Central Banks

Tyler Durden's picture

5 Things To Ponder: Motley Cognizance

"October: This is one of the particularly dangerous months to invest in stocks. Other dangerous months are July, January, September, April, November, May, March, June, December, August and February.” - Mark Twain

Tyler Durden's picture

Mohamed El-Erian Finally Breaks The Silence On Gross' Departure: "I Was Very Surprised"

It has been a week since Bill Gross dropped a tape-bomb on the fixed-income market and walked away from the firm he founded decades ago. Since then the world and their pet rabbit have commented (most notably David Tepper's "who cares?"); but one man has been markedly silent... until now. In an interview on Bloomberg TV, former PIMCO Co-CEO Mohamed Al-Erian told Betty Liu that Bill Gross' "departure - the fact that it happened and how it happened - was a surprise."

Tyler Durden's picture

4 Years Later, Fed Critics Explain Why Central Planning Still Doesn't Work

On Nov. 15, 2010, a letter signed by academics, economists and money managers warned that the Federal Reserve's strategy of buying bonds and other securities to reduce interest rates risked "currency debasement and inflation" and could "distort financial markets." As Bloomberg reports, they also said it wouldn't achieve the Fed's objective of promoting employment. Four years later, many members of the group, which includes Seth Klarman of Baupost Group LLC and billionaire Paul Singer of Elliott Management Corp., explain why they stand by the letter's content...

Tyler Durden's picture

"When Bad News Becomes Bad News" - Albert Edwards Presents His "Second Most Imporant Chart To Investors"

"amid the inevitable impending global economic and financial carnage, when people, like Queen Elizabeth ask, as she did in November 2008, why no-one saw this coming, tell them that many did. But just like in 2006, before the Great Recession, investors once again chose to tilt their ears towards the reassuring siren songs of the Central Bankers and away from the increasingly hysterical ramblings of the perma-bears and doomsayers."

GoldCore's picture

Gold Is “Universally Acceptable” and Why China Is Buying - Greenspan

The Council on Foreign Relations may be concerned about the ramifications of China accumulating larger gold reserves than those that the U.S. has and the People’s Bank of China (PBOC) giving the yuan some form of gold backing. This would pose serious challenges to the dollar as global reserve currency and thus to U.S. hegemony.

Tyler Durden's picture

Gold, Global Growth, & The Schism In The High Church Of Bernanke

The meaning of events and market signals differ hugely from country to country, tribe to tribe, generation to generation. Ferguson does not mean the same thing as Hong Kong. Hong Kong does not mean the same thing as Tahrir Square or even Tiananmen Square. Monetary policy does not mean the same thing in Beijing as monetary policy means in Washington, which in turn does not mean the same thing as monetary policy in Paris or Rome. But we have an innate tendency to act as if these signals DO mean the same thing, and we can totally wrong-foot our investments as a result. The biggest thing happening in the world today is the growing divergence between US monetary policy and everyone else’s monetary policy with three HUGE implications: one for investment strategy selection, one for global growth, and one for … (gulp!) gold.

Tyler Durden's picture

Equity Futures Fail To Surge Despite Ongoing Bad News Onslaught

A quick anecdote that should quickly confirm just how broken everything is: earlier today MarkIt reported European manufacturing data that was atrocious, with both German and European PMIs tumbling to levels not seen since mid-2013, and with Europe's growth dynamo now in a contraction phase clearly signalling what has been long overdue: a European triple dip recession. So what happens? Moments later Germany sells €4.1 billion in 10 Year paper at a record low yield below 1%.... even as the Bundesbank had to retain a whopping 17.84% of the auction, the highest since June, with only €4.663 Bn in bids for the €5 Bn target, the first miss since May 21. So hurray for the central banks, boo for the economy, and as for that mythical creature, once known as bond vigilantes, our condolences: good luck figuring out what the hell just happened, and good luck recalling what a free market is.

Capitalist Exploits's picture

The "Sexy" Facts about Debt Markets

The global debt levels have swollen to 200 year highs. Yep, 200 year highs!

Tyler Durden's picture

Does Surging Demand For Gold & Silver Coins Signal A Bottom?

Reports of individuals snapping up near-record numbers of gold and silver coins are coming in from around the world. While individual buyers aren't the dominant players in precious metals, they do make a difference; and their renewed enthusiasm is matched by some recent national trends. There's no guarantee that this buying, encouraging as it seems, is anything more than a blip; but in the aggregate it does seem like a lot of buyers, old and new, are finding current prices to be attractive. That's how bottoms form and new bull markets begin.

Tyler Durden's picture

Investors Are Too Comfortable In The Fed's Win-Win Conditions For Taking Risk

For a long time, Fed printing via balance sheet expansion has been the key to understanding markets and the predominant driver that has trumped all other matters.  Investors have been able to ignore significant global events, tensions, and economic conditions in faraway places, because a lower real and perceived risk premium from implicit Fed promises was the single most important aspect driving asset prices higher.  This game is quickly coming to an end. As the Fed’s asset purchase program ends next month, global events and global economic fundamentals will have to be taken into account and priced accordingly.

GoldCore's picture

Singapore Global Gold Hub Cometh - Launches Kilo Bar Contract And Gold ATMs

Singapore continues its push to be a global gold hub ... Gold and money, throughout history has flowed to where it is better treated. Today, gold continues to flow from West to East. A sign of shifting economic fortunes ...

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