Reports of gold

Airbus poised to invest $600 million in new U.S. plant

2012-06-30T03:06:00.001-07:00

Airbus poised to invest $600 million in new U.S. plant

Reuters – 9 hrs ago

ATLANTA (Reuters) - European planemaker Airbus is poised to invest $600 million in a new U.S. production facility in Mobile, Alabama, for its A320 passenger jet that is expected to produce four planes a month by 2017, according to two people familiar with the company's plans.

U.S. rival Boeing Co on Friday argued that a U.S.-based plant would not dilute Washington's case against European aircraft loans that the World Trade Organization has found illegal. The same body has also faulted some U.S. aid to Boeing.
Airbus, owned by Europe's EADS and Boeing, the world's dominant jetmakers, are involved in the largest-ever dispute at the WTO over mutual accusations of billions of dollars of illegal aircraft subsidies.
"While it is interesting once again to see Airbus promising to move jobs from Europe to the United States, no matter how many are created, the numbers pale in comparison to the thousands of US jobs destroyed by illegal subsidies, which Airbus and its European government underwriters have failed to remove to the satisfaction of the U.S. government and in direct contravention of international trade law," Boeing spokesman Charlie Miller said in an emailed statement.
Airbus had initially offered to assemble some commercial freighters in Mobile to sweeten a bid for a bitterly fought $35 billion refueling tanker contest it lost to Boeing last year.
The latest plan calls for a $600 million Alabama assembly plant dedicated to the A320 passenger jet that would start producing four aircraft a month in 2017, according to two people familiar with the matter who were not authorized to speak publicly.
One local official said the plant would create a significant number of direct jobs, and could attract many smaller companies needed to provide components for the new passenger planes, to the region.
It would be the second plant outside Europe for Airbus's most popular jet. The EADS unit produces 37 planes a month between France and Germany and 3 a month in China. By the end of this year, it plans to reach 38 in Europe and 4 in China.
EADS also builds helicopters in Columbus, Mississippi.
EADS Chief Executive Tom Enders said on Thursday no final decision had been taken and called recent reports "speculation."
Sources have not ruled out an announcement as early as Monday ahead of the July 9-15 Farnborough Airshow in the UK, but there are signs some hurdles remain before a deal can be finalized.
"There are plenty of conditions that would need to be met for such a concept to be implemented. This just isn't the case right now," a source familiar with the matter said.
(Reporting by Karen Jacobs in Atlanta, additional reporting by Tim Hepher and Elena Berton in Paris and Andrea Shalal-Esa in Washington; Editing by Christian Plumb)

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2012-06-29T06:19:00.000-07:00

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2012-06-29T06:16:00.003-07:00

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2012-06-25T11:30:00.007-07:00

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Biggest Risk for High Gold Prices

2012-06-25T11:27:00.002-07:00

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2012-06-23T01:44:00.000-07:00

A combination of several factors, including a declining dollar and the Federal Reserve’s announcement that it would keep interest rates at virtually zero until late 2014, helped to send gold and silver prices soaring to multi-week highs. Analysts expect the upward trend to continue as paper currencies founder and gloomy news continues to dominate the economic headlines.

