• GoldCore
    08/01/2014 - 02:42
    The stealth phenomenon that is silver stackers or long term store of value buyers of silver coins and bars continues and is seen in the record levels of demand for silver eagles from the U.S. Mint....

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CIA Admits Spying On Senate Computers

It's not been a good day for the CIA. First, the State Department slams them for brutally treating terror suspects after the 9/11 attacks, noting that "no American is proud" of CIA tactics. And now, as The NY Times reports, an internal investigation has found that its officers improperly penetrated a computer network used by the Senate Intelligence Committee in preparing the report on the CIA's detention and interrogation program. Of course, this is not the first time the CIA has hacked Senate networks but do not fear American citizenry, CIA Director has apologized for his staff "acting inappropriately" and is setting up an internal accountability board to review the matter. It appears Ron Paul was right.



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"Three Lost Decades" – How The American Middle Class Is 20% Poorer Now Vs. 1984

Like so many other things in popular American culture, this quaint notion of a "middle class" in the U.S. is at this point nothing more than a myth; a rapidly fading fantasy from a bygone era. As we have noted for quite some time, the decimation of the middle class began long ago. It really got started in the early 1970?s after Nixon defaulted on the gold standard and financialization began to take over the American economy. Median real wages haven’t increased since that time and the rest is history.



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Russia And India Begin Negotations To Use National Currencies In Settlements, Bypassing Dollar

Over the past 6 months, there has been much talk about the strategic proximity between Russia and China, made even more proximal following the "holy grail" gas deal announced in May which would not have happened on such an accelerated time frame had it not been for US escalation in Ukraine. And yet little has been said about that other just as crucial for the "new BRIC-centric world order" relationship, that between Russia and India. That is about to change when yesterday the Russian central bank announced that having been increasingly shunned by the west, Russia discussed cooperation with Reserve Bank of India Executive Director Shrikant Padmanabhan. The punchline: India agreed to create a task group to work out a mechanism for using national currencies in settlements. And so another major bilateral arrangement is set up that completely bypasses the dollar.



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214 Years Of Sovereign Defaults In One Chart

From 1800 to 1950, Argentina had been a relatively low frequency 'defaulter', but as the following chart from The Economist shows, since then (as we noted here) they have made up for it.



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Propaganda Full Frontal: A Little High Level Intervention And This Is What Happens

There is no grammatical justification for why two days ago, AP did it again, when a "harshly" worded tweet by the AP became this, just four hours later.



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Is JPMorgan About To Bailout Argentina?

With Argentine politicians explaining that "Argentina is not in default" and ISDA set to decide if last night's default is an 'official' trigger event for CDS, it appears Kirchner, Kicillof, and their (k)omrades may have found an angel. The initial 'bailout' plan, by which Argentine banks bought the holdouts defaulted debt (then promptly acquiesced to Argentina's old debt-swap agreement), failed last night; but, as WSJ reports, JPMorgan is in discussions to buy the defaulted bonds of Argentina's holdout creditors. While this would not impact the default decision (that is history), it would speed up the exit from default rapidly. Of course, JPM is not doing this out of love for Argentina, we suspect they are on the hook for a few billion CDS and need some cheapest-to-deliver bonds to help them through the settlement process.



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All Major US Equity Indices Are Now Down Since MH17 Crashed

Who says geopolitics doesn't matter in today's efficient markets?



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Muppet Slaughter: Goldman Removes Adidas From Its "Conviction Buy" List Minutes After Its Biggest Drop In History

"We remove adidas from the Conviction List following the company reducing FY14 net income guidance (to €650mn from €830mn), resulting in 33%/40%/46% cuts to our FY14-16 earnings estimates. Our new 12-month price target is €77.5. Since being added to the Conviction List on October 18, 2013, the shares are -16.1% vs. FTSE World Europe index +6.7%. We also remove the stock from the Directors of Research Focus List." - Goldman Sachs



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Chicago PMI Collapses To 13-Month Lows, Biggest Miss On Record

We warned last month that under the covers Chicago PMI looked a lot weaker than the headlines and this morning's collapse confirms that. Against expectations of a small rise to 63.0, Chicago PMI plunged from 62.6 to 52.6 (13-month lows) for the biggest miss on record. According to the release itself, "A monthly fall of this magnitude has not been seen since October 2008 ." The was an 8 standard-deviation miss from analyst expectations (Joe Lavorgna was on the high side at 63.0). New orders, inventory, production, order backlogs, and prices paid all dropped (but employment rose?). This is the biggest 2-month drop since Lehman (and 2nd biggest since 1980). We await the seasonal adjustment "correction" as MNI get the call from Yellen.



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Stocks Open Weak - Lose All July Gains

The Dow and S&P 500 are now in the red for July as stocks are opening weak this morning. Of course, the month's big loser is the Russell 2000 which is down 5.3% - its worst month in over 2 years.



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"Costs" For Who? Adidas Drops Most Ever After Slashing Guidance: Blames Russia

It would appear "Russia" is the new "weather" when it comes to missed earnings expectations. As Bloomberg reports, Adidas shares fell by a record after the world’s second-largest sporting-goods maker slashed its full-year profit forecast, bursting euphoria around the German company less than a month after its national team’s victory in the World Cup. The reason, aside from golf, "turmoil in Russia," which just happens to be its most profitable region. But Jack Lew promised that there would be no impact?



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Risk Off As Employment Costs Surge: This Is Where Wages Supposedly Rose The Most

While earlier today initial claims disappointed modestly to the upside, the economic print the market has been fascinated by is the otherwise C-grade economic indicator released by the BLS, the Employment Cost Index, which is quite a backward looking (today's release looked at Q2) at wages, salaries and benefits. The reason it is fascinated by it is that, supposedly, total employment costs rose the most in 6 years, with wages rising the most since Q3 2008 and benefits: the most since Q2 2011. And the reason why the risk switch has been pushed into the Off position is because this alleges that wages are finally rising, something which the Fed did not know yesterday, and which will make the hawkish case that much stronger.



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Employment Costs Surge Most In 6 Years As Initial Claims Miss

Following last week's "seasonal volatility"-driven plunge in claims to new cycle lows, this week saw a 32k rise to 302k, missing expectations for the first time in 4 weeks. However, what is more worrisome for bullish equity market investors is the surge in employment costs. The Employment Cost Index jumped 0.7% (beating expectations of a 0.5% rise) - its biggest jump since Sept 2008. This is the biggest variance from expectations in 8 years and suggests Janet Yellen's 'slack' just got a lot tighter. Good news is bad news for bonds and stocks (for now).



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Goldman Does It Again: Banco Espirito Santo Bonds & Stock Are Crashing

A week ago, investors were exuberantly buying Banco Espirito Santo (BES) stocks and bonds on the back of disclosures from Goldman Sachs that they have bought stakes in the bank "by virtue of its client transactions." This morning, Goldman along with its muppeted clients  (and hedge funds D.E.Shaw and Baupost) are licking their falling-knife-catching wounds as the stock of BES is down over 50% to new record lows and its bonds have cratered nearly 20 points to 57, after announcing a stunning $5 billion loss. Exuberance has turned to fear over 'burden-sharing' and bail-ins across the capital structure.



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NIRP DERP: A Chart Of What Europe Economy Really Looks Like

Curious what Europe's true economic state is? The chart below, showing Europe's annual inflation or lack thereof, and which just dropped from 0.5% to 0.4%, missing estimates of an unchanged print despite the ECB's ongoing and losing war with disinflation, and soon deflation, shows all you need to know.



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