Precious Metals

  Gold Futures 3 Months       1,253.94

  Silver Futures 3Months            19.58

Quotes of Bonds

Government Bonds

                                                                                   Price Change    Yield

U.S. 3 Month			-1/32	0.020
U.S. 2 Year			0/32	0.359
U.S. 5 Year			-0/32	1.399
U.S. 10 Year			-1/32	2.494
U.S. 30 Year			6/32	3.490
Germany 2 Year			-1/32	0.208
Germany 10 Year			3/32	1.725
Italy 2 Year			9/32	2.194
Italy 10 Year			27/32	4.436
Japan 2 Year			-1/32	0.147
Japan 10 Year			-11/32	0.887
Spain 2 Year			8/32	2.111
Spain 10 Year			1 1/32	4.592
U.K. 2 Year			1/32	0.385
U.K. 10 Year			6/32	2.421

 Source: WSJ

Real State Project

I have been working lately with 2 partners and close friends since our University education,studying investments in land in Perú. We are not interested in the Boom Urban Real State because we believe
it is already priced to perfection.
We are looking to land investment opportunities and our basic criterion are Location and Price.
  My friends and myself have a long experience in Real State Investments,and we believe that we
can build a good portfolio that we could later monetize with a good profit.
 Initialy we will buy land for ourselves, but the idea is to bring investors later to develop an interesting
Real State Fund, we believe that at least a 25% of any investment portfolio should be allocated to
Real State,which is an asset that you can see and you can touch,and a proper investment in these times
of fiat currencies.
 Location,Location and Location is the most important decision maker and then a very competitive
price of entry.
We will advance or pause in the project depending, on the evolution of the local economic indicators
and the global economic scenario.

Upbeat EU Indicators

Equity in European markets ticked higher in afternoon trading. The Manufacturing PMI index revision
came at 48.8 in June upward adjustments in French and Italian activity more than offset, sluggish
German data. UK Mfg PMI index rose to 52.5 in June, it was expected a 51.4 level

US Economic Indicators

U.S: Purchasing Management Index for June 2013   Actual  51.9     Expected  52.3

ISM Manufacturing Index     Consensus  50.5    Actual   50.9

China´s Indexes up despite a four month low in PMI

Chinese shares went up Monday despite weak purchasing managers' index (PMI) data.

The benchmark Shanghai Composite Index went up 0.81 percent, while the ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, surged 4.37 percent.

China shares opened lower on Monday, as the newly-released PMI came in at 50.1 percent in June, hitting a four-month low and down 0.7 percentage points from May.

The market reversed early losses in the afternoon, driven by bargain hunting after a seven-day losing streak in late June.

But sentiment remained fragile, with total turnover on the two bourses shrinking to 103.15 billion yuan (16.82 billion U.S. dollars) from 160.67 billion yuan the previous trading day.

Source: Xinhua

China's middle class rise,increased wealth management for Banks

The rise of China's middle-class has triggered demand for customized wealth management services, providing opportunities for commercial banks to earn more income, a Lujiazui Forum panel said yesterday.

"Individuals in China had 80 trillion yuan (US$13 trillion) worth of investable assets last year, which expanded by an average annual rate of 21 percent from 2008," said Zhang Yun, vice chairman of the Agricultural Bank of China.

"By the end of 2012, the top-four banks had more than 120,000 private banking customers and managed more than 1.7 trillion yuan of assets," Zhang added.

He said the 80/20 rule has no longer applied in China. At present, 80 percent of financial assets in the country are owned by 15 percent of the population.

"Private banking serves a small group of customers, however this small group has a very large need (for wealth management services)," said Ma Jian, general manager of private banking at the Industrial and Commercial Bank of China. "The small platform of private banking could even leverage the restructuring of the whole banking sector."

Investment needs and the strategic transformation of banks fostered the rapid growth of wealth management business in China. The nation's 18 major banks have made 246.4 billion yuan for their clients with an average return of 4.11 percent annually, the Shanghai bureau of the China Banking Regulatory Commission said in a report yesterday.

Domestic and overseas banks issued 27,565 personal wealth management products last year in Shanghai, up 10 percent from a year earlier. However, the funds they attracted dropped 9.7 percent to 3.34 trillion yuan.

Outstanding products stood at 576 billion yuan at the end of 2012, a 37.5 percent yearly increase. The scale of wealth management products in Shanghai accounted for about 14 percent of the national total, the report said.

Source: Xinhua

Japan. Business Sentiment Postive since September 2011

Business sentiment among large manufacturers in Japan turned positive for the first time in seven quarters, the Bank of Japan's "tankan" quarterly survey for June showed Monday. 
The closely watched diffusion index for large manufacturers' current business conditions stood at plus 4, against minus 8 in the previous March survey, logging the first positive figure since September 2011. The sentiment picked up for the second straight quarter.

Source: Jiji Press

China's PBOC will adjust liquidity in an appropiate manner

China's central bank governor Zhou Xiaochuan told the Lujiazui Forum in Shanghai that the central bank will guide financial institutions to maintain reasonable lending policies.

Zhou said that the Central bank of  China will adjust market liquidity in an appropriate manner.

Earlier this week, the central bank took actions to quell fears a recent money squeeze, which pushed interbank money rates to historic high, could expand into a full-blown financial crisis and hurt real economy. But still, the central bank has made it clear and reiterated that there is reasonable level of liquidity and lenders should improve money management and lending practices.

Source: Shanghai Daily

Precious Metals Quotes

Price of Precious Metals Futures 3 Months

                                  US$
Gold                       1,238.94

Silver                          19.48