Physical demand for coins and bars internationally continues and is the strongest since the immediate aftermath of the Lehman Brothers collapse on September 15, 2008, and the consequent global financial crisis.
Government mints, refiners and bullion dealers internationally are reporting demand as high as in the aftermath of the Lehman crisis.
- U.S. Bulks Up to Combat Iran (WSJ)
- Taking sides in Syria is hard choice for Israel (Reuters)
- Gold Traders Most Bearish in Three Years After Drop (BBG)
- It's a Hard Job Predicting Payrolls Number (WSJ)
- EU economies to breach deficit limits as economic picture darkens (FT)
- IBM Says U.S. Justice Investigating Bribery Allegations (BBG)
- At Texas fertilizer plant, a history of theft, tampering (Reuters)
- SAC Sets Plan to Dock Pay in Cases of Wrongdoing (WSJ) - "in case of"?
- EU to propose duties on Chinese solar panels (Reuters)
- Billionaire Kaiser Exploiting Charity Loophole With Boats (BBG)
- SEC Zeroing In on 'Prime' Funds (WSJ)
- Apple Avoids $9.2 Billion in Taxes With Debt Deal (BBG)
- China April official services PMI at 54.5 vs 55.6 in March (Reuters)
If there was ever a clear sign that the leadership of Japan is fully aware that the country is about enter a terminal economic catastrophe this is it. Using the cover of currency devaluation and a rising stock market, Japan’s Prime Minister, Shinzo Abe, is attempting to make it easier to change the country’s constitution so that they can eliminate freedom of speech and set the stage for a military dictatorship.
- The number of bond funds that own stocks has surged to its highest point in at least 18 years (WSJ)
- Clubby London Trading Scene Fostered Libor Rate-Fixing Scandal (WSJ)
- Cheap money bankrolls Wall Street's bet on housing (Reuters)
- Bank of Japan reveals concerns over easing policy (FT)
- iPads and low-end rivals propel higher tablet shipments (Reuters)
- China Cyberspies Outwit U.S. Stealing Military Secrets (BBG)
- Draghi Fuels Bets on Rate Cut With Risk of Limited Impact (BBG)
- China guides renminbi to fresh high against US dollar (FT)
- Japan is preparing to start up a massive nuclear-fuel reprocessing plant (WSJ)
- Apple’s Ive Seen Risking iOS 7 Delay on Software Overhaul (BBG)
- UBS faces calls for break-up at investor meeting (Reuters)
It would appear that (apart from Tesla, for now) that any thing related to electric cars is going up in flames. From Fisker's fubar (and blowing all that hard-earned government funding) and Chevy's Volt dysphoria to A-123 Systems (the Lithium-Ion battery-maker) and now Coda - which Yahoo Finance notes was among an emerging crop of California startups seeking to build emission-free electric cars three years ago. After selling just 100 of its $37,250 five-passenger vehicles, Coda filed Chapter 11 today taking a few well-known investors with it. On the bright side, the government was not involved (from what we can tell), but on the even brighter side, none other than former US Treasury Secretary Hank Paulson was among those burned by the company going up in flames (as was Harbinger's Phil Falcone).
In a remarkably candid interview, the President and Executive Chairman of CME Group Inc, Terrence Duffy, told Bloomberg TV that today gold buyers "don’t want certificates ... They want the real product".
"What’s interesting about gold, when we had that big break two weeks ago we saw all the gold stocks trade down significantly, we saw all the gold products trade down significantly, but one thing that did not trade down, was gold coins, tangible real gold. That’s going to show you, people don’t want certificates, they don’t want anything else. They want the real product."
Three additional suspects taken into custody in Marathon bombing case. Details to follow.
— Boston Police Dept. (@Boston_Police) May 1, 2013
- Physical demand up: U.S. Mint Sales of Gold Coins Jump to Highest in Three Years (BBG)
- Paper demand down: Gold ETP Holdings Cap Record Drop as $17.9 Billion Wiped Out (BBG)
- It's May 1 not April 1: Fed Seen Slowing Stimulus With QE Cut by End of This Year (BBG)
- Another great step for Abenomics: Sony leadership to forgo bonuses after broken promise on profits (FT)
- High-Speed Traders Exploit Loophole (WSJ)
- It's peanut Breaburn jelly time: How Google UK clouds its tax liabilities (Reuters)
- Frowny face day at the Mark Zandi household: Obama Said to Choose Watt to Lead Fannie Mae Regulator (BBG)
- Russia’s 20 Biggest Billionaires Keep Riches From Putin (BBG)
- China Affair With Cheap Diamonds Heats Mass Market (BBG)
- China's emotional ties to North Korea run deep in border city (Reuters)
- US companies must use cash piles for capex (FT) ... and yet they aren't. Tax anyone who doesn't spend for CapEx!
