• 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...

Tyler Durden's picture

Tiffany Shares Slide After Biggest Sales Drop In 6 Quarters, EPS Miss, Guidance Cut

Tiffany reported its steepest sales drop in six quarters, missing analysts' estimates, as a strong dollar discouraged tourists from buying its high-end jewelry and ate into revenue from markets outside the United States. "We faced numerous challenges, including continued pressure from foreign tourist spending in Europe, the U.S. and Asia, particularly in Hong Kong."


Tyler Durden's picture

Switzerland Prepares To Vote On "Free Lunch" For Everyone

In early June the Swiss will be called upon to make a historic decision. Switzerland is the first country worldwide to put the idea of an Unconditional Basic Income (of $2,500 per month for every man, woman, and child for doing absolutely nothing) to a vote and the outcome of this referendum will set a strong precedent and establish a landmark in the evolution of this debate. The main argument of the supporters of this initiative is that it would support the people that will, or already do, lose their jobs to automation and technological progress; a defensive move against “the rise of the robots” as they put it. The promise of a free lunch is by no means a new thing in politics. Getting “something for nothing” is an age-old shiny trinket that has been dangled before the eyes of the public since time immemorial...but at the end of day, someone will have to pay for it.


Tyler Durden's picture

Frontrunning: May 25

  • Oil nudges $50 a barrel as investors bet on shrinking overhang (Reuters)
  • From hinterland to wonderland: China's 'teapot' refinery boomtowns (Reuters)
  • Peter Thiel Has Been Secretly Funding Hulk Hogan's Lawsuits Against Gawker (Forbes)
  • China Wants to Set Prices for the World's Commodities (BBG)
  • Big Banks Ladle On the Risk (WSJ)
  • China Said to Plan Asking U.S. on Timing of Fed Rate Hike (BBG)

Tyler Durden's picture

Gundlach Feels Like We Are Back In December, Says "Stocks Are Dead Money" After A Short Squeeze

Jeffrey Gundlach, the chief executive officer of DoubleLine Capital, said on Tuesday that the rally in U.S. stocks, which began on Monday, feels like a short squeeze and characterized U.S. stocks as "dead money." He added that  "all that matters is Yellen. She is still there. I feel like we are back in December again, where everyone thinks that there is a super secret that some Fed officials have this knowledge that the economy is really good."


Tyler Durden's picture

Global Stocks, Futures Rally, Ignore Sharp Yuan Devaluation On Hopes Fed Is Right This Time

The single biggest event overnight was the PBOC's devaluation of the Yuan to the lowest since March 2011, setting the fixing at 6.5693, the highest in over 5 years and in direct response to a stronger dollar, which however if one looks at the DXY remains well below the recent highs in the 100 range, suggesting for China this is only just beggining. However, the fact that there was not more volatility in onshore and offshore overnight FX also comforted the market that at the same time as its was devaluing the PBOC was also intervening in the FX market, thus providing some assurance it would not allow runaway "risk off" sentiment prevail, nor would it promote another blitz round of capital outflows, leading to another gradual levitation in overnight risk.


Tyler Durden's picture

US Spy Plane Disrupts Civilian Flights While Spying On Russia

By now we are accustomed to hearing about US spy planes flying recon missions that are either infringing or extremely close to infringing on the borders of other countries - especially Russian borders. A US defense attache has been summoned by Russia's Defense Ministry to explain why a US spy plane was not only flying close to Russia's border on Sunday, but dangerously close to civilian aircraft as well.


Tyler Durden's picture

China Is Executing To Plan: Foxconn Replaces 60,000 Workers With Robots

The ultimate goal of China's latest Five-Year-Plan is to overtake Germany, Japan, and the United States in terms of manufacturing sophistication. To make that happen, the government needs Chinese manufacturers to adopt robots by the millions. The manufacturing hub for the electronics industry, Kunshan, in Jiangsu province is proving that that initiative is well underway. The transition from human to robot workers may upend Chinese society. “You can make the argument that robotic technology is the way to save manufacturing in China,” says Yasheng Huang, a professor at MIT’s Sloan School of Management. “But China also has a huge labor force. What are you going to do with them?” For now, that question remains unanswered, but that won't stop from unleashing the biggest robotic revolution seen in recent years.

