http://www.zerohedge.com/fullrss2.xml/default en Oil Crashes To $41 Handle After Surprise Inventory Build, Production Rise http://www.zerohedge.com/news/2016-07-27/oil-crashes-surprise-inventory-build-production-rise <p>Despite last night&#39;s <a href="http://www.zerohedge.com/news/2016-07-26/oil-extends-losses-after-surprisingly-large-cushing-build"><strong>API-reported surge in Cushing inventories</strong></a>, oil futures surged into this morning&#39;s DOE data on the heels of terrible durable goods data. However, a <strong>shocking build in overall crude levels (+1.67mm vs -2mm) breaking crude&#39;s record 9-week streak of draws</strong>, sent crude prices reeling. Cushing also saw a major build as did Gasoline and <strong>production rose for the 3rd week in a row</strong>.</p> <p>API</p> <ul> <li>Crude -827k (-2mm exp)</li> <li><strong>Cushing +1.4mm (+750k exp)</strong></li> <li>Gasoline -420k</li> <li>Distillates +292k</li> </ul> <p>DOE</p> <ul> <li><strong>Crude&nbsp; +1.67mm (-2mm exp)</strong></li> <li><strong>Cushing +1.11mm (+750k exp)</strong></li> <li><strong>Gasoline +452k</strong></li> <li>Distillates -780k</li> </ul> <p><strong>This week&#39;s crude build ends the 9-week drop in overall crude inventories in a row... the longest streak of declines in US history </strong>(since 1982 Bloomberg EIA data - 8 week streaks in June 2015, Jan 2008, Sept 2004, Sept 1998)</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_oil2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_oil2_0.jpg" style="width: 600px; height: 315px;" /></a></p> <p>&nbsp;</p> <p>Crude production rose for the 3rd week in a row...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_oil3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_oil3_0.jpg" style="width: 600px; height: 310px;" /></a></p> <p>&nbsp;</p> <p>Most troubling, however, remains the unprecedented surge in gasoline stocks confirming that demand for the product is just not there.&nbsp; As the chart below shows, gasoline stocks rose 0.5 million bbls last week to 241Mm bbl and is now 11.8% higher than last year.</p> <p><a href="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/gasoline%20change.jpg"><img alt="" src="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/gasoline%20change_0.jpg" style="width: 600px; height: 468px;" /></a></p> <p>Shown another way, gasoline stocks are now 25.5 million bbls vs 2015.</p> <p><a href="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/gasoline%20stocks%20soar.jpg"><img alt="" src="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/gasoline%20stocks%20soar_0.jpg" style="width: 600px; height: 468px;" /></a></p> <p>&nbsp;</p> <p>And even worse, as we warned one month ago, the PADD1 situation is now unprecedented, with a record 72.5 million barrels stored on the east coast.</p> <p><a href="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/padd%201.jpg"><img alt="" height="457" src="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/padd%201_0.jpg" width="601" /></a></p> <p>And after ramping this morning, <strong>Crude prices are crashing after the surprise build...</strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_oil4.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_oil4_0.jpg" style="width: 600px; height: 311px;" /></a></p> <p>&nbsp;</p> <p><u><strong>These are the lowest levels since the failed Doha &quot;production freeze&quot; talks...</strong></u></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_oil5.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_oil5_0.jpg" style="width: 600px; height: 244px;" /></a></p> <p>&nbsp;</p> <p><strong><em>&ldquo;The perception of the API data shows that the market is looking at the bearish news and ignoring the bullish ones,&rdquo;</em></strong> says Carsten Fritsch, commodity analyst at Commerzbank.</p> <p>Tracking last year&#39;s pump-and-dump of hope perfectly.</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/19/20160721_analog_1.jpg"><img height="313" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/19/20160721_analog_1_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>As demand is set to tumble...<strong> </strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/19/20160724_oildemand.jpg"><img height="299" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/19/20160724_oildemand_0.jpg" width="600" /></a></p> <p><em>Charts: Bloomberg</em></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1727" height="895" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160727_oil4_0.jpg?1469630840" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-27/oil-crashes-surprise-inventory-build-production-rise#comments Crude Wed, 27 Jul 2016 14:37:36 +0000 Tyler Durden 567407 at http://www.zerohedge.com Reagan Shooter John Hinckley Jr Released, Will Live With His Mother http://www.zerohedge.com/news/2016-07-27/reagan-shooter-john-hinckley-jr-released-will-live-his-mother <p>34 years after trying to assasinate Ronald Reagan in 1981, John Hinckley, Jr will be released from a psychiatric hospital and allowed to live with his mother in Virginia.</p> <p><a href="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/hinkley%20shooting.jpg"><img src="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/hinkley%20shooting_0.jpg" width="500" height="361" /></a></p> <p>On Wednesday, a federal judge granted John Hinckley, Jr., the man who shot President Ronald Reagan, full-time release from St. Elizabeth's Hospital in Washington, D.C., where he has been in treatment since the shooting. Judge Paul L. Friedman delivered the ruling Wednesday, granting him full time convalescent leave to begin no sooner than Aug. 5.