In Advance Of The Egyptian Bank Run...

Already Record Food Prices Rise By 3.4% In January

Submitted by Tyler Durden on 02/03/2011 09:11 -0500

When last month we highlighted the FAO's periodic report which noted that food prices had surged to a fresh all time high, Zero Hedge first predicted that food riots were imminent. Fast forward 6 rioting countries and 2 revolutions later, to today when we get an update from the UN's Food and Agriculture Organization, where we read that, not surprisingly "the FAO Food Price Index (FFPI) rose for the seventh consecutive month, averaging 231 points in January 2011, up 3.4 percent from December 2010 and the highest (in both real and nominal terms) since the index has been backtracked in 1990." And while it is painfully obvious to anyone who shops for groceries, but not to Genocide Ben, nothing is ever obvious to him, here is Reuters' take on the numbers: "Up for the seventh month in a row, the closely watched FAO Food Price Index touched its highest since records began in 1990, in nominal terms, and topped the high of 224.1 in June 2008, during the food crisis of 2007/08." Yes, oil may not be at its all time highs from the summer of 2008, but food has already surpassed it.

Initial Claims YoYo From Upward Revised 457K To 415K On Expectations Of 420K

 

Frontrunning: February 3

Submitted by Tyler Durden on 02/03/2011 08:20 -0500

• Violence Escalates After Gunfire Assault (WSJ)
• Yemenis Protest After Saleh Makes Concessions to Defuse Tension (Bloomberg)
• Here come subsidies: China allocates $228m for vegetable supply (China Economic Net)
• ECB Seeks to Shed ‘Uncomfortable’ Bond-Buying Duty (Bloomberg), because if it's a third party CDO monster, then it is nobody's fault really
• And minutes after our own headline... Oil Climbs on Egypt as Stocks Decline; Copper Hits $10,000 (Bloomberg)
• Senate Rejects Repeal of Health Care Law (NYT)
• Egypt Millionaires `Sacrificed' as Leadership Turns to Military (Bloomberg)
• S&P Says No Plans to Cut U.S. Rating in Medium Term (Reuters) and nobody has any plans to listen to S&P ever again
• White House Charts a New Plan (WSJ)

ICE Contemplates Emergency Position Limits In Cotton After Yet Another Limit Up Lock

 

Brent Over $103 As Copper Hits Record Over $10,000

 

Berlusconi MP Caught Picking Out Hookers On iPad During No Confidence Vote

Submitted by Tyler Durden on 02/03/2011 10:32 -0500

Like PM, like MP. At least in Italy they don't hide when going about their prostituing business, either on the receiving or giving end... From IBT: "A member of the Italian government led by Italian Prime Minister Silvio Berlusconi was caught ogling at an escort's website on his iPad during a no-confidence debate on Wednesday. Simeone di Cagno Abbrescia, 66, was photographed checking several scantily-clad women at a time when the three-times-married MP, a member of Silvio Berlusconi's ruling centre right People of Freedom party was in the chamber to take part in a no confidence vote. The MP was more interested in checking out 'Dolly, 39' and 'Daisy' who charged £400 for three hours on his iPad." The mea culpa: it literally just popped up - "I was looking at my messages when a window opened up and I couldn't help looking at the pictures of those lovely girls. I was just being curious. Sometimes you have to be in the house even when the debates are not exciting," Telegraph quoted Simeone di Cagno Abbrescia as saying. "Sometimes these messages from girls just pop up when you are looking at your email. I have never been with an escort," Abbrescia added." What next: someone photographs Gen Ben putting in a limit buy order 1 billion ES on his iPhone version of REDI? 

 

 

 

Chinese Gold Demand Stuns London & Hong Kong Traders

Posted: Feb 03 2011     By: Eric King      Post Edited: February 3, 2011 at 8:53 am
Filed under: King World News
Dear CIGAs,
When asked about Chinese demand Norcini stated, “Your sources have been reporting for months that demand from Asia, particularly China has been staggering, especially as the market has moved lower.  This FT story has simply confirmed what King World News has been reporting for months, and that your sources have been accurate.
It’s apparent to me that there has been a very large buyer in the gold market, particularly on moves down towards the low $1,300’s on gold.  It is obvious now that China has in fact had an insatiable appetite for gold.  This explains why we have had such a huge drop in open interest in the gold market, while gold has only fallen a mere 6%. 
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