• GoldCore
    08/04/2015 - 06:08
    The headlines are dramatic, ugly and depressing to anyone who holds gold right now. Broad market sentiment has shifted from disdain and dismissive to highly negative. Hedge funds are shorting gold...

Reuters

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The Coup Is Complete: Egypt Military Tells Mursi He Is No Longer President - Tahrir Celebrates - Live Feed





Well that was quick:

MORSI SPEECH YESTERDAY DIDN'T MEET PEOPLE'S DEMANDS
EARLY PRESIDENTIAL ELECTIONS TO BE HELD
EGYPT'S CONSTITUTION TO BE SUSPENDED UNDER PLAN
MILITARY AGREED GOVERNMENT OF TECHNOCRATS TO BE FORMED

US Official: Non-essential diplomats and embassy staff to leave Egypt

Egypt Muslim Brotherhood TV taken off air

Head of Egypt constitutional court to be sworn in as interim head of state on Thursday

*CLASHES IN EGYPT AFTER ARMY STATEMENT LEAVE 6 DEAD NATIONWIDE

*STATE DEPT TELLS U.S. CITIZENS IN EGYPT TO LEAVE COUNTRY

 
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Egypt's Pope, Grand Sheik, And ElBaradei To Present Political Roadmap





While the situation remains fluid, and the US state department remains in the dark as far as it wants the public to know, Reuters is reporting that Egypt's state news agency MENA states "Egypt's leading Muslim and Christian clerics and the leader of the liberal opposition alliance Mohamed ElBaradei will jointly present a roadmap for a political transition shortly." Of course, use of the word 'coup' is expressly forbidden but as @RichardEngel asks (rhetorically), "Is it a coup if the people ask for the military's help?  The brotherhood clearly thinks it is."

 
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The Tanks Have Been Deployed





Courtesy of the BBC's Jeremy Bowen, we can see that the tanks in Cairo are now deployed. Surely this will add at least another 10 points to the Stalingrad and Propaganda 500 on anywhere between 2 and 3 contracts in today's hilarious zero volume revolutionary melt up.

 
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Coup Under Way In Egypt, President Advisor Says, Warns About "Considerable Bloodshed", "Tanks On Streets"





The Egypt drama is reaching its inevitable, and largely expected, conclusion. From Reuters:

  • EGYPT PRESIDENT'S NATIONAL SECURITY ADVISER SAYS MILITARY COUP UNDER WAY
  • NO MILITARY COUP CAN SUCCEED AGAINST POPULAR RESISTANCE WITHOUT CONSIDERABLE BLOODSHED -MURSI AIDE
  • MURSI ADVISER SAYS EXPECTS ARMY, POLICE VIOLENCE TO REMOVE PRO-MURSI DEMONSTRATORS
  • EGYPT BROTHERHOOD SPOKESMAN SAYS TANKS ON STREETS, VIA TWITTER
  • SEVERAL HUNDRED EGYPTIAN SOLDIERS, TOGETHER WITH ARMOURED VEHICLES, PERFORM MILITARY PARADE ON MAIN ROAD NEAR PRESIDENTIAL PALACE - REUTERS WITNESS

In other words, if Morsi leaves, you get a Civil War.

 
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With Morsi Ultimatum Ticking Down, Egyptian Army Take Control Of State TV Building - Live Feed From Cairo





With just a few short hours to go until the military-coup-deadline, the situation is rapidly moving from bad to worse in Egypt. Following Reuters reporting that the Muslim Brotherhood's refusal to meet with army officials - "We do not go to invitations (meetings) with anyone. We have a president and that is it," Sky News Arabiya reports that the Egyptian army now completely controls the State TV buildingThe miltary will make a statement at 5pm local (10amET).

 
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Frontrunning: July 3





  • Portuguese bond yields soar amid political turmoil (FT)
  • Portugal Resignation Rocks European Markets (WSJ)
  • Portugal, Greece risk reawakening euro zone beast (Reuters)
  • Egypt’s military chiefs hold crisis meeting as Mursi snubs ultimatum (Al Arabiya)
  • Egypt Crisis Deepens as Mursi Refuses to Step Down (BBG)
  • Hidden microphone found in London embassy: Ecuador (AFP)
  • Health Law Penalties Delayed (WSJ)
  • Rise in mortgage rates cut into homebuyer demand last week (Reuters)
  • Bolivia angered by search of president's plane, no sign of Snowden (Reuters)
  • Olympus ex-chairman gets suspended sentence (FT)
 
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Crude Cracks $102 As Egyptian Army "Ready To Die" - Live Feed





WTI Crude futures just topped $102 per barrel (the highest price in 14 months) as Reuters reports 16 dead and Egypt's high command saying the army was ready to die to defend Egypt's people against terrorists and fools, in a response to Islamist President Mohamed Mursi. Their comment (via Facebook) read "We swear to God that we will sacrifice even our blood for Egypt and its people, to defend them against any terrorist, radical or fool," was issued 3 hours after Mursi's TV statement.

