• Sprott Money
    05/05/2016 - 06:02
    Why is a Deutsche Bank mouthpiece suggesting “negative retail deposit rates or perhaps wealth taxes”? The answer is to (supposedly) stimulate our economies.

Hong Kong

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Venezuela's Gold Liquidation Begins: Maduro Quietly Exports 36 Tonnes Of Gold To Switzerland





Venezuela has already started moving much of its gold reserve to Europe where it will be located closer to swap-provider and ultimate custodian, and liquidator, Deutsche Bank, by way of Switzerland. According to BullionStar, Switzerland has imported a net of 35.8 tonnes of gold from Venezuela in January 2016.

 
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Are Asian Central Bankers Even Crazier Than Our Own?





That the world’s central bankers get a lot of things wrong, deliberately or not, and have done so for years now, is nothing new. But that they do things that result in the exact opposite of what they ostensibly aim for, and predictably so, perhaps is. And it’s something that seems to be catching on, especially in Asia.

 
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Silicon Valley's Business Model In Jeopardy As Wireless Carriers Start Blocking Online Ads





We don’t believe customers should have to pay for data usage driven by mobile ads,” Tom Malleschitz, chief marketing officer of Three UK, said in a statement. “Irrelevant and excessive mobile ads annoy customers and affect their overall network experience.”

 
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The Silver Age Of The Central Banker (Ends Badly)





The Golden Age, per the original Greek myth, was an era of unblemished cooperation and great deeds. The Silver Age, on the other hand, was a pretty miserable time to be alive. Not as warlike as the Bronze Age, and not the war of all against all as in the Iron Age, but the spirit of the age was one of strife and competition. It ends badly. What’s required is seeing the world for what it is, not what we might wish it to be. That’s not easy, whether you’re a central banker or a small investor, but it’s never been more important.

 
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China Stops Reporting Key Data Showing Size Of Its Capital Outflows





It appears that China has finally figured out this loophole to track the PBOC's attempts at masking the sheer size of its outflows, because as SCMP reported overnight, "sensitive data is missing from a regular central bank report in China" ... Financial analysts say the sudden lack of clear information makes it difficult for markets to assess the scale of capital flows out of China.

 
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Visualizing The World's Stock Exchanges





There are 60 major stock exchanges throughout the world, and their range of sizes is quite surprising...

 
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Biggest Short Squeeze In 7 Years Continues After Bullard Hints At More QE, OECD Cuts Global Forecasts





Just when traders thought that the biggest and most violent 3-day short squeeze in 7 years was about to end a squeeze that has resulted in 3 consecutve 1%+ sessions for the S&P for the first time since October 2011, overnight we got one of the Fed's biggest faux-hakws, St. Louis Fed's Jim Bullard, who said that it would be "unwise" to continue hiking rates at this moment, and hinted that "if needed", the most natural option for the Fed going forward would be to do further Q.E.

 
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Presenting The Most Striking Way Chinese Are Evading Capital Controls





First it was over-invoicing 'exports' to friends in Hong Kong; then it was Bitcoin, most recently it was buying domain names, and now, the ever-industrious (and increasingly desperate) Chinese have found a new way to beat the government's quasi capital controls... by losing.

 
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China Imported At Least 217 Tonnes Of Gold In December As London Dumped Precious Metals





When there is no more gold left in London to export the gold price is likely to go higher on strong global demand induced by economic headwind.

 
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Frontrunning: February 16





  • Oil eases off highs after output freeze agreement (Reuters)
  • Saudis and Russia agree to oil output freeze, Iran still an obstacle (Reuters)
  • China Loses Control of the Economic Story Line (WSJ)
  • Obama starts work to pick Supreme Court justice amid political 'bluster' (Reuters)
  • The Never-Ending Story: Europe’s Banks Face a Frightening Future (BBG)
  • Apollo Global to buy security services company ADT for $7 billion (Reuters)
 
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Hong Kong Real Estate Price Plunges 70% In Latest Government Land Sale





One place that provides some glimpse into true price discovery was the just completed government tender, in which a parcel of land sold by the government in the New Territories went for nearly 70% less per square foot than a similar transaction in September.

 
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Frontrunning: February 15





  • China’s Yuan Makes Largest Gain Since 2005 on PBOC Cue (WSJ)
  • Japan's Nikkei soars over 7%, for its biggest gain since 2008 (BBG)
  • Global shares rise as firmer Chinese yuan eases deflation fears (Reuters)
  • Banks' Surge Takes Europe's Stock Rally Into 2nd Day; HSBC Rises (BBG)
  • Oil extends rally on prospects OPEC could act to counter low prices (Reuters)
  • Europe's Higher-Yielding Bonds Benefit as Global Turmoil Eases (BBG)
 
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China Exports Crash Most In 6 Months Despite "Devalued" Yuan





Despite the weakening of the Yuan, China exports collapses 6.6% YoY in January (massively missing the 3.6% increase expected). Imports continued their 15 month series of collapses with a 14.4% plunge (again drastically worse than the 1.8% increase expected). This pushed the trade balance to a record surplus CNY406bn. Of course, between Japan's disastrous GDP and China's trade collapse, this is great news for those demanding moar as excuses for extreme monetary policy are just piling up in the ashes of previous failed policies.

 
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The World's Top Performing Hedge Fund Just Went Record Short, Explains Why





"I spend most of my time, while looking at current prices, thinking about and trying to live six months to one year in the future....  What I can see now is that US growth is slowing, and that the market is likely to price in reduced monetary tightening." ... but... " The future for me is now more uncertain than at any time I can remember"

 
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