Something surprising happened on Friday afternoon: in the latest daily COMEX update 25,386 ounces of Registered gold had been "adjusted" out of registered and into eligible. This reduction in deliverable Comex gold pushed the amount of registered Comex gold to an all time low: at 351,519 ounces registered Comex gold has never been lower! It also means that as of Friday's close there was a whopping 123.8 ounces in potential paper claims to every ounces of physical gold.
Lately the leaders of some of the world’s biggest energy companies have been saying oil prices will remain depressed for some time – perhaps for the next five years – and now they’ve decided to cut their costs in the most painful way possible: massive job cuts.
President Obama Explains How His "Clean Power Plan" Does Not Make Him "Nation's Greatest Destroyer" - Live FeedSubmitted by Tyler Durden on 08/03/2015 - 14:11
Ironically on the day when another coal company collapses into bankruptcy, President Obama begins the pitch for his "Clean Power Plan" which Murray Energy CEO Robert Murray described as "biazrre", blames for the collapse in the coal industry, and has now filed five federal lawsuits against the president who Murray believes is "the nation's greatest destroyer."
"Having lived in [western] Europe, I realise that they often confuse Nazism with nationalism, which for us Ukrainians is more akin to patriotism. It’s not about considering your own ethnic group as superior, but being proud of it, and of defending your country."
In this moment of history there is an astounding lack of seriousness among people who pretend to be political heavyweights. No one so far has nailed a proper bill of grievances to the White House gate. A broad roster of dire issues facing this society ought to be self-evident. But since they are absent so far in the public discussion, here is our list of matters that serious candidates should dare to talk about (all things that a sitting president could take action on)...
Just a few short years after they dared to downgrade the US, S&P has unleashed their worst on Europe:
*EUROPEAN UNION OUTLOOK REVISED TO NEGATIVE FROM STABLE BY S&P
We are sure this will be met by S&P office raids throughout Europe, litigation over somethhing or other, and denials broadly from any and every unelected member of EU's elite... because "when it's serious you have to lie."
Following our discussion of perhaps the most successful (and/or most risky) trades of the last decade - that of shorting the front-month VIX - we were less than surprised that VXX -the VIX ETF has collapsed to new record-lows this morning. A snap higher in VIX has been met by an avalanche of vol selling and, as we discuss below, the accelerating contango as expirations loom has encouraged yet more to take on unlimited risk positions to pick up pennies in front of the steamroller. All the time "The Fed has your back," it appears traders believe the steamroller driver has his foot on the brake... As if on cue - VIX has spiked and VXX surged.
Having broken its 200DMA earlier this morning, selling pressure has continued in the "as goes AAPL, so goes the US economy market" stock. Now down almost 12% from earnings exuberance, AAPL is in correction territory and is trading at six-month lows...
Jimmy Carter Rages At What The U.S. Has Become: "Just An Oligarchy With Unlimited Political Bribery"Submitted by Tyler Durden on 08/03/2015 - 12:41
"It violates the essence of what made America a great country in its political system. Now it’s just an oligarchy, with unlimited political bribery being the essence of getting the nominations for president or to elect the president. And the same thing applies to governors and U.S. senators and congress members. So now we’ve just seen a complete subversion of our political system as a payoff to major contributors, who want and expect and sometimes get favors for themselves after the election’s over."
The carnage is contagious. The S&P 500 just broke down below its 50- and 100-day moving averages unable to hold the ubiquitous pre-EU-close ramp highs. Treasury yields have plunged since the weak spending and ISM data with the 5Y breaking below its 200-day moving average and 30Y yields testing 3-month lows...
The cracks in the facade are starting to show... as we warned yesterday, it is different this time...
Unequivocally good for someone, somewhere surely... Following WTI's drop to a $45 handle, Brent just broke below $50 (to $49.80 lows) for the first time since January...
As opposition lawmakers accuse Tayyip Erdogan of blocking efforts to form a coalition government, Ankara says the PKK orchestrated a suicide attack that killed three Turkish soldiers. Meanwhile, Erdogan says Vladimir Putin is ready to "give up on" Bashar al-Assad in Syria.