Britain’s £173 Billion “Debt Timebomb”

Submitted by Mark O’Byrne  –  GoldCore

UK households are sitting on a £173 billion debt time bomb after once again being lured into a spending splurge by banks and credit card companies.

The startling rise in debt levels due to people splashing out on new cars, TVs, conservatories, luxury items, consumer goods and home improvements was uncovered in an investigation by Money Mail.

With a rise in interest rates imminent for the first time in more than eight years, fears are growing that many families will be left struggling with repayments.

The debt mountain stacks up

The amount of borrowing being taken on by households continues to grow at a startling rate, spurred on by hundreds of offers for credit cards and loans.

Bank of England governor Mark Carney has sent a letter to all fund managers asking for reassurance they are able to deal with an anticipated rush of investors making emergency cash withdrawals to cover their mortgages and other debts.

Read full This Is Money article

DAILY PRICES
Today’s Gold Prices: USD 1122.30, EUR 1002.50 and GBP 730.38 per ounce.
Yesterday’s Gold Prices: USD 1120.85, EUR 1003.49 and GBP 728.27 per ounce.
(LBMA AM)

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Note: Premiums on gold have remained steady but silver premiums continue to move higher – especially on silver eagles.

Gold has moved marginally lower today but remains just above $1,120 per ounce, not far from where they were this time yesterday, after they snapped four days of losses yesterday to rise 0.2%.

Gold in Singapore was marginally lower and in early European trading as it gave up the gains from yesterday. Lacklustre trading continues and gold remains locked in a tight $19 range between $1,117.50/oz and the high yesterday of $1,126.30/oz for the last three days.

Silver is down 0.3%, after it outperformed yesterday rising 1.8%, its biggest one-day rally in nearly two weeks.
Platinum’s down 0.3%, and palladium is up 0.6% up for a third day and up 11% in recent days as it bounces from five year lows.

IMPORTANT NEWS

Gold Climbs for Second Day on Dollar Weakness Amid Asian Rally – Bloomberg
Gold firms above 3-wk low as traders await Fed’s rate view – Reuters
Gold prices gain in Asia as investors cautious ahead of Fed next week – Investing.com
Palladium Poised for Biggest Gain This Month on Supply Threat – Bloomberg
Treasure hunter says he has found 100 tons of Soviet gold hidden from Nazis during WWII – RT Question More

IMPORTANT COMMENTARY