</p> <p>According to <a href="http://www.wsj.com/articles/reagan-shooter-john-hinckley-jr-to-be-released-from-mental-hospital-1469627067">the WSJ</a>, the 103-page order from U.S. District Judge Paul Friedman said Mr. Hinckley’s doctors have found he has <strong>"no signs of psychotic symptoms, delusional thinking, or any violent tendencies,’’ </strong>and therefore “<strong>presents no danger to himself or to others in the reasonable future if released</strong>." The ruling means that 34 years after an attack that severely wounded the president and three others, Mr. Hinckley will be a free man—albeit with restrictions on his travel, communications, work and use of the internet.&nbsp;</p> <p> Hinckley, 61, was committed to St. Elizabeth’s Hospital in Washington, D.C. Over the past 12 years, his doctors and the courts have been gradually loosening his restrictions, over objections from the Justice Department, allowing him to go to Williamsburg, Va., for unsupervised visits with his family more than 80 times.</p> <p><a href="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/hinkley%201.jpg"><img src="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/hinkley%201_0.jpg" width="500" height="333" /></a></p> <p>Now Hinckley will be allowed to live with his mother there, provided he still has regular medical and social-work checkups, works or volunteers at least three days a week and adheres to limits on his travel and communication. The judge’s order also specifically bars Mr. Hinckley or his family from talking to reporters.</p> <p>He's already been spending 17 days per month at his mother's home since federal judge Paul Friedman granted him partial leave from the hospital in 2013. CBS News' Reid reports the conditions of Hinckley's release are incredibly detailed and strict, which is a big win for the U.S. government. While the requirements focus mostly on continued mental health treatment, Hinckley's lawyer had been arguing for minimal conditions to make it less likely he will be found in non-compliance.</p> <p>Some of the conditions of his release include:</p> <ul> <li>He must carry a GPS enabled phone whenever he is away from his mother's home, but no tracking devices need to be installed in his cars. He must notify his treatment team before going to any private residences.</li> <li>He must travel to D.C. once a month for mental health treatment. His must provide detailed information about his travel to D.C. including his specific route and time of departure, but he can travel by himself. If he is delayed by more than 30 minutes, he needs to notify his treatment team.</li> <li>He must have weekly phone calls with his health care professionals as well as individual and group therapy in Williamsburg. He also does monthly music therapy sessions. He has expressed an interest in recording an album.</li> <li>He is expected to find a volunteer position or a job which must be approved by his mental health team.</li> <li>He cannot speak with media. Any media contact by him or his family will constitute a violation of his release.</li> <li>No drugs, no weapons.</li> <li>No contact with the family members of his victims, which include the Reagan family, Brady family, Thomas Delahanty or Timothy McCarthy.</li> <li>He cannot travel to areas where current or former presidents, Congress or senior executives or "United States Secret Service protectees" are found.</li> <li>He can use the internet but cannot Google himself, research weapons, porn, or his victims.</li> <li>He may not set-up any social media accounts without unanimous permission from his treatment team.</li> <li>He must live with his mother in Williamsburg for the first-year of his full-time release and after that, following an assessment by his team, he may reside alone or with roommates within a 30 mile radius of Williamsburg</li> </ul> <p>He is also forbidden from trying to contact his victims or any of their relatives or descendants, and he is barred from trying to contact the actress Jodie Foster or her family. At the time of the Reagan shooting, Hinckley was obsessed with Ms. Foster and hoped the assassination would impress her. </p> <p>On March 30, 1981, Hinckley opened fire outside a Washington, D.C. hotel as then-President Reagan was exiting the building after a speech. One of the bullets punctured the president's lung and barely missed his heart. Another left then-White House press secretary James Brady paralyzed from the waist down.</p> <p>In a letter the would-be assassin sent before the shooting, Hinckley confessed his bizarre motive to Jodie Foster, whom he'd been stalking for months. </p> <p>"The reason I'm going ahead with this attempt now is because I cannot wait any longer to impress you," he wrote. "This letter is being written only an hour before I leave for the Hilton Hotel. Jodie, I'm asking you to please look into your heart and at least give the chance, with this historical deed, to gain your love and respect." </p> <p>Hinckley was found not guilty by reason of insanity. He is now, supposedly, sane and no longer a threat to republican presidents... or presidential candidates. </p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="634" height="458" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/hinkley%20shooting.jpg?1469629321" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-27/reagan-shooter-john-hinckley-jr-released-will-live-his-mother#comments Google Washington D.C. Wed, 27 Jul 2016 14:22:26 +0000 Tyler Durden 567405 at http://www.zerohedge.com Pending Home Sales Disappoint, Realtors Fear Unhealthy Price Appreciation http://www.zerohedge.com/news/2016-07-27/pending-home-sales-disappoint-realtors-fear-unhealthy-price-appreciation <p>Following<a href="http://www.zerohedge.com/news/2016-07-26/new-home-sales-rebound-highest-2008-median-home-price-rises-back-over-300000"> New Home Sales rebound to their highest since 2008</a>, amid record high prices, <strong>Pending Home Sales disappointed with a mere 0.2% MoM rise</strong> (versus +1.2% expectations) showing very little bounce off May's tumble. Northeast sales saved the day with a 3.2% surge but The South and West both continued to slide. As NAR's Larry Yun noted however: <em><strong>"home prices are showing little evidence of slowing to a healthier pace that more closely mirrors wage and income growth."