European Money Market Industry Shutting Down As Goldman Closes MM Fund, Says In "Unchartered Territory"

Update: BlackRock to restrict subscriptions into 2 Euro money funds
We were the first to bring news that overnight JPMorgan has halted investment in its European money market funds following the ECB's decision to cut the deposit rate to 0%. Now, it is Goldman's turn:

• GOLDMAN HALTS INVESTMENTS IN EURO GOV MONEY FUND AFTER ECB CUT
• GOLDMAN SAYS MARKET CONDITIONS WILL DETERMINE WHEN FUND REOPENS
• GOLDMAN DECISION AFFECTS EURO GOVERNMENT LIQUID RESERVES FUND

And finally the conclusion, which is rather obvious:

• GOLDMAN FUND MEMO: EUROPEAN MARKET IN `UNCHARTERED TERRITORY'

Border Controls Are Back In Europe

For the last several days, I’ve been weaving between northern Italy and Switzerland checking out great places to bank, new places to store gold, and taking in these gorgeous lake views. Every single time I’ve crossed the border, I’ve been met by rather snarly police on both sides; they’re stopping cars, turning people’s trunks inside out, and causing major traffic problems. A friend of mine who came up on the train from Florence to meet me for lunch in Lugano said he was stopped at the border for nearly an hour as thuggish customs agents randomly questioned train passengers and demanded to see their IDs. So much for Europe’s 26-country ‘borderless area.’ Based on Europe’s 1985 Schengen Treaty and 1997 Amsterdam Treaty, you’re supposed to be able to drive from Tallinn, Estonia to Lisbon, Portgual without so much as slowing down at the border. This is not dissimilar from driving between states in the US or provinces in Canada. Yet as Europe descends into greater financial and social chaos, leaders are starting to ignore these agreements which guarantee freedom of movement across the continent.

Ron Paul Gets Game Changing Endorsement!!!

from Matlarson10:

The Four Scariest Charts For Hope-Filled 'De-Cuppers'

In a follow-up to last week's deep dive on the end of the US CapEx boom (and the possibility that the Fed is out of bullets) and the growing hope once again that the US can remain the 'decoupled' least syphilitic-hooker-in-a-whorehouse, we thought it useful (given this week's somewhat disappointing reversion to reality in macro data and markets) to highlight four clear un-decoupling indications. From Economic Surprise Index similarities between Europe and the US, to record negative pre-announcements and fading US CapEx growth rates, the reversion in US manufacturing and new orders data to Europe's (and Asia's) sad reality is not going to be 'saved' by the supposed housing recovery - as we noted here earlier. With credit and FX markets already signaling a hope-less market, we wonder how long before stocks catch-down (and the 'De-Cuppers' smell the napalm).

U.S. Natural Gas Is Somewhere Near Its Bottom

Admin at Jim Rogers Blog - 2 hours ago

U.S. natural gas is somewhere near its bottom, in my view. The problem is I expect to see serious economic problems in 2013 and 2014 in the U.S. If and when that happens, we're going to see a final panic in the markets and the economy and everything will have a crescendo and a selling climax. We're certainly a lot closer than we were. Although, when you have a selling climax in markets, you go to levels much lower than most people believe possible and that may happen. Whatever that bottom is, it's not too far from the recent lows in natural gas. Natural gas in many other places such... more » 

 

Payrolls Number Disappoints - Risk Off

Trader Dan at Trader Dan's Market Views - 2 hours ago

If you recall one month ago, when we got that abysmal jobs number, gold initially moved lower, only to then rebound with a ferocity that caught market watchers and traders completely off guard. Risk off trades were being slammed on as longs bailed out and bears began pressing the downside. Literally, on the drop of a dime, the entire complexion of the market reversed with the bears running for their lives as new longs entered the fray. The reason - the number was so crappy that everyone just "knew" that the Fed was going to immediately launch the next round of QE. In other words, th... more » 


 

