Kazakhstan

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Russian central bank buys a very large 1 million ounces or 37 metric tonnes of gold bullion. It also came after Russia had accelerated its gold buying in the final months of the Obama Presidency. October 2016 saw an increase of 1.3 million ounces or 48 metric tonnes and this was the largest addition of gold to the Russian monetary reserves since 1998. Indeed, it was the biggest monthly gold purchase in this millennium for the Russian central bank.

US Shale Production To Soar By 3.5 Million Barrels/Day Over Next Five Years: BofA Explains Why

Shale oil output in the US may grow significantly over the next five years due to increased activity in oil rigs and fast productivity gains, Bank of America predicts. The key reason: breakeven costs for key major US plays now stand around the $55/bbl mark. Assuming a gradual recovery in oil prices, annual US shale oil growth is expected to rise by 700 thousand b/d annually by 2022: a total increase of 3.5mmbpd.

The Week's Key Economic And Financial Events

In this holiday-shortened week, attention will be on the US FOMC minutes, housing data and consumer confidence. There will be GDP, PMI and inflation releases across the Euro Area as well as the latest Greek Eurogroup meeting. Look for GDP and public finances data in the UK.

Kyrgyzstan's Central Bank Urges Citizens To Own Gold

"Gold can be stored for a long time and, despite the price fluctuations on international markets, it doesn’t lose its value for the population as a means of savings," Kyrgyzstan’s Central Bank Governor Tolkunbek Abdygulov said, "I’ll try to turn the dream into reality faster."

Trump Proposal For Syria "Safe Zones" To Escalate US Military Involvement In The Region

Establishing safe zones in Syria would mark an escalation in America’s military involvement there: in addition to the initial military buildup that likely would be needed to create the zones, ground troops and additional air power will be needed to protect them. Such zones would also put U.S.-allied forces in dangerous proximity to foreign troops, including forces from Russia.

Russian Foreign Ministry: "Obama Still Has A Few Days Left To Destroy The World"

Russian foreign ministry spox Maria Zakharova slammed "Obama and his illiterate foreign policy team" saying they "have dealt a crushing blow to America's prestige and leadership" and described his administration as "a bunch of geopolitical losers, enraged and shortsighted." Zakharova added that "Obama's administration still has a few days left to destroy the world."

Turkey Threatens To Block US From Using Incirlik Airbase

"Our people ask, 'Why are they [the U.S. and coalition warplanes] using the ?ncirlik air base' " if they won't back up Turkish forces against ISIS and the Kurdish militias considered terrorists by Turkey? "What purpose are you serving if you do not provide aerial support against [ISIS] in the most sensitive operation for us?"

Turkey's "Long Arm" In Europe

Turkey is exporting its political wars and tensions to Europe. That is not a good sign for the Old Continent.

Putin Announces Syrian Ceasefire Deal, Ready To Start Peace Talks; Obama Snubbed Again

Vladimir Putin said a Syrian cease-fire agreement has been reached with Turkey. Putin said that Russia and Turkey will guarantee the truce, which is set to begin at midnight. The truce would be followed by peace talks between Syrian President Assad's government and the opposition. Sergey Lavrov said that that Donald Trump's administration will be welcome to join the Syrian peace process once he takes office.