By Peter Schiff I’ve been emphasizing for months that the current correction in the gold price is a result of speculative money fleeing the market and not any reflection of gold’s long-term fundamentals. Unfortunately, there is so much money to be made (and lost) by day trading that my cautions have once again fallen on deaf ears. Well, it looks like the so-called “technicals” are starting to […]
The U.K. markets regulator fined a compliance officer and a broker a total of about 116,000 pounds ($180,000) for enabling Rameshkumar Goenka, a Dubai-based investor, to commit market abuse in 2010. The Financial Conduct Authority fined David Davis, a compliance officer at Paul E. Schweder Miller & Co., 70,258 pounds, and Vandana Parikh, a broker at the same firm, 45,673 pounds, for not acting with enough care […]
DUBAI, Aug 7 (Reuters) – Two Gulf Arab borrowers have attracted heavy investor demand for international bond sales in the past two weeks, but higher yield premiums are prompting many other potential issuers in the region to seek alternative funding sources. U.S. dollar bond issuance in the Gulf, conventional and sukuk, stands at about $17.3 billion year-to-date, up from $11.4 billion in the same period a year […]
The Organization of Petroleum Exporting Countries will cut shipments by the most since December as refiners in the U.S. and Europe conduct seasonal maintenance, tanker-tracker Oil Movements said. The group, which supplies about 40 percent of the world’s oil, will cut exports by 740,000 barrels a day, or 3 percent, to about 23.7 million barrels a day in the four weeks to Aug. 24 from the period […]
NEW YORK (AP) — With new public stock offerings for guitar maker Fender and travel booking website Kayak on deck next week, there are signs demand is starting to grow for IPOs after a five-week freeze triggered by a steep decline in financial markets and exacerbated by Facebook’s rocky May 18 debut. Five companies are scheduled to go public next week alone, including Fender, Kayak and Palo […]
Another week, another warning from megabanker JPMorgan (JPM). Two months ago, as you probably recall, JP spooked stock market investors with news that it had managed to rack up $2 billion worth of losses, trading derivatives on European debt. Market capitalization was lost. CEOs were subpoenaed. Mea culpas were released … and life went on. Then last week we learned that the news from May was much […]
Wells Fargo reported its 10th consecutive quarter of earnings growth as a result of a booming business originating and refinancing mortgages. The bank’s second-quarter profit was a record $4.6 billion, a 17 percent rise from the $3.9 billion profit it reported a year earlier. The San Francisco-based company earned 82 cents a share, above the 81 cents expected by the analysts polled by SNL Financial. Wells has […]
Europe’s debt crisis has many American investors closely watching the euro. Since the euro can impact U.S. investors, Americans should be aware of the euro’s worth. Chuck Butler, president of EverBank World Markets and author of The Daily Pfennig, explained that if the euro is trading around $1.2950 (as it was on May 9, 2012), 100 euros would be worth $129.50. If the euro falls 1 percent, […]
