Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – Despite rising and record prices, gold continues to shine, especially overseas. The European sovereign debt crisis has spurred a gold rush across the continent. The World Gold Council reported Thursday that investors in Europe purchased a record $6.2 billion in gold bars and coins in the third quarter. While not a record in terms of weight, Europe’s demand for about 118 metric tons of the yellow metal in the third quarter amounts to nearly a third of all the investment grade gold demand around the world for the period. It is also a 135 percent increase in demand from Europe from the same period a year ago. Worldwide, demand for gold bars and coins was up 29 percent from a year earlier. The increase in demand was not deterred by record high gold prices. [...] Continue Reading…
Europe’s lust for gold continues
November 18th, 2011 
davidguide Mortgage rates back below 4 percent
November 14th, 2011 davidguide Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – For just the second time in history, the average rate on a 30-year fixed mortgage fell below 4 percent in the latest week. After falling to an average 3.94 percent on a 30-year fixed mortgage in the week ending Oct. 6, rates had picked up over the past months. However, amid signs that the economy is still in a slow recovery mode, the average rate fell to an average 3.99 percent in the week ending Nov. 10., down from 4 percent in the previous week, and 4.17 percent a year ago, according to mortgage giant Freddie Mac. Rates on 15-year fixed mortgages also dropped slightly, averaging 3.3 percent, down from last week’s 3.31 percent average and 3.57 percent a year ago.
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Stocks rise Friday on consumer confidence, Italy vote
November 12th, 2011 davidguide Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – U.S. stocks celebrated Veteran’s Day will a strong rally. Helping markets advance was a report that showed a better than expected rise in the Consumer Confidence Index and a vote in Italy on its debt reduction plan. At 3 p.m., with just an hour left in trading, the Dow Jones Industrial Average surged 266 points, the Standard & Poor’s 500 Index was up 23 points and the NASDAQ jumped 53. Stocks have had a rocky week as the main focus continued to be on the mounting eurozone sovereign debt crisis. But reports that Italy and Greece have come to an agreement for new governments and leaders in both of their financially countries added some much needed positive sentiment to battered global markets. U.S. stocks cheered as the University of Michigan’s preliminary consumer confidence [...] Continue Reading…
Corzine resigns as head of MF Global
November 6th, 2011 davidguide Diane Alter – AHN News Reporter
Washington, DC, United States (AHN) – Jon Corzine stepped down Friday from running troubled MF Global, the securities firm that collapsed after risky bets on European debt and filed for bankruptcy protection Monday. The firm announced the voluntary resignation of Corzine as chairman and CEO. He will decline a severance package worth $12.1 million, including cash and benefits. MF Global is currently under investigation by securities regulators and the FBI because hundreds of millions disappeared from customer accounts as it teetered into bankruptcy. The brokerage firm has also been hit with lawsuits trying to recover millions of dollars stolen by two Ponzi scheme architects. Corzine, who once ran the prestigious investment firm Goldman Sachs, and was governor of New Jersey before running MF Global, said in a statement that he feels “great sadness about what has transpired at MF Global [...] Continue Reading…
America’s Growing Income Gap, by the Numbers
November 4th, 2011 davidguide ProPublica Staff
Washington, DC, United States (ProPublica) – by Braden Goyette The nonpartisan Congressional Budget Office recently released a much-discussed study showing that over the past three decades the income of the highest-paid Americans has soared while the income of others has grown much more modestly. Here’s a rundown of some statistics illustrating the growing income gap. But first, some context. These numbers reflect income, not wealth. So a retiree who owns two houses and three cars may be far better off than someone with a higher annual income, two kids in college and a mortgage. It’s worth noting that income includes investment income and capital gains. Also, although a 2010 Organization for Economic Cooperation and Development study suggests that there is less income mobility in the United States than in many other developed countries, someone in the richest 1 percent this year may have been in [...] Continue Reading…
America’s Growing Income Gap, by the Numbers
