Archive - Apr 21, 2015

Russian gold reserves, at nearly 40 million ounces, are now fifth largest in the world. Like China, Russia is likely to underreport its gold reserve accumulation. 

In what may be a harbinger of things to come and in a sign that Beijing will allow the market to play a greater role in determining companies’ financial future, a subsidiary of China South Industries Group has missed a coupon payment, marking the first default by a Chinese state-owned firm.

• The Fed Still Wants Easy Money (BBG) - you don't say
• ECB Is Studying Curbs on Greek Bank Support (BBG)
• Banks Paid to Borrow as Three-Month Euribor Drops Below Zero (BBG)
• Baoding Tianwei is first state-owned Chinese enterprise to default (Reuters)
• Major Chinese Developer Says It Can’t Pay Dollar Debts (BBG)
• Wall Street Has No Idea How Much Money Venezuela Has (BBG)
• Goldman Sachs, Morgan Stanley Find Different Paths to Profits (WSJ)
• Does the Collapse of a Chinese Developer Signal the Start of More Defaults? (BBG)
• Retail Traders Wield Social Media for Investing Fame (WSJ)

Explaining the catalysts that move the "market" overnight has become so farcical it is practically an exercise in futility and absurdism.