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Weekend Update May 22
deviantinvestor.com / by Gary Christenson /
By Everett Millman, head content writer at Gainesville Coins, a leading gold and silver distributor.
ABSTRACT: It was a largely flat week for equities as trading volumes dropped ahead of the holiday weekend in the U.S. It seems large investors have been staying on the sidelines in the stock market, while the bond market remains uncertain after last week’s sell-off. The precious metals gave back much of last week’s gains, but remained above key support levels.
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GOVERNMENT & POLICY
Fed Announcement Overshadowed by Forex Manipulation Fines
Most of the attention in the financial markets was expected to focus on the release of the FOMC meeting minutes this week. While the minutes did have an appreciable effect on the expectations of analysts and market participants, they nonetheless were drowned out of the business news cycle by the billions of dollars in regulatory fines that the various “Too Big To Fail” banks have agreed to.
5 of the world’s largest financial institutions–Barclays, JPMorgan Chase, Citigroup, Royal Bank of Scotland, and UBS–will pay a total of $5.6 billion in fines to various authorities in the U.S. and U.K. for their roles in manipulating the forex market (currency trading). This doesn’t even include the $3.5 billion in fines for Deutsche Bank (the most among the TBTF thus far), nor Barclays’ $2.4 billion (and counting) for attempts to goose the ISDAfix (now known as the ICE Swap Rate).
The post Weekend Update May 22 appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/05/23/weekend-update-may-22/
