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Gold And The Silver Stand-Off: Is The Selling Of Paper Gold And Silver Finally Ending?

In a January 2013 report “Report of the Working Group to Study the Issues Related to Gold Imports and Gold Loans by NBFCs”, the Reserve Bank of India estimated that the ratio of paper gold trading to physical gold trading is 92:1. That is a lot of unbacked paper gold instruments. This has almost entirely separated the “gold price”, such as it is (the clearing price for vast volumes of paper gold “representations” with a fractional backing) from the fundamental supply and demand dynamics for actual physical gold bullion.

As Mr L. famously quipped. "Ever get the feeling you’ve been cheated?"

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"Everybody Benefits By Avoiding Defaults": Citi Explains How To Goalseek Student Loan ABS Ratings

Moody's and Fitch are taking a hard look at student loan-backed ABS and they don't necessarily like what they see. Fortunately, Citi has some pointers on how the ratings agencies might go about avoiding downgrades.

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Miners Buried In Billions Of Debt After "Colossal Misjudgment Of Demand"

"There’s been a colossal misjudgment of future demand. That long boom made it especially difficult for people to expect anything otherwise. Many bought the big story about urbanization, instead of thinking how things could go bad."

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After "Deal", Here's What's Next For Greece

Now that Greece has capitulated and offered up its sovereignty in what can only be described as an unconditional surrender to Berlin and Brussels, here's what's next for the country, the government, and the Greek people.

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Frontrunning: July 10

  • Fed Chair Yellen To Speak As Global Tensions Rise (WSJ)
  • Greek PM Tsipras seeks party backing after abrupt concessions (Reuters)
  • France Hails Greek Aid Proposals as Germany Reserves Judgment (BBG)
  • Greek PM says does not have mandate to exit eurozone (Reuters)
  • France Intercedes on Greece’s Behalf to Try to Hold Eurozone Together (WSJ)
  • Frozen Funds, Fleeing Tourists: Greek Startups Feel the Pinch (BBG)
  • Doubts Simmer Despite China’s Gain (WSJ)
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Greek Drachma Makes Mysterious Appearance In Hotel Bill

Between June 28 and July 4 at a Hilton hotel in Athens, transactions on a Bloomberg reporter's Visa credit card issued by Citigroup Inc. were posted as being carried out in "Drachma EQ."

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Barclays Fires CEO In Latest Rate-Rigging Euro Bank Shakeup

It's shaping up to be a rough year for CEOs at Europe's most notorious rate rigging, scandal laden investment banks. Just three months after Brady Dougan left Credit Suisse and barely 30 days since Anshu Jain and Jürgen Fitschen tendered their resignations at Deutsche Bank, Barclays has shown CEO Antony Jenkins the door.

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Cronyism Pays: Eric Holder Triumphantly Returns To Law Firm That Lobbies For Banks

After failing to criminally prosecute any of the financial firms responsible for the market collapse in 2008, former Attorney General Eric Holder is returning to Covington & Burling, a corporate law firm known for serving Wall Street clients. The move completes one of the more troubling trips through the revolving door for a cabinet secretary. Holder worked at Covington from 2001 right up to being sworn in as attorney general in Feburary 2009. And Covington literally kept an office empty for him, awaiting his return. When the firm moved to a new building last year, it kept an 11th-story corner office reserved for Holder.

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US Mint Runs Out Of Silver On Same Day Price Of Silver Plunges To 2015 Lows

The US mint running out of physical silver, confirming surging demand, on the same day the price of spot silver plummets, implying dropping demand. just does not quite compute...

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Tumbling Futures Rebound After Varoufakis Resignation; Most China Stocks Drop Despite Massive Intervention

More than even the unfolding "chaos theory" pandemonium in Greece, market watchers were even more focused on whether or not China and the PBOC will succeed in rescuing its market from what is now a crash that threatens social stability in the world's most populous nation. And, at the open it did. The problem is that as the trading session progressed, the initial 8% surge in stocks faded as every bout of buying was roundly sold into until every other index but the benchmark Shanghai Composite turned sharply red.

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Citigroup Just Cornered The "Precious Metals" Derivatives Market

What JPMorgan is doing to the "Other" commodities space, Citigroup has just done to the "Precious Metals" derivative market.

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JPMorgan Just Cornered The Commodity Derivative Market, And This Time There Is Proof

For years there had been speculation, rumor and hearsay that JPM had cornered the US commodities market. Now, finally, we have documented proof.

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The Bush Family Goes "All In" For Number Three (With The Help Of Its Bankers)

It’s happening. As expected, dynastic politics is prevailing in campaign 2016. After a tease about as long as Hillary’s, Jeb Bush (aka Jeb!) officially announced his presidential bid last week. Ultimately, the two of them will fight it out for the White House, while the nation’s wealthiest influencers will back their ludicrously expensive gambit. And here’s a hint: don’t bet on Jeb not to make it through the Republican gauntlet of 12 candidates (so far). After all, the really big money’s behind him.

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