Non-Farm Payrolls Report for June 2012

Expectations Smashed Again

Eric De Groot at Eric De Groot - 5 hours ago

Expectations for job growth were high, but reality smashed them again. Fear not feel-good traders and investors, election year politics means short memories and plenty of positive economic spin intended to convey hope for a growing number of disenchanted Americans. Employment report highlights: Job creation is slowing (chart 1 and 2) Trucking and warehousing, a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 

 

Borrowed Time Regardless of Rate Cuts

Eric De Groot at Eric De Groot - 7 hours ago

Europe, England, and China cut rates in response to slowing global growth. Although cutting short-term rates in response to market driven rates doesn't do a damn thing to encourage lending and/or investment, it's the appropriate play in the game of appearances designed to bolster confidence and buy more time. Eventually, the act of maintaining appearances must be supported by difficult,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 

 

Brown's Bottom: Why Gordon Brown Sold England's Gold On the Cheap To Bail Out the Banks

 

Spain May Not Be Uganda, But Will America Soon Be Argentina?

The last few days have seen some rather concerning central-planning actions by Argentina. Fresh from their nationalization of Spain's YPF, not only did they "forbid individuals from buying dollars for savings" issuing a statement allowing dollars to be used for "travel, mortgages, and to send family members traveling abroad if they they run out of money"; but now we hear of the forced action on Argentina's banks to lend out 5% of deposits at rates well below inflation estimates in the next six months (or else). As Reuters notes, "The move... marks an escalation in [President Christina Fernandez] war on private enterprise which may spread further." It should be noted just how far central banks are willing to go (strong-arming banks into subsidized loans to businesses) and it would absolutely not surprise us if this is precisely where the US is heading as command economies become the new normal globally.

Class Action Lawsuit Filed Against GM For Channel Stuffing

In a classic example of "speak of the devil", we were barely done with hitting save on our earlier article (in a series going back to 2011) describing the relentless (and innovative) machinations conducted by GM to perpetuate the myth of swift sales absorption when in reality it is nothing the age-old gimmick of channel stuffing, that we got notice that General Motors was being sued by a group of IPO investors (nursing losses of about 40%), for precisely this: "In connection with the IPO, and in order to assuage concerns that GM was predicting revenue based on production rather than actual sales, GM falsely assured investors that it was actively managing its production by monitoring its dealer inventory levels. Additionally, GM assured investors that in 2011 it would improve inventory management, which would improve average transaction price. These statements were false when made. In July 2011, reports began to surface that GM had engaged in an extraordinary inventory build-up. In particular, an article published by Bloomberg on July 5, 2011 revealed that GM may have been unloading excessive inventory on dealers, a practice known as "channel stuffing," in order to create the false impression that GM was recovering and sales and revenues were rising." Luckily, since this is a class action lawsuit, anyone else out there who bought GM on the belief that the company would not engage in precisely the behavior that we have shown month after month to occur, is invited to enjoin the plaintiffs and to sue the company that exists only courtesy of taxpayer generosity (and more importantly, courtesy of labor unions subverting priority rights in bankruptcy, in exchange for presidential votes). Finally, and if nothing else, this lawsuit will certainly force the general co-opted media to pay some more attention to a topic that is quite sensitive for the administration: the business model of the one company that the president is so proud and happy to have saved from the clutches of evil bondholders.

GM Finds Creative New Ways To "Stuff Channels", Get Backdoor Taxpayer Bailouts

Zero Hedge readers know that we have long followed channel stuffing trends at GM, whose month-end dealer inventory hit a record (for the post-reorg company which is completely different from the pre-bankruptcy entity) of 713K cars stuck in various dealer "channels" at the end of March 2012, and since then has been stagnant at just about 700K, with the most recent June number coming at 701K, an increase of 6K over May. It would be great to assume that the company has given up on cheap ways to cheat investors and the taxpaying public into believing it is doing better. It would also be wrong. As it turns out, GM has merely turned to more backdoor methods of stuffing channels, and getting money from its biggest shareholders, which still happens to be Joe Sixpack (and "superpriority" labor unions of course) by way of the US Treasury, with 32% of the common stock.

