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Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

Debt Bubble in Ireland and Globally

Interest-Rates / Global Debt Crisis 2016 Aug 31, 2016 - 02:22 PM GMT

By: GoldCore

Interest-Rates

Mark O’Byrne, Research Director of GoldCore, was interviewed by Max Keiser about the arrival of negative interest rates in Ireland and Germany, the risk of bail-ins, the return of a rental and property bubble in Dublin, the Irish and global debt bubble and why wealthy individuals and institutions are diversifying into gold.


Mark O’Byrne interviewed by Max Keiser – Starts 12:24 – Watch here 

Key points in the interview are:

– Groupthink in Ireland and internationally with few questioning the “recovery narrative”

– Irish government, like the U.S. and most western countries, is technically insolvent but this is masked by “statistical manipulation”

– Ireland ‘s national debt is €185 billion – down to 91% of GNP – this sounds good but totally bogus as excludes all future pensions liabilities – state and private

– Irish state pensions not included and they alone add another €100 billion – pushes debt to GNP ratio over 150%

– Non state, private pension liabilities in Ireland are estimated to be roughly another €80 billion

– Irish banks weakest in EU as seen in stress tests. Therefore real risk of deposit bail-ins

– Real risk of another global financial crisis given “astronomical” debt levels throughout the western world

– Wealthiest investors and largest institutions in the world, including Lord Rothchilds and insurance company Munich Re, are diversifying into gold

Interview with Mark O’Byrne starts at 12.24 and can be watched here:

Gold Prices (LBMA AM)

31Aug: USD 1,314.45, GBP 1,000.30 & EUR 1,179.19 per ounce
30Aug: USD 1,318.85, GBP 1,008.39 & EUR 1,180.90 per ounce
26Aug: USD 1,324.90, GBP 1,002.95 & EUR 1,173.33 per ounce
25Aug: USD 1,324.50, GBP 1,001.06 & EUR 1,172.98 per ounce
24Aug: USD 1,337.30, GBP 1,010.73 & EUR 1,185.38 per ounce
23Aug: USD 1,338.50, GBP 1,015.25 & EUR 1,181.09 per ounce
22Aug: USD 1,334.30, GBP 1,018.20 & EUR 1,181.26 per ounce

Silver Prices (LBMA)

31Aug: USD 18.74, GBP 14.27 & EUR 16.82 per ounce
30Aug: USD 18.78, GBP 14.35 & EUR 16.82 per ounce
26Aug: USD 18.67, GBP 14.15 & EUR 16.54 per ounce
25Aug: USD 18.50, GBP 14.02 & EUR 16.39 per ounce
24Aug: USD 18.84, GBP 14.23 & EUR 16.70 per ounce
23Aug: USD 18.98, GBP 14.40 & EUR 16.75 per ounce
22Aug: USD 18.91, GBP 14.45 & EUR 16.74 per ounce

This update can be found on the GoldCore blog here.

Mark O'Byrne

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WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

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