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June 28, 2013

Key Market Trends June 28, 2013

The stock exchange is going to start trading gold and silver by the end of this year, and platinum and palladium in 2014. Trading physical metals is expected to boost liquidity in the market and attract more participants.

Russia has so far only been trading futures on gold and silver, not dealing with real metals.

France Finance Minister: Including ESM Option in Bail-In Makes Whole Deal Coherent

BRUSSELS--Including the European Stability Mechanism bailout fund in the plans for rescuing banks creates "solidity and solidarity" for the bloc, France's finance minister Pierre Moscovici said in the early hours of Thursday morning, after EU finance ministers reconvened following inconclusive talks in Luxembourg last week.

"Some countries didn't think on Friday the ESM should be included, we thought it should, be, it is--and it makes the whole thing coherent," he told reporters after the meeting. "It didn't seem coherent to me to put in place on the one side a direct mechanism for recapitalization through the ESM, and on the other side, to exclude the ESM from the flexibility."

The new guidelines have the aim of ensuring that taxpayers are no longer the first in line to take on the burden of banking failures following a European sovereign debt crisis driven by multi-trillion government bailouts and guarantees for the financial sector since 2008.

Jeroen Dijsselbloem, the chairman of the Eurogroup of finance ministers, hailed the agreement as a major step towards a “banking union” and away from state funded aid to recapitalise or bailout troubled banks across Europe.

Signal sends shockwaves through markets across Asia and Europe

The Federal Reserve's recent signal that it would withdraw stimulus efforts — otherwise known as quantitative easing round 3 — has rattled markets in Asia and Europe, and has drawn attention from leaders in emerging economies to forge a possible "safety net" to weather the uncertainty in global financial markets.

Russia has evacuated the last of its personnel from Syria, including from its Mediterranean naval base in Tartus, in a move that appears to underline Moscow's mounting concerns about the escalating crisis.

Russian media reported on Wednesday that they had confirmed the evacuation with officials in the country's military and foreign ministry. But there was no official confirmation of a claim from rebel Free Syrian Army sources that a Russian plane had been shot down and its pilot captured in the western Aleppo area.

THE GOLD REPORT - The gold price may have taken a tumble, but Ian Gordon, chairman and founder of the Longwave Group in British Columbia, is watching for a recovery. As bullishness in gold reaches some of its lowest levels, Gordon, in this interview with The Gold Report says he believes that is indicative of a turn.

Bond yields have surged over the past several weeks as the U.S. Treasury market has priced in a tapering of the pace of Federal Reserve bond purchases later this year based on expectations for an improving economy – and maybe even a full halt to quantitative easing in a year’s time, as Fed Chairman Ben Bernanke outlined during last week’s FOMC press conference.

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Item Reviewed: Key Market Trends June 28, 2013 Rating: 5 Reviewed By: Econ Matters