• GoldCore
    01/31/2015 - 05:00
    We are witnesses to an epic failure of planning, statecraft and social justice. Regardless of where your politics be, these elements are critical for a modern globally connected economy to function....

Deutsche Bank

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Is The Emptying Of Comex' Silver Vaults Next On The Agenda?





Silver, like gold, is largely subject to the same underlying supply/demand dynamics (whether legal or not) where on the margin it trades merely as a precious metal, and those misguided pundits out there who claim that the drop in gold Comex holdings is purely a function of ETF reallocation, are surprisingly mum when it comes to explaining Comex silver which has not followed the move of gold in physical holdings and is in fact near all time holding highs despite an even more aggressive plunge in its price. Alternatively if indeed gold's inventory plunge was driven by the permissive nature of Singapore vaults as willing recipients for all the gold that has departed the assorted Comex system vaults, and thus are merely a physical receptacle to absorb the pent up Chinese "golden" demand, it would explain why this has not happened to silver. At least not yet. That may change very soon because as Bloomberg reports, silver is the new gold when it comes to vaulting in Singapore, and thus China's precious metal warehousing ambitions.

 
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European Earnings: Bad And Getting Worse, As Majority Of Companies Miss EPS





We have extensively covered the evolution of Q2 earnings in the US where so far nearly half or 240 of firms have reported (and 136 on deck this week): from the revenue recession (2nd consecutive decline), to the overreliance on financial firms as the sole driver of EPS upside, to the fact that the only reason banks are beating is to FAS115, the unaccounting of AFS swings and the suspension of MTM. In other words, no top-line growth and bottom-line upside solely due to financial balance sheet gimmicks. But what about, Europe where accounting magic is not nearly as advanced a science as it is in the US?

 
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Frontrunning: July 29





  • More Doctors Steer Clear of Medicare (WSJ)
  • Syrian Looters in Bulldozers Seek Treasure Amid Chaos (BBG)
  • Siemens CEO Peter Löscher Is Set to Leave His Post After Series of Earnings Misses (WSJ)
  • Silver Vault for 200 Tons Starts in Singapore as Wealthy Buy (BBG)
  • Omincom and Publicis merger shows that advertising is now firmly in the business of Big Data: collecting and selling the personal information of millions of consumers (NYT)
  • Apple supplier accused of labour violations (FT)
  • 'BarCap was the Wild Wild West – that’s what we called it’ (Telegraph)
  • P&G chief seizes opportunity in era of three-day stubble (FT)
  • Federal Reserve 'Doves' Beat 'Hawks' in Economic Prognosticating (WSJ) - LOL: Fed "hawks"
 
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"The Taper Is Coming" - What Wall Street Thinks





Back in May, when we coined the term "Taper Tantrum" before the infamous Hilsenrath article was released bringing with it famine, pestilence and a full rerun of the 1994 blow out in rates, and when the prevailing consensus was that Bernanke wouldn't touch the rate of monthly monetization until December or even 2014, we forecast that as a result of a the declining US deficit (primarily due to a brief spike in GSE remittances to the Treasury until the closed loop of lower monetization ends any myth of a "housing recovery" and pushes US deficits much wider again) Bernanke will have no choice but to taper QE by $20 billion (or else risk destabilizing an already illiquid TSY market even more) with the announcement due at the September FOMC meeting. Just to avoid any confusion, we also showed just what such a September tapering would look like in the grand context of QE. But when, and by how, much does Wall Street see the end of tapering, and what is the sell-side consensus? The list below summarizes the current view by bank.

 
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Frontrunning: July 26





  • The Citadel-SAC connection (BBG) - just wait until the Citadel-FRBNY connection emerges
  • Letter backs Yellen for Federal Reserve role (FT) - or said otherwise, the Democrats would like the Fed to rule (and monetize deficits) for ever
  • Obama, Republicans gear up for bruising U.S. budget fight (Reuters)
  • Up for Debate at Fed: A Sharper Easy-Money Message (WSJ)
  • UBS to Pay $885 Million to Settle U.S. Mortgage Suit (BBG), Banks shiver as UBS swallows $885 million U.S. fine (Reuters)
  • Japan finmin Aso: CPI shows gradual shift to inflation from deflation (Reuters)
  • Japan's PM calls for high-level talks with China (Reuters)
  • Holder Targets Texas in New Voting-Rights Push (WSJ)
  • Another Nightmareliner incident: Probe opened as Air India Boeing Dreamliner oven overheats midair (Reuters)
  • Samsung Boosts Capital Spending as High-End Phone Demand Slows (BBG)
 