FX Market Sees NEW QE Probability At 25%, Down 50% From Week Ago

For a while now we have suggested that, based on the relationship between the Federal Reserve balance sheet and the ECB's, a 'fair' value for EURUSD is around 1.20. The difference, we felt, was inspired by hope for a sizable (~$700bn 'pure' NEW QE). The last month or so has seen that hope fade (as well as European stress rising as ECB rates align with the Fed's ZIRP) as EURUSD now implies the probability of NEW QE now at only 25% (and falling).

The LIBOR Scandal Is a Sham Engineered by Central Banking Elites?

by The Daily Bell:

The Biggest Banking Scam Ever … British bank Barclays (LSE: BARC.L – news) is dead centre of a storm involving the manipulation of inter-bank lending rates, particularly Libor (the London Inter Bank Offered Rate). What is truly breath-taking is the sheer scale of this fraud. According to one estimate, around $350 trillion (£223 trillion) of lending and derivatives is priced off Libor. That’s enough to pay for the whole of UK Government spending for around three centuries at current levels. Thus, if misconduct by banks caused Libor to increase by a mere one tenth of one basis point (0.001%), this amounts to $35 billion (£22 billion) a year in extra interest – that’s roughly the UK’s annual budget for transport and close to as much as council tax brought in last year. One official claims that 20 other banks helped to rig interest rates and that Barclays is poised to ‘blow the whistle’ on wrongdoing at its co-conspirators. It’s also likely that criminal charges could be brought against the ringleaders of this worldwide fraud. – YahooFinanceUK
Dominant Social Theme: The sky is falling and we need to regulate the banks.
Free-Market Analysis: We’ve written two articles about the LIBOR scandal and yet we haven’t had a bit of impact! How surprising is that?
Read More @ TheDailyBell.com

Investing ‘Ron Paul style’ – gold, silver, oil and other key resource equities

by Brian Sylvester, MineWeb.com
Malcolm Gissen and Marshall Berol of the Encompass Fund have faith in hard assets-gold, silver, uranium, antimony, other strategic metals-and resource equities-oil and natural gas. Energy Report interview.
The Energy Report: At the end of February, the Encompass Fund was up 20%, but by late April those gains had been reduced to 11%. Where does your performance stand now?
Marshall Berol: As of mid-June, the fund was down 6% year-to-date. We invest in a lot of resource companies and a number of the smaller firms have not done well recently. That is reflected in the fund’s short-term performance. However, our objective is long-term capital appreciation.
Read More @ MineWeb.com

Army Manual Outlines Plan To Kill Rioters, Demonstrators In America

by Paul Joseph Watson, Info Wars:
A newly leaked US Army Military Police training manual for “Civil Disturbance Operations” outlines how military assets are to be used domestically to quell riots, confiscate firearms and even kill Americans on U.S. soil during mass civil unrest.
The document (PDF), which is dated 2006 and was used for a self-learning course at the U.S. Army Military Police School at Fort McClellan, makes it clear that the operations described in the manual apply to both “CONUS and OCONUS,” meaning inside the Continental United States and outside the Continental United States.

The document outlines how military assets will be used to “help local and state authorities to restore and maintain law and order” in the event of mass riots, civil unrest or a declaration of martial law.

Read More @ InfoWars.com

SMART MONEY IS EXTREMELY WORRIED ABOUT WHAT LIES AHEAD & MORE – Dr. Stephen Leeb

from KingWorldNews:
“When you have dollars being printed, euros being printed, the only thing that can withstand the debasing of these currencies are real things (hard assets). The two commodities that he’s singled out were gold, which he said is going much higher, and oil.
I would have to agree with that, Eric. At least that’s how I see the world. His basic premise is that debt levels of consumers in the developed world are so high, that there is no way out. You are not going to be able to grow your way out without inflation.
What I would add to that is that the cause of this debt has been the frantic need for consumers to try to keep up in the face of sharply rising taxes. Now by sharply rising taxes, I don’t mean sharply rising taxes instituted by governments. What I mean is sharply rising taxes that have been instituted by rising commodity prices since the beginning of this century.
LISTEN NOW @ KingWorldNews.com

