Six months ago, Steven Mnuchin became finance chair for the Trump campaign. Having succesfully helped to raise 10s of millions of dollars for the campaign, the former Goldman Sachs partner and Soros Fund management employee is now positioned for something much larger as Donald Trump reportedly told his aides today that he wants Mnuchin to serve as his Treasury Secretary.
It appears that Argor-Heraeus, one of Switzerland's 4 giant gold refineries, is about to be acquired. Including Metalor and Valcambi, that would make 3 Swiss gold refinery takeovers in less than 18 months.
Asian stocks, S&P futures and European shares trade flat as a tightening race for the U.S. presidency spurs demand for haven assets including the yen while weighing on stocks and Mexico’s peso. A turbulent overnight session saw some early risk off following the plunge in Facebook shares and the Fox News report that an FBI probe into the Clinton foundation may lead to a "likely indictment."
"A lot of Haitians are not big fans of the Clintons, that’s for sure... The fact the Clintons kind of took over things after the earthquake and did a pretty poor job of it translates to why the Haitians have a pretty dim view of them...The Clinton family, they are crooks, they are thieves, they are liars...”
With less than two weeks to go before E-day -- despite the Trumptilian upheaval of the last year -- the high probability of a Clinton win means the establishment remains intact. When we awaken on November 9th, it will undoubtedly be dawn in Hillary Clinton’s America and that potentially means four years of an economic dystopia that will (as would Donald Trump’s version of the same) leave many Americans rightfully anxious about their economic futures.
DB has continued to hemmorhage cash with the FT reporting that the German lender's exchange traded fund unit has seen billions in outflows as Germany’s biggest lender considers whether to sell parts of its asset management business. Specifically, investors have pulled $8bn from Deutsche’s ETF arm so far this year.
A recent, reluctant re-viewing of the film, 'Silence of the Lambs', fed fresh food for thought. The image of captives rejecting their freedom brought to mind another flock of corralled and stunned lambs - bond market investors. They too have been given the opportunity to escape their fate. But so many choose instead to stay. Such is the reality of a world devoid of options, with time ticking ruthlessly by.
Wall Street is maneuvering to propose and implement a new retirement tax on Americans under a Hillary Clinton Administration. Leading the charge is billionaire financial oligarch Tony James, who is COO of private equity giant Blackstone. Mr. James is a generous contributor to Hillary Clinton’s Presidential run, and is listed as a “Hillblazer” by her campaign for having raised at least $100,000 toward her candidacy.
There no longer seems to be a rational alignment between economic cost and value. This means questioning so-called conventional wisdom and critically considering whether or not to invest in stocks, own property, or even to go to college.