âUp to eight of Italy’s troubled banks risk failing if prime minister Matteo Renzi loses a constitutional referendum next weekend and ensuing market turbulence deters investors from recapitalising them, officials and senior bankers say.
Mr Renzi, who says he will quit if he loses the referendum, had championed a market solution to solve the problems of Italy’s â¬4 trillion banking system and avoid a vote-losing âresolutionâ of Italian banks under new EU rules.â
Financial Times
The Italian banking system looks vulnerable to collapse whether the referendum is passed in Italy or not. Were the referendum passed, it may allow senior Italian and international bankers to further ‘kick the can down the road’ and delay the inevitable.
Financial and economic contagion in the EU is the likely outcome of the financial and political mess that both Italy and other EU states find themselves in. The question is increasingly not if, but when.
Bail-ins are ânow the ruleâ and depositors need to begin preparing by diversifying and not have all their ‘saving eggs’ in the ‘bankers basket’.
An important way to protect investments and savings is to be diversified and have a healthy allocation to physical gold â both in one’s possession and in secure storage, in the safest vaults in the world.
Read full Financial Times article on Irish Times here
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Gold and Silver Bullion â News and Commentary
Gold rises from multi-month lows as dollar eases (Reuters.com)
Gold recovers in Asia as investors see buying opportunities (Investing.com)
No proposal to restrict gold holding by individuals in India (IndiaTimes.com)
Gold not safe enough, hoarders opt for silver bars (NewIndianExpress.com)
Trump Claims Millions Voted Illegally, Without Giving Proof (Bloomberg.com)
Italian Prime Minister Matteo Renzi addresses supporters ahead of the constitutional reform referendum this Sunday (AFP PHOTO/ANDREAS SOLARO)
This Week âCould Shake The World â¦â (TheAustralian.com)
First Brexit then Trump. Is Italy next for the west’s populist wave? (TheGuardian.com)
Trump, Draghi May Bring A Return Of âEuropean Solvency Crisisâ: Barclays (ZeroHedge.com)
Venezuela’s currency is so devalued it no longer fits in ordinary wallets (WashingtonPost.com)
Stocks In Greatest Suckers’ Rally Of All Time: Stockman (CNBC.com)
Gold Prices (LBMA AM)
28 Nov: USD 1,189.10, GBP 956.51 & EUR 1,117.99 per ounce
25 Nov: USD 1,187.50, GBP 953.30 & EUR 1,121.83 per ounce
24 Nov: USD 1,187.25, GBP 953.60 & EUR 1,125.04 per ounce
23 Nov: USD 1,213.25, GBP 980.00 & EUR 1,143.00 per ounce
22 Nov: USD 1,217.55, GBP 978.91 & EUR 1,144.98 per ounce
21 Nov: USD 1,214.95, GBP 984.72 & EUR 1,143.39 per ounce
18 Nov: USD 1,206.10, GBP 971.15 & EUR 1,135.54 per ounce
Silver Prices (LBMA)
28 Nov: USD 16.68, GBP 13.45 & EUR 15.73 per ounce
25 Nov: USD 16.47, GBP 13.21 & EUR 15.55 per ounce
24 Nov: USD 16.31, GBP 13.09 & EUR 15.43 per ounce
23 Nov: USD 16.56, GBP 13.36 & EUR 15.59 per ounce
22 Nov: USD 16.76, GBP 13.46 & EUR 15.77 per ounce
21 Nov: USD 16.68, GBP 13.47 & EUR 15.69 per ounce
18 Nov: USD 16.51, GBP 13.30 & EUR 15.54 per ounce
Recent Market Updates
â Gold Down 13.5% In 13 Days â Trump Bearish For Gold?
â War On Cash Just Got Real â India and Citibank In Australia
â Russia Gold Buying In October Is Biggest Monthly Allocation Since 1998
â Stocks, Bonds, Pension Funds âWill Be Wiped Outâ¦â â Rickards
â Physical Gold Is A âLong-Term Positionâ as âHedge Against Governmentsâ
â Gold Sell Off On Fed Noise â âInteresting Timesâ To âSupport Goldâ
â Islamic Gold â Vital New Dynamic In Physical Gold Market
â Peak Gold Globally â âBullish For Goldâ
â Gold Price Should Go Higher On Global Risks and Trump â Capital Economics
â President Trump â Why Market Loves Him and Experts Wrong
â ‘Helicopter Money President’ Trump To Create Inflation and Gold Will Rise
â Central Bank Gold Demand continues in Q3
â Trump Victory Sends Gold Surging 5%
The post Bail In Risk â â¬4 Trillion Banking System In Italy Poses Contagion Risk as Referendum Looms appeared first on GoldCore Gold Bullion Dealer.
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