Reuters

Deutsche Bank Pays $60 Million To Settle Gold-Manipulation Lawsuit

Two months after paying $38 million to settle a silver price-fixing case, on Friday Deutsche Bank agreed to pay $60 million to settle private U.S. antitrust litigation by traders and other investors who accused the German bank of conspiring to manipulate gold prices at their expense.

Sudden Scramble For Gold In China Sends Premiums To 3 Year High

While paper gold traders can't seem to dump the precious metal fast enough, physical gold demand is soaring around the world. India retail premiums are spiking (amid demonetization), local China premiums soar to a 3-year-high (as capital controls loom), and coin sales from the US Mint have risen for the 4th straight month, accelerating post-election to the highest since July 2015 since Trump's victory at the election.

Iran Furious After Obama Said To Extend Iran Sanctions; Oil Jumps To 2016 Highs

Until today, the White House had not pushed for an extension of the Iran sanctions act, but that changed moments ago when Reuters reported that Obama is expected to extend the Iran sactions, in effect not only jeopardizing his own Nuclear treaty, but also threatening to cut as much as 1 million barrels in Iranian oil output should Trump reimpose the full Iranian sanctions next year. In response oil jumped to new 2016 highs.

Everything You Need To Know About The Italian Referendum (& Should Be Afraid To Ask)

While the post-Trump euphoria in US stocks has been the perfect distraction from the ugly realities elsewhere, this weekend's Italian Referendum could well be the biggest 'revolt' yet, topping Brexit and Trump. Should Italy vote "no", as polls forecast, PM Renzi may quit, leaving the Italian bank recapitalization would then be in jeopardy and, as Bloomberg's Mark Cranfield warns "we could be looking at a Greece-like market reaction on steroids."

Gross Echoes Gundlach, Says Trump Rally Is Misguided: "Move To Cash"

On the heels of Jeff Gundlach's "there's going to be a buyer's remorse period" warnings yesterday, the other 'bond king' has raised similar fears that the Trump rally is overdone (as are the prospects for growth behind it). Putting aside the book-talking as their bond portfolios suffer, Gross echoes Gundlach's "Trump's not the wizard of oz" comments, noting that the next president faces serious structural headwinds and warns investors "should move to cash," as any fiscal stimulus gains will be temporary at best.

Frontrunning: December 2

  • Futures fall ahead of jobs report (Reuters)
  • Obama to Block Second Chinese Deal on Security Concerns (BBG)
  • Trump Exults in Victory and Mocks Critics at Ohio Rally (BBG)
  • China's Central Bank Is Facing a Major New Headache (BBG)
  • Trump considering Goldman Sachs COO Cohn for energy secretary (Reuters)

Trump Team Confirms Dakota Access Support Has "Nothing To Do With Personal Investments" In Pipeline Builder

'Winter is coming' in North Dakota but as over 2000 veterans arrive to provide a human shield for the 'water protestors', president-elect Donald Trump said for the first time that he supports completion of the pipeline project near a North Dakota Indian reservation. Reassuringly his team confirmed that his support "has nothing to do with his personal investments" in Energy Transfer Partners - the company building the pipeline.