• GoldCore
    09/04/2015 - 07:43
    Large pools of gold in indebted nations will be vulnerable. Pool accounts, digital gold bullion vaulting providers and depositories in the UK and the US might have their companies and assets...
  • Sprott Money
    09/04/2015 - 05:58
    It can't continue indefinitely, and there has to be a terminal point, and I think obviously we're much closer to that.

Citigroup

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Dollar Tumbles After Fed Whiffs Again; More Cracks Appear In Chinese Stock Bubble





All those saying the Fed will never be able to raise rate are looking particularly smug this morning, because if the market needed a green light that despite all the constant posturing, pomp and rhetoric, the US economy is simply (never) ready for a rate hike, it got it late last night when Goldman is pushing back its forecast for the first Fed rate hike from  September to December 2015 saying that "in large part this reflects the fact that seven FOMC participants are now projecting zero or one rate hike this year, a group that we believe includes Fed Chair Janet Yellen. We had viewed a clear signal for a September hike at the June meeting as close to a necessary condition for the FOMC to actually hike in September, but the committee did not lay that groundwork today."

 
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America, You're Fired!





They call it "voting," and we're told it's our civic duty. But it's just an illusion. Just like in Caesar’s time, the election will go to the people who spend the most money. But we're not talking about the candidates. They're just puppets. Entertainers. We're talking about the people who bankroll them.

 
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Saxobank CIO: Credit Cycle Has Peaked, Gold Will Be Best-Performing Commodity





"Forget the 1930s; inflation is different this time," says Saxobank's Steen Jakobsen, warning that while there may be a summer of growth in Europe, hell will come afterwards, "European 'cost advantage' is disappearing fast and furiously – enjoy the summer of growth – afterwards, you can expect: zero growth, zero reform and higher inflation 'expectations'... The credit cycle has peaked... and Gold will be the best performer in commodity-led rally - we see 1425/35 by year-end."

 
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This Is What A Volcker Rule Loophole Looks Like





After the carnage of the 2008 crash, former Federal Reserve Chairman Paul Volcker proposed a rule that would prevent banks from making short-term proprietary trades with financial instruments. In other words, no gambling allowed. This rule would become known as The Volcker Rule, and it went into partial effect on April 1, 2014. Full compliance is required by July 21, 2015. Of course, the bank lobbyists were hard at work, and numerous exceptions and loopholes were created.

 
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Paul Ryan Channels Pelosi: "You Have To Pass ObamaTrade To See What’s In ObamaTrade"





If you still think that the establishment Republicans in Congress represent real opposition to President Obama’s policies, you’re either extremely brainwashed or extremely stupid. Honestly, we wonder what it will take for some people to wake up. How many times do you need to be used, abused and conned by slimy politicians before you can shake off your political Stockholm Syndrome? Today's example is from chief ObamaTrade proponent Paul Ryan who gaffed Pelosi-like when he admitted (with regard to the super-secret TPP) "It’s declassified and made public once it’s agreed to," in other words - “we have to pass the bill so that you can find out what is in it.”

 
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The $3 Trillion Traffic Jam: "It's About Time We Started Worrying About The Next Financial Crisis"





"It’s about time we start getting worried about possibly the next [financial crisis]," warns BlueMountain's James Staley explaining that, "the lack of liquidity that currently exists today, is something that people on the buy side, sell side and regulatory side need to be focused on." In an effort to quantify just how big that 'issue' is, Bloomberg reports that the U.S. corporate-bond market has ballooned by $3.7 trillion during the past decade, yet, as Citi's Stephen Antczak warns, almost all of that growth is concentrated in the hands of three types of buyers, "we used to have 23 types of investors in the market. Now we have three. In my mind, that’s the key driver."

 
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Frontrunning: June 10





  • Pressing for Greek concessions, Merkel and Hollande keep Tsipras waiting (Reuters)
  • Treasuries Extend Slump as Pimco Dumps Two-Thirds of Holdings (BBG)
  • U.S. prepares plans for more troops, new base in Iraq: officials (Reuters)
  • Texas policeman resigns after video shows him toppling teen (Reuters)
  • Kuroda Says Hard to See Yen Dropping More, Spurring Surge (BBG)
  • Tech Startups Woo Investors With Unconventional Financial Terms — but Do Numbers Add Up? (WSJ)
  • Putin is a 'bully', U.S. needs to respond resolutely: Jeb Bush (Reuters)
 
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How To "Measure" Risk





While investor behavior hasn't sunk to the depths seen just before the crisis, Oaktree Capital's Howard marks warns, in many ways it has entered the zone of imprudence. "Today I feel it's important to pay more attention to loss prevention than to the pursuit of gain... Although I have no idea what could make the day of reckoning come sooner rather than later, I don’t think it’s too early to take today’s carefree market conditions into consideration. What I do know is that those conditions are creating a degree of risk for which there is no commensurate risk premium."

 
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DoJ To Tax Wall Street (Again) In MBS Probe





Emboldened by its recent “unprecedented” prosecutorial success, the DoJ will now pursue a fresh round of MBS-related settlements with banks that knowingly packaged and sold shoddy CDOs. Banks expected to settle in coming months include Barclays PLC, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, Royal Bank of Scotland Group PLC,UBS AG and Wells Fargo & Co.

 
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This Is The Fed's "Second Biggest Nightmare" According To Citigroup





Two weeks ago, Citigroup presented what it thinks is the biggest nightmare for the Fed: it said that the FOMC’s "biggest worry is not lift off and its market and economic implications, but what happens if the economic recovery dies of old age without the Fed having done anything to tighten." And, according to Citi's FX strategists, "if this were to occur, the USD would probably fall faster than it rose from July-March." A precursor to loss of faith in the Dollar's reserve currency status perhaps. Today, Citi's Steven Englander lays out what is the Fed's second biggest nightmare: a rebound which is so fast, the Fed's entire carefully planned renormalization schedule collapses.

 
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What FIFA Can Teach Us About Overpriced (And Overhyped) Stocks





Buildings make a statement about their owners. FIFA-Hauptquartier seems to be saying: our owners have a boatload of cash... and in a world where heavily-manipulated stock markets are constantly achieving all-time highs, the message from the 'market' is just as full of it as Blatter.

 
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How Jamie Dimon Became A Billionaire





Two years ago, bank analyst Mike Mayo asked JPM chief Jamie Dimon a simple question: why should affluent customers not pick UBS over JPM due to a mismatch in capital ratios, to which Dimon's response was even simpler: "that's why I'm richer than you." To which we then added: "No logic, no rationale: all about the bottom line, which to Jamie at least is all that matters. The bottom line was indeed all, because as Bloomberg calculated overnight, over the past several years, Jamie Dimon quietly became not just "richer than you", but "much" richer: his net worth is now well over $1 billion!

 
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Frontrunning: June 3





  • Obama signs bill reforming surveillance program (Reuters)
  • Tsipras to meet Juncker in Brussels for talks on agreement (AFP)
  • Spot the irony: OECD cuts global growth forecast, says recovery taking hold (Reuters)
  • The Secret Money Behind Vladimir Putin's War Machine (BBG)
  • Companies' Borrowing Spree Darkens Stock Market Future (BBG)
  • How OPEC Hurt Big Oil (WSJ)
  • What's OPEC Going to Do With Iran's Million Barrels a Day? (BBG)
  • Draghi’s Europe Looks Healthiest for Years Despite Greece (BBG)
  • Bund yields inch higher, euro holds ahead of ECB (Reuters)
 
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