• GoldCore
    09/04/2015 - 07:43
    Large pools of gold in indebted nations will be vulnerable. Pool accounts, digital gold bullion vaulting providers and depositories in the UK and the US might have their companies and assets...

Norway

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Mapping The World's Atomic Inventory





"Amid the wave of bellicose rhetoric that has swelled in Moscow since the start of the conflict in Ukraine, officials as high up as President Vladimir Putin have been making open nuclear threats, a public saber-rattling with weapons of mass destruction largely unseen even in the days of the Cold War."

 
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Wien's World: Another Billionaire Detached From Society





The American economic and financial landscape is vastly different than it was following World War II. The wealth gap between the rich and the poor has shifted sharply to the upper 10% of the population. For that group, the economic picture is considerably brighter than for those in the bottom 80%. For Byron, whose personal net worth is in the billions, this is truly a "Picasso economy," for the majority of everyone else it is more like a "starving artist sale."

 
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Short-Term Gains & Long-Term Disaster





It’s time for the Japanese to get seriously scared now. Like many other countries, Japan – and its political class – creates a false image of enduring prosperity by letting its central bank increasingly buy up ever more of its sovereign bonds. It’s a total sleight of hand, there is nothing left that’s real. There’s no there there. This is of course the same as what happens in Europe. And it’s precisely because central banks buy up all these bonds, that their yields scrape the gutter. It’s a blueprint for killing off the last bit of actual functionality in an economy.

 
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Caught Between A Housing Bubble And Falling Crude Prices, Norway Will Invest Oil Riches In Foreign Real Estate





Just as the central bank runs out of viable options, the country's sovereign wealth fund (which once famously loaded up on Greek bonds) is set to buy "a lot" of Asian property with the country's oil riches.

 
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There’s Brussels And Then There’s Real People





There’s only one thing that can save the Union now: for Merkel to show compassion, with the Greeks, and with all other weaker members. And to stop the anti-Greek propaganda, immediately. Or else. It’s nonsense to pretend that this is merely a business issue, as is made clear by Parenteau above: there is very clearly plenty space to negotiate solutions with Greece that preserve everyone’s dignity. Refuse that, and you can kiss the EU goodbye. There’s alot more that plays into this than mere money issues. Ignore that, and you might as well dismantle the Union right now.

 
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Calm Ahead Of Today's Quad-Witching But Vol Surge Ahead





Quad-witching days are volatile on normal days, so in an environment of virtually zero liquidity, in which the market careens from one extreme to another simply based on whether the Fed utters one single word, in which volatility across asset classes is soaring, and in which it is all about igniting algo momentum, today's quadruple withicng should be memorable, which is good since there is virtually no macro data today to speak of. 

 
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Frontrunning: March 19





  • Fed May Not Hit Neutral Until 10th Anniversary of Lehman Collapse (BBG)... make that never
  • Global stocks and bonds roar Fed approval, dollar fights back (Reuters)
  • EU to tell Greece time, patience running out (Reuters)
  • U.S. likely to delay planned closure of two Afghanistan bases (Reuters)
  • Norway Signals Reduction After Unexpectedly Holding Rate (BBG)
  • Oil Falls to $55 as Kuwait Comments Refocus on Oversupply (Reuters)
  • Tsipras Heads to Summit as Merkel Tries to Defuse Greek Crisis (BBG)
  • Yahoo Pulls the Plug on China Operations (WSJ)
 
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Dollar Regains Most Of Yesterday's "Flash Crash" Losses. Oil Resumes Slide; 10Y Under 2%





If it was the Fed's intention to slow down the relentless surge in the dollar with yesterday's "impatient" removal which blamed the dollar strength on the "strength" in the US economy, it promptly failed after algos and a few carbon-based traders looked at the Atlanta Fed and realized that a 0.3% Q1 GDP print is anything but "strong." As a result the EURUSD, after soaring by nearly 400 pips yesterday in a market reminiscent of a third-world FX pair's liquidity especially following the previously noted USD flash crash, the dollar has recoupped nearly all losses, and the DXY is once again on the way up and eyeing the resistance area of 100.

 
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The Week The Fed Loses "Patience" - Previewing This Week's Main Events





This week's main event will be the FOMC announcement on Wednesday at 2:00 pm and the subsequent press conference, the conclusion of the March 2-day Fed meeting, in which it is widely expected that Yellen will announce the end of the Fed's "Patience" with an economy in which resurgent waiters and bartenders continue to skew the job market even if it means consistently declining wages for 80% of the US labor force. Here is a summary of what else to expect this week.

 
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Flash Boys' Michael Lewis Warns "The Problem's Not Just HFT, The Problem Is The Entire System"





As HFT shops begin to turn on each other, it seems appropriate to reflect on the impact that Michael Lewis' Flash Boys book had on exposing the ugly truth that many have been discussing for years in US (and international) equity (and non-equity) markets. As Lewis concludes, after explaining the attacks he has suffered from the HFT industry, "If I didn't do more to distinguish 'good' H.F.T. from 'bad' H.F.T., it was because I saw, early on, that there was no practical way for me or anyone else... to do it. ...  The big banks and the exchanges [have] been paid to compromise investors’ interests while pretending to guard those interests. I was surprised more people weren’t angry with them."

 
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In "Unprecedented Move" Nobel Peace Prize Chairman Demoted For Decision To Give Obama 2009 Award





In "an unprecedented move", the controversial head of Norway's Nobel Peace Prize committee was removed Tuesday and demoted to the rank of mere member.  Thorbjoern Jagland, a former Norwegian premier, drew criticism after becoming committee chairman in 2009 for awarding the prestigious Nobel to newly elected US President Barack Obama. He will be replaced by current Deputy Chair Kaci Kullmann Five.

 
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