Overnight Markets-Leading News -Update 1

European Car Sales Fall As Recession Bites

http://www.bloomberg.com/news/2012-03-15/renault-peugeot-lead-february-european-car-sales-decline.html

British-Israel Might Sanction India over Oil Imports

http://www.bloomberg.com/news/2012-03-15/u-s-may-sanction-india-over-level-of-iran-oil-imports.html

Spanish Stocks Continue to Fall Under Rajoy

http://www.bloomberg.com/news/2012-03-15/spanish-stocks-left-out-of-rally-on-rajoy-budget-gap-skepticism.html

 SNB Keeps 1.2 CHF/e$ Peg

http://www.bloomberg.com/news/2012-03-15/snb-keeps-franc-ceiling-at-1-20-versus-euro.html

Fitch Warns UK to Lose AAA

http://www.bloomberg.com/news/2012-03-14/fitch-revises-u-k-s-sovereign-rating-outlook-to-negative.html

Delaying Greek Deal for One Year Helped Banksters-Shifted Losses to Taxpayers

http://www.bloomberg.com/news/2012-03-15/greek-restructuring-delay-helps-banks-as-risks-shift.html

RBI Leaves Rate Unchanged

Nothing unexpected.

http://www.bloomberg.com/news/2012-03-15/india-holds-rate-for-third-meeting-before-budget-as-prices-rise.html

Troika To Save Eastern Europe’s Banks -so they say

http://www.nytimes.com/2012/03/15/business/global/a-renewed-multilateral-effort-to-protect-east-european-banks.html?_r=1&adxnnl=1&ref=global&adxnnlx=1331796139-nojIEJrzc1Xy1eULw6V9rw

CME Running Away from European CDS/Derivative Market ASAP!!!!

Obviously these guys have no intention of hanging around to unwind the Greek CDS market!!  What does the CME know that they won’t tell us? Inquiring minds want to know!!!

RELEASE: pr6208-12

March 13, 2012

CFTC Vacates CME Clearing Europe Limited Registration as a Derivatives Clearing Organization

Washington, DCAt the request of CME Clearing Europe Limited (CMECEL), pursuant to Section 7 of the Commodity Exchange Act, the Commodity Futures Trading Commission issued an Order on March 13, 2012, vacating the registration of CMECEL as a derivatives clearing organization.

The Order of Vacation is available on the CFTC’s website

London prüft endlos lange Schuldenaufnahme

The last time the English floated a 100 year bond was to fund their South Sea Company. That obviously returned what this 100 year bond will.

14.03.2012 ·  Großbritannien denkt über die Emission von Anleihen mit einer Laufzeit von 100 Jahren nach. Auch Endlosanhleihen soll es wieder geben – wie zuletzt in der britischen Kolonialzeit..

http://www.faz.net/aktuell/finanzen/konsols-und-jahrhundertbonds-london-prueft-endlos-lange-schuldenaufnahme-11684480.html

China /Germany To Improve Military Ties

http://www.chinadaily.com.cn/china/2012-03/14/content_14836382.htm

SP China to Grow 8.3 pc in 2012

http://www.chinadaily.com.cn/china/2012-03/14/content_14836242.htm

Cameron Tells Relative Sauds to Close Up Offices in Damacus

http://en.rian.ru/world/20120315/172168525.html

JPM Talking Gold Short Book? Says China in Hard Landing

http://www.bloomberg.com/news/2012-03-14/chinese-economy-already-in-hard-landing-jpmorgan-says.html

Iran Cracks Zionist Nutters Running EU

EU Considers Allowing Insurance for Tankers Sailing to Iran
By Isaac Arnsdorf and Ewa Krukowska – Mar 14, 2012 1:52 PM ET

The European Union may allow insurance against risks such as collisions and spills for tankers carrying Iranian oil, a proposal that would ease curbs on the nation’s crude exports.

The EU would prohibit the insurance and re-insurance of Iranian oil “except for third-party liability insurance and environmental liability insurance,” according to a draft document obtained by Bloomberg News. The bloc aims to complete the regulation, which is being considered by national governments, within a month, according to an EU official with knowledge of the matter…

http://www.bloomberg.com/news/2012-03-14/eu-considers-allowing-insurance-for-oil-tankers-sailing-to-iran.html

Singapore Seeks To Be Asian Bullion Hub With Tax Free Gold and Silver

What ‘Chuck’ Declare Singapore an Axis of Evil!

http://news.goldseek.com/GoldSeek/1331730000.php

Fed Chairman Ben Bernanke offered no insight as to whether there will be another round of QE and the Fed said the economy was “expanding moderately” though growth still faced significant downside risks.

Gold has broken below $1,660/oz to its lowest since January 25. Gold is now below the 200 day SMA at $1,681.08/oz as well as the 38.2% Fibonacci retracement from September’s record to December’s lows.

Support is at $1,650/oz and below that at $1,600/oz and $1,550/oz (see chart below).

Despite continuing caution regarding gold in western markets, lacklustre buying and indeed some selling – there is still strong buying from Asia store of wealth buyers.

Singapore Seeks To Be Asian Bullion Hub With Tax Free Gold and Silver
Another sign of Asia’s increasing importance in the global gold market is news that Singapore is planning to boost its share of global gold trade sevenfold after scrapping taxes on gold, silver and platinum bullion.

This is the aim of the International Enterprise Singapore, the city state’s external trade agency according to Bloomberg.

Currently just 2% of world gold demand flows through Singapore and Singapore is aiming to increase that to 10% to 15% over the next five to 10 years, Kathy Lai, assistant chief executive officer at IE Singapore, said.

Singapore will exempt investment grade gold, silver and platinum from the 7% goods and services tax to turn the country into a bullion trading hub, Finance Minister Tharman Shanmugaratnam told parliament in his budget speech on February 17. The change, which takes effect on Oct. 1, will apply to gold of 99.5 percent purity, silver of 99.9 percent purity and platinum of 99 percent purity.

“Most other financial centers consider gold as a financial asset so few place any kind of tax on precious metals and we discovered that it was an impediment,” said IE Singapore’s Lai. “We noted that gold demand increasingly is dominated by Asian consumers and investors and we feel that this is something we may have missed out on.”

Asia doesn’t have a so-called gold hub, where there’s a critical mass of traders and storage, like in London and Zurich, said Lai.

“Vis-a-vis Dubai, we are a more credible financial center, vis-a-vis Hong Kong, we are seen as not part of China and therefore more neutral,” she said.

This is another step towards price discovery in the precious metals market being related to supply and demand of the physical metal and not the machinations of banks and hedge funds manipulating the paper gold market on the COMEX

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