The Union That Never Was

The European Single Currency or “euro” has been in circulation in seventeen European countries for ten years and a few days now. Introduced on 01 January 2002 with national currency coins and notes phased out until 28 February 2002, the “euro” replaced all previously used currencies throughout EMU countries (European Monetary Union). To be found in people’s wallets doesn’t mean that something is a real currency though. Surprising as it was in 2002, that thing appearing to be a currency at first sight lacked a vital ingredient of a working currency: a correspondingly unified bond market. During the run-up to...

Silver Ending Week Sharply Higher

Silver prices have ended the trading week sharply higher in London. After most Friday commentators already noted that both silver and gold prices have soundly added to their gains at 2.4% up for the week (and 1.2% for gold, respectively), silver jumped another $2 per ounce to trade around $32 per troy ounce in New York afternoon trading. This sharp move indicates that a breakout from the Christmas low may be imminent, confirming that last month’s silver lows around $26.13 per troy ounce may represent a hard floor and significant support level. One source added, that silver prices are likely...

The Euro — a Goner

The departure of Jürgen Stark from the German Bundesbank’s board sent the European Single Currency or euro sharply lower. The euro closed down more than three cents against the U. S. dollar and ended the week at $1.3655. This weakness was confirmed accross the board with the euro also down against the British pound, Canadian dollar, Japanese yen, minor Scandinavian and other currencies. Mr Stark had been seen as the last economics hawk on the board of the Bundesbank and his departure indicates that the euro has lost another defender of financial responsibility. News of the German public being fed...