</strong></em></p> <p>Diverging fortunes...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_homesd.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_homesd_0.jpg" width="600" height="332" /></a></p> <p>&nbsp;</p> <p>Regional breakdown suggests price is starting to have an impact:</p> <ul> <li>Northeast up 3.2%; May fell 5.3%</li> <li>Midwest up 0.8%; May fell 4.2%</li> <li>South fell 0.6%; May fell 3.1%</li> <li>West fell 1.3%; May fell 3.4%</li> </ul> <p>Lawrence Yun, NAR chief economist, says a solid bump in activity in the Northeast pulled up pending sales modestly in June.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p> "With only the Northeast region having an adequate supply of homes for sale, the reoccurring dilemma of strained supply causing a run-up in home prices continues to play out in several markets, leading to the last two months reflecting a slight, early summer cooldown after a very active spring," he said. "Unfortunately for prospective buyers trying to take advantage of exceptionally low mortgage rates, housing inventory at the end of last month was down almost 6 percent from a year ago, and <strong>home prices are showing little evidence of slowing to a healthier pace that more closely mirrors wage and income growth.</strong>"</p> <p>&nbsp;</p> <p>Adds Yun,<strong><em> "Until inventory conditions markedly improve, far too many prospective buyers are likely to run into situations of either being priced out of the market or outbid on the very few properties available for sale." </em></strong></p> </blockquote> <p>As Bloomberg summarizes, the leveling off in pending home sales comes on the heels of reports showing existing-home sales jumped in June to its highest level since 2007 and the strongest new-home demand in eight years.<strong> The Realtor’s group said last week that sales have probably peaked for the year as prospective buyers don’t have enough homes from which to choose, forcing up property values.</strong> That’s mitigated the positive influence of mortgage rates that are close to record lows. Keep an eye on the pending home sales figure, since buyer traffic has slowed in recent weeks, the real-estate agents’ group said last week.</p> <p><em>Charts: Bloomberg</em></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="906" height="502" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160727_homesd.jpg?1469628547" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-27/pending-home-sales-disappoint-realtors-fear-unhealthy-price-appreciation#comments Housing Inventory New Home Sales Wed, 27 Jul 2016 14:09:30 +0000 Tyler Durden 567402 at http://www.zerohedge.com Kremlin Slams Accusations Of Democratic Party Hack As "Made-Up Horror Stories" http://www.zerohedge.com/news/2016-07-27/kremlin-calls-allegations-democratic-hack-made-horror-stories <p>One day after Russia's foreign minister Sergey Lavrov gave the first Russian response to allegations that Moscow was behind the DNC server hack <a href="http://www.zerohedge.com/news/2016-07-26/maybe-putin-did-it-after-all-trail-emerges-linking-dnc-email-hack-russia">when he said </a>"<strong>I don't want to use four letter words" </strong>to a media question if Putin was responsible,<strong>&nbsp;</strong> on&nbsp; Wednesday the Kremlin reiterated Russia's position when it dismissed allegations Russia had hacked Democratic Party emails as "<strong>made up horror stories" </strong>dreamt up by U.S. politicians, saying it never interfered in other countries' election campaigns.</p> <p>"Moscow is at pains to avoid any words that could be interpreted as direct or indirect interference in the election process," Kremlin spokesman Dmitry Peskov told a conference call with <a href="http://www.reuters.com/article/us-usa-election-russia-idUSKCN107166">reporters cited by Reuters</a>. </p> <p><strong>"... We see that the Russian card is in the red corner on the writing table of all Washington politicians during the election campaign, and that very often they make it a trump card in their game</strong>."</p> <p>Peskov was responding after U.S. President Barack Obama in an interview with NBC News said it was possible Russia would try to influence the U.S. presidential election after a leak of Democratic National Committee emails that experts have blamed on Russian hackers. </p> <p>"This reminds me of a company where they tell each other horror stories and then start being frightened of their own stories," said Peskov. The Kremlin on Tuesday said unidentified individuals in the United States were trying to cynically exploit fear of Russia for electoral purposes.</p> <p>Individuals perhaps such as this one. In an interview on NBC, President Barack Obama said it was possible that Russia would try to influence the U.S. presidential election. </p> <p><strong>"Anything is possible," </strong>Obama <a href="http://www.reuters.com/article/us-usa-election-obama-russia-idUSKCN1062R4">told NBC News in an interview </a>broadcast on Tuesday when asked if the Russians would try to influence the Nov. 8 election. </p> <p><iframe src="http://www.nbcnews.com/widget/video-embed/732675139636" width="560" height="315" frameborder="0"></iframe></p> <p>Obama said the Federal Bureau of Investigation was investigating the leak on Friday of more than 19,000 DNC emails, which showed the committee had favored Hillary Clinton over Senator Bernie Sanders for the party's presidential nomination. </p> <p>"I know that experts have attributed this to the Russians," Obama said reiterating the rather Once again the "experts" phrasing. </p> <p>"What we do know is that the Russians hack our systems, not just government systems but private systems," he said. </p> <p>The email leak forced Congresswoman Debbie Wasserman Schultz of Florida to resign as chairwoman of the Democratic National Committee. </p> <p>Clinton, who received the Democratic nomination on Tuesday at the party's convention in Philadelphia, will face Republican Donald Trump in the election. </p> <p>"What the motives were in terms of the leaks, all that, I can't say directly. What I do know is that Donald Trump has repeatedly expressed admiration for Vladimir Putin," Obama said. </p> <p>Trump has often praised Putin, calling him a "strong leader." The New York businessman also told the New York Times last week that with him in the White House, NATO might not automatically defend the Baltic states that were once part of the Russian-led Soviet Union. </p> <p>"I think that Trump has gotten pretty favorable coverage back in Russia," Obama said.