Gordon Brown Survives to Fight Another Day

By: Mark_OByrne

Gold was mostly flat on Tuesday, trading around $950 as the dollar took a break from its rally, improving the precious metal's appeal as a currency hedge. Bullion neared $1,000 per ounce last week, a key level it last topped in February, as worries about inflation and a weaker US currency increased gold's attraction as an alternative investment.

The British Prime Minister, Gordon Brown, has survived to fight another day as he faced down his critics, with the backing of party heavyweights, in a very tense parliamentary meeting yesterday. He did, however, promise to learn from his mistakes and to produce decisive policies and to clean up politics. Sterling reacted quite calmly, taking the, better the somewhat broken devil we know, to the, who is the new devil we don't, approach. Alan Johnson should not take this personally.

The Republic of Ireland's credit rating was downgraded for the second time in 3 months yesterday. Standard & Poor's reduced Ireland's long term credit rating from AA+ to AA with a negative outlook. The report sent Irish banking stocks plunging before recovering their losses to finish net equal and it affected the euro.

The Panel appointed by Congress in the US to oversee the Troubled Asset Relief Program, or TARP, gave a mediocre reaction to the Obama administration's exercise of testing the financial health of the nation's 19 largest financial institutions. It reported that the stress tests were "constructive" but also "raised serious questions." At the same time, however, the report said there were "some serious questions" about the stress test process and offered half a dozen recommendations. The Obama administration did not contain their recommendations to their home country and wants European countries to put their banks through more rigorous public stress tests to ensure that the institutions survive if the economy deteriorates further.

A US Supreme Court justice granted Monday a request to put on hold the sale of bankrupt automaker Chrysler to a group led by Italian carmaker Fiat. Supreme Court Justice, Ruth Bader Ginsburg, put a stay upon the sale until the Court had heard representations from three Indiana pension funds.

Bullion Services Team

Gold and Silver Investments Ltd. have been awarded the MoneyMate and Investor Magazine Financial Analyst of 2006.

Mission Statement
Gold and Silver Investments Limited hope to inform our clientele of important financial and economic developments and thus help our clientele and prospective clientele understand our rapidly changing global economy and the implications for their livelihoods and wealth.
We focus on the medium and long term global macroeconomic trends and how they pertain to the precious metal markets and our clienteles savings, investments and livelihoods. We emphasise prudence, safety and security as they are of paramount importance in the preservation of wealth.

Financial Regulation: Gold & Silver Investments Limited trading as Gold Investments is regulated by the Financial Regulator as a multi-agency intermediary. Our Financial Regulator Reference Number is 39656. Gold Investments is registered in the Companies Registration Office under Company number 377252 . Registered for VAT under number 6397252A . Codes of Conduct are imposed by the Financial Regulator and can be accessed at www.financialregulator.ie or from the Financial Regulator at PO Box 9138, College Green, Dublin 2, Ireland. Property, Commodities and Precious Metals are not regulated by the Financial Regulator

Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. Past experience is not necessarily a guide to future performance.

All the opinions expressed herein are solely those of Gold & Silver Investments Limited and not those of the Perth Mint. They do not reflect the views of the Perth Mint and the Perth Mint accepts no legal liability or responsibility for any claims made or opinions expressed herein.

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.