The spot price for gold was around $1,725 by 2 p.m. Eastern time after jumping more than $60 since the day before, up almost 30 percent from a year ago and more than 7.5 percent over the last 30 days. It smashed through $1,700 on Wednesday for the first in six weeks.
"At the moment everything points to even higher prices, given the strong risk appetite, the better mood among market players, the strong equity markets and the weak dollar," Commerzbank analyst Daniel Briesemann told Reuters.
Analysts said the single most important factor behind gold’s strong rally was the Federal Reserve. On Wednesday, the privately owned central bank promised to keep short-term interest rates at rock bottom until late 2014, extending the date from its previous pledge to keep rates down until mid-2013.
Also bullish for gold — and bearish for the U.S. dollar, of course — was Fed boss Ben “helicopter” Bernanke’s veiled threat to unleash more so-called “Quantitative Easing,” known in simpler terms as creating new “money” out of thin air and pumping it into the economy by purchasing bonds. The dollar immediately took a hit against other major currencies.
"The framework makes very clear that we need to be thinking about ways to provide further stimulus if we don't get improvement in the pace of recovery and a normalization of inflation," Bernanke said during a quarterly news conference after the Fed’s report was released. Analysts and central bank critics, already concerned about massive monetary “easing” in recent years, lambasted the idea that more money would solve the economic problems plaguing America.
“If the Federal Reserve thought the economy was improving, it wouldn’t need this artificial prop to keep sustaining it,” said Euro Pacific Capital head Peter Schiff, noting that wild money printing was helping to drive the nation and its economy off a cliff. “The President and the Federal Reserve are now conspiring to create a much bigger crisis.”
The Fed claimed it would be targeting a 2-percent rate of annual inflation for 2012. However, few analysts take the government’s “Consumer Price Index” (CPI) measure of inflation seriously — especially as Core CPI, one of the most frequently cited figures, omits price increases in key sectors like food and energy.
According to Schiff, the government’s claim based on CPI that inflation for 2011 was 3 percent is completely bogus. It was actually much higher, he said, noting that officials were using phony measures like the CPI to mask the true rate of inflation. And it is likely to be even higher in 2012 before eventually morphing into a full-blown currency and debt crisis in the coming years.
“The reason they have to keep [interest rates] so low is to artificially support a phony economy,” Schiff explained. “This economy is a disaster waiting to happen — the only thing standing between us and economic Armageddon is zero-percent interest rates.”
But it can’t go on forever, and the longer rates are kept so low, the worse the looming crisis will be. For now, Schiff, whose business trades gold and silver, said investors should protect their assets by purchasing precious metals “before the price goes any higher.”
An analysis by Bloomberg published on Wednesday showed that gold — which has increased every year for more than a decade — provided the best return on investment over the last five years when adjusted for volatility. And heavy-hitting financial firms cited in the report including Goldman Sachs and Morgan Stanley are forecasting that gold prices will keep rising to around $2,000 in 2012 or 2013.
“People are still very under-invested in gold, and so there is a huge scope of that increasing,” explained UniCredit analyst Jochen Hitzfeld, the most accurate precious-metals forecaster tracked by Bloomberg over the past two years. Other experts noted that gold is widely and accurately perceived as a safe-haven in times of economic turmoil.
While gold prices have been extraordinarily volatile — spot prices hit $1,923 in September before crashing to $1,523 by the end of 2011 — the longer-term rally has so far been relatively consistent over the past decade. Just 10 years ago, gold was worth less than $300 per ounce.
Silver, which has also seen drastic price fluctuations, was less than $5 per ounce 10 years ago. In 2011, it surged to an all-time high of around $50 before dropping back down to about $33.35 today. The U.S. dollar, meanwhile, has not been doing so well — even when measured against other depreciating paper currencies.
Even billionaire investor George Soros, whose well-publicized sale of some 99 percent of his gold holdings during the first quarter of 2011 spooked precious-metals investors, has jumped back into the market. According to Securities and Exchange Commission (SEC) filings cited by Bloomberg, the hedge-fund manager had increased his stake in SPDR Gold Trust, an exchange-traded fund tracking gold prices, to almost 50,000 shares as of September 30.
Central banks around the world were also buying up multi-ton quantities of gold bullion, according to data cited in news reports. And the trend shows no signs of slowing down.
In other bullish news for the precious metal, unconfirmed reports indicate India has started purchasing oil from Iran using gold rather than U.S. dollars. China could follow, too, according to news reports.
"It shows the exodus from the dollar is gaining speed," noted precious-metals and currency trader Simit Patel on the investment analysis site Seeking Alpha. "With the major economies of the world facing $7.6 trillion in bond payments due this year, I think the tipping point for a shift out of dollars and into a new monetary system backed by gold is not as far off as it may seem."
With the steep drop in prices during the last few months of 2011, some analysts and traders were reluctant to get back in the precious-metals market before the appearance of a solid bottom had solidified. But the big banks and respected analysts are forecasting that as long as the fundamentals — out-of-control money printing, sovereign-debt crises, wild government spending, and more — remain the same, gold and silver prices could see massive gains in 2012.