 


Tyler Durden's picture

The Global Monetary System Has Devalued 47% Over The Last 10 Years

We have argued the inevitability of Fed-administered hyperinflation, prompted by a global slowdown and its negative impact on the ability to service and repay systemic debt. One of the most politically expedient avenues policy makers could take would be to inflate the debt away in real terms through coordinated currency devaluations against gold, the only monetize-able asset on most central bank balance sheets. To do so they would create new base money with which to purchase gold at pre-arranged fixed exchange prices, which would raise the general price levels in their currencies and across the world to levels that diminish the relative burden of debt repayment (while not sacrificing debt covenants). The odds of this occurring seem to have risen, judging by the gold prices.


Tyler Durden's picture

Trump Escalates Clinton Attack, Calls Vince Foster Suicide "Very Fishy"

Just hours after Donald Trump released a clip in which the presumptive Republican presidential candidate hinted at Bill Clinton's sexual transgressions which featured audio of two women - Kathleen Willey and Juanita Broaddrick - who have made rape accusations against Bill Clinton, Trump escalated his attack on Hillary and Bill Clinton in an interview with WaPo in which Trump called the circumstances of Vincent Foster’s death "very fishy."


Tyler Durden's picture

Paul Craig Roberts: "Americans Are A Conquered People"

The optimism that we see is that the public’s support of outsiders is an indication that the insouciant public is waking up. But Americans will have to do more than wake up, as they cannot rescue themselves via the voting booth. In our opinion, the American people will remain serfs until they wake up to Revolution. Today Americans exist as a conquered people.


Tyler Durden's picture

Currency War Resumes - China Devalues Yuan To 5-Year Lows

After a brief haitus from the ongoing currency wars, China fired another salvo at The Fed tonight by devaluing the Yuan fix to 6.5693 - its weakest against the USD since March 2011. After eight days higher in a row for The USD Index, it seems PBOC has turned its currency liberalization plan off, stabilizing the broad Renminbi basket (which has been steadly devalued) and turning its attention to devaluing against the USD. Having unleashed turmoil in August (pre-Sept FOMC) and January (post Dec rate-hike), it appears the rising rate-hike probabilities jawboned by The Fed are decidedly disagreeable to "authoritative persons" in China.


Tyler Durden's picture

All You Need To Know About The China Boom-Bust Cycle In One Chart

If anyone is still confused about the not so subtle dynamics between markets and monetary policy in China, or the country's bipolar, and ever more frequent boom and bust cycles, you won't be after seeing this chart from Socgen.


Tyler Durden's picture

What It Takes To Be President Of The American Police State

Today’s presidential hopefuls must jump through a series of hoops aimed at selecting the candidates best suited to serve the interests of the American police state. Candidates who are anti-war, anti-militarization, anti-Big Money, pro-Constitution, pro-individual freedom and unabashed advocates for the citizenry need not apply. The carefully crafted spectacle of the presidential election with its nail-biting primaries, mud-slinging debates, caucuses, super-delegates, popular votes and electoral colleges has become a fool-proof exercise in how to persuade a gullible citizenry into believing that their votes matter. Yet no matter how many Americans go to the polls on November 8, “we the people” will not be selecting the nation’s next president.


Tyler Durden's picture

Eurogroup Agrees To Disburse €7.5BN To Greece Which Will Be Used To Repay Creditors

The short summary: Greece has promised to implement even more Draconian measures (which may or may not happen) in order to get money that was already promised to it, while the Eurogroup disburses just enough cash to cover the immediate funding needs of the creditors with a little left over to pay for government arrears while demanding even more austerity; future tranches may or may not be paid out if Greece complies with its promises (which will not happen) and meanwhile the Eurogroup says it may someday provide debt relief, once Greece ends its bailout program... which will never happen.


Do NOT follow this link or you will be banned from the site!