China bans creation of new gold exchanges

Source: China.org.cn

The PBOC announced it will ban the creation of new gold exchanges as well as any setting up of gold trading platforms on the already existing exchanges.  The move aims combating with illegal practices involved in the gold trading as the number of gold exchanges has increased dramatically in recent years on the surging yellow metal's prices with soaring malpractice on the gold exchanges.

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Wed, 28 Dec 2011 09:36:22 GMT

Barclays suffers from aluminium and copper bets

Barclays experiences losses of millions of the USD on copper and aluminium trades. The bank denies any rumours about losses; however, LME reports that Barclays is losing money. Barclays had taken long-term positions in copper but the copper price fell dramatically from $10000/tonne to $8000/tonne causing huge losses to the bank. Aluminum trade also weighted up on losses.

Wed, 28 Dec 2011 09:33:50 GMT

ECB: record cash deposits

The ECB announced it has received a record high cash deposits from banks totaling 412bn euros. The growing interest to the deposit facility of the ECB signals the unwillingness to perform interbank lending among the EU banks amid uncertainty over the Euro Zone debt crisis. The cash deposits came from the funds lent by the ECB to the banks last week to ease financial difficulties

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