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Frontrunning: July 25





  • The Department of Justice has opened an initial probe into the metals warehousing industry (WSJ)
  • Obama Says Budget Debate a Battle for Middle Class Future (BBG)
  • Death Toll From Spanish Train Crash Hits 77 (WSJ)
  • ‘Fabulous Fab’ takes to witness stand (FT)
  • Banks Said to Weigh Suspending Dealings With SAC as Charges Loom (BBG) - what about Anthony Scaramucci?
  • How the Muslim Brotherhood lost Egypt (Reuters)
  • German Business Confidence Rises for a Third Month (BBG)
  • Fraternities Lobby for Tax Break Without Hazing Penalties (BBG)
  • China charges Bo Xilai with corruption, paves way for trial (Reuters)
  • Airbus Pushes Higher-Density A380 to Counter Luxury Image (BBG)
 
Tyler Durden's picture

Guest Post: Bankers Own The World





In every era, there are certain people and institutions that are held in the highest public regard as they embody the prevailing values of society. Not that long ago, Albert Einstein was a major public figure and was widely revered. Can you name a scientist that commands a similar presence today? Today, some of the most celebrated individuals and institutions are ensconced within the financial industry; in banks, hedge funds, and private equity firms. Which is odd because none of these firms or individuals actually make anything, which society might point to as additive to our living standards. Instead, these financial magicians harvest value from the rest of society that has to work hard to produce real things of real value. Money is power. And history has shown that power is never ceded spontaneously or willingly. But the stability of this parasitical system begins to weaken quickly when the lifeblood it depends on begins to dry up. And that's when things can begin to go south in a hurry

 
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Frontrunning: July 24





  • Humans Beating Robots Most Since ’08 as Trends Shift (BBG)
  • Easing of Mortgage Curb Weighed (WSJ)
  • European Banks Face Capital Gap With Focus on Leverage (BBG)
  • Signs Suggest China Warming to Idea of Stimulus (WSJ)
  • China Coal-Fired Economy Dying of Thirst as Mines Lack Water (BBG)
  • Jeans and shoes show criminal underbelly of China-EU trade (Reuters)
  • How U.S. drug sting targeted West African military chiefs (Reuters)
  • Japan scrambles jets after China plane flies by southern islands (Reuters)
  • Apple Plots Return to Growth After Coping With Aging Lineup (BBG)
  • AT&T Falls Shy of Analyst Estimates as Discounts Hurt Margins (BBG)
  • SAC insider trading case takes twist (FT)
 
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SEC Revolving Door Leads To $5 Million Payday For Former Chief Enforcer





The name Robert Khuzami is well-known to Zero Hedge readers: the former top SEC enforcer is perhaps best known not for what he did (judging by how many Wall Street bank executives ended up in jail following the Great Financial Crisis, very little), but for what he didn't - namely pursue any action against his former employer, Deutsche Bank, where he was a general counsel and where under his watch Greg Lippmann was "shorting your house." The reason, among others, extensive deferred comp linked to DB stock as we reported all the way back in May 2010. But Bob didn't care about what he did, or didn't do at the SEC - he was much more interested in what he would do after he left the regulator, which he did in January of this year. Because Bob, courtesy of his DB days, realized the massive paycheck potential of a revolving door job at the head of the government's enforcement unit. Sure enough, as the NYT reports, he has capitalized on just that following a $5 million a year contract (with a 2 year guarantee) with legal behemoth Kirkland & Ellis where he will be a partner and "will represent some of the same corporations that the S.E.C. oversees."