</p> <p>Meanwhile, this was Trump's take:</p> <blockquote class="twitter-tweet"><p dir="ltr" lang="en">Funny how the failing <a href="https://twitter.com/nytimes">@nytimes</a> is pushing Dems narrative that Russia is working for me because Putin said "Trump is a genius." America 1st!</p> <p>— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/758236300554174465">July 27, 2016</a></p></blockquote> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="131" height="90" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/putin%20glasses_0.jpg?1469625511" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-27/kremlin-calls-allegations-democratic-hack-made-horror-stories#comments Barack Obama Bernie Sanders Donald Trump Florida NBC New York Times Nomination Reuters Vladimir Putin White House Wed, 27 Jul 2016 13:58:11 +0000 Tyler Durden 567395 at http://www.zerohedge.com Chinese Stocks Sink Over Fears Regulators Will Curb Wealth Management Schemes http://www.zerohedge.com/news/2016-07-27/chinese-stocks-sink-over-fears-regulators-will-curb-wealth-management-schemes <p>China's burgeoning problem with its ponzi-like <em>wealth management product </em>or WMP, industry, is nothing new: we presented a comprehensive summary one year ago in "<a href="http://www.zerohedge.com/news/2015-08-18/8-trillion-black-swan-chinas-shadow-banking-system-about-collapse">The 8 Trillion Black Swan: Is China's Shadow Banking System About To Collapse</a>?" </p> <p>For those unfamiliar, the outstanding value of WMPs, widely expected to be a major source of future systemic risk for Beijing, rose to 23.5 trillion yuan, or 35% of China’s gross domestic product, at the end of 2015 from 7.1 trillion yuan three years earlier. Much of the growth came in open WMPs, which are extra appealing to investors because they can be redeemed at any time, and thus provide another major duration risk which as we recently saw with commercial real estate funds in the UK, can turn sour overnight. Mid-tier banks such as China Merchants Bank Co. and China Everbright Bank Co. are especially dependent on the products for funding.</p> <p>However, while these products provide a constant threat of imminent failure, so far the government has refused to take any steps to curbs them for one simple reason: they remains some of the most aggressive buyers of Chinese risk assets.</p> <p>However, that may have changed overnight when China's Banking Regulatory Commission drafted new rules curbing the nation’s multi-trillion market for wealth management products, which was not taken well by the local stock market, leading to a plunge in stocks in early Chinese trading, before rebounding at the close of trading. China's ChiNext index of smaller companies sank as much as 5.5%.</p> <p><a href="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/china%20wmp%20bbg.png"><img src="http://zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/china%20wmp%20bbg_0.png" width="500" height="281" /></a></p> <p>Ironically, this took place just <a href="http://www.zerohedge.com/news/2016-07-26/dead-market-walking-chinese-stock-volatilty-crashes-near-record-lows">hours after we warned </a>that China's stock volatility - just like in the US - has plunged to near record lows.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>From over 110, short-term volatility in China's major stock market - Shanghai Composite - has collapsed to single-digits this week. This is among the least volatile period in the index's history, despite increased uncertainty around stimulus and economic transition. China’s $6.2 trillion equity market was until recently best known for its violent price swings.<br /><strong>&nbsp;</strong> </p> </blockquote> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160726_shcomp.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160726_shcomp_0.jpg" width="500" height="263" /></a></p> <p>As <a href="http://www.bloomberg.com/news/articles/2016-07-27/china-stock-calm-shatters-as-regulatory-curb-talk-spooks-traders">Bloomberg observes</a>, the market’s material response to the news showed what was at stake for China’s watchdogs as they attempt to reduce risk in the financial system while avoiding going too far and provoking another crash in the $6.4 trillion stock market. The Shanghai Composite is down 15%this year, among the world’s worst performers.</p> <p>“<strong>Many banks have been investing in WMPs to funnel money into the stock market,” </strong>said Francis Cheung, head of China and Hong Kong strategy at CLSA Ltd. in Hong Kong. “It’s non-transparent, so I understand why regulators would try to act. But if this causes too much correction, then they will get worried. <strong>The No. 1 priority is to maintain a relatively stable stock market</strong>.”</p> <p>Indeed it is, and not just in China but around the globe.</p> <p>The CBRC’s proposed crackdown on the $3.5 trillion WMP market was first reported by the 21st Century Business Herald, <strong>which said that all lenders may face caps on the investment of proceeds in stocks</strong>. Draft rules state that cash from “mass market” <strong>wealth products can only be invested in money or bond markets, not domestically-listed shares</strong>, a person with direct knowledge of the matter told Bloomberg. The rules are pending feedback from banks, the person said.