widely expected 25 basis point cut. In other words a hope rally, even as bonds, and FX have now diverged dramatically with the hope gripping the global stock market. And hope is good, however if it becomes an investing "strategy" total loss is virtually guaranteed. That said, perhaps for the first time ever, bonds are wrong, and stocks are right, and all the bad news has been priced in (unlike all those other times when everyone said the same, and when everyone was certain they would sell first ahead of the herd). Which brings us to the question that Citi's Steven Englander has just asked himself: "So what can go wrong?" Here is his answer (in five parts).
Gold Seen At USD 3,500, 6,000 And 10,000 Per Ounce
Negative interest rates continue to penalise pensioners and savers in European countries and this will lead to further diversification into gold. Financial markets are already starting to wonder about the solidity of last week's summit measures to tackle the euro zone crisis and soon they may question whether even looser monetary policies will help prevent recessions and sovereign defaults. With Independence Day today (Happy July 4th to all our American followers, clients and friends), the ECB decision tomorrow and NFP on Friday, trading should be quite today but as we know illiquid markets can lead to outsized market moves. We tend to try and avoid predictions in GoldCore as the future is largely unknowable and there are so many variables that drive market action that it is nigh impossible to predict the future price of any asset class. However, our opinion has long been that over the long term all fiat currencies will depreciate and devalue against the finite currency that is gold. For this reason we have long held that gold would reach its inflation adjusted high of $2,400/oz and silver its inflation adjusted high at $140/oz and the equivalent in euros, pounds and other fiat currencies. Gold at just over $1,600/oz today remains 33% below its record nominal high in 1980. Silver at just over $28/oz today remains 80% below its record nominal high in 1980. However, we have tended to focus on the important diversification, store of value and safe haven benefits of owning physical gold (and silver) bullion.Currency Diversification
Admin at Marc Faber Blog - 4 hours ago
No, I’m not going long on the euro because I’ve always maintained a
diversified currency portfolio. I have U.S. dollars, euros, Singapore
dollars, some Canadian dollars, and even some Australian dollars. And I
have a lot of Asian currencies, Malaysia, Thai baht and so forth. - *in
Bloomberg TV*
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*
The 31-Year Bull Market In Treasuries Is Coming To An End
Admin at Jim Rogers Blog - 4 hours ago
The 31-year bull market in Treasuries is coming to an end. However, I said
that last year so my timing is not good. - *in ETimes*
Related: ProShares UltraShort 20+ Year Trea (ETF) (NYSE:TBT), iShares
Barclays 20+ Yr Treasury Bond (ETF) (NYSE:TLT), iShares Lehman 7-10 Year
Treasury Bond (ETF) (NYSE:IEF)
*Jim Rogers is an author, financial commentator and successful
international investor. He has been frequently featured in Time, The New
York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The
Financial Times and is a regular guest on Bloomberg and CNBC.*
Value In Distressed Europe
Admin at Marc Faber Blog - 4 hours ago
In Portugal, Spain, Italy, and France, the markets are either at the lows
of March 2009, or lower. Along with bad companies and the banks, there are
also reasonably good companies. Stellar companies, but they have been
dragged down. I see value in equities, regardless of whether the eurozone
stays or is abandoned. - *in a recent Bloomberg interview*
Related: IShares Spain ETF (EWP), IShares Italy ETF (EWI)
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*
Live or Die by the QE Sword
Trader Dan at Trader Dan's Market Views - 8 hours ago
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhe9bj2wUoePSsIivIphDf628x_SKp-l-k0eUJzWNe6s9zNyowXzrGJJh5FxQ9MygbJG8FZ3LVtaol6wvf5I7S7gtyIZLpoIo44ASuhX9i2lgAbweCHS17rB6nPTKlbmKbypn3HlT4rOELa/s320/snapshot-1275.png)
Today's rally in gold (and in silver for that matter) was completely based
on expectations for additional liquidity measures forthcoming from the
Central Banks of the world. First there was chatter than China would be
easing. Then came expectations of a rate cut from the ECB. If that were not
enough, talk surfaced that the Bank of England would be restarting its bond
purchasing program (England's QE) and of course, the non-stop, near
religious belief that the Federal Reserve is going to start round 3 of QE
"anyday now".
I do not know about you readers but I am more and more disguste... more »
No comments:
Post a Comment