The news that the London Interbank Offer Rate (LIBOR) system of setting interest rates is running into trouble was surprising at first glance.
In Far East trading, both gold and silver got sold off…starting at the Hong Kong open. However, the bottom was in the moment that London traders showed up for the day. But the real fireworks didn’t start until the New York traders joined the party…then both metals staged huge rallies. This was, of course, on the back of the US$/oil news.
Grinding To a Halt. This week I have been cheering myself up immensely by reading Transport for London’s ‘Transport 2025 – A Vision for a Growing World City.’ Cheering myself up because I don’t live in this ‘Growing World City’!