</p> <p>“<strong>There’s an obvious trend of regulators wanting to strengthen market monitoring and lower the use of leverage in financial markets to control risks</strong>,” said Dai Ming, a fund manager at Hengsheng Asset Management Co. “Under such circumstances, ChiNext is especially vulnerable, given its high valuations.”</p> <p>This is not the first time China has tried to tackle the local "shadow investing" industry. In fact, China has been tightening rules on WMPs since late 2014, however it has been mostly unsuccessful. The products are a key reason behind the growth in the shadow-banking industry, which Moody’s Investors Service estimates is worth more than 50 trillion yuan, and have been used by some financial institutions as a way to extend funds to risky borrowers and evade capital requirements. WMPs are sold by banks but often stay off their balance sheets. China’s securities regulator has already restricted the use of leverage by structured asset management plans, and was said to warn brokerages to do better due diligence when raising money for companies. </p> <p>Adding to concerns, the Shenzhen Stock Exchange will demand better disclosure and limit speculation on stocks in popular industries such as virtual reality and artificial intelligence, according to a statement in the Securities Daily Tuesday. </p> <p><strong>"China will curb asset bubbles"</strong>, the official Xinhua News Agency reported the same day, citing a government statement after a Politburo meeting chaired by President Xi Jinping.</p> <p>Somehow we doubt it, but on Wednesday, that all added up to a bad day for stock investors. The ChiNext Index of small-company shares sank by the most since June 13, the Shanghai Composite Index fell 1.9 percent and the Shenzhen Composite Index lost 4.5 percent.</p> <p>And just like in the US, any time sellers emerge, so does volume: according to Bloomberg data, trading volume in Shanghai surged to the highest since April, while a gauge of 10-day price swings doubled. The Shanghai gauge trades at 12.8 times projected 12-month earnings, compared with more than 31 times for the ChiNext.</p> <p>It goes without saying, that if the "crackdown" on WMPs leads to ongoing selling in Chinese stocks, the local regulator will promptly scrap the rules which as of last night are proposed to include the following:</p> <ul> <li>Restrictions would be placed on banks with less than 5 billion yuan ($750 million) of net capital or fewer than three years of experience with wealth-management products, the person said. They would be required to invest the proceeds of any WMPs they issue in less-risky assets, such as government bonds and bank deposits, the person added.</li> <li>Proceeds from “mass market” WMPs cannot be invested in securities funds that aren’t focused on money markets or bond markets, said the person, who asked not to be identified as he is not authorized to speak publicly</li> <li>Private bank clients with net financial assets of more than 6m yuan and high-net worth individuals with more than 1m yuan of financial assets, as well as institutional investors, will be excluded from “mass market” category</li> <li>Proceeds from such WMPs cannot be invested directly or indirectly in domestically listed companies’ shares or beneficiary rights</li> <li>Banks with more than 5 billion yuan of net capital that comply with other regulatory requirements will be allowed to conduct “comprehensive” WMP business and also invest proceeds in equities and non-standard assets, in addition to low-risk assets such as government bonds, bank deposits, central bank bills</li> <li>Banks can only apply for “comprehensive” license after running WMP business for more than three years</li> <li>Banks will be required to set aside risk reserves from their net income until the buffer reaches 1 percent of the value of their outstanding WMPs</li> <li>Banks will be banned from issuing WMPs with different tranches</li> <li>The rules are pending banks’ feedback and may be subject to change</li> </ul> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="966" height="509" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/20160726_shcomp.jpg?1469626997" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-27/chinese-stocks-sink-over-fears-regulators-will-curb-wealth-management-schemes#comments Black Swan Bond China Commercial Real Estate Gross Domestic Product Hong Kong Institutional Investors Real estate Reality Shadow Banking Shenzhen Volatility Yuan Wed, 27 Jul 2016 13:43:58 +0000 Tyler Durden 567400 at http://www.zerohedge.com Silver Surges Over $20 After Dismal Durable Goods Data http://www.zerohedge.com/news/2016-07-27/silver-surges-over-20-after-dismal-durable-goods-data <p>After 21 straight days of economic imporvements, today's dismal durable goods orders appears enough to prompt <em><strong>'the QE trade' </strong></em>as bonds, stocks, and bullion surge (and dollar drops). Silver just spiked to $20...</p> <p>Silver broke major downtrend...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_silv.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_silv_0.jpg" width="600" height="388" /></a></p> <p>&nbsp;</p> <p>And Gold is surging on heavy volume...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_silv1.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_silv1_0.jpg" width="600" height="388" /></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1865" height="1205" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160727_silv.jpg?1469626144" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-27/silver-surges-over-20-after-dismal-durable-goods-data#comments Wed, 27 Jul 2016 13:29:15 +0000 Tyler Durden 567399 at http://www.zerohedge.com Migrant Death Toll Passes 3,000 In Mediterranean This Year (Up 50% From 2015) http://www.zerohedge.com/news/2016-07-27/migrant-death-toll-passes-3000-mediterranean-year-50-2015 <p><a href="http://www.middleeasteye.net/news/mediterranean-death-toll-passes-3000-year-migration-officials-1237512313"><em>Via MiddleEastEye.net,</em></a></p> <p><strong>More than 3,000 migrants and refugees have died while trying to cross the Mediterranean this year,</strong> while nearly 250,000 have made the journey to Europe, the International Organisation for Migration has said.