– Italy is EU’s ticking timebomb as debt nears €2.4 trillion
– Italy’s GDP is just €1.85 trillion; National debt is 132% of economy
– Italy is politically dysfunctional at best of times; Now has populist left / right wing government
– National debt owed to other EU nations alone is 25% of its GDP
– Italy’s debt threatens global GDP; May wipe 0.4% off global GDP
– Default to create contagion in EU including a euro currency crisis
– All the focus is on Brexit and trade wars but “Italy is too big to bail and too big to fail”
– “Do not have all your eggs in one basket…”
– “Don’t panic. Diversify, diversify, diversify”
News and Commentary
Stocks Climb Before Earning Season; Dollar Weakens: Markets Wrap (Bloomberg.com)
Asian Stocks Gain; Dollar Steady Near Recent Lows (Bloomberg.com)
Asia shares edge higher, sterling slugged by UK politics, Brexit concerns (Reuters.com)
May’s Brexit Plan: The Details, The Overtures and The Meaning (Bloomberg.com)
Russia Joins Global Trade War – Imposes Tariffs On US Energy, Mining Imports (ZeroHedge.com)
Global trade war has kicked off (MoneyWeek.com)
Hallmark of an economic Ponzi scheme – John Hussman (HussManFunds.com)
Govt economic advisor warns British defence planners that growth is ending (Medium.com)
Time to Buy Gold for a Trade (Investopedia.com)
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Gold Prices (LBMA AM)
06 Jul: USD 1,254.20, GBP 947.55 & EUR 1,071.09 per ounce
05 Jul: USD 1,252.50, GBP 946.89 & EUR 1,071.64 per ounce
04 Jul: USD 1,256.90, GBP 951.47 & EUR 1,079.80 per ounce
03 Jul: USD 1,245.85, GBP 944.85 & EUR 1,068.81 per ounce
02 Jul: USD 1,249.00, GBP 948.87 & EUR