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July 26, 2013

Key Market Trends July 26, 2013

Europe is deeply troubled, and the trouble is not going away. The problem is at its worst in the eurozone, where unemployment is above 12%, while youth unemployment in Greece and Spain exceeds 60%. Britain is also stuck in the mire and the economies of central and eastern Europe lack dynamism – hardly surprising since the eurozone is underperforming. The legitimacy of the EU has declined and there is a rising tide of virulent rightwing euroscepticism.

Clarification of William Kaye re: German / US gold in Hong Kong refineries?

You may have heard about William Kaye’s assertion that Western central bank gold is being recast for purchase in Asia. The recent statements of the Fund Manager on King World News are making quite a circuit. However, when asked about it in order to investigate the matter, Mr. Kaye had to say a few things to avoid unnecessary misunderstandings. (Deutsche Übersetzung für Mitglieder)

Russia has overtaken Germany as the fifth largest economy in terms of purchasing power parity, World Bank GDP ratings reveal.

The World Bank figures show that Russia’s gross domestic product (GDP) totalled $3.38 trillion last year.

Germany is now at number six in the rankings after recording $3.30 trillion in GDP during the same period.

Traces of cocaine have been found in toilet cubicles throughout the Houses of Parliament in tests carried out by a tabloid newspaper.

Journalists from the Sun found cocaine at nine locations after carrying out police-style swab tests on facilities inside the Palace of Westminster.

The drug was found in private areas of the building, as well as in areas to which both staff and the public have access, the newspaper reported.

As 11-year-old Stanley Ross huddled in a shelter on a North London public housing estate in the summer of 1942, a German bomb landed just feet away. It was a dud.

“There was a stick of eight bombs and ours was the fifth, and it landed just there,” he said, pointing to the adjacent table during a June 6 interview at London’s Savoy Grill. “Had it gone off I wouldn’t be here now. I’d have been vaporized.”

US regulators have upheld a fine on Barclays and four of its traders of $453m (£300m) for allegedly manipulating electricity prices.

Barclays must pay $435m within 30 days, while one trader must pay $15m and three others $1m each.

Barclays must also forgo $34.9m in profits, which will be distributed to low-income aid programmes in Arizona, California, Oregon and Washington.

As I reported on Sunday, Russia’s large scale amassing of over160,000 troops, naval ships, fighter planes, and strategic bombers has been virtually ignored by the mainstream media — with only Russian-based news services really reporting on the entire event. From the Israeli bombing of the Russian missiles to the ‘snap drills’ calling upon Russian forces to enter this period of ‘full combat readiness’, it appears that only RT has been analyzing the situation and looking at what’s going on based on military sources.

LONDON (MarketWatch) -- The role of U.S. banks as dealers in physical commodities could be pulled back, as Washington plans to review a number of permits it has issued since 2003, the Financial Times reported on Sunday. In recent weeks, senior Federal Reserve officials have been considering whether to withdraw permits allowing banks to own oil, natural gas, coal and industrial metals, the FT reported. "The Federal Reserve ... is reviewing the 2003 determination that certain commodity activities are complementary to financial activities and thus permissible for bank holding companies," the central bank said, according to media reports. U.S. law allows some banks to trade commodity derivatives as well as own the oil, gas and grain underlying them, and critics say this could lead to anti-competitive behavior. A move to reduce the influence of banks in this sector could affect businesses such as Goldman Sachs Group Inc., Morgan Stanley, J.P. Morgan and Barclays.

The Bank of England has opened up its gold vaults to the public for an exclusive - virtual - look at its inner workings with a new iOS, Android and web app.

The tour of the famous building in Threadneedle Street is - perhaps surprisingly - free to download and use.

It offers a rare chance to see the inner workings of the UK's foremost economic institution.

Portions of an airport in Miami, Florida were evacuated after depleted uranium was discovered early Thursday.
Firefighters cleared a 150-foot area of the Opa-locka Executive Airport in south Florida after a 55 gallon drum located either on or near part of a dismantled aircraft was discovered to be containing exposed, depleted uranium, NBC 6 South Florida reported.

A train has derailed in north-western Spain, killing at least 77 people and injuring many more, officials in Galicia region have said.

All eight carriages of the train, which was travelling from Madrid to Ferrol, came off the tracks near the city of Santiago de Compostela.

The Today programme heard that the Spanish newspaper El Pais had reported that the train was over speeding at it approached a bend in the track.

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Item Reviewed: Key Market Trends July 26, 2013 Rating: 5 Reviewed By: Econ Matters