Author: Mark O'Byrne

2017 could be the year that the euro collapses according to Joseph Stiglitz writing in Fortune magazine and these concerns were echoed over the weekend by former Bundesbank vice-president and senior European Central Bank official, Jürgen Stark, when he said that the ‘destruction’ of the Eurozone may be necessary if countries are to thrive again. Stark and Stiglitz are too of many respected commentators, from both the so-called right and the so-called left, who are warning that the common currency and the Eurozone itself will not survive the financial and political turmoil already besetting the European monetary union and set to deepen in the coming months … Continue reading →

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Bail-Ins Coming To Italy? World’s Oldest Bank “Survival Rests On Savers” The world’s oldest bank and Italy’s third biggest bank, Monte dei Paschi di Siena (MPS), is making a last-ditch emergency attempt as the year ends to convince tens of thousands of ordinary Italian savers to help it escape state hands.MPS shares fell 8.5% in early trading this morning as the bank began its attempt to entice institutional and retail investors to snap up fresh shares.  The bank wants 40,000 retail investors and savers to take part in a complex €5 billion (£4.18bn) bailout. The Tuscan lender said it is pressing ahead with a … Continue reading →

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The Euro “will collapse” as it is a”house of cards” warned Otmar Issing, the founder, and creator of the euro in an extraordinary interview on Monday. In the explosive interview with the journal Central Banking, Professor Issing said “one day, the house of cards will collapse”  as the European Central Bank (ECB) is becoming dangerously over-extended and the whole euro project is unworkable in its current form. The founding architect of the monetary union has warned that Brussels’ dream of a European superstate will finally be buried amongst the rubble of the crumbling single currency he designed. “Realistically, it will be a … Continue reading →

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Deutsche Bank “Is Probably Insolvent”  by Tim Price This is getting to be a habit. Previous late summer holidays by this correspondent coincided with the run on Northern Rock, and subsequently with the failure of Lehman Brothers. So the final crawl towards the probable nationalisation of Deutsche Bank came as no particular surprise this year, but it is tiresome to relate nevertheless. The 2015 annual report for Deutsche Bank runs to some 448 pages, so one rather doubts if even its CEO, John Cryan, has read it all, or has a complete grasp of, for example, its €42 trillion in … Continue reading →

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‘Peak Gold’ is happening which has important ramifications for the gold market and is another long term positive fundamental. This is why we were one of the first analysts to consider the peak gold phenomenon back in 2007 and 2008 (see here) and have considered peak gold frequently over the years. One of the more astute gold analysts today, Frank Holmes also believes that peak gold is happening and may even have occured in 2015. Peak gold and the fact that total annual global gold production is likely to have peaked is an important supply side factor in the gold market. This is one … Continue reading →

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Marc Faber says gold’s investment case has been strengthened by the U.K.’s vote to quit the European Union as the fallout may spur the world’s central banks to step up easing, hurting currencies and favoring bullion, according to Marc Faber, publisher of the Gloom, Boom & Doom Report as reported by Bloomberg today.   As reported by Bloomberg: “The U.S. Federal Reserve may even embark on a fourth round of quantitative easing, or QE4, Faber said in an interview on Bloomberg Television on Wednesday, adding that he typically buys bullion every month. While he also likes gold shares, they need … Continue reading →

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The coming ‘sharia gold standard’ or shariah compliant gold could lead to a very significant source of  new demand for physical gold coins and bars in the Islamic world. It is believed that this will contribute to much higher prices and gold “soaring” as some of the $2 trillion of assets held in Islamic financial institutions are allocated to the very small physical global gold market. “The Islamic finance entry into gold market could definitely shake the gold market as Islamic financial institutions around the world, which hold around $2 trillion in assets and are expected to double that asset base up to … Continue reading →

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Silver bullion prices are likely to rise further as there is “supply trouble brewing” as strong industrial and investment demand are confronted by declining supply. “There are signs that this year could be a pivotal year for the silver market,” New York-based CPM Group said in its “Silver Yearbook 2016.” “Silver mine supply is forecast to decline for the first time in 2016, since 2011,” CPM said, noting scheduled closures and planned production cutbacks. More good news for silver bulls: there’s supply trouble brewing. Output from mines will fall for the first time since 2011, while demand for the metal in uses … Continue reading →

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