Chesapeake Energy Cheat Sheet: What’s Been Uncovered So Far

by Suevon Lee, Pro Publica:
The last four months have been rather bumpy for Chesapeake Energy Corp., the nation’s second-largest natural gas company behind Exxon Mobil.
Starting in April, Reuters took aim at the company’s flamboyant chief executive, Aubrey McClendon, in a series of articles, prompting his ouster as company chairman (he remains CEO) last month at the behest of disgruntled shareholders. The revelations also triggered an SEC probe.
The company was rocked anew last week when the news agency disclosed a series of email exchanges in which McClendon and other Chesapeake executives appeared to collude with officials at EnCana Corp., Canada’s largest natural gas company, to suppress the price of land leases in Michigan.
Reuters reported on Monday that the Justice Department has launched a probe into whether these communications violated laws against price fixing.
Read More @ ProPublica.org

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The Silver Two Year Cycle Continues

by Jim Otis, Silver Seek:
Now seems like a good time to update my commentary about the two year silver cycle (Buy the Silver Sidestep for Super Profits). In 2007, I identified the silver price surges of 2003 and 2005 as a possible repeating pattern, and I guessed that buying silver in the summer of 2007 and selling it in the following spring could produce substantial profits. That proved to be a good call and timely too, since silver bottomed only a few weeks later and then moved sharply higher into the spring of 2008 that I identified as a good time to sell. Unfortunately, I also guessed that the following up cycle would be from the summer of 2009 to the spring of 2010. Since there wasn’t a major rally then, the two year silver cycle seemed questionable. The major rally in silver from the summer of 2010 to the spring of 2011 added confusion because it looked like silver rallies were almost random.

Looking back from a few years later, I now think the two year pattern may well still be a force to consider in the silver market. My guess is that the unprecedented financial disaster from 2008 to 2009 did more than depress the price of silver. That time of great economic uncertainty also caused the silver rally predicted for 2009 to miss a year and begin in 2010 instead. If that view is correct, then the implication is that silver is due for another substantial rally, beginning in the summer of 2012 and continuing into the spring of 2013. The updated table below shows the results of the rallies since 2003, and speculates on the potential profits from buying silver now and selling in the spring of 2013.

Read more @ SilverSeek.com

The Beatings Will Continue Until Morale Improves: 10 Ways That Obama Is Killing Jobs In America

from The American Dream:
Have you ever heard the old saying “the beatings will continue until morale improves”?  According to Wikipedia, that phrase is often “used sarcastically to indicate the counterproductive nature of such punishment or excessive control over subordinates such as staff in the workplace or children living at home.”  Well, apparently Barack Obama believes that the more punishment that he inflicts on the U.S. economy the more we will like him.  What other explanation is there for his insane economic policies?  The truth is that Barack Obama is killing jobs in America.  His regulations are absolutely crippling our businesses, he has been heavily promoting new job killing “free trade” agreements, Obamacare has the potential to be the most job killing law of all time, and he is running up debt that will crush job creation in this country for ages to come. Obama will likely go down as the most anti-business president in U.S. history.  He has presided over the worst “recovery” from a recession in post-World War II history, and under his leadership a whole host of economic statistics have steadily gotten worse.  The percentage of working age Americans that have jobs has not bounced back since the end of the last recession, and now the next major economic crisis is rapidly approaching.
Read More @ EndOfTheAmericanDream.com

Are Banks Raiding “Allocated” Gold Accounts?

