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Head Of Deutsche Bank "Integrity Committee" Fired Due To "Overzealousness"

Perhaps it is merely a coincidence but just weeks after Deutsche Bank became the first bank to admit to rigging the gold market (and agreeing to rat out fellow manipulators) yesterday afternoon the head of Deutsche Bank's "integrity committee" announced he would resign two years before his time, which is a polite way of saying he was fired.


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Goldman Sachs Stopped Out Of "Short Gold" Recommendation

With the Yen and Yuan surging, it appears money is greatly rotating out of US dollars and into an 'alternative' currency as Gold soars over $1290. More problematically for Goldman Sachs' Jeff Currie is his "Short Gold" recommendation just got stopped out...


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Atlanta Fed Unveils First Q2 GDP Forecast, Sees 1.8% Growth, 0.5% Below Wall Street Consensus

After being just fractionally above the official Q1 GDP print which yesterday came in at 0.5%, moments ago the Atlanta Fed unveiled its first Q2 GDP estimate which it sees at 1.8%, roughly 0.5% below the sellside average estimate of 2.3%, and just in line with the lowest forecast.


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The Fed Just Found Its Next Excuse Not To Hike Rates

As June looms, The Fed - having dropped 'some' of its global event risk language in the latest statement - is now desperate for an excuse to not hike rates (or face a total loss of credibility). Judging by Fed's Kaplan, they just found it...

*KAPLAN SAYS FED WILL WATCH U.K. POLLS ON BREXIT CLOSELY IN JUNE

Which is a problem as 'Brexit' just moved into the lead among YouGov polls.


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Is The World Getting Crazier, But We No Longer Notice?

The banquet of consequences is about to be served.


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Oil Suddenly Tumbles

Having risen all day on the back of the weaker dollar now sliding to nearly one year lows, moments ago oil just wiped out all its intraday gains and tumbled to unchanged, losing almost a dollar in seconds.


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Consumer "Hope" Slumps As Inflation Expectations Hit Record Lows

Despite surging stock prices in April, UMich's final Consumer Sentiment print slipped to 89.0 (from 89.7 prelim and 91.0 previous) notably below expectations and the lowest since September 2015. Under the covers though, it was "hope" that really plunged, as Consumer expectations dropped to 77.0 - the lowest since September 2014. However, worst of all for The Fed is that medium-term inflation expectations tumbled back to 2.5% record lows.


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OPEC Set To Pump Even More Oil In April As Saudi Arabia Boosts Exports To Near-Record High Levels

In one of the least surprising highlights from the ongoing earnings season, yesterday we reported that as oil continues to rise, US shale companies are starting to resume mothballed production. And now, according to the latest Reuters production survey, in the aftermath of the failed Doha oil freeze agreement, OPEC will be the next to boost production in the coming month, expanding supplies from an already oversupplied 32.46MMb/d to 32.64MMb/d. Finally, Reuters just blasted that Saudi Arabia is boosting its exports to near-record high levels.


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Chicago PMI Tumbles From March Dead-Cat-Bounce "Plagued By A Lack Of Orders"

March's dead-cat-bounce in Chicago PMI (like January's) has died again as the business barometer drops to just 50.4 (from 53.6) missing expectations of 52.6. This barely-above-contractionary level was driven by an 11-point collapse in Order backlogs to the lowest since Dec 2015, and as MNI reports, "order patterns continued to be plagued by a lack of large orders and absence of international demand, purchasers said."


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Bill Gross: "The World's Central Banker" Has Flatlined U.S. Economic Growth

"...there clearly is a Yellen put, but over the last two meetings it's been extended to include global risk markets... I think they're acknowledging that the Fed is the world's global central banker."


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Rally In Gold Stocks Reaches First Big Challenge

A key index of gold stocks is hitting its first level of major potential resistance since its false breakdown to all-time lows in January.


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Savings Rate Highest Since December 2012 After Personal Spending Disappoints Again

Following the drastically revised-away surge in spending in January, and the savings rate surge to 2012 highs in Feb, March's income and spending data released today showed more problems for The Fed. While income grew 0.4% MoM (more than the 0.3% expectations), spending disappointed with a mere 0.1% rise (against +0.2% MoM expectations). Year-over-year spending growth slowed to 3.5% - the weakest since December and income growth slowed to 4.0% YoY leaving the savings rate at its highest since December 2012.


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Trending On Twitter

One look at Twitter this morning and we are left with the impressions that if it was indeed the intention of Bloomberg's source (and/or Bloomberg), to "shut down" the website, it may have backfired.


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"You've Lost Their Confidence" Tom Coburn Exhorts Congress "America Doesn't Trust You Anymore"

"America doesn’t trust you anymore. That’s the truth... and that’s not one party, that’s both" raged former Senator Tom Coburn during a hearing before the Senate Committee on Homeland Security and Governmental Affairs this week. As FreeBeacon reports, Coburn, making his first appearance before the Senate since his farewell speech when he retired in late 2014, pleaded with Congress to take action to reform government, quoting de Tocqueville, that an ever more centralized control reduces its citizenry "to nothing better than a flock of timid and industrious animals, of which the government is the shepherd."


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Gold & Silver Surge To New Cycle Highs After China Strengthens Yuan By Most In 11 Years

With Japan closed, and unable for now to do more damage (or damage control), China stepped in with some modest turmoil of its own by strengthening the Yuan fix by the most since 2005, pressuring the USD weaker for the 5th day in a row. Commodities have tended to push higher on the back of this with Crude above $46.50 but Gold and Silver have surged to fresh 15 month highs (over $1275 and near $18 respectively).


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