Switzerland

Marc To Market's picture

Don't Exaggerate Significance of SNB's Loss





The SNB reported a record loss, but the real meaning and implication is not what most are claiming.  See why.

 
Tyler Durden's picture

The Swiss National Bank Is Long $94 Billion In Stocks, Reports Record Loss Equal To 7% Of Swiss GDP





Earlier today, the SNB which is perhaps the most transparent hedge fund of all central banks and actually lays out its financial statements in a respectable manner every quarter, released its results for the second quarter (and first half) of 2015. The result: another absolutely epic loss, amounting to €50.1 billion ($51.8 billion) of which €47.2 billion on currency positions - a whopping 7% of Swiss GDP - meaning that in Q2 the SNB lost another €20 billion. This happened despite the SNB having invested 17%, or $94 billion, in foreign - mostly US -stocks.

 
Phoenix Capital Research's picture

This Time Around, Entire Countries Will be Going Bust





You do not start confiscating deposits at banks until the government itself is bankrupt and cannot foot the bill for a bailout.

 
Phoenix Capital Research's picture

What Do Greece and Louisiana Have in Common? The War on Cash





The Centralized Powers have declared a War on Cash... and it is spreading throughout the globe.

 
GoldCore's picture

Gold Hammered Down In Sunday Night’s 2-Minute, $2.7 Billion “Unprecedented Attack”





Since yesterday there has been another of wave of negative, misleading and almost triumphalist commentary on gold most of which studiously ignores the clear evidence of manipulation of the price on Sunday night.

 
GoldCore's picture

China’s Total Gold Holdings Much Higher - Owns Gold In SAFE and CIC





Many analysts believe the officially reported 1,660 tonnes to be an understatement given the enormous volumes of gold that have been passing through Hong Kong - and through Shanghai in more recent years - and the large amounts that have been produced and bought domestically.

It is important to remember that as we have long pointed out two other entities, besides the PBOC, have also been buying gold - the State Administration of Foreign Exchange (SAFE) and the China Investment Corporation (CIC).

 
GoldCore's picture

Gold 'Flash Crash' as $2.7 Billion Worth of Gold Futures Sold in Less Than 2 Minutes





In what looked like another successful bid to manipulate the gold market lower, there was massive selling of gold futures contracts - some 700,000 ounces worth of gold futures in mere seconds. The equivalent of one-fifth of a whole day’s trade in a normal session, was sold in a concentrated manner in less than two minutes - pushing prices lower again.

 
GoldCore's picture

Global Precious Metal Roundtable – Greece, China, Manipulation, Interest Rates and Outlook





The latest ‘Global Precious Metal Roundtable’ was recorded Wednesday and featured Jordan Eliseo of ABC Bullion,  Bron Suchecki of the Perth Mint and Ron Stoeferle of Incrementum and Mark O’Byrne of GoldCore.

 
GoldCore's picture

CHINA Boosts Gold Reserves 57%, Top Russian Reserves in First Disclosure Since '09





 This is the continuation of the trend of China positioning the yuan as global reserve currency ... The Chinese are pushing for full convertibility of the RMB and increasing their gold holdings will create confidence in the fledgling reserve currency and aid them in this regard.

 
GoldCore's picture

'Black Swan' Taleb Warns “Calm Before The Storm”





Western countries are increasingly displaying symptoms of instability as described by Nassim Taleb, the author of the The Black Swan, ever since the publication of an essay written with Gregory Treverton entitled “The Calm Before the Storm.” The wider public and the press seem unjustifiably complacent at this time. It seems likely that the seemingly unending “recovery” is simply the calm before the storm.

 
Tyler Durden's picture

Frontrunning: July 15





  • Tsipras Braves Parliament on Aid as Greek Outlook Worsens (BBG)
  • European markets rise before Yellen speech, Greek vote (Reuters)
  • China’s Growth Beats Economists’ Forecast as Stimulus Kicks In (BBG)
  • China stocks drop again, positive data shrugged off (Reuters)
  • Yellen intensifies Republican outreach amid Fed probe, Senate bill (Reuters)
  • Iran deal holds both promise and peril for Hillary Clinton (Reuters)
  • Iranians Party Into the Night as Khamenei Backs Accord (BBG)
 
GoldCore's picture

Greeks Can’t Tap Cash, Gold, Silver In Bank Safety Deposit Boxes





“Greeks cannot withdraw cash left in safe deposit boxes at Greek banks as long as capital restrictions remain in place”, Nadia Valavani, a Deputy Finance Minister in Greece told local television station according to a Reuters report.

 
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