November 4th, 2011 davidguide ProPublica Staff
Washington, DC, United States (ProPublica) – by Braden Goyette The nonpartisan Congressional Budget Office recently released a much-discussed study showing that over the past three decades the income of the highest-paid Americans has soared while the income of others has grown much more modestly. Here’s a rundown of some statistics illustrating the growing income gap. But first, some context. These numbers reflect income, not wealth. So a retiree who owns two houses and three cars may be far better off than someone with a higher annual income, two kids in college and a mortgage. It’s worth noting that income includes investment income and capital gains. Also, although a 2010 Organization for Economic Cooperation and Development study suggests that there is less income mobility in the United States than in many other developed countries, someone in the richest 1 percent this year may have been in [...] Continue Reading…
U.S. stocks flounder Friday as analysts digest latest European deal
October 31st, 2011 davidguide Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – U.S. stocks moved in and out of positive territory Friday after Thursday’s big gains, and finished the week substantially higher. The Dow Jones Industrial Average finished the day at 12,231.02 up 22.48, the Standard & Poor’s 500 Index nudged up 50 cents to $1,285 and the NASDAQ most 1.48 to finish the week at 2,737.15 Oil closed up a few pennies at $93.42, and gold lost $3.50 to $1,743.90 a troy ounce. Investors reacted positively to reports that showed consume spending and income both rose, and a separate report revealing that consumer sentiment edged up a bit. Stocks staged a explosive rally on Thursday rising more than 330 points after European leaders came to an agreement on the euro zone sovereign debt crisis. But as analysts began digesting the news, doubts emerged if [...] Continue Reading…
New fed rules to aid more underwater homeowners
October 25th, 2011 davidguide Diane Alter – AHN News Reporter
Washington, DC, United States (AHN) – Monday morning the Federal Housing Finance Agency announced new rules that will allow many more “underwater” homeowners, those who owe more than their properties are worth, to refinance at current historical low mortgage rates. Up to a million borrowers are expected to take advantage of the new program, the FHFA estimates. Originally rolled out in early 2009, the program has fallen far short of the number of people it was expected to help. Prior to the new rules, only borrowers who owed more than 25 percent more than their homes are worth could participate in the program. The new rules have no cap on how much a borrower owes. Only mortgages backed by Fannie Mae and Freddie Mac will be eligible under the new rules. Officials hope the new rules will help the ailing [...] Continue Reading…
Third credit rating downgrade for Spain in 13 months
October 19th, 2011 davidguide Vittorio Hernandez – AHN News
Madrid, Spain (AHN) – In a span of just a little over one year, Spain has suffered a third debt rating downgrade from Moody’s Investors Service. The rating agency on Tuesday cut Madrid’s rating by two levels to A1 from Aa2. Moody’s also kept a negative outlook for Spain as it reduced the ranking to the fifth highest investment grade. On Oct. 7, Fitch gave Spain the same level of rating on the same day the rating agency downgraded Italy’s debt rating, while Standard & Poor’s cut Spain’s rating on Oct. 14 to the fourth-highest investment grade. Moody’s attributed the downgrade to Spain’s continued vulnerability to market stress that drove up the cost of borrowing. It also cited Spain’s weak growth prospects amid the spreading threat of the eurozone debt contagion to members of the 17-member currency bloc. The rating agency [...] Continue Reading…
U.S. foreclosures up 14 percent in latest quarter
October 15th, 2011 davidguide Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – Market researcher RealtyTrac reported Thursday that the number of U.S. homeowners receiving first-time default notices rose 14 percent from July to September. First-time default notices are the first step in a process that leads to repossession. The increase is a sign that banks are once again moving forward at a rapid rate against homeowners who have fallen behind in their mortgage payments. On a positive note, the rate was 34 percent lower than the same period a year ago. Faster foreclosures could also mean a faster turnaround for the housing market, experts say. But they also caution that the market will not see a revival while a large number of foreclosures still exists. It also took longer for a home to reach foreclosure. In the third quarter, it took an average of [...] Continue Reading…
