GOLD FUTURES RISE TO RECORD $1,522.80 AN OUNCE AFTER BERNANKE AND CO KEEP PRINTING MONEY…

FROM BLOOMBERG :

Silver rallied to an all-time high as investors sought to protect their wealth against accelerating inflation and a weaker dollar with holdings in a metal that also benefits from economic growth.

Immediate-delivery silver climbed as much as 5.4 percent to $49.79 per ounce, surpassing the previous peak, which according to research company GFMS Ltd was $49.45 in January 1980. The metal traded at $49.2563 at 1:15 p.m. in Singapore, up for a ninth day and set for the longest winning run since an 11-day increase in March 2008. Spot gold also reached a record.

July-delivery silver on the Comex in New York jumped as much as 8.2 percent to $49.845 per ounce, before trading at $48.730. The record was $50.35 an ounce, also set in January 1980, according to the exchange. Gold for immediate delivery climbed as much as 0.7 percent to $1,517.98 per ounce.

LIST BY THE RESTAURANT Magazine :

1) Noma (Copenhagen, Denmark)

2) El Celler de Can Roca (Girona, Spain)

3) Mugaritz (Renteria, Spain)

4) Osteria Francescana (Modena, Italy)

5) The Fat Duck (Bray, England)

6) Alinea (Chicago, Illinois)

7) D.O.M. (São Paolo, Brazil)

Arzak (San Sebastián, Spain)

9) Le Chateaubriand (Paris, France)

10) Per Se (New York)

11) Daniel (New York)

12) Les Créations de Narisawa (Tokyo, Japan)

13) L’Astrance (Paris, France)

14) L’Atelier de Joël Robuchon (Paris, France)

15) Hof Van Cleve (Kruishoutem, Belgium)

16) Pierre Gagnaire (Paris, France)

17) Oud Sluis (Sluis, Netherlands)

18) Le Bernardin (New York)

19) L’Arpege (Paris, France)

20) Nihonryori RyuGin (Tokyo, Japan)

21) Vendôme (Bergisch Gladbach, Germany)

22) Steirereck (Vienna, Austria)

23) Schloss Schauenstein (Fürstenau, Switzerland)

24) Eleven Madison Park (New York)

25) Aqua (Bath, England)

26) Quay Restaurant (Sydney, Australia)

27) Iggy’s (Singapore)

28) Combal Zero (Rivoli, Italy)

29) Martín Berasategui (Lasarte-Oria, Spain)

30) Bras (Laguiole, France)

31) Biko (Mexico City, Mexico)

32) Le Calandre (Rubano, Italy)

33) Il Ristorante Cracco (Milan, Italy)

34) The Ledbury (London, England)

35) Chez Dominique (Helsinki, Finland)

36) Le Quartier Français (Franschhoek, South Africa)

37) Amber (Hong Kong, China)

38) Dal Pescatore (Mantova, Italy)

39) Il Canto (Siena, Italy)

40) Momofuku Ssäm Bar (New York)

41) St. John (London, England)

42) Astrid y Gastón (Lima, Perú)

43) Hibiscus (London, England)

44) La Maison Troisgros (Roanne, France)

45) Alain Ducasse Au Plaza Athénée (Paris, France)

46) De Librije (Zwolle, Netherlands)

47) Restaurant de l’Hôtel de Ville (Crissier, Switzerland)

48) Varvary (Moscow, Russia)

49) Pujol (Mexico City, Mexico)

50) Asador Etxebarri (Atxondo-Bizkaia, Spain)

From LA VANGUARDIA :

Nervios y euforia. Es lo que vivieron este lunes los cocineros españoles que conocieron en Londres la noticia de que ocupan los primeros puestos en la lista de los mejores restaurantes del mundo (The S. Pellegrino World 50 Best Restaurants 2011), elaborada anualmente por la revista británica Restaurant, con los votos de más de 800 expertos de todo el planeta.

El danés Noma, que regenta en Copenhague René Redzepi, vuelve a ocupar el primer lugar, que el año pasado lo llevó a desplazar al segundo puesto a su maestro Ferran Adrià, proclamado entonces el cocinero más influyente de la década –El Bulli ya no compite en la lista, por la inminencia de su cierre como restaurante–. Tras el establecimiento danés, se sitúan El Celler de Can Roca (Girona) y Mugaritz (Rentería), en los números dos y tres. En el octavo lugar el restaurante Arzak, cuyo artífice, Juan Mari Arzak, recibió un homenaje por su carrera profesional en la gala que se celebró por la tarde. Durante ésta, su hija Elena recordó la trayectoria de su padre y elogió “el espíritu curioso de alguien que observa el mundo con ojos de cocinero y sin perder, al mismo tiempo, la mirada curiosa del niño”. Una persona, recordó, que “se emociona igual cuando se le acerca uno de sus nietos con un juguete como cuando degusta en Shanghai un cangrejo peludo”.

