-- Published: Wednesday, 15 June 2016 | Print | Disqus
By: Mark O'Byrne
The Central Bank of Ireland has clearly warned about the many risks facing the Irish economy today. Risks which we have warned of in recent months but which have largely been ignored by government, brokers, economists, estate agents, bankers and assorted financial and economic experts.
The Irish Independent covers the Central Bank’s Macro Financial Review today and concludes that “we are not out of the woods yet”:
“Brexit, migration, geopolitical tensions and debt. They’re the big issues that are fuelling economic uncertainty, according to the Central Bank’s latest Macro Financial Review.
The scary thing is that of the four issues identified, there’s only one on which we can have any impact – debt.
The first three are external and entirely out of our hands. And that’s a pretty frustrating place to be in.
War and migration need European if not global action. The most pressing issue here is of course the prospect of a British exit from the EU.
Public debt, while falling, remains high. And it’s the debt-to-GDP ratio that’s falling, not the debt pile itself. Over-indebtedness in the private sector is also a concern.
It still stands at 240pc of GDP, which is both high by historical and international standards.
High legacy debts make us particularly vulnerable to any external economic shock.
We aren’t out of the woods yet.”
See full article here
Congratulations are due to the Central Bank for the warning. It is somewhat belated but better late than never. The cosy narrative of economic recovery runs deep and despite the Irish financial and economic crash and global financial crisis of recent years – groupthink is alive and well in Ireland today.
Gold remains largely taboo and continues to be ignored by the talking heads and assorted financial experts despite being one of the few assets which will protect and grow Irish people’s wealth in the coming years.
Gold Prices (LBMA AM)
15 June: USD 1,282.00, EUR 1,141.49 and GBP 903.04 per ounce
14 June: USD 1,279.40, EUR 1,140.84 and GBP 904.79 per ounce
13 June: USD 1,284.10, EUR 1,139.25 and GBP 909.27 per ounce
10 June: USD 1,266.60, EUR 1,121.07 and GBP 876.87 per ounce
09 June: USD 1,258.35, EUR 1,107.98 and GBP 870.53 per ounce
08 June: USD 1,252.40, EUR 1,101.61 and GBP 851.65 per ounce
07 June: USD 1,241.10, EUR 1,091.42 and GBP 851.02 per ounce
Silver Prices (LBMA)
15 June: USD 17.25, EUR 15.37 and GBP 12.17 per ounce
14 June: USD 17.25, EUR 15.37 and GBP 12.17 per ounce
13 June: USD 17.32, EUR 15.37 and GBP 12.23 per ounce
10 June: USD 17.32, EUR 15.33 and GBP 12.01 per ounce
09 June: USD 17.05, EUR 15.03 and GBP 11.79 per ounce
08 June: USD 16.75, EUR 14.73 and GBP 11.50 per ounce
07 June: USD 16.31, EUR 14.36 and GBP 11.18 per ounce
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-- Published: Wednesday, 15 June 2016 | E-Mail | Print | Source: GoldSeek.com