• GoldCore
    04/23/2014 - 05:14
    Bloomberg Television’s “On The Move Asia” had a fascinating interview with Albert Cheng, the World Gold Council’s Managing Director, Far East. He discussed China’s gold market and what’s driving the...
  • Pivotfarm
    04/22/2014 - 20:14
    Age-old myths and fantasies about turning stuff that was worthless into gold. Alchemists leaning over their cauldrons of bubbling brew in the dark recesses of the dungeon of some mythical castle...

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Dealer Awards Surge, Directs Plunge In Ho-Hum 2 Year Auction

While the auction overall was not fireworky just yet, a few more "dots" fiascoes and suddenly the short end of the curve is going to get a whole lot more interesting. And should European idiot asset managers, once they have taken the Spanish 10 Year to 0%, decide to bid up US paper, and inverted the 2s10s, well that is the time to quiet get out of dodge.



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Tuesday Humor: QE Was For "The Man On The Street" Says Chairman Emeritus Bernanke

The proud recipient of today's $250,000 invoice for propaganda rendered by Ben Bernanke will be the Economic Club of Canada...

BERNANKE: FED ACTIONS DIDN'T FAVOR WALL STREET OVER MAIN STREET
Bernanke Says US Economy Is Heading Towards Complete Recovery

Just don't tell Obama (or the Democrats who have been told not to mention the 'recovery'), or the record number of middle-aged people living with their parents, or the almost imperceptible rise in the employed population since QE began...



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The Truce Is Over: Ukraine President Urges Restart Of Military Action

Ukraine's Acting President Turchynov appears to be calling for an official break in the "truce" deal...

  • *UKRAINE'S TURCHYNOV URGES RESTART OF ANTI-TERRORIST OPERATION
  • *TURCHYNOV SAYS 'TERRORISTS' HOLDING EAST UKRAINE REGION HOSTAGE
  • *TURCHYNOV SAYS EAST UKRAINE SEPARATISTS SUPPORTED BY RUSSIA

So much for Joe Biden's peace-keeping salvation mission to Kiev...



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Ukraine Military Plane Hit By Gunfire Over Pro-Russia Held Slavyansk

It would seem a red-line or two have been crossed:

*UKRAINE MILITARY  PLANE HIT BY GUNFIRE FROM REBEL TOWN: AFP

This comes on the heels of elevated tensions in the last few days since the "deal" and Biden's arrival in Kiev. Last week saw 'unidentified' fighter jets open fire on the Pro-Russian-held Kramatorsk airfield.  The plane, a propellor-driven Antonov An-30, safely made an emergency landing



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EU Confidence Hits 7-Year High (Just Don't Tell The Record Number Of Unemployed)

Pre-crisis levels of confidence... never before seen bond yields... stocks surging back toward record highs... just don't tell the record number of unemployed Europeans...



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Gold Tumbles To 2-Month Lows... Because It's Tuesday

Gold is down 6 days in a row and has broken back down to its lowest since mid-February (under its 200DMA once again). The reason... aside from growth stocks are rallying which must mean the economy is fixed and therefore no need for the world's central banks to print any more money (oh wait apart from the BoJ and ECB)... is unclear... though we suspect the driver is to do with the following crucial chart...



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Mortgage Standards Are Plunging – It’s Muppet Fleecing Time All Over Again

In February, we highlighted the fact that subprime loans were about to make a returnSubprime Mortgages are Back…This Time Marketed as “Second Chance Purchase Programs.” In that article, we posited that with the “all cash” private equity shops and hedge funds no longer able to make good returns through buying new homes to rent, these investors would need some sucker to sell to in order to realize a return (Blackstone’s purchases have plunged 70% recently). That sucker, as always, will be the retail muppets, and those muppets will be lured in through subprime. This is now starting to happen in earnest. "We're sorry, but on what sort of bizarro crackhead planet is putting 3% down toward an asset mean you are “buying it.” ... The Truman Show rolls on..."

 



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The Squeeze Continues... "Most Shorted" Stocks Are Screaming Higher

Yesterday we noted the dramatic squeeze of the "most shorted" stocks as they outperformed the broad market five-fold. The rout continues to gather pace as this morning sees the "most shorted" index soaring back near last week's highs and up almost 8% from Wednesday's lows.



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Existing Home Sales Drop To Lowest Since July 2012; All-Cash Buyers, Investors Are 50% Of March Transactions

Another month, another drop in existing home sales, which in March declined once again from 4.60MM units to 4.59MM. While the good news was that this number did beat the consensus estimate of 4.56MM (based on a a range of 4.50MM to 4.85MM from 75 economist surveyed), the bad news was that once again, a near majority of the upside was once again due to investors and other all-cash buyers, who accounted for 50% of all sales. That and that like last time, of course, this was the worst existing home sales number since July 2012.



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Richmond Fed Rebounds But Wages Tumble To 12-Month Lows

After 2 dismal missing months in a row, the Richmond Fed manufacturing survey rebounded dead-cat-bouncedly with its biggest MoM rise since August. The bulk of the gains were a huge swing in New Orders (from -9 to +10) but average workweek was stagnant and wages dropped to their lowest in 12 months. Sadly, for those extrapolating this surge to 'escape velocity' growth any minute now, the Richmond Fed's six-month forward outlook saw shipments, new orders, employees, wages, and capex all drop...



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Remember... It's Tuesday

Presented with no comment...



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S&P, Dow Jump To Green For April

The morning opened with stocks decoupled from FX carry - despite some random Nikkei headlines to juice JPY - and S&P futures pinned to 5Y yields (as the correlated pair of choice for now). S&P and Dow have rallied back into positive territory for April - so Mission Accomplished for now...



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How Bill Ackman Scrambled To Acquire Over $3 Billion In Allergan Calls Knowing Valeant Would Submit A Bid

If you know your "partner" is about to submit a takeover bid for a company, wouldn't you buy every call option you can find ahead of the announcement? That is precisely what Ackman did.



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Biden Warns Russia "It's Time To Stop Talking, And Start Acting"

Vice President Jo Biden's show of support arrival in Ukraine started with a somewhat back-handed statement that left some questioning Biden's diplomatic skills once again. "You face some very daunting problems and some might say humiliating threats are taking place," Biden spoke to Ukraine officials, pledging an additional $50 million to help Ukraine's beleaguered government with political and economic reforms. As CBS reports, The White House has also announced $8 million in nonlethal military assistance for the Ukrainian armed forces, including bomb-disposal equipment, communications gear and vehicles. Biden concluded his oratory with a threat - that seemed oddly worded given the 'actions' of the last few days, warning Russia that "it's time to stop talking and start acting."



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US Judge Rules DoJ Must Release Drone Killing Rationale Documents

In yet another surprising 'loss' for the current administration, RT reports a three-judge 2nd Circuit Court of Appeals overturned a previous ruling that would have allowed the federal government to keep the rationale behind drone killings classified. The US Department of Justice must turn over important details from a key "White Paper" which the government has used to justify targeted killings across the Middle East. While the document was no secret (with parts leaked before Brennan's swearing in as CIA chief last year), the judges ruled that "whatever protection the legal analysis might once have had has been lost be virtue of public statements of public officials and official disclosure of the DOJ White Paper." As the ACLU stated, "This is a resounding rejection of the government’s effort to use secrecy, and selective disclosure, as a means of manipulating public opinion about the targeted killing program."



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