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Extreme volatility in the markets expected on Sunday June 17th


This coming Sunday, June 17th 2012, Greek elections are going to be a highly anticipated event, all market participants will be watching closely. The outcome of the Greek election could pave the way of a EU exit by the Greeks or could solidify their position regarding austerity measures, all depending on who wins the elections. Some journalists are calling these elections a referendum on the Euro. 

Special Drawing Rights(SDR) a new reserve currency?

GlobalCurrencySDRs are supplementary FX assets defined and maintained by the IMF(International Monetary Fund). While the SDR is not a currency but a claim to currency, the SDR is seen by some economists as a possible replacement of the USD as the world’s reserve currency. The IMF maintains a public page displaying current SDR per currency unit values – here

The world is in search of a new world currency to replace the volatile USD. Will this be the SDR or perhaps the Euro. Let's see what the SDR is and whether or not it has the potential to be the next world currency

The basics

The SDR was created in the 1960s to combat problems similar to what the Chinese Yuan is experiencing today. When the SDR was started the Bretton-Woods fixed exchange rate system was in place.

Silver is down, buy or sell?

As of the writing of this article silver stands at $39.39, which is 20.87% down from the high of $49.78 set on Apr 25th.

The CME has raised silver margin requirements several times in the last 10 days, maintenance margin requirements have been raised to $12,000 from $9,500 just a week ago(source). Silver traders apparently got the message and started taking profits.

Review for Week of Apr 18-22

After a sharp escape into reliable assets on Monday(Apr 18th), investors quickly regained their positions on Tuesday and Wednesday. Strong data for PMI services sector and industry in France and Germany, beating of expectations for new housing in the U.S. and impressive profit from companies such as Intel, IBM and Apple helped to overcome fears of global economic slowdown.

Gold hit $ 1,500 an ounce, and European stocks recovered what was lost on Monday, while bond yields are lower than the maximum at the beginning of the week.

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