</p> <p>The new toll was reached following the discovery of 39 bodies washed up on the coast of Libya, bringing the current number of casualties among people attempting to cross the Mediterranean to 3,034 so far in 2016, the organisation said on Tuesday.</p> <p>The IOM said the 2016 death toll among refugees and migrants trying to reach Europe was <em><strong>&quot;significantly higher compared to last year as of end of July 2015 when 1,917 had lost their lives at sea&quot;.</strong></em></p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/3OeqDbQA69k" width="560"></iframe></p> <p><span style="line-height: 1.538em;">A series of shipwrecks involving larger vessels carrying several hundred people have significantly contributed to the toll, it said.</span></p> <p><em><strong>&quot;It has proved extremely difficult to reduce the number of victims&nbsp;despite the constant and increased patrolling of the Mediterranean,&quot; </strong></em>said Flavio Di Giacomo, the IOM&#39;s spokesman.</p> <p>The total number of arrivals to Europe this year was also slightly above the 2015 rate.&nbsp;</p> <p><strong>Syrians fleeing the country&#39;s war again made up the largest group to have risked their lives to make the dangerous sea crossing. </strong>Afghans were next on the list, followed by Iraqis.&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/med%20migrants.png"><img height="666" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/med%20migrants.png" width="600" /></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="586" height="275" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160727_migrant.jpg?1469625692" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-27/migrant-death-toll-passes-3000-mediterranean-year-50-2015#comments Wed, 27 Jul 2016 13:21:44 +0000 Tyler Durden 567396 at http://www.zerohedge.com What Wall Street Thinks Of Apple's Earnings Beat http://www.zerohedge.com/news/2016-07-27/what-wall-street-thinks-apple-earnings-beat <p>After beating on revenues and earnings despite a steep drop in both revenues and iPhone orders and projecting a third consecutive quarter of declining profits, Apple is up nearly 8% pre-market as traders clearly liked what Tim Cook did in the quarter. </p> <p>The company helped during the conference call, when the CFO said iPhone SE were attracting more new customers than expected, adding that the company now has $214.8 billion in cash outside U.S. The company also explained that seemingly having given up on "<em>wearables</em>", it is now investing heavily in augmented reality and working with Chinese government to restore iTunes, movies, books.</p> <p>As the chart below shows, AAPL has now filled the gap lower from its Q1 earnings release:</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/20160727_aapl.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2016/07/21/20160727_aapl_0.jpg" width="500" height="341" /></a></p> <p>&nbsp;</p> <p>More importantly, Wall Street liked the results too. Here is a summary of what some of the key analysts thought:</p> <p><strong>GOLDMAN SACHS (Simona Jankowski) </strong></p> <ul> <li>“Modest beat” likely to drive some near-term relief in stock, given underweight positioning heading into results</li> <li>Several key positives in results, including $3.6b reduction of channel inventory, “better than feared” guidance and “impressive” services growth of 19%</li> <li>Reiterates buy, PT $124</li> </ul> <p><strong>BARCLAYS (Mark Moskowitz) </strong></p> <ul> <li>IPhone units and gross margin were “better than feared” and should boost stock; Barclays had anticipated “one more downward reset” of consensus ests.</li> <li>AAPL not out of the woods in terms of questions related to global smartphone saturation and longer replacement cycles</li> <li>Co. may need to use cash at some point to make “more substantial acquisition”</li> <li>Reiterates overweight, PT $115</li> </ul> <p><strong>CITI (Jim Suva) </strong></p> <ul> <li>Results should alleviate fears</li> <li>4Q gross margin forecast is positive in light of new iPhone coming in quarter, which has traditionally pressured margins</li> <li>Channel inventory is now at “the low end of normal,” which sets up supply chain well for iPhone 7</li> <li>Also “very positive” on opportunity in India</li> <li>Reiterates buy, raises PT to $120 from $115</li> </ul> <p><strong>DEUTSCHE BANK (Sherri Scribner) </strong></p> <ul> <li>“Generally a good quarter” given “very low” expectations</li> <li>Positives include iPad units growing for first time in 10 quarters, good services growth and inventory reduction</li> <li>Negatives include iPhone SE drag on iPhone ASP and 33% y/y China rev. decline</li> <li>Reiterates hold, PT $105</li> </ul> <p><strong>CREDIT SUISSE (Kulbinder Garcha) </strong></p> <ul> <li>“Solid results” and $3.6b inventory reduction suggests underlying EPS higher than reported</li> <li>IPhone expected to have weaker product cycle in N-T due to macroeconomic weakness and muted iPhone 7 demand</li> <li>Sees iPhone recovery in longer-term, driven by iPhone 8 “super cycle”, SE strength and aging installed base</li> <li>Reiterates outperform, PT $150</li> </ul> <p><strong>PIPER JAFFRAY (Gene Munster) </strong></p> <ul> <li>Guidance suggests “business is perhaps not as bad as expected”</li> <li>Investor expectations for new iPhone “extremely low”; any meaningful incremental news may be positive for stock, especially improvements in battery life</li> <li>AAPL has “two upcoming shots” at return to growth: iPhone 7 this fall and 10th anniversary iPhone in fall 2017</li> <li>Reiterates overweight, lowers PT to $151 from $153</li> </ul> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="1769" height="1205" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/20160727_aapl.jpg?1469624086" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-27/what-wall-street-thinks-apple-earnings-beat#comments Apple Barclays China Credit Suisse Deutsche Bank goldman sachs Goldman Sachs Reality recovery Wed, 27 Jul 2016 13:03:51 +0000 Tyler Durden 567392 at http://www.zerohedge.com Spot The Odd One Out http://www.zerohedge.com/news/2016-07-27/spot-odd-one-out <p>Update: Surprise!!