Archive for June, 2011

Jun
30

Second Greek vote amid unrest

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Article source: http://www.sbs.com.au/news/article/1567013/Second-Greek-vote-amid-unrest

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Gold may decline for the first time
in three days in New York as Greece’s drive to stave off the
euro area’s first sovereign default curbs demand for the metal
as a protection of wealth.

Greek lawmakers backed a bill to authorize an austerity
plan required to keep rescue aid flowing after Prime Minister
George Papandreou yesterday garnered enough votes for his 78
billion-euro ($113 billion) package of budget cuts and state-
asset sales. The metal is trading 4.5 percent below a record set
at the beginning of last month and is heading for an 11th
straight quarterly gain.

“With the sovereign premium lifted, gold needs to find new
drivers if it is to regain its highs,” Edel Tully, a London-
based analyst at UBS AG, said in a report. Still, prices are
“unlikely to fall far. This is because anyone who wanted to
sell gold is likely to have done so in the second half of last
week.”

Gold for August delivery fell $3.40, or 0.2 percent, to
$1,507 an ounce by 11:57 a.m. on the Comex in New York. The
metal is up 4.7 percent since March 31. Immediate-delivery gold
was 0.4 percent lower at $1,506.12 in London

Gold is up 6 percent in 2011 after climbing the past 10
years, the longest run of gains in at least nine decades in
London. Europe’s debt crisis helped bullion reach a record
$1,577.40 on May 2. Prices declined as much as 4.4 percent from
last week’s highest level to touch a five-week low of $1,490.80
on June 27.

‘Vigilance’ Mode

Luxembourg’s Jean-Claude Juncker, who leads a group of
euro-area finance ministers, said the Greek parliament’s
decision paves the way for payment of the next aid installment
from euro-area governments and the International Monetary Fund.

European Central Bank President Jean-Claude Trichet said on
June 28 that policy makers are in “strong vigilance mode”
ahead of a meeting next week, supporting expectations for an
interest-rate increase. The ECB raised its benchmark rate in
April for the first time in almost three years, lifting it by a
quarter point to 1.25 percent.

The U.S. Federal Reserve’s second round of quantitative
easing concludes today. The Fed plans to buy between $4 billion
and $5 billion of notes due from December 2016 to June 2018. The
purchases will be the last in the central bank’s effort to add
$600 billion to the economy, according to its website.

Business activity in the U.S. unexpectedly expanded at a
faster pace in June, the Institute for Supply Management-Chicago
Inc. said today.

Mexico Reduces Reserves

Mexico reduced its gold reserves by 0.18 metric ton to
105.95 tons in May, according to data on the IMF’s website.

Silver for September delivery was little changed at $34.75
an ounce in New York. It’s down 8.3 percent since March 31,
heading for the first quarterly decline since 2008. The metal
has risen 12 percent this year.

Palladium for September delivery gained 0.9 percent to
$758.60 an ounce and has fallen 1.2 percent this quarter, and
5.6 percent this year. Platinum for October delivery was little
changed at $1,727.20 an ounce. The metal is down 3.1 percent
this quarter, and 2.9 percent in the year so far.

To contact the reporters on this story:
Nicholas Larkin in London at
nlarkin1@bloomberg.net

To contact the editor responsible for this story:
Claudia Carpenter at
ccarpenter2@bloomberg.net

Article source: http://www.bloomberg.com/news/2011-06-30/gold-declines-as-receding-greek-default-concern-curbs-investment-demand.html

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ATHENS, June 30 |
Thu Jun 30, 2011 11:29am EDT

ATHENS, June 30 (Reuters) – Greece has gone through a major
hurdle by adopting austerity laws on Wednesday and Thursday but
it still faces tough challenges, Prime Minister George
Papandreou told a cabinet meeting.

“The two parliamentary votes, yesterday and today, were a
crucial step in our country’s difficult path,” Papandreou said.
“We have still many difficult and crucial battles ahead of us.”
(Reporting by Hary Papachristou; Writing by Ingrid Melander)

Article source: http://www.reuters.com/article/2011/06/30/greece-pm-idUSATH00622920110630

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