Switzerland

As Carl Icahn Was Selling Apple, This Central Bank Was Furiously Buying

As Icahn was selling, or just before as we don't know precisely when Icahn, who has since indicated he has turned massively bearish on the overall market, one entity was buying every AAPL share it could find. In fact, according to its latest 13F, everyone's favorite central bank that openly admits it is also a wholesale buyer of stocks (with a portfolio of some $100 billion), the Swiss National Bank reveals that in Q1 it bought another 4.1 million in AAPL shares, bringing its total to a record 14.5 milion shares.

Spain Sells 3x Oversubscribed 50-Year Bond

Following a scramble by European nations to issue ultra long-dated government paper, which saw France and Belgium sell 50-year bonds last month, while Ireland and Belgium went all the way and issued century bonds, with even Switzerland locking in 42-year paper yesterday, moments ago Spain was the latest to extend maturities all the way to 2066 when it sold €3 billion in 50 year bonds at Midswaps+50. According to MarketNews, the issue was over 3 times oversubscribed with the orderbook closing at €10.5 billion.

This 65-Year-Old American Lost His Life's Savings For Failing To File A Form

By all accounts Bernhard Gubser was living the American Dream. Born in Switzerland he moved to the Land of the Free in the early 1980s to work at an international shipping company based in Laredo, Texas. Eventually Mr. Gubser worked his way up to be President of the company and began traveling around the world to expand the business. He became a naturalized citizen of the United States in the 1990s, something that would eventually cost him $1.35 million...

Sprott Money's picture

Comex Gold Open Interest

In defending their long held short positions, the Comex Banks have now issued enough new contracts to drive total open interest back to levels not seen since 2011. Will they be successful in capping price or are they about to get a religious experience? We're about to find out.

The Twilight Of The Gods (aka Central Bankers)

The current financial market volatility increasingly reflects loss of faith in policy makers. Celebrity central bankers are learning that they must constantly produce new miracles for their followers. For the moment, the volatility is confined to financial markets and the effect on the real economy is limited. The ever present risk is of a doom loop where financial market problems lead to banking system weakness which, in turn, feeds a credit crunch and a contraction in economic activity. That familiar movie does not have a happy ending.

Chaos & Volatility Is On The Rise

Things are getting ‘weird’ out there if you’re trying to be polite, and downright 'chaotic' if you're being blunt. Everywhere we look, we see signs that the systems that support us are breaking down.

Treasury Introduces New Rules To Stop Tax Evasion, Kind Of

In the wake of the Panama Papers being released, the U.S.Treasury announced that it will use existing powers in order to make two rule changes that are intended to stop tax evasion. However, as Lew admits, "despite these efforts, bad actors will continue to seek new ways to exploit the system."

Migrant Rape Epidemic Reaches Austria

The brutal gang rape of a woman by three Afghan asylum seekers in central Vienna on April 22 has shocked the Austrian public and drawn attention to a spike in migrant-related rapes, sexual assaults and other crimes across the country. However, those who dare to link spiraling crime to Muslim mass migration are being silenced by the guardians of Austrian multiculturalism.

Here Comes The Turkish Flood: EU Commission Backs Visa-Free Travel For 80 Million Turks

Earlier this week we observed that in what may be Europe's latest mistake, the European Union is about to grant visa-gree travel to 80 million Turks: a key concession that Erdogan obtained as a result of the ongoing negotiations over Europe's refugee crisis which has pushed Turkey into the key player spotlight. And then, overnight, the European Commission officially granted its support to a visa-free travel deal with Turkey after Ankara threatened to back out of a landmark migration deal. It proposed to lift visa requirements by the end of June.

ECB Blames You For Negative Interest Rates

Revolutions, of course, can take many forms. There are social revolutions, political revolutions... and even financial revolutions. Now that interest rates are negative in many parts of the world, the financial system has become an incredibly destructive force. Negative rates adversely impact the livelihoods of just about everyone, from the average guy on the street all the way to the banks themselves... and a few key players have reached their breaking points and are starting to engage in acts of defiance.