Ireland remains especially exposed to another financial shock because of the extremely high levels of public and private debt, the open nature of the economy, and Brexit, Irish Central Bank Governor Philip Lane has warned in a pre-budget letter to Minister for Finance, Michael Noonan.
“Ireland is especially exposed due to the legacy of high public and private debt levels, the sensitivity of small, highly-open economies to international shocks and Brexit-related vulnerabilities,” Ireland’s Central Bank Governor said.
The letter was covered in the Irish Independent, Irish Times and Irish Examiner. This is something we covered in our interview with Max Keiser last week – see here.
There are many potential international financial and geopolitical shocks today which have the potential to derail the very fragile economic recovery or indeed contribute to a new global debt crisis.
Geopolitical risk remains very high. ‘Brexit’ has created a whole new set of risks to Ireland, the UK and the Eurozone itself. The Middle East remains a powder keg and tensions with Russia remain very real. There is the real risk of conflict and the consequent effect on oil prices, global markets and the global economy.
The governor’s warnings come in the wake of similar warnings from the former deputy governor of the Central Bank who warned in an op-ed in a leading international financial publication, Project Syndicate, that Ireland is at risk of another housing market crash.
There have also been warnings regarding deposit bail-in risks from the CEO of FDB, one of Ireland’s largest insurance companies. The insurance company has been moving cash out of Irish bank deposits and into bonds. In order to read more about Stefan Gerlach’s warning and Fiona Muldoon’s concerns – read Deposit Bail-in and Property Crash Warnings In Ireland here.
These risks are set to impact savers and investors in the coming years. Ignoring them and pretending they have no financial implications for people’s personal finances is imprudent.
Today Dr Constantin Gurdgiev, Dr Brian Lucey, Eddie Hobbs, Jim Power, Cormac Lucy, Jill Kerby and others are all advocating diversification into gold again. Diversification remains important and an allocation to physical gold will again protect in the coming crisis.
Interview re Ireland’s Debt Crisis – Starts 12:24 – Watch here
Gold and Silver Bullion – News and Commentary
Gold steady as September Fed rate hike prospects wane (Reuters)
G-20 agrees to look beyond low interest rates to spur global economy (MarketWatch)
Gold up as dollar slips after weak U.S. jobs data (Reuters)
Gold holds steady as U.S. markets closed for Labor Day (Investing)
Hong Kong reports surge in volumes of smuggled gold and silver bars (ScrapMonster)
Gold is getting ready for a super-spike (BusinessInsider)
Roberts and Embry Interview – GoldSeek Radio (GoldSeek)
G20 a success for China, but hard issues kicked down the road (Reuters)
Japan’s demand for ‘seamless Brexit’ is a timely warning against hubris (Telegraph)
Brexit ‘shock’ threatens to do far more damage to the European economy than to Britain (Telegraph)
Gold Prices (LBMA AM)
06 Sep: USD 1,330.05, GBP 997.94 & EUR 1,191.46 per ounce
05 Sep: USD 1,328.30, GBP 996.23 & EUR 1,189.49 per ounce
02 Sep: USD 1,311.50, GBP 987.95 & EUR 1,172.74 per ounce
01 Sep: USD 1,305.70, GBP 985.80 & EUR 1,172.13 per ounce
31 Aug: USD 1,314.45, GBP 1,000.30 & EUR 1,179.19 per ounce
30 Aug: USD 1,318.85, GBP 1,008.39 & EUR 1,180.90 per ounce
26 Aug: USD 1,324.90, GBP 1,002.95 & EUR 1,173.33 per ounce
Silver Prices (LBMA)
06 Sep: USD 19.60, GBP 14.70 & EUR 17.55 per ounce
05 Sep: USD 19.46, GBP 14.60 & EUR 17.43 per ounce
02 Sep: USD 18.75, GBP 14.15 & EUR 16.76 per ounce
01 Sep: USD 18.65, GBP 14.08 & EUR 16.73 per ounce
31 Aug: USD 18.74, GBP 14.27 & EUR 16.82 per ounce
30 Aug: USD 18.78, GBP 14.35 & EUR 16.82 per ounce
26 Aug: USD 18.67, GBP 14.15 & EUR 16.54 per ounce
Recent Market Updates
– Deutsche Bank Tries To Explain Failure To Deliver Physical Gold
– Physical Gold Delivery Failure By German Banks
– Avoid Paper Gold – “Gold Delivery” Refused By Gold Exchange Traded Commodity
– Debt Bubble in Ireland and Globally Sees Wealthy Diversify Into Gold
– “Why Case Against Gold Is Wrong” – James Rickards
– Obama To Leave $20 Trillion Debt Crisis For Clinton Or Trump
– Gold Bullion Averages Biggest Seasonal Gains in September Over Past 20 Years
– Gold Futures See Massive $1.5 Billion “Non Profit” Liquidation In “One Minute”
– Jim Grant Is “Very Bullish On Gold”
– Germans Warned To ‘Stockpile’ Cash In Case Of ‘War’
– Ireland’s Biggest Bank Charging Depositors – Negative Interest Rate Madness
– Rothchilds Buying Gold On “Greatest Experiment” With Money In “History of the World”
– Gold – “Mother of All Bull Markets Has Only Just Begun” – Grandich
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