Today, the FOMC released their statement on how the economy is performing and due to the fact that the economy is faltering, they have reduced their purchases of Mortgaged backed securities to 15 billion dollars worth of tapering from 20 billion/and will reduce bond purchases from 25 billion down to 20 billion. So instead of 45 billion of tapering the Fed will taper by 35 billion.
This sent gold and silver higher in the access market.
In other USA news, the current account deficit widened again this month and it is back to 2012 levels. This will send estimates of GDP lower.
Argentina is now facing a crisis as it cannot pay bond holders of old bonds as well as paying 100% to the winning side of a lawsuit brought on by Bill Singer of Elliott Capital and Aurelius capital. Argentina wants to exchange the London based bonds into local Argentinian bonds so they can pay these bonds and not the hold- out bonds. However late today, a USA judged ruled that if they did this they would be in contempt of court. Credit default swaps increased in price due to the added risk of default.
The Ukrainian crisis has now sparked an increase in natural gas price in Europe as they are fearful that when winter comes, supplies will not be forthcoming.
In China, it's largest commodity dealer CITIC claims that over half of the alumina that is suppose to be in the storage vaults is not, and this sent the Chinese currency the yuan southbound as well as sending losses to both the Hang Sang (Hong kong) and Shanghai stock bourses.
In Iraq, al-Maliki formally asked the USA for airstrikes on the jihadists. It will be interesting if the USA can locate where they are hiding.
Also Saudi Arabia escalated the tensions with a war of words with Iran. Basically they are stating that Iran must not intervene. It is OK for the USA to intervene, but not Iran.???
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