</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_surprise.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_surprise_0.jpg" width="600" height="313" /></a></p> <p>&nbsp;</p> <p>Because nothing says buy stocks like the <a href="http://www.zerohedge.com/news/2016-07-27/durable-goods-orders-crash-most-2-years-longest-non-recessionary-streak-declines-us-">longest streak of durable goods orders declines in US history</a>...</p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_spot1.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_spot1_0.jpg" width="600" height="335" /></a></p> <p>&nbsp;</p> <p>Silver is breaking out...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_spot2.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2016/07/25/20160727_spot2_0.jpg" width="600" height="388" /></a></p> <p>&nbsp;</p> <p>Bad news is good news - Buy Stocks, Buy Bonds, Buy Gold!</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="964" height="503" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20160727_surprise.jpg?1469630559" /> </div> </div> </div> http://www.zerohedge.com/news/2016-07-27/spot-odd-one-out#comments Wed, 27 Jul 2016 13:01:20 +0000 Tyler Durden 567393 at http://www.zerohedge.com Marc Faber: Invest 25% Of Investment Portfolios In Gold Bullion http://www.zerohedge.com/news/2016-07-27/marc-faber-invest-25-investment-portfolios-gold-bullion <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;">Marc Faber has told advisers to invest&nbsp;25% of investment portfolios in gold bullion.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;">The&nbsp;author of the Gloom, Boom &amp; Doom Report, urged investment professionals at the CFA Institute Conference in Chicago that 25 percent of a portfolio should be allocated to gold given the very significant risks facing investors today.</p> <div class="wpview-wrap" style="width: 824.906px; position: relative; clear: both; margin-bottom: 16px; border: 1px solid transparent; color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"> <p class="wpview-selection-before" style="position: absolute; top: 0px; left: 0px; z-index: -1; clip: rect(1px 1px 1px 1px); overflow: hidden; outline: 0px; width: 1px; height: 1px;">&nbsp;</p> <div class="wpview-body" style="cursor: default;"> <div class="wpview-content wpview-type-embed"><iframe src="https://www.youtube.com/embed/d1GcwYq-9j4?feature=oembed" width="500" height="281" frameborder="0"></iframe></div> </div> <p class="wpview-selection-after" style="position: absolute; top: 0px; left: 0px; z-index: -1; clip: rect(1px 1px 1px 1px); overflow: hidden; outline: 0px; width: 1px; height: 1px;">&nbsp;</p> </div> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;">The Chicago Tribune reports that Faber advised that&nbsp;gold is a&nbsp;<em>“protection from a dangerous combination of tremendous government debt and massive bond-buying by central banks globally trying to fight off recession with near-zero interest rates.”</em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;">Faber said rates are so low that investors can't make money in bonds so they keep buying stocks even though the prices are very inflated. Central banks want rising stock prices to make people feel wealthy and therefore spend their money, but the end result is income inequality and investor resentment, he said.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><em>"Faber told the investment professionals gathered in Chicago that they shouldn't be prejudiced against gold. Although the typical investment pro keeps less than 1 percent of his or her portfolio in gold, Faber suggests 25 percent. He sees it as protection from a dangerous combination of tremendous government debt and massive bond-buying by central banks globally trying to fight off recession with near-zero interest rates. Besides gold, Faber has invested in Asian real estate and some stocks and bonds."</em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><em>"It's ludicrous to think that slashing rates will get people to spend." When rates are low, he says, you feel insecure as savings earn nothing. So, "you save more" according to the&nbsp;<strong><a href="http://www.chicagotribune.com/business/columnists/ct-marksjarvis-column-marc-faber-money-doom-0724-biz-20160722-column.html">Chicago Tribune</a>.</strong></em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;">Faber told GoldCore in a webinar in 2014 how he will “never sell his gold”, he buys “more every month” and he believes owning gold in vaults in Singapore “is safest.”</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong>Webinar:&nbsp;</strong><strong><a href="https://www.youtube.com/watch?v=d1GcwYq-9j4">Gold Bullion Stored In Singapore Is Safest - Marc Faber via Youtube</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><strong>Download Guide:&nbsp;<a href="http://info.goldcore.com/essential-guide-to-storing-gold-in-singapore">Essential Guide To Storing Gold In Singapore</a></strong></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong>&nbsp;</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong>Gold and Silver Bullion - News and Prices</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><a href="http://www.reuters.com/article/gold-gfms-idUSL8N1AB41W">Gold market surplus shrinks as fund inflows offset weaker Asian buying</a>&nbsp;(Reuters)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><a href="http://money.cnn.com/2016/07/26/news/gold-silver-royal-mint-record-revenues/index.html">Britain’s