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Euro Collapse Fears Spark Panic Buying of Gold !

We are very close to a global monetary crisis. All fiat currencies are in trouble. Would you rather have gold which is money for 5000+ years or pieces of fiat currencies printed out of thin air by profligate governments? The choice is obvious: Gold ! The Euro has collapsed to the $1.23x handle against the USD. So much for the bailout last weekend. It only supported the Euro for 10 minutes to $1.30x before it collapsed to $1.27x. The Daily Mail UK reports:

Fears that the euro is heading for collapse have prompted panic buying of gold coins and bars. Austria’s mint, which makes a bestselling gold coin, has warned it may run out of stock as investors seek a safe haven from Europe’s threatened currency.

And banking giant UBS reported its sales desks are ‘exceptionally busy’ coping with heightened demand for coins and small bars, much of it coming from Germany. Swiss refinery Argor-Heraeus estimates demand for small gold bars and minted products has jumped tenfold since the start of the year.

The news came as the euro took another fall amid fears that the £640billion EU/IMF rescue plan hatched over the weekend would fail to secure the single currency’s future. Against the dollar, the single currency fell under $1.254 – not far from the 14-month low of $1.25 it struck a week ago. Marcus Grubb, of the World Gold Council, an industry body representing miners, said there was anecdotal evidence of a sharp increase in purchases of coins. ‘

‘There has been a spike in demand for physical products in the past week or so,’ said Mr Grubb. ‘Scepticism about the euro has been strongest in Germany. Retail investors are voting with their feet and buying gold coins. They are concerned about the currency.’

The price of gold traded at $1,233.95 a troy ounce yesterday, shy of the record $1,248.15 it hit on Wednesday. Gold is seen as a safe haven when there are fears that paper currencies could lose their value. At the height of the banking crisis in 2008, the U.S. mint suspended sales of popular Buffalo and American Eagle coins because of a flood of demand.

More recently money-printing programmes in the U.S. and Britain have fuelled fears of inflation, and these have now spread to the euro area. This week the European Central Bank announced it would purchase government bonds, in a move similar to the Quantitative Easing policy undertaken by the Bank of England.

Meanwhile some economists are warning that Greece remains headed for a debt default, and that its woes could spread to other eurozone countries, threatening the future of the euro. Portugal and Spain are seen as particularly vulnerable because of their heavy debt loads.

Yesterday the Portuguese government said it will cut wages of top officials and temporarily raise taxes in a bid to narrow its budget deficit faster than previously planned. The government approved increases in value-added, personal income and corporate taxes, Prime Minister Jose Socrates said.

This comes just a day after Spanish public sector workers were hit by wage cuts and a pension freeze, prompting strike threats. The EU on May 10 unveiled a program of loans and ECB bond purchases in a despearate attempt to stop the Greek debt crisis from engulfing the currency union.

Edel Tully of UBS said in a client note: ‘As long as confidence is under threat in Europe, gold should continue to be on the receiving end of elevated physical demand as money look for a safe home.’

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14-May-2010 17:43

Swiber / Swiber

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Swiber Secures Letter of Award for Transportation and Installation of Heavy Structures

Friday, May 14, 2010

Swiber Holdings Limited (“Swiber” or together with its subsidiaries, the “Group”), a world class integrated construction and support services provider to the offshore industry, today announced a Letter of Award from a leading oil and gas operator in South East Asia.

The scope of work comprises the transportation and installation of heavy structures. The contract sum will range between US$17 million to US$27 million depending on the options provided in the contract. The work will commence in Q2 2012 and is expected to be completed in two months.

Said Mr. Raymond Goh, Executive Chairman and Group Chief Executive Officer of Swiber, “This is our fourth contract win for 2010, adding to the contracts that we have secured earlier this year: the consortium awards of US$306 million worth of contracts and the US$148 million EPIC contract which we announced a week ago.

In the Offshore Industry

“This contract win illustrates the Group’s capabilities as a one-stop service provider for the region’s leading oil and gas players. We provide a full suite of offshore services to support our customer’s requirements in various areas. In this way, we strengthen our position as a trusted and reliable partner of choice.”

Mr. Goh added, “Swiber has the capability to undertake contracts of varying complexities as well as durations, from as short as two months, as in the case of this latest contract, to as long as between two to five years for some of our other contracts. Our sophisticated and versatile fleet comprising 43 support and construction vessels gives us the flexibility to allocate our resources to meet the various needs of our customers.”

ozone2002 ( Date: 14-May-2010 17:41) Posted:

think swiber got a letter of award..

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14-May-2010 17:41

Swiber / Swiber

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think swiber got a letter of award..

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14-May-2010 16:40

Straits Times Index / STI to cross 3000 boosted by long-term investors

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can start to formulate a strategy to bet on world cup..

i remember 2006.. support germany all the way.. shiok.. win many many moolah!!

