• Marc To Market
    11/22/2014 - 10:16
    Contrary to the death of the dollar chatter, the US currency continues to appreciate.  Here's why there is still punch left in the bowl.  
  • Tim Knight from...
    11/21/2014 - 21:06
    As you can see by this view of the NQ, this massively bullish news has not, as of yet, represented any kind of sea-change in the markets. Before the day was even out (again, in some, not all markets...

European Central Bank

lemetropole's picture

Bill Cosby And GATA





 

 

November 21 - Gold $1197.50 up $6.80 – Silver $16.40 up 26 cents

Bill Cosby And GATA

 

 
Tyler Durden's picture

Europe's New Scariest Chart





Recent polls show pro-default parties growing popular in peripheral euro-area countries such as Greece, Italy and Spain. As Bloomberg Brief's Maxime Sbaihi notes, in a depressed economic environment, their promises to restructure public debt might soon bring them to power and tempt traditional parties to adopt their ideas. This return of political risk in the euro area doesn’t appear to be priced in by market participants. As Italy's Beppe Grillo recently exclaimed, "we will leave the Euro and bring down this system of bankers, of scum."

 
Tyler Durden's picture

The Eurozone's QE Problem





"QE is a necessary condition for recovery in Europe, but is not sufficient in itself. The question is where does this bridge take us? The eurozone can survive a couple more years of miserable growth, but it can’t go on forever like this before people lose hope. There is political risk almost everywhere."

 
Tyler Durden's picture

Greek Bonds Tumble As Bailout Talks Stall On $3bn Troika 'Savings' Demands





Can beggars be choosers again? Judging by the drop in Greek bond prices, the answer is no. As Bloomberg reports, Greek PM Samaras is pushing back against Troika demands for up to $3 billion more savings (i.e. cuts to spending) in 2015. "It's crucial that Greek authorities work with the troika to complete the current review,” but with the government in Athens refusing to concede there is a funding hole, the standoff means Greece may miss a Dec. 8 deadline for agreement on the steps required to unlock the 'aid' tranche.

 
GoldCore's picture

"My Helicopters Are Ready. You Will All Be Trillionaires!" - Mario Draghi, ECB





“Unconventional measures might entail the purchase of a variety of assets, one of which is sovereign bonds,” the ECB president said in Brussels yesterday in answer to a question during his quarterly testimony to lawmakers at the European Parliament. Draghi and the uber doves appear determined to ignore the failure of QE in both the U.S. and Japan.

 
Tyler Durden's picture

The Fed's "Baffle 'Em With Bullshit" Strategy In 1 Simple Chart





Despite the promise of increased transparency, if you felt that deciphering Fed policy (other than uber-dovish, lower-for-longer, willing-to-wait, BTFD) became more and more confusing as the last few years progressed, you would not be alone. In fact, the complexity of the Fed's statements (not just the wordcount which we have noted numerous times) has surged from "Secondary School" reading level throughout Greenspan's era to "Post-Grad" comprehension at the peak of Bernanke's reign. Yellen, so far, has reverted modestly. As The Economist notes, this increased baffle-em-with-bullshit "Fedspeak" complexity is very reminiscent of the George Orwell's 1984-esque "oldspeak" or "doublespeak" used to keep a quiescent public bemused.

 
Tyler Durden's picture

ECB Says May Buy Gold, Stocks Next, Admits "Not Sure If Japan's QE Has Worked"





A stunner this morning by ECB board member Yves Mersch who said earlier today that the ECB balance-sheet expansion is "neither an end in itself nor a fetish." As quoted by Bloomberg, the ECB member said that  "the effect on rates that comes along with it is at best a collateral benefit." Nothing new here: we have discussed why unlike Japan and the US, the biggest gating factor for Europe is the presence of freely-available, unencumbered collateral that could, at least in theory, be purchased by the ECB. Which brings us to the Mersch punchline: "Theoretically the ECB could purchase other assets such as gold, shares, ETFs to fulfill its promise of adopting further unconventional measures to counter a longer period of low inflation."