mint is making big money from gold rush</a>&nbsp;(CNN)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><a href="http://www.wsj.com/articles/gold-near-break-even-ahead-of-fed-1469542468">Gold Edges Higher Ahead of Fed</a>&nbsp;(WSJ)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><a href="http://www.marketwatch.com/story/gold-futures-edge-up-as-fed-meeting-begins-2016-07-26">Gold ends narrowly higher as investors await Fed decision</a>&nbsp;(Marketwatch)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><a href="https://www.bulliondesk.com/gold-news/bullion-latest-gold-consolidates-ahead-fed-meeting-outcome-117834/">Gold consolidates ahead of Fed meeting outcome</a>&nbsp;(Bulliondesk)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><a href="http://www.bloomberg.com/gadfly/articles/2016-07-27/deutsche-bank-s-pain-looks-set-to-get-even-worse">Deutsche Bank's Pain Turns Chronic</a>&nbsp;(Bloomberg)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><a href="http://www.bloomberg.com/news/articles/2016-07-27/forget-silver-or-gold-palladium-is-winner-post-brexit-chart">Forget Silver or Gold; Palladium Is Winner Post-Brexit: Chart</a>&nbsp;(Bloomberg)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><a href="http://news.goldseek.com/GoldSeek/1469562725.php">Gold and Pork Bellies</a>&nbsp;(Goldseek)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><a href="http://www.gata.org/files/MylchreestReport-07-25-2016.pdf">Gold Futures - critical days in the battle (not the war)&nbsp;</a>(GATA)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><a href="http://www.telegraph.co.uk/business/2016/07/12/global-arms-race-escalates-as-sabres-rattle-in-south-china-sea/">Global arms race escalates as sabres rattle in South China Sea</a>&nbsp;(Telegraph)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong>Gold Prices (LBMA AM)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;">27 July: USD 1,320.80, EUR 1,200.21 &amp; GBP 1,007.77 per ounce<br />26 July: USD 1,321.25, EUR 1,199.56 &amp; GBP 1,006.40 per ounce<br />25 July: USD 1,315.00, EUR 1,196.91 &amp; GBP 1,000.32 per ounce<br />22 July: USD 1,323.20, EUR 1,199.22 &amp; GBP 1,005.10 per ounce<br />21 July: USD 1,322.00, EUR 1,199.32 &amp; GBP 1,000.75 per ounce<br />20 July: USD 1,325.60, EUR 1,204.31 &amp; GBP 1,005.86 per ounce<br />19 July: USD 1,332.20, EUR 1,203.38 &amp; GBP 1,009.04 per ounce</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong>Silver Prices (LBMA)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;">27 July: USD 19.58,&nbsp;EUR 17.81 &amp; GBP 14.95 per ounce<br />26 July: USD 19.68,&nbsp;EUR 17.89 &amp; GBP 15.00 per ounce<br />25 July: USD 19.41,&nbsp;EUR 17.66 &amp; GBP 14.77 per ounce<br />22 July: USD 19.70,&nbsp;EUR 17.87 &amp; GBP 15.03 per ounce<br />21 July: USD 19.34,&nbsp;EUR 17.55 &amp; GBP 14.66 per ounce<br />20 July: USD 19.70,&nbsp;EUR 17.88 &amp; GBP 14.95 per ounce<br />19 July: USD 19.99,&nbsp;EUR 18.07 &amp; GBP 15.18 per ounce</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><br />Recent Market Updates</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; line-height: 24px;"><strong><a href="http://www.goldcore.com/us/gold-blog/could-not-invent-a-more-bullish-story-for-gold-bullion/">- “Could Not Invent A More Bullish Story For Gold Bullion”</a></strong><br /><a href="http://www.goldcore.com/us/gold-blog/gold-in-bull-market-every-reason-for-it-to-continue-frisby-in-money-week/"><strong>-&nbsp;Gold In Bull Market – “Every Reason For It To Continue” – Frisby In Money Week</strong><br /></a><a href="http://www.goldcore.com/us/gold-blog/is-gold-set-to-hit-1500-per-ounce/"><strong>- Is Gold Set To Hit $1,500 Per Ounce?<br /></strong></a><strong><a href="http://www.goldcore.com/ie/gold-blog/why-italys-bank-crisis-could-be-a-ticking-time-bomb/">-&nbsp;Why Italy’s bank crisis could be a ‘ticking time bomb’<br /></a><strong><a href="http://www.goldcore.com/ie/gold-blog/gold-holds-near-two-week-low-as-risk-appetite-rises-on-u-s-data/">- Gold Holds Near Two-Week Low as Risk Appetite Rises on U.S. Data<br /></a></strong><strong>-&nbsp;<a href="http://www.goldcore.com/ie/gold-blog/imf-scraps-forecast-for-global-growth-pickup-on-brexit-fallout/" class="row-title">IMF Scraps Forecast for Global-Growth Pickup on Brexit Fallout</a></strong><strong><a href="http://www.goldcore.com/ie/gold-blog/gold-holds-near-two-week-low-as-risk-appetite-rises-on-u-s-data/"><br /></a></strong><strong><a href="http://www.goldcore.com/us/gold-blog/gold-trump-and-rates-bank-that-foresaw-rally-flags-1500/">- Gold, Trump and Rates: Bank That Foresaw Rally Flags $1,500</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/gold-lower-after-central-banks-surprise-move/">-&nbsp;Gold Lower After Central Bank’s Surprise Move</a><a href="http://www.goldcore.com/us/gold-blog/we-are-on-the-cusp-of-an-explosion-in-the-silver-price-john-embry/"><br />- "We Are On the Cusp of an Explosion in the Silver Price" - John Embry</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/stocks-rally-is-brexit-systemic-risks-contained/">- Stocks Rally – Is Brexit Systemic Risks Contained?</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/britain-has-a-new-prime-minister-heres-what-that-means-for-you-2/">- Britain has a new prime minister – here’s what that means for you</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/metals-caught-between-global-gloom-and-u-s-job-gains/">- Metals Caught Between Global Gloom, U.S. Job Gains as Gold Slips</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/china-resumes-monthly-gold-buying-in-bid-to-diversify-reserves/">- Central Bank Resumes Monthly Gold Buying in Bid to Diversify Reserves</a></strong></strong></p> http://www.zerohedge.com/news/2016-07-27/marc-faber-invest-25-investment-portfolios-gold-bullion#comments Central Banks China John Embry Marc Faber Real estate Recession Reuters Tribune Wed, 27 Jul 2016 12:53:49 +0000 GoldCore 567390 at http://www.zerohedge.com