Contentísimo tras conocer la clasificación, Joan Roca afirmó a La Vanguardia que “el resultado demuestra que en España hay vida después de El Bulli. Que seguimos el camino que ellos han iniciado y lo que ocurre en las cocinas españolas no es una burbuja sino algo serio en lo que creen quienes han votado esta lista”. Roca quiso recordar que “el mérito es de los tres hermanos. No soy el segundo mejor cocinero del mundo sino el chef del segundo mejor restaurante”. Igualmente satisfecho, Andoni Luis Adúriz aseguró que “es un sueño que España ocupe el segundo y tercer puesto en una lista tan competitiva” y apuntó que hay que seguir soñando en llegar a alcanzar el primer lugar y “seguir trabajando con responsabilidad”.

En el cuarto lugar de la lista se sitúa el restaurante del italiano Mássimo Bottura, Hostería Franciscana, al que siguen el británico Fat Duck (que baja dos puestos), Alinea (Chicago) y DOM, del brasileño Alex Atala Noma, todos ellos establecimientos que apuestan por la cocina de vanguardia. Tras el octavo puesto de Arzak, completan los diez primeros el bistrot parisino Le Chateaubriand, del chef vasco Iñaki Azpitarte, y el restaurante de Thomas Keller Per Se (Nueva York), Entre los 50 mejores se cuentan otros establecimientos españoles. Además de los citados, aparecen también Martín Berasategui (Lasarte), en el puesto 29 y el asador Etxebarri (Atxondo), en el número 50.

From Reuters:

“Everyone was very quick to say that there were no contagion risks bubbling out of Lisbon, but people were very rash in those original assumptions,” economist at 4Cast Jo Tomkins said.

“Liquidity is definitely dropping back due to the Easter effect on participation in the T-bill auction. The vultures are circling over Madrid, but I think the lions share of the market thinks Spain will be okay.”

The difference between 10-year Spanish bonos and the German Bund stood at around 226 basis points on Monday after the auction, up from 214 bps before the sale.

That still reflects vastly lower risk priced in than for Greece and Portugal. The Greek/German 10-year government bond yield spread was last 11 basis points up on the day at 1,079 bps while the equivalent Portuguese/German spread neared 600 bps.

Many economists say Spain has distinguished itself from Portugal, Greece and Ireland after a slew of austerity measures and structural reforms but contagion fears remain and the T-bill auction results suggests a sharp rise in bond yields at Wednesday’s auctions.

The yield on the benchmark Spanish 10-year bond with a 5.5 percent coupon, to be auctioned on Wednesday, rose to 5.6 percent on Monday in the secondary market compared to an average yield of 5.162 percent at the last time it was auctioned in March.

WHO SAID THERE IS  NO CONTAGION AFTER PORTUGAL ¿?¿?¿?

Reuters :

Finland’s euro-skeptic bloc is poised to form a government with the pro-Europe National Coalition led by Finance Minister Jyrki Katainen after voters used yesterday’s election to protest against funding bailouts.

The True Finns, whose leader Timo Soini says taxpayers shouldn’t have helped rescue Greece or Ireland, jumped almost 15 points to 19 percent, the Justice Ministry said. Katainen’s National Coalition won 20.4 percent to become Finland’s biggest party for the first time. Prime Minister Mari Kiviniemi’s Center Party got 15.8 percent and the Social Democrats, which also opposed bailouts for Greece and Ireland, won 19.1 percent. Kiviniemi will lead her party in opposition after its “huge defeat,” she told broadcaster YLE.

“They could not leave the True Finns out of government after this landslide,” said Tuomo Martikainen, professor emeritus in political science at the University of Helsinki, by phone. “It would be making a mockery of democracy.”

“Finland’s government will demand new negotiations over the package or block it,” Martikainen said. The True Finns and the Social Democrats “would lose face in Finland if they just approved the financial aid,” he said.

€ CAVEAT EMPTOR …

Courtesy of The Big Picture

The BOJ ( Central Bank of Japan ) answered the question that nobody does. What is causing the rally in Commodities :

“While the strong increase in commodity prices has been driven by global economic growth propelled by emerging economies, speculative investment flows into commodity markets have amplified the intensity of the price surge. The dynamics of global commodity prices has been changing as well, in accordance with the growing presence of financial investors in commodity markets. The entry of new financial investors has paved the way for the “financialization of commodities”. Consequently, global commodity markets have become more sensitive to portfolio rebalancing by financial investors, which has made commodity markets more correlated with other asset markets, including major equity markets. Furthermore, globally accommodative monetary conditions have played an important role in the surge in commodity prices, both by stimulating physical demand for commodities and driving more investment flows into financialized commodity markets.”

So thank you Mr. Bernanke for such a wonderful job !!!