اسعار الذهب مباشرة | Gold prices live

2012-06-17T17:06:00.002-07:00

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Reports gold prices 2012

2012-06-16T11:28:00.002-07:00

Morning Snapshot

by Peter A. Grant

June 15, AM
(from USAGOLD.com) --

15-Jun (USAGOLD) — Gold continues to push to new highs for the week, underpinned by persistent concerns that results from weekend elections in Greece and France will further roil markets. Additionally, another grim round of US data continues to nudge QE3 expectations higher. Major central banks are attempting to reassure markets that they stand ready to act in concert if need be, even as the Bank of England moved proactively in announcing a new liquidity facility which is to commence next week.

The BoE is prepared to inject a minimum of £5 bln a day into the UK banking system beginning on 20-Jun, in exchange for collateral of increasingly dubious quality. Mario Draghi of the ECB said, “The ECB has the crucial role of providing liquidity to sound bank counterparties in return for adequate collateral. This is what we have done throughout the crisis ... and this is what we will continue to do” (emphasis mine). Meanwhile, the BoJ's Masaaki Shirakawa chimed in, "It would be important to supply abundant liquidity to calm worries.”

In testimony before the JEC last week, Fed chairman Bernanke acknowledged the risks posed to the US economy by the crisis in Europe. The FOMC meets next week (Tuesday/Wednesday) as well, and I suspect at a minimum they extend Operation Twist beyond the end of the month, if for no other reason than to appear that they are doing something. Or perhaps more accurately to not appear to be removing accommodations in the face of the recent raft of bleak data.

Are we on the cusp of the next big influx of central bank liquidity that could rekindle the fire under the gold market? We should have a clearer indication come Monday.

• US TIC data net flows -$20.5 bln in Apr, vs upward revised -$48.6 bln in Mar; net long-term security purchases $25.6 bln, v $36.0 bln in Mar.
• Michigan consumer sentiment (prelim) tumbles to 74.1 in Jun, below market expectations of 77.5, vs 79.3 in May.
• US industrial production -0.1% in May, below expectations of +0.1%, vs negative revised +1.0% in Apr.
• Canada manufacturing shipments -0.8% in Apr, on expectations of +0.3%, vs +1.9% in Mar.
• Empire State Index plunges to 2.3 in Jun, well below market expectations of 14.0, vs 17.1 in May.
• Turkey unemployment rate (nsa) falls to 9.9% in Mar, vs 10.4% in Feb.
• UK trade balance (visible) widens to -£10.1 bln in Apr, vs -£8.6 bln in Mar.
• Eurozone trade balance (sa) €6.2 bln in Apr, vs downward revised €3.7 bln in Mar.
• Singapore retail sales (nominal) 2.2% y/y in Apr, vs 9.1% y/y Mar.
• BoJ leaves O/N call rate unchanged at 0.0-0.1%, no change to the asset purchase target, in-line with expectations.

Peter Grant is USAGOLD's resident economist and a well-known analyst globally in the forex and precious metals markets.

Goldman Sachs Disappoints With Earnings of $1.05 Billion

2012-06-16T11:23:00.002-07:00

Goldman Sachs Disappoints With Earnings of $1.05 Billion

Shannon Stapleton/ReutersThe Wall Street entrance to Goldman Sachs.

8:45 a.m. | Updated Goldman Sachs reported profit of $1.05 billion on Tuesday, a weak showing that reflected the firm’s costly move to reduce risk and cut back trading activities.

