Société Générale strategist Albert Edwards has warned investors that any help given to Greece merely “delays the inevitable break-up of the euro-zone,” while former European Central Bank chief economist Otmar Issing has said that bailing out Greece would be a “major blow” to the currency.
A top Saudi energy official has expressed serious concern that world oil demand could peak in the next decade and said that his country was preparing for that eventuality by diversifying its economic base.
Choked off credit has frozen the development of new capital intensive deep mines, and existing mines are easily flooding. Rising production costs have driven the global breakeven cost of new gold production up to $500 an ounce. It takes a lot of labour, fuel, and heavy machinery to rip gold out of the ground, and none of these are getting any cheaper.