Wall Street Journal

Tyler Durden's picture

ECB Bans Media From 'Behind-Closed-Doors' Speech To Hedge Fund Managers

Fool me once, shame on me; fool me twice, shame on you; fool me a third time, you must think we are all just idiots!! Following The ECB's Benoit Coeure "internal procedure error" where he leaked the imminent actions of the central bank to a group of well-heeled hedge fund managers - who proceeded to dump EURUSD ahead of the announcement, The ECB has decided - in all its arrogant wisdom - to decamp to Luxembourg to speak, once again, to participants in the world of high finance behind closed doors. The media aren’t invited (though the ECB will publish some prepared remarks from the board members.).

GoldCore's picture

China Buys 16 Tons Gold In August – Dumps $94 Billion

The People’s Bank of China (PBOC) added another 15.98 tonnes of gold in August – at the same time its foreign exchange reserves fell a whopping $94 billion. 

Tyler Durden's picture

Chuck Norris "Exhausted" By Iran Nuclear "Antics", Walker May Launch "Pre-Emptive Strikes"

"We’re exhausted by your antics and empty promises. If we so much as sniff continued nuclear development, we are going to covertly and overtly stop you, even if that means military action and pre-emptive strikes on your nuclear facilities."

GoldCore's picture

Have 10% of Wealth In Gold As “Fire Insurance” - Rickards

Rickards said that gold is like “fire insurance on your house” ... “Nobody wants their house to burn down but if it does you are glad you have some insurance”. 

Tyler Durden's picture

Why The New Car Bubble's Days Are Numbered

Having recently detailed the automakers' worst nightmare - surging new car inventories - supply; amid rapidly declining growth around the world (EM and China) - demand, it appears the bubble in new car sales is about to be crushed by yet another unintended consequence of The Fed's lower for longer experiment. As WSJ reports, Edmunds.com estimates that around 28% of new vehicles this year will be leased - a near-record pace - leaving 13.4 million vehicles (leased over the past 3 years in The US) - compared with just 7 million in the three years to 2011 - set to spark a massive surplus of high-quality used cars. Great for consumers (if there are any left who have not leased a car in the last 3 years) but crushing for automakers' margins as luxury used-care prices are tumbling just as residuals have surged.

Tyler Durden's picture

The "Great Unwind" Has Arrived

The world is in the waning days of a historic multi-decade experiment in unfettered finance. International finance has for too long been effectively operating without constraints on either the quantity or the quality of Credit issued. From the perspective of unsound finance on a globalized basis, this period has been unique. History, however, is replete with isolated episodes of booms fueled by bouts of unsound money and Credit – monetary fiascos inevitably ending in disaster. We see discomforting confirmation that the current historic global monetary fiasco’s disaster phase is now unfolding.

Tyler Durden's picture

The Season Of The Glitch (Or "Why Retail Investors Have No Chance")

Thousands of investors with stop-loss orders on their ETFs saw those positions crushed in the first 30 minutes of trading last Monday, August 24th. Seeing a price blow right through your stop is perhaps the worst experience in all of investing because it seems like such a betrayal. “Hey, isn’t this what a smart investor is supposed to do? What do you mean there was no liquidity at my stop? What do you mean I got filled $5 below my stop? Wait… now the price is back above my stop! Is this for real?” Welcome to the Big Leagues of Investing Pain.

Tyler Durden's picture

NATO Opens (Another) Command Post Near Russian Border; Kremlin Warns Against "Cold War Logic"

"The opening of the new units will feed an artificially created confrontation. [This is] the logic of the Cold War. It runs counter to genuine interests of the European and regional security." - Alexander Grushko, Russian ambassador to NATO.

GoldCore's picture

Gold Coin Sales Surge 306% YoY In August, Silver Sales More Than Double

Stocks in Asia and Europe have fallen sharply again this morning and gold remains robust on safe haven demand

Tyler Durden's picture

Frontrunning: September 1

  • Charting the Market: New Month, Same China (BBG)
  • China jitters send stocks tumbling (Reuters)
  • Oil falls on weak China factory data (Reuters)
  • Euro zone factory growth eases in August despite modest price rises (Reuters)
  • Euro-Area Joblessness Falls to Lowest Level Since Early 2012 (BBG)
  • Clinton friend advised on U.S. politics, foreign policy (Reuters)
  • Korea exports slump as Asia's woes deepen (Reuters)
GoldCore's picture

Demand Surge and Shortages of Bullion as Stocks Fall Sharply

Demand Surge and Shortages of Bullion as Stocks Fall Sharply, Gold Outperforms All Assets In August

Reggie Middleton's picture

A Forensic View of a Wall Street Bank Balance Sheet Shows How Much Risk Rests In Its "Assets"

After forensically analyzing Morgan Stanley's balance sheet (which is very much like the rest of Wall Street's balance sheet) I can draw direct parallels to that of Lehman and Bear Stearns in 2007. It's a party!

Tyler Durden's picture

Margin Calls Mount On Loans Against Stock Portfolios Used To Buy Homes, Boats, "Pretty Much Everything"


"In a securities-based loan, the customer pledges all or part of a portfolio of stocks, bonds, mutual funds and/or other securities as collateral. But unlike traditional margin loans, in which the client uses the credit to buy more securities, the borrowing is for other purchases such as real estate, a boat or education..." The result was "dangerously high margin balances,' - the products became “the vehicle of choice for investors looking to get cash for anything.” Mr. Sica and others say the products were aggressively marketed to investors by banks and brokerages.


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