Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By GoldCore (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

EU Leaders Agree on Bank Supervisor

% of readers think this story is Fact. Add your two cents.


 

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.



Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.


LION'S MANE PRODUCT


Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules


Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.


Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.