Pandemic Pandemonium May Be “More Destructive” Than The 2008 Lehman Financial and Economic Collapse

Gold in USD, GBP and EUR before, during & five years after Lehman

“Coronavirus may be more destructive than the Lehman crisis” and
“recession is imminent” warns Ambrose Evans-Pritchard in the Telegraph

◆ The outbreak has triggered a collision of unstable debt and the oil price crash is combining with a worrying level of corporate debt that is frightening Wall Street

◆ The coronavirus has set off two parallel “doom loops”. An oil price crash and an Italian economic crisis which will lead to a Eurozone financial and banking crisis

The outbreak has triggered a collision of unstable debt and an oil price crash. Recession is imminent

The coronavirus has set off two parallel “doom loops”. An oil price crash is colliding with an unstable edifice of corporate debt. At the same time the closure of Italy’s economic heartland is triggering a surge in Italian risk spreads and an intertwined collapse in European bank shares. 

The twin shocks come just as markets wake up to the grim reality that the US and Europe have missed their chance to control the pandemic.  

A global recession of some form is no longer a tail-risk. It is imminent and inescapable. That is the screaming verdict of safe-haven bond markets. The collapse in yields on 30-year US Treasuries to historic lows of 0.51pc – touching a morning nadir of 0.32pc – is a red warning of deflation…


Continue reading this article on The Telegraph here




NEWS & COMMENTARY

Gold falls 1% as global stimulus hopes boost risk assets

Gold Could Reach $1,725 in Second Quarter, Says StanChart’s Cooper


Dow futures point to opening bounce of 1,000 points after Trump floats payroll tax cut

Rush to safety abates for now, pushing up euro zone bond yields


Dollar extends gains but oil and coronavirus pose major risks

Oil jumps 5% after rout on stimulus hopes, slowing virus in China

Today at least may end the pretense of a market economy



GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

09-Mar-20 1676.60 1672.50, 1280.75 1272.94 & 1469.04 1462.10
06-Mar-20 1687.00 1683.65, 1296.80 1290.85 & 1490.13 1484.31
05-Mar-20 1647.45 1659.60, 1274.47 1284.70 & 1474.63 1482.69
04-Mar-20 1644.80 1641.85, 1286.73 1281.63 & 1475.06 1477.83
03-Mar-20 1599.05 1615.50, 1249.98 1260.25 & 1438.03 1446.03
02-Mar-20 1609.70 1599.65, 1258.79 1251.41 & 1451.47 1437.29
28-Feb-20 1626.35 1609.85, 1262.37 1254.88 & 1474.61 1468.18
27-Feb-20 1646.60 1652.00, 1278.58 1282.45 & 1505.32 1504.97
26-Feb-20 1647.95 1634.90, 1273.37 1264.76 & 1515.45 1505.42
25-Feb-20 1655.90 1650.30, 1275.54 1271.39 & 1528.06 1522.73



Financial Contagion – What Are The Risks?



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Mark O'Byrne

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