- Chinese Way of Doing Business: In Cash We Trust (NYT)
'Commingle' hundreds of millions in client funds which are subsequently stolen rehypothecated as collateral by JPMorgan while your firm goes bankrupt as a result of your idiotic prop trading decisions, and what happens? Your toughest choice is whether to vacation in Fiji or St Barths. That said, being former CEO of the world's biggest TBTF hedge fund also known as Goldman, a former governor and senator, and most importantly bundler for the president of the "transparent" administration certainly helps. On the other hand, be a lowly algo trader and quant programmer working at the aforementioned hedge fund, and having dared to "steal" secret trading client code what can "manipulate markets" and what - you get the full wrath and anger of the FBI, the Federal Court System, and now the Supreme Court.
Yesterday we showed the good side of college by presenting those majors that result in the best starting salaries fresh out of college. Now the bad side.
It appears the Eurozone Stockholm Syndrome of absolutely (mutual, but ignore that) Assured Destruction has once again bloomed in tiny Cyprus, where capital controls have now had their one month birthday despite promises for a "very short duration" by the IMF's Lagarde, yet where people - all of whom far poorer and with nothing but a catastrophic depression to look forward to - just don't want to leave the Euro and the Belgian neofeudal kingdom. Because today, Cyprus actually has the power to say no to Europe when its parliament decides whether to back the EU bail-in out imposed on its by its EU "partners." However, as Reuters reports, it most likely will not "with approval likely from a thin majority against mounting calls for the island to exit the euro." Which means that Iceland's miraculous growth case study aside, Cyprus will only have itself and its politicians to blame next year when everyone's standard of living is reduced by 20%, then 20% the year after and so on. All in the name of making sure Deutsche Bank's spring clip loaded €55.6 trillion in notional derivatives never snaps shut.
- Euro-Area Unemployment Increases to Record 12.1% Amid Recession (BBG)
- Fed faces calls for radical reform (FT) - Has Jamie Dimon approved of this message? No? Carry on then
- CEO Pay 1,795-to-1 Multiple of Wages Skirts U.S. Law (BBG)
- Ex-UBS Executive Convicted of Paid Sex With Underage Girl (BBG)
- Six months after Sandy, New York fuel supply chain still vulnerable (Reuters)
- Older, richer shoppers lead Japan’s surge in consumer spending (FT)
- Sharp euro zone inflation fall, joblessness point to ECB rate cut (G&M)
- Gold Rush From Dubai to Turkey Saps Supply as Premiums Jump (BBG)
- Japan Industrial Output, Retail Sales Disappoint (MW)
- Gunmen surround Libyan justice ministry (Reuters)
- Insider-Trading Probe Trains Lens on Boards (WSJ)
- Best Buy exits Europe (WSJ)
- Banker Roommates Follow Zuckerberg Not Blankfein With IvyConnect (BBG)
Revolving Door Goes Both Ways: Morgan Stanley Hires Former Treasury Staffer To Head Corporate AffairsSubmitted by Tyler Durden on 04/29/2013 15:07 -0400
Think the revolving door for Morgan Stanley's diaspora of clutch interests goes only from the private sector outward, with the recent appointment of MS' darling Mary Jo White (who will promptly recuse herself in virtually all major cases involved her former clients at Debevoise for years to come) to head the SEC? Think again. Moments ago, Reuters reported that according to a memo sent internally today, Morgan Stanley has hired Michele Davis, "a public relations official and policy director who helped shape the Treasury Department's strategy during the financial crisis, to become global head of corporate affairs, according to a bank memo sent on Monday."
"With earnings reports in from more than half the companies in the Standard & Poor's 500-stock index, first-quarter revenue for the group is expected to shrink 0.3% from a year earlier, according to Thomson Reuters. That would cut short the sales improvement reported at the end of last year and mark the third quarter out of the past four in which revenues have failed to grow by 1% or more. The sales figures are a troubling sign that business and consumer demand remain weak nearly four years after the recession. They are also evidence that a soft patch is developing in the U.S. economy, as optimism earlier in the year gives way to more sobering data on growth in gross domestic product, retail sales and manufacturing. In response, many companies are cutting jobs and curbing investments in an effort to prop up profits, moves that could make it harder for demand to recover."
- Gold Bears Defy Rally as Goldman Closes Short Wager (BBG)
- Still stuck on central-bank life support (Reuters)
- Ebbing Inflation Means More Easy Money (BBG)
- So much for socialist wealth redistribution then? François Hollande to woo French business with tax cut (FT)
- Billionaires Flee Havens as Trillions Pursued Offshore (BBG)
- Companies Feel Pinch on Sales in Europe (WSJ)
- Brussels plan will ‘kill off’ money funds (FT)
- Danes as Most-Indebted in World Resist Credit (BBG)
- Syria says prime minister survives Damascus bomb attack (Reuters)
- Syria: Al-Qaeda's battle for control of Assad's chemical weapons plant (Telegraph)
- Nokia Betting on $20 Handset as It Loses Ground on IPhone (BBG)
- Rapid rise of chat apps slims texting cash cow for mobile groups (FT)
- Calgary bitcoin exchange fighting bank backlash in Canada (Calgary Herald)