• Gold Money
    05/26/2016 - 14:27
    Here’s a question that might have you pondering: Is gold a commodity? More importantly, are we doing a disservice to the gold industry by calling gold a commodity? These may sound like silly...

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Ryan Folds? - Republican Speaker Ready To Endorse Trump

House Speaker Paul Ryan has begun telling confidants that he wants to end his standoff with Donald Trump according to Bloomberg. Just 3 weeks after "just not being ready" to endorse Trump, and 2 weeks after signalling "unity" having met with The Donald; it seems the speaker's decision, according to two people close to the lawmaker, was driven in part because he’s worried the split has sharpened divisions in the Republican Party.


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The Return Of Fracking To UK? First Permit Issued In Five Years

In a 7-4 vote, Councilors of the county of North Yorkshire approved industrial tests on Monday in a move that will allow fracking in Britain for the first time in five years. The Guardian reported that the go-ahead “swept aside” vocal protests from residents and environmentalists who feared “catastrophic seismic activity, health problems, and pollution” if hydraulic fracturing was introduced.


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Former Patriot Coal CEO Murdered

While the US coal industry has had its share of bad news in the past year, following extensive plant shutdowns and numerous bankruptcies including that of the largest US coal producer Peabody Energy, there was some even more tragic news last night when as AP reported, West Virginia State Police say longtime coal company executive and recent Patriot Coal CE Bennett K. Hatfield has been murdered.


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In Latest Market Rigging Settlement, Citi Fined $425MM For Manipulating Interest Rates

Another day, another too-big-to-fail bank gets slapped on the wrist after being busted for blatant rigging of the market. The CFTC Order finds that from Jan 2007 to Jan 2012, Citibank on multiple occasions attempted to manipulate, and made false reports concerning, the U.S. Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a global benchmark for interest rate products. Notably, while a handful of European banks have already settled criminal or civil claims tied to Libor rigging, Citi is the first U.S. bank to do so. Citi will pay a combined $425 million to resolve this manipulation, and as they proudly note in the press release, with today's actions, CFTC has imposed over $5.08 billion in penalties in 17 actions against banks and brokers to address rigging and manipulation in ISDAFIX, FX, and LIBOR benchmarks.


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IMF "Not Ready" To Add Funds To Greek Bailout As It Stands, Needs More Debt Relief Details

Just when the Greek debt deal appeared certain even if as we reported last night, virtually all the funds from the approved first tranche would go to repaying creditors, the IMF, which has been pushing for more debt relief since last summer, appears read to pull the plug again, following a report that the IMF isn’t officially endorsing the latest Greek debt deal until the board approves new loan program, and according to AFP, the IMF is not ready to add funds to the Greek bailout as it stands now.


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The Choice For Venezuela Is Stark: Print Money & Fail Or Establish Sound Money

If the state/central bank attempts to create capital by printing or borrowing money into existence, private capital will flee because the writing is on the wall: the currency and economy are doomed. You can create currency out of thin air, but you can't create sound money out of thin air or real capital out of thin air. If the state/central bank surrenders the money-printing press, and accepts the limitations of a currency it can't print into hyper-inflation, then private capital will enter the economy because it can trust that the currency can't be devalued by politicos or the central bank.


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WTI Crude Nears $50 Then Tumbles After Bigger Than Expected Gasoline Build Offsets Production Cut

The July WTI contract neared $50 for the first time since early November ahead of this morning's DOE data, extending gains from last night's API-reported biggest draw since 2015 (which we warned seemed like catch up from a big build last week). DOE confirmed the big draw with a 4.22mm drop in inventories (less than API's 5.13 but more than 2mm expected) and further an even bigger draw at Cushing. Gasooline saw an unexpected build (+2.04mm vs -1.5mm exp) as Distillate inventories fell for the 6th week in a row. Production fell for the 18th week in a row, holding at Sept 2014 lows. Crude's reaction was chaotic, testing up over $49.60 and down to a $48 handle.


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In Today's Layoff News: Microsoft Fires 1,850; Intel Cuts 350; Shell Terminating 2,200

How do you know the Fed is justified in hiking again, the economy is recovering, and the market are zooming higher? One hint is the just announced thousands in layoffs in both the energy and tech sector, among which are Shell, which announced it would layoff 2,200 jobs; Microsoft reporting it would cut 1,850; and Intel terminating up to 350 jobs in Germany.


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US Services PMI Tumbles, Misses By Most On Record "Dealing Blow To Q2 Rebound Hopes"

After a brief dead cat bounce, the US services economy has tumbled back to 3-month (near 7 year) lows, missing expectations by the most on record. With the slowest pace of hiring since Dec 2014 (signalling a mere 128k rise in payrolls for May), business optimism plunged to record lows (since the survey began in Oct 2009). As Markit concludes, the May data "deals a blow to hopes that the US economy will rebound in the second quarter after the dismal start to the year."


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Are Investors Idiots?

Statistically, the likelihood of a crash coming on any given day is small. But that is a little like telling a turkey not to worry because the likelihood of Thanksgiving is only 1 out of 365.


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"Run For Cover If You’re Short" Gartman Pleads One Day After Saying "2,025 Is A Given"

"Anybody who's short - and there are a lot of smart people who are in fact heavily short - they have to run for cover, and I think it could get ugly.  In our account here, we quite literally were grasping for almost anything we could to reverse our position. Covering… or actually greatly reducing… our short position in the derivatives market was the first course of action.... We’ve learned over the years that when such things occur it is better to “shoot first and ask questions later."


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Feds Probing Potential Insider Trading By Senator Bob Corker

A real-estate firm that has been a favored investment of Sen. Bob Corker, R-Tenn. is under investigation by federal law-enforcement officials for alleged accounting fraud. The FBI and the SEC are focusing their examination of CBL & Associates Properties on whether officials at the Chattanooga, Tenn., company falsified information on financial statements to banks when applying for financing arrangements. The FBI and SEC are also inquiring into the trades of Bob Corker who has made millions of dollars in profits trading the company’s stock in recent years


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Emerging Markets Turmoil Signal Pain Ahead For US Stocks

Follow EM or not? That is the big question that BofAML asks as once again Emerging Market stocks are decoupling (lower) from an exuberant US equity market.


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Just Stop It!

The posse of fools in the Eccles Building is so petrified of a stock market hissy fit that it has more or less created a Wall Street doomsday machine.


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