The Bank of England and London's bullion banks plan to begin releasing data on the amount of physical gold actually stored within the London gold vaulting system. Will this data provide anything meaningful? Probably not.
"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."
While the Saudis believe the country's budget deficit will fall modestly next year even with an increase in spending, it is still set to be a painful 8% of GDP suggesting the Saudi cash burn will continue even with some generous oil price assumptions.
Heading into the New Year with oil prices above US$50, both OPEC and the U.S. shale industry are claiming victory in the latest oil war battle - and both expect to benefit from higher prices, but there can really only be one winner here.
IMF Managing Director Christine Lagarde was found guilty of one count of negligence by a French court today, according to Bloomberg News. She was accused of failing to prevent a massive government payout to businessman Bernard Tapie eight years ago, while serving as France’s finance minister, but most surprising, she will face no fine or jail sentence.
The Ukrainian government announced on Sunday night it would nationalize PrivatBank, the country's biggest bank which holds over a third of the nation's total deposits, in one of the biggest shake-ups of the banking system since the country plunged into political and economic turmoil two years ago.
Greece snubbed its international lenders and legislated plans on Thursday to give pensioners a one-off Christmas bonus, in a move that has infuriated officials in Germany and several other member states.
In the end, ideological combat actually prevents people from learning rather than helping them get to the root of the issue. We live in a world where truth is superfluous to the overall narrative. The only thing that is important is destroying your rivals.