2010 support S.Africa.. :)

178investors ( Date: 14-May-2010 16:35) Posted:

well done. most of the wisemen seem already sold down their portfolios.

so can rest easy while watching the coming world cup

ozone2002 ( Date: 14-May-2010 16:27) Posted:

pared down majority of my holdings..

left with a handful of laggard stocks, can count with 1 hand..

waiting for them to bloom into multibaggers.. :)

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14-May-2010 16:27

Straits Times Index / STI to cross 3000 boosted by long-term investors

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pared down majority of my holdings..

left with a handful of laggard stocks, can count with 1 hand..

waiting for them to bloom into multibaggers.. :)

178investors ( Date: 14-May-2010 16:15) Posted:

meaning you have offload all your stocks and taken profits

ozone2002 ( Date: 14-May-2010 16:08) Posted:

neva see the market already..

now trading shrimp, seafood, pork bellies, beef, duck, goose, veggies, fruits...

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14-May-2010 16:08

Straits Times Index / STI to cross 3000 boosted by long-term investors

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neva see the market already..

now trading shrimp, seafood, pork bellies, beef, duck, goose, veggies, fruits...

178investors ( Date: 14-May-2010 16:04) Posted:

market, next few months, to be boring, pointing down supposely.

more interesting to short euro n pound

how's shitber doing, still hold or sell

ozone2002 ( Date: 14-May-2010 15:57) Posted:

today's market so boring..

rather haggle @ the fish market..more exciting..

or chicken farm..haha

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14-May-2010 16:06

Sakari / Straits Asia

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i know y liao..

goldsex issued a report on SAR

ozone2002 ( Date: 14-May-2010 16:00) Posted:

damn strong man today..

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14-May-2010 16:00

Sakari / Straits Asia

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damn strong man today..

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14-May-2010 15:57

Straits Times Index / STI to cross 3000 boosted by long-term investors

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today's market so boring..

rather haggle @ the fish market..more exciting..

or chicken farm..haha

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14-May-2010 14:53

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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chiong ah!!! again..1.36

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14-May-2010 14:41

Yanlord Land / Lord of China Prop

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Yanlord has to break resistance of 1.68 to move further..

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14-May-2010 11:50

Otto Marine / OtTo MaRiNe

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strong activity recently..

have to break 46c to move further..

likely to touch 48c if breakout..

DYODD

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14-May-2010 11:21

CapitaMalls Asia / First Day trading open at $2.30

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chiong..

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14-May-2010 09:58

GLD USD / Gold going up this year?

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This is what happens when countries decide to debase their currencies and print money. Europeans are panicking into gold. In both Euro and Dollar terms gold closed at a record high on Wednesday. What is surprising about gold’s rise in dollars is that it is happening when the dollar is strengthening against other currencies, bullish indeed. We may be entering the manic phase of the gold (and silver) bull market

Gold Sales Surge at Austrian Mint on Greece’s Crisis

Gold Sales Surge at Austrian Mint on Greece’s Crisis May 12 (Bloomberg) — Muenze Oesterreich AG, the Austrian mint that makes the best-selling gold coin in Europe and Japan, said sales jumped in recent weeks on concern that Greece’s fiscal crisis will hurt the euro. Buyers have purchased 243,500 ounces of gold since April 26, compared with 205,300 ounces in the first quarter, Vienna- based Marketing Director Kerry Tattersall said by telephone today. Bullion climbed to a record $1,245.07 an ounce today and reached all-time highs in other currencies. “We’re seeing people who want to take money from savings accounts and put it into gold, so it’s small investors who are buying, too,” Tattersall said. “In the last three to four weeks, we haven’t seen any orders out of the U.S. or Japan. It’s a purely European increase. It represents panic buying.” The precious metal, heading for a 10th annual gain, advanced as investors questioned whether a loan package worth almost $1 trillion will prevent a repetition of Greece’s debt crisis in other European states. The euro has dropped 11 percent against the dollar this year, and bullion climbed to a record 982.6727 euros an ounce today. “As long as confidence is under threat in Europe, gold should continue to be on the receiving end of elevated physical demand,” Edel Tully, an analyst at UBS AG in London, said today in a report. German Demand Stronger demand from individual investors is particularly evident in Germany, Tully said. Support for Chancellor Angela Merkel’s Christian Democrats plunged in a state election this month after lawmakers authorized as much as 22.4 billion euros ($28.3 billion) of loans for Greece that polls indicate most Germans oppose. The Austrian mint is known for the Philharmonic gold coin, which it introduced in 1989. “We’re facing production problems again and are producing around the clock,” Tattersall said. “Our stock is running out.”

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14-May-2010 09:35

Straits Times Index / STI to cross 3000 boosted by long-term investors

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feed his "hot dog" to the monkeys..OUCH!

Juzztrade ( Date: 13-May-2010 23:58) Posted:

You forever with your Bukit Timah Hill since 2007. You must also bring your ah moh remisser there. Remember to bring lot of hot dog and feed the monkey as well.

Good Luck to You huh.

louis_leecs ( Date: 13-May-2010 22:17) Posted:

ONE MORE HOUR IS农历四月，金星逆转，今天又把我的公纪金股票也卖了，回到武及知马山，

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