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Iceland Savings Account Freeze Thaws as G20 Meet

Stock-Markets / Credit Crisis 2008 Nov 17, 2008 - 08:58 AM GMT

By: Mark_OByrne

Stock-Markets The G20 leaders showed a united front as they pledged to shore up global growth, introduce regulatory reform in a relatively short timeframe and avoid protectionism. However, the timeframe for resolution of these reforms is as soon as March 31st. Success will hinge on the new US Administration's willingness to take big decisions, a mere 2 months after taking office. US analysts think that it will make more sense to try and overcome the crisis first before implementing far-reaching reforms. These reforms include efforts to strengthen the credit derivative markets, create colleges of national supervisors to monitor global banks and provide guidance for valuation of illiquid securities. There will be a follow up summit on April 30th, probably in London.


Iceland thaws

Iceland said yesterday that it had reached a deal with Britain and other European countries on guidelines for dealing with foreign investors in a collapsed bank, in an agreement likely to clear the way for a stalled IMF support package for Reykjavik. Conflicts over money in Icesave accounts at Landsbanki, which collapsed, had been delaying billions of dollars in loans for Iceland from the IMF and other lenders.

Precious metals

The precious metals are continuing their consolidation. Gold is doing better than the more industrial metals, with the pressure on the auto industry capping platinum and palladium. The US senate is taking a close look at what it can do to support GM, Ford and Chrysler. In Europe, the German government is ready to open talks with GM's Opel but does not plan to offer blanket aid to entire industries suffering due to the financial crisis.

Good week for:

Oil speculators. Investors who placed Summer bets that oil would fall below $100 a barrel are set to make huge profits today with the expiry of December put options. Some, as much as 2,000%.

Bad week for:

Adolf Merckle. Germany's 5th richest person might have to sell his stake in drug company Ratiopharm and cement maker Heidleberg after losing millions of euro on short selling Volkswagen stock.  VW's share price surged to an all time high two weeks ago.

By Mark O'Byrne, Executive Director

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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.

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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.

Mark O'Byrne Archive

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