 
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Frontrunning: July 23





  • Biggest Banks Face Fed Restoring Barriers in Commodities (BBG)
  • SAC to Employees: Cohen Didn't Read Dell Email at Heart of SEC's Case (WSJ)
  • Second (and Third) liens are back, and so is 2005: As Banks Retreat, Hedge Funds Smell Profit (WSJ)
  • Singapore funds benefit from Asian wealth (FT)
  • 2 years later the lies haven't changed one bit - Tepco hit over slow admission of radioactive leak (FT)
  • How big tech stays offline on tax (Reuters)
  • Hilton Leads Rush to Africa in Fastest Boom (BBG)
  • U.S. and UK fine high-speed trader for manipulation (Reuters)
  • Key witness takes stand in SEC case against Goldman's Tourre (Reuters)
  • Boomer Sex With Dementia Foreshadowed in Nursing Home (BBG)
  • Bentley SUV gives £800m boost to UK car industry (FT)
 
Tyler Durden's picture

Frontrunning: July 22





  • Earthquake Sends Kiwis Screaming From Wellington Buildings (BBG)
  • China quake death toll more than doubles to 54, hundreds hurt (Reuters)
  • In 2011, Michigan Gov. Snyder said bankruptcy wasn't an option for Detroit. Two years later, he changed his mind (WSJ)
  • GlaxoSmithKline says Chinese laws might have been violated (FT)
  • SEC Tries Last Ditch Move to Put SAC’s Cohen Out of Business (BBG)
  • Detroit’s Bankruptcy Reveals Dysfunction Common in Cities (BBG)
  • Obama to start new offensive on economy (FT)
  • As WTI and Brent reunite, Gulf of Mexico faces squeeze, not glut (Reuters)
  • Extended Stay Files for Public Offering (WSJ)
  • Apple Developer Website Hacked: Developer Names, Addresses May Have Been Taken (MacRumors)
  • Treasuries Not Safe Enough as Foreign Purchase Pace Slows (BBG)
 
Tyler Durden's picture

Guest Post: Our "As You Wish" Markets Have Reached The Cliffs Of Insanity





In the classic fantasy rom-com The Princess Bride, the beautiful maid Buttercup orders the farm boy Westley to perform numerous tasks to test his servitude. No matter the magnitude of the request, Westley simply answers "As you wish" and makes it so. Buttercup eventually comes to view Wesley with similar devotion, and true love is born. Similarly, investors have fallen back in love with the capital markets, whose continual response their increasingly irrational hopes has been "As you wish." It's inconceivable!

 
Tyler Durden's picture

Where Did All The Revenues Go?





Coca-Cola, Yahoo, Intel, IBM, eBay, Google, GE and MSFT are just some of the household names that have disappointed on the revenue front so far.

 
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Frontrunning: July 19





  • Detroit ‘Gut Kick’ Poses New Test for Long Suffering City (BBG)
  • Florida lawmakers urge overhaul of 'Stand Your Ground' law (Reuters)
  • Investors pour huge sums into US equity funds (FT)
  • Snowden Standoff Threatens Obama-Putin Moscow Summit (BBG)
  • China, U.S. companies' great hope, now a drag (Reuters)
  • Morgan Stanley stock traders rebuild burned bridges (Reuters)
  • Huawei spied for China, claims ex-CIA head Michael Hayden (FT)
  • Gorilla Flipping Homes as Rebound Revives Rapid Trades (BBG)
  • BRICS joint action at G20 summit may be wishful thinking (Reuters)
 
Tyler Durden's picture

Frontrunning: July 18





  • MSM always "ahead" of the curve: Fed’s Messages Raise Volatility in Threat to Profits (BBG)
  • Bernanke Plays Down Link Between Jobless Rate, Fed Moves (WSJ)
  • Draghi to Carney Face Test Backing Guidance on Rates (BBG)
  • House Republicans Vote to Delay Obamcare Mandates (Reuters)
  • China media accuses Japan PM of dangerous politics (Reuters)
  • China will replace America as the leading superpower, global attitudes survey finds (SCMP)
  • Nonqualified mortgages make up as much as $1.5 trillion of the $10 trillion home-loan market (BBG)
  • Dell $24.4 Billion Buyout Plan Is a Nail-Biter as Vote Looms (BBG)
  • Republicans could see more bruising Senate primaries (Reuters)
  • GM delays Chevy Cruze debut by a year (Reuters)
  • Peltz needs support for PepsiCo restructuring dealsa (FT)
  • Sweaty Wall Streeters Skip Booze for Spin-Class Meetings (BBG)
 
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