• Tim Knight from...
    10/06/2015 - 17:03
    As we head into another earnings season, the bulls better pray to whatever pagan gods they worship that company after company magically defy the downturn that the economy is quite obviously entering.


GoldCore's picture

Gold and Silver Bullion Demand Very Robust - Delays and Premiums Rising

The incredibly strong demand for physical precious metals around the world continues to be obscured by institutional selling of futures contracts on the COMEX. The paper or electronic market continues to dominate the spot price for now. But rising premiums and delays for popular bullion products suggests that proper price discovery reflecting real world supply and demand may be at hand.

Tyler Durden's picture

Moody's Downgrades France, Blames "Political Constraints", Sees No Material Reduction In Debt Burden

Citing "continuing weakness in the medium-term growth outlook," Moody's has downgraded France:


Apearing to blame The EU's "institutional and political constraints," Moody's expects French growth to be at most 1.5% and does not expect the debt burden to be materially reduced this decade.

GoldCore's picture

Risk Of “Economic Totalitarianism” From “Cashless Society”

- Bail-ins, withdrawal limits and negative interest rates may be imposed - FT proposes a ban on “barbarous relic” cash - Central banks and banks would have citizen's wealth and people themselves “completely under their control” ...

Tyler Durden's picture

Crossing Borders With Gold And Silver Coins - A Glimpse Of Things To Come

It’s well-known that you have to make a declaration if you physically transport $10,000 or more in cash or monetary instruments in or out of the US, or almost any other country; governments collude on these things, often informally. But we've recently had some disturbing experiences crossing borders with coins...

Tyler Durden's picture

Presenting Five Channels Of Contagion From China's Hard Landing

Before China’s bursting equity bubble grabbed international headlines, and before the PBoC’s subsequent devaluation of the yuan served notice to the world that things had officially gotten serious in the global currency wars, all anyone wanted to talk about when it came to China was a "hard landing." Now that the yuan devaluation has all but proven that China has landed, and landed hard, here are the five channels of contagion.

Tyler Durden's picture

Chinese Stocks Open Down Hard As PBOC Strengthens Yuan By Most Since 2010 & Default Risk Hits 2-Year High

Chinese stocks are opening lower: SHANGHAI COMPOSITE INDEX FALLS 4.6% TO 3,020.84 AT OPEN as PBOC fixes Yuan stronger for the 4th day in a row - the most in 5 years.

China credit risk has spiked to 2-year highs as traders increase positions dramatically.

Tyler Durden's picture

JPMorgan: "Nothing Appears To Be Breaking" But "Something Happened"

"Something happened  The August turbulence in global markets has produced significant shifts, including a 6.6% fall in equity prices. The currencies of emerging market countries have depreciated substantially against the G-4, while emerging market borrowing rates for sovereigns and corporates have moved higher. Global oil prices have been whipsawed as have G-4 bond yields. The speed and magnitude of these movements is reminiscent of past episodes in which financial crises emerged or the global economy slipped into recession. However, nothing appears to be breaking."

Tyler Durden's picture

Default Wave Looms As Energy Sector Credit Risk Surges To Record High

With oil prices pushing cycle lows and Shale firms as loaded with debt as they have ever been, the spike in energy sector credit risk should come as no surprise as the hopes of the last few months are destroyed. At 1076bps, credit risk for the energy sector has never been higher. As UBS recently warned, more defaults are looming and, as we discussed this week, private equity is waiting to pick up the heavily discounted pieces.

Tyler Durden's picture

"Why Commodities Defaults Could Spread", UBS Explains

"In the wake of the commodity price swoon one of the recurring questions is will the stress in commodity markets spillover to other sectors?," UBS asks. Spoiler alert: the answer is "yes."

Tyler Durden's picture

WSJ Notes "Chances That China's Data Is Real Is Very Low" Then Promptly Scrubs It

Now you see it: "The chances that that data is real is very low," said Alicia Garcia Herrero, Natixis's chief economist for the Asia-Pacific region. "Would you publish GDP data that looks south at this point in time? I don't think so."

Now you don't.

Tyler Durden's picture

Don't Tell Merkel: Greek Banks Need An Additional €10-14 Billion Bailout

"There is an estimated need of about 10 to 14 billion euros in new capital. Given the magnitude of the shock we have been through, regulators will take stock of the situation and the impact on non-performing loans."

Tyler Durden's picture

Presenting The ECB's "Tools" To Stem Contagion

On the heels of Sunday's landmark referendum in Greece, all eyes are now on global financial markets and how the European Central Bank intends to prevent contagion in the event Greece exits the currency bloc. 

Tyler Durden's picture

Beware Of Greeks Bearing Referenda

It appears the sovereign peoples of Europe would not go gently into a Federal States of Europe night. Investors need to prepare for the inevitable political solution: referendums across Europe on the constitution of the Federal States of Europe needed to sustain the Euro. Events this weekend will trigger the search for the democratic legitimacy for the single currency and the centralised constitution it requires... or the demise of the unelected 'king Juncker' and 'queen Lagarde' of the Federal States of Europe.

GoldCore's picture

“People Can No Longer Buy Retail Gold Coins”

A rumour has been making its way around the blogosphere suggesting that gold coins are not available for purchase from retail outlets across Europe. This information is misleading and incorrect.

Reggie Middleton's picture

The Question Is Not Is Deutsche Bank the Next Lehman, It's "Is Lehman the Face of Banking in the Future

Is Deustche Bank the next Lehman is likely the wrong question to be asking. Is Lehman the template for European banking may be more to the point. Take it from the guy that called the Lehman debacle 5 months before the fact.

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