The performance of the investment bank, which has largely shed the legacy of the financial meltdown, points to the new reality on Wall Street. Amid regulatory and economic uncertainty, Goldman is struggling to lift its earnings power to precrisis levels.

The second-quarter profit of $1.85 a share fell short of analysts’ expectations of $2.27 a share, according to Thomson Reuters. Still, it was an improvement for the period a year earlier, when Goldman posted a profit of $453 million, or 78 cents a share.

The fixed-income department took a big hit in the quarter. The unit, which includes fixed Income, currency and commodities client execution, logged net revenue of $1.60 billion, 53 percent lower than in the second quarter of 2010; results were down in mortgages, commodities and interest rate products.

The firm substantially reduced its risk in the three months ended June 30, an overly conservative approach that cost millions in the short term, said a person with knowledge of the matter who was not authorized to speak on the record. Goldman, in part, hedged its trading activities, a move that ate into profit. It also robbed the company of the upside in certain commodities like oil, the person said.

David Viniar, Goldman’s chief financial officer, didn’t mince words on the firm’s call with analysts to discuss earnings. “I don’t want to sugarcoat it,” he said. “We underperformed.” The results in the fixed income department, he said, were among the weakest in the firm’s 12-year history as a public company.

By one key measure, Goldman — usually considered one of Wall Street’s biggest risk takers — played it safer than in the past. Its value at risk, roughly what the firm could lose on an average day because of bad market conditions, fell to $101 million in the second quarter, down 10 percent from the first three months of the year.

Chris Kleponis/Agence France-Presse — Getty ImagesLloyd C. Blankfein, chief executive of Goldman Sachs.

“During the second quarter, the operating environment was more difficult given global macroeconomic concerns,” said Lloyd C. Blankfein, Goldman’s chairman and chief executive. “In addition, certain of our businesses had disappointing results as we reduced our market risk in response to attempting to manage fluctuations in prices and market liquidity.”

Not all banks were created equal this quarter, and others appeared willing to take more risk than Goldman. With its diversified business model, JPMorgan Chase posted a quarterly profit of $5.4 billion, up 13 percent from the period a year earlier. Citigroup also had a strong showing, as improvements in lending helped offset lackluster trading results.

By comparison, Goldman is more dependent on the commissions generated from trading, which dropped sharply in recent months. Overall revenue at the bank fell to $7.28 billion from $8.8 billion in the period a year earlier.

“Trading activity has been extremely slow,” said a Nomura stock analyst, Glenn Schorr, who accurately predicted the bank’s earnings at $1.85 a share.

While the decision to dial back risk ate into profits in Goldman’s fixed income department, the firm’s other divisions posted decent returns. Net revenue in investment banking was $1.45 billion, 54 percent higher than the second quarter of 2010. Within investment banking, bond underwriting saw the best rise in net revenue, increasing 77 percent over year-ago levels to $433 million. Net revenue in investment management was $1.27 billion, 12 percent higher than the second quarter of 2010.

Another closely watched number at Goldman is the compensation ratio, or percentage of net revenue allocated to pay employees. It has set aside $8.44 billion for compensation this year, while it had earmarked $9.3 billion during the same period in 2010.

Most of the compensation at the firm, which comes in the form of one-time bonuses, is not allocated until the fourth quarter, so it is too early to predict the final numbers. But compensation will most likely fall if the results do not improve in the second half of the year.

In an attempt to reduce overall costs, Goldman is planning to layoff employees and cut $1 billion in noncompensation expenses in the next 11 months.

Reports of gold

Airbus poised to invest $600 million in new U.S. plant

Airbus poised to invest $600 million in new U.S. plant

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Biggest Risk for High Gold Prices

Biggest Risk for High Gold Prices

Other reports of gold prices

اسعار الذهب مباشرة | Gold prices live

Reports gold prices 2012

Morning Snapshot

Goldman Sachs Disappoints With Earnings of $1.05 Billion

Goldman Sachs Disappoints With Earnings of $1.05 Billion