 
Tyler Durden's picture

Frontrunning: November 17





  • Scuttled deals worth $580 billion put hedge funds on back foot (Reuters)
  • Mounting Pressure on OPEC Spurs More Wagers on Oil Rally (BBG)
  • It's not just US real estate: Chinese Students at U.S. Universities Jump 75% in Three Years (BBG)
  • Frankfurt Open for Yuan Clearing as Liquidity Rises (BBG)
  • Obama defends healthcare law after adviser criticism (Reuters)
  • Michael Hasenstab Bets Big in Controversial Places (WSJ)
  • Facebook seeks foothold in your office (FT)
  • Russia Seen as Greatest Threat in Poll as Oil Erodes Putin Power (BBG)
  • Falling Oil Prices Test OPEC Unity (WSJ)
 
Tyler Durden's picture

5 Things To Ponder: Market Stew





The markets have been pushing new all-time highs this past week as earnings season begins to wind down. Starting next week, much of the focus will shift back to the economy and holiday retail sales. Expectations are for a robust season but the early arrival of winter could have a more negative effect on the economy than anticipated should current weather patterns persist.

 
Tyler Durden's picture

Italy's Grillo Rages "We Are Not At War With ISIS Or Russia, We Are At War With The ECB"





Next week, Italy's Beppe Grillo - the leader of the Italian Five Star Movement - will start collecting signatures with the aim of getting a referendum in Italy on leaving the euro "as soon as possible," just as was done in 1989. As Grillo tells The BBC in this brief but stunning clip, "we will leave the Euro and bring down this system of bankers, of scum." With two-thirds of Parliament apparently behind the plan, Grillo exclaims "we are dying, we need a Plan B to this Europe that has become a nightmare -  and we are implementing it," raging that "we are not at war with ISIS or Russia! We are at war with the European Central Bank," that has stripped us of our sovereignty.

 
Tyler Durden's picture

'Gold Wars’ - Swiss Gold Shenanigans Intensify Prior To November 30 Vote





‘Gold wars’ are intensifying with just 16 days left to polling day in the Swiss Gold Initiative.  If the Swiss vote to revert to having 20% of currency reserves in gold, the Swiss National Bank will be forced to make huge purchases of gold bullion. Switzerland  and its ‘Gold Initiative’ would contribute to driving the price of gold higher - likely in the short term and contributing to higher prices in the long term. Understanding the important recent past and what has led to the forthcoming Swiss Gold Initiative is important and why we look at it today. This context is all important and is essential reading for all who wish to understand the key issues in the debate, for all who invest in and own gold internationally and for all Swiss people.

 
Phoenix Capital Research's picture

The Era of "Growth" is Over… Next Up, the Era of "Inflation"





$8 trillion in QE spent by Central Banks failed to generate any sustained GDP growth or jobs. So what did the Central Banks do? They stopped talking about growth and began talking about “inflation.”

 
 
Tyler Durden's picture

Why The Rising U.S. Dollar Could Destabilize The Global Financial System





Simply put, the dollar's rise could destabilize the entire global financial system. To understand why this is so, we have to start with the source of the risk: the world's central banks.

 
Tyler Durden's picture

Frontrunning: November 13





  • Moar central banks! Asian Stocks Rise Amid Stimulus Speculation; Topix Jumps (BBG)
  • Syria rebels in south emerge as West's last hope as moderates crushed elsewhere (Reuters)
  • Bufett's Berkshire to Buy Duracell Business From Procter & Gamble in $3B Deal (AP)
  • Weak Demand, Real-Estate Slump Signal Headwinds for China (WSJ)
  • China Slowdown Deepens as Leaders Said to Mull Cutting Target (BBG)
  • Saudis Reject Talk of OPEC Market Share War as Oil Slides (BBG)
  • Oil Tankers Stream Toward China as Price Drop Sparks Boom (BBG)
 
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