 

 
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Crude Surges Past $100 As Cairo Death Toll Rises





Following Mursi's TV and Twitter statement earlier, when WTI crude futures re-opened and immediately started to accelerate higher, breaking decisively through the Maginot Line of $100 (on their way to $4.00 gas at the pump in the US). The tensions are escalating between pro- and anti-Mursi protesters as Reuters reports 3 more dead and a further 90 wounded today.

 
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Live Egypt Feed As Morsi Rebuffs Military; Army Lays Out "Transition Roadmap"





Update: the local army has already laid out the framework of what the upcoming "coup" will look like. via Reuters:

  • ARMY ROADMAP WOULD BE IMPLEMENTED IF PRESIDENT MURSI, OPPOSITION FAIL TO AGREE - SOURCES
  • ARMY ROADMAP WOULD PROVIDE FOR RULE BY INTERIM COUNCIL UNTIL CONSTITUTION CHANGED - SOURCES
  • ARMY ROADMAP ENVISIONS CONSTITUTION CHANGE WITHIN MONTHS, FOLLOWED BY PRESIDENTIAL ELECTION -SOURCES
  • ROADMAP SUBJECT TO AGREEMENT OF OPPOSITION SALVATION FRONT, OTHER FORCES ONCE DEADLINE EXPIRES -SOURCES
 
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Snowden Withdraws Russia Asylum Request; Nine Countries Deny Application





Things are turning from bad to worse for the real-life version of The Terminal's Edward Snowden, who a day after applying to 21 countries for political asylum has been flooded with rejection letters near and far, even as he was forced to cancel his application to his current host nation, Russia, after being told he would have to stop leaking secrets as a condition to stay. More from the FT: "The 30-year-old fugitive’s options narrowed further on Tuesday when China reacted coolly to the idea of him moving there, Poland rejected an application and other European nations said asylum requests had to be made in the country."

 
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Russian Unmanned Rocket Explodes Moments After Launch





If Russia was hoping to punctuate its foreign policy victory over the US in hosting Edward Snowden and being on the list of his asylum applicants with the overnight launch of a unmanned Proton-M rocket, carrying some $200 million worth of navigation satellites, those hopes literally went up in flames when 17 seconds into the take off, an emergency switch-off of the engines led to a spectacular explosion, and sent the rocket plummeting to earth. End result: a massive blow up caught on live TV, hundreds of millions in equipment lost and 172 metric tons of highly toxic heptyl propellant raining on the ground for miles around the crash.

 
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Frontrunning: July 2





  • Egypt on the edge after Mursi rebuffs army ultimatum (Reuters)
  • Inside China's Bank-Rate Missteps (WSJ)
  • Obama Urges Morsi to Respond to Protesters' Concerns (WSJ)
  • How Fed’s 7% Jobless Avoids Deterring Bondholders Is Mystery (BBG)
  • Obama Joins With Political Foe Bush at End of Africa Trip (BBG)
  • China may introduce deposit insurance by year-end (China Daily)
  • China’s Slowdown Could Slam Hong Kong (BBG)
  • Government 'to ask Rothschild to advise on RBS split' (Telegraph)
  • Martin Feldstein: The Fed Should Start to 'Taper' Now (WSJ)
 
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Greece Gets Three-Day Ultimatum From Europe To Fix Itself, Or Else





Yesterday it was the Egyptian military giving president Morsi a two day ultimatum before things "deteriorate", now it is the Eurozone giving Greece a three day ultimatum to "deliver on the conditions attached to its international bailout in order to receive the next tranche of aid" or else.  This links back to the FT report from June 20 that the IMF told Greece it has until the end of July to plug its budget holes, or else. In other words, simple escalation. Of course, maybe it should have been made apparent to Greece back in May 2010 at the time of the first (of many) bailouts that all those tens of billions in sunk costs are actually supposed to lead to economic reforms instead of perpetuating a broken and corrupt political system in which all in efficiencies and failures are blamed on evil (f)austerity.

 
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Has Gold's 'Bubble' Burst Or Is This A Golden Buying Opportunity?





The volatility of recent weeks is but a mere small taste of the volatility in store for all markets in the coming months and years. The global debt crisis is likely to continue for the rest of the decade as politicians and central bankers have merely delayed the day of reckoning. They have ensured that when the day of reckoning comes it will be even more painful and costly then it would have been previously.

 
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