By ALEX BRITTAIN
The euro zone's two largest economies avoided shrinking between April and June, but the resilience of Germany and France wasn't enough to prevent the currency bloc's economy as a whole from falling back into contraction. Dow Jones's Jenny Paris discusses. Photo: Getty ImagesThe euro zone's two largest economies avoided shrinking between April and June, but the resilience of Germany and France wasn't enough to prevent the currency bloc's economy as a whole from falling back into contraction.
Euro-zone economic output fell 0.2% in the second quarter from the first, the European Union's statistics agency Eurostat said Tuesday. That is in line with economists' forecasts in a Dow Jones Newswires poll. Output fell 0.4% year-to-year, again matching expectations.
The decline, which follows zero growth in the first three months of the year, is likely to make it harder for euro-zone leaders to end the fiscal crisis which has forced several member states to request financial aid and raised questions about the bloc's ability to survive in its current form. Rising unemployment and falling consumer and business confidence could worsen public finances in many countries, pushing back debt-reduction targets and heightening concern among investors.
Growth in Germany and stagnation in France—performances that were both better than economists had expected—prevented a steeper decline in euro-zone output in the period. But with signs growing that these two core economies will struggle during the rest of the year, the prospects for the euro-zone as a whole look set to deteriorate.
http://online.wsj.com/article/SB10000872396390444318104577588483371390156.html
Bert Dohmen: Coming Up−The Buying Opportunity of a Lifetime in Gold
Also, Ryan Puplava with this week’s Market Wrap-up and Rob Bernard with the Fixed Income ReportBIG PICTURE08/11/2012
RealPlayer WinAmp Windows Media MP3James J Puplava CFP with Ryan Puplava CMT, Bert Dohmen, and Robert BernardSponsored by: PFS GroupJim is pleased to welcome back Bert Dohmen from Dohmen Capital and The Wellington Letter this week. Bert believes that we are coming up on a tremendous buying opportunity in the gold market as he sees much higher prices longer term. He also believes the general market is very difficult to short, as the risk-on, risk-off trades, and increased volatility make shorting very difficult. Ryan Puplava checks in with the week’s Market Wrap-up, Rob Bernard discusses bonds and interest rates in the Fixed Income Report and Jim will take your q-calls this segment.Ryan Puplava joined PFS Group in 1995. He is Senior Trading Manager and works closely with Jim Puplava on PFS Group's Growth investment objective. He also contributes a monthly Market Observation to Financial Sense and co-authors In the Know—a weekly communication for Jim Puplava's clients only—with other members of the trading staff.http://www.financialsense.com/financial-sense-newshour/big-picture/2012/08/11/01/r-puplava-b-dohmen-r-bernard/buying-opportunity-of-a-lifetime-in-goldWhich Way Will the Pendulum Swing for Gold?
One of the most fascinating aspects when watching a sporting event like the Olympics is the historical statistics highlighting the tremendous advances in athleticism over the years. In the spirit of the events this summer, BTN Research compared gold’s advancement from the beginning of the games in Beijing to the London Olympics.On the day of China’s auspicious opening ceremonies on August 8, 2008, gold was $857.80 an ounce. By the time the world watched the opening ceremonies of the 2012 London Summer Olympic Games, the precious metal had climbed to $1,617.90 an ounce. This represents a remarkable increase of 89 percent in four years.
Athletes are often asked if they can keep improving their outstanding performance; I’m asked if gold can continue climbing. As I like to remind investors, gold isn’t always on an upward path. When looking at the average monthly returns over the past decade, you can see that short-term setbacks are normal throughout the year. The yellow metal has historically declined in value in March and June; gold stocks see much greater fluctuations from month-to-month.http://www.financialsense.com/contributors/frank-holmes/which-way-will-the-pendulum-swing-for-goldBy DAVID WINNING And ROBB M. STEWART
SYDNEY—Rio Tinto RIO.AU -0.14% PLC is cutting jobs at its regional headquarters in Melbourne and closing an office in Sydney as the Anglo-Australian mining giant moves to contain costs, two people familiar with the matter said Tuesday.
The restructuring is the latest sign that Australia's mining boom is running out of steam as China's economy slows and Europe struggles to resolve its debt crisis. Resources companies are showing increasing caution about the timing of any recovery in demand and commodity prices—an approach demonstrated by BHP Billiton Ltd.'s BHP +0.11%shutting a coal mine in Queensland state and Rio Tinto's putting another under review.
David Peever, Rio's managing director for Australia, recently told staff in internal emails that some roles in Melbourne will be cut while other workers will be transferred to offices in Perth and Brisbane, one of the people said.
Melbourne will remain a corporate head office for Rio Tinto, but is to be scaled back, the person said.
An office in Sydney where about 30 people work will be closed, the person said, with Rio Tinto turning to leased serviced offices when it needs a presence in the city.
Mining companies are being forced to review their expansion plans and tackle rising operating costs as commodity prices continue to weaken amid concerns over demand from key consumers such as China. Companies operating in Australia have also struggled with the strength of the local currency against the U.S. dollar, the currency in which they operate.http://online.wsj.com/article/SB10000872396390444860104577560401398644984.html
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