Tuesday, August 14, 2012

Anniversary of the Credit Crunch

Alasdair Macleod of GoldMoney:

We are coming up to the fifth anniversary of the financial crisis, at least for the UK’s banking system, because it was five years ago that anxious depositors were queuing up to withdraw their money from Northern Rock, leading to its inevitable rescue by the tax-payer. Anniversaries are often a time for reflection. The Northern Rock failure marked the popping of the UK’s residential property bubble. The signs of excessive valuation were all there, particularly speculation in the buy-to-let market, wide-spread public participation in a “sure thing”, and Northern Rock offering loans with a loan-to-value of 120%. The same extremes of sentiment were visible in the US where there was a lending frenzy on the false assumption that a diverse portfolio of mortgages was somehow risk-free...more



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Previous all-time high: $2311.02 per oz (15 Nov, 2011)

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Previous all-time high: $59.19 per oz (30 Apr, 2011)
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