Beware: “Allocated” Gold May Not Really Be There
from Washington’s Blog:
In 2007, Morgan Stanley paid out $4.4 million to settle a class-action lawsuit by its clients after Morgan Stanley charged them to buy and “store” precious metals for them, but neither bought or stored the metals.
(Similarly, a 2011 class-action lawsuit filed in federal court in New York accused UBS Financial Services of misleading silver investors and charging them storage fees for metal that was never actually purchased, segregated, and stored for them.)
Avery Goodman points out that Morgan Stanley has once again just launched a similar scam, offering “allocated” metals, but gaming the definition so that the holdings are not really allocated.
On May 21st, Matterhorn Asset Management’s Egon von Greyerz alleged that Swiss banks are trading physical gold bullion which is being held in special “allocated” accounts for its customers:

We are stressing to investors to take their gold out of the banking system, not only because there are runs on banks that will continue, but the risk of being in the banking system is major. So you should take the additional step of not just owning physical gold, but also owning it outside of the banking system.
We (just) had an example of a client moving a substantial amount (of gold) from a Swiss bank to our vaults, and we found out the bank didn’t have the gold. This was supposed to be allocated gold, but the bank didn’t have it. We didn’t understand why there was a delay (in our vaults receiving the gold), but eventually we found out why there was a delay (the bank didn’t have the gold). It’s absolutely amazing, but not surprising.

Read More @ WashingtonsBlog.com

As If You Needed More Proof…

from TF Metals Report:

…Of what a joke the metals markets have become. Up. Down. All on the “non-news” of an 80,000 NFP. As John Williams told us in last week’s podcast, the NFP data point is meaningless if you take it as a stand-alone indicator. It simply provides a reason for HFTs to scalp each other. Witness today.
“Conventional” economic wisdom always held that the U.S. economy had to add 200,000 jobs per month to be considered “growing”. The last three months…not so much. In fact, Q2 of 2012 was the worst quarterly performance since mid 2010. And what happened in November 2010??
Regardless, the metals spiked on the news because it was another lousy data point. They then almost as quickly get squashed as The Cartel Monkeys and the HFTs jam things back down, tripping sell stops along the way. I gave up (for now) trying to trade this nonsense late last year. It’s simply too frustrating for me to find it enjoyable. Andy, on the other hand, relishes in the volatility and, again, that is why I jumped at the opportunity to partner with him. I do not have the expertise nor do I have the patience to trade these conditions. Andy does and, consequently, The Army is having another very good day. He nailed it. Here’s just one of his entries, from an hour or so before the headlines:
Read More @ TF Metals Report.com

Managing gold, a policy challenge

from The Hindu Business Line:

The lure of gold in India is an age-old phenomenon. Stringent legal or physical measures to curtail the appetite for gold did not succeed in the 40 years after Independence; they only encouraged smuggled imports at a very high cost.
Ultimately, gold policy was liberalised in the reforms period, starting in the 1990s.
A spate of measures was introduced to wean away households from putting their financial savings into gold, so as to conserve foreign exchange and increase the use of paper-based financial products. These have, however, not led to the ultimate goal of curtailing gold consumption and imports.
In the recent past, measures such as hiking import duty, dissuading banks from dealing in gold, and discouraging non-bank financial companies from extending their gold loan portfolio, have been tried. But if the past experience is to offer any lessons, such efforts will be in vain.
Read More @ TheHinduBusinessLine.com

In Classic Cartel Form, Gold & Silver Pop, Then Raided Post NFP Report

from Silver Doctors:
Gold and silver spiked immediately following the jobs report release, with silver spiking to .50 to $27.86, and gold popping $15 to $1611.
Obviously this was not acceptable (particularly with weekly closes above $28 and $1600 likely), so the cartel stepped back into their old role of raiding the metals post job-report, and subsequently smashed silver .81 to $27.05, and gold $30 to $1581!
It appears that the cartel allowed the metals to make a mini-parabolic move prior to today’s raid, sucking in new speculative longs, who were stopped out of the positions only moments later as the cartel initiated the smack-down.
This is the EXACT SAME MO used by the cartel in yesterday’s raid. When will the paper COMEX traders ever learn??
Read More @ SilverDoctors.com

Jobs Humbug

by George Ure, UrbanSurvival.com:
Here it is, well after July 1 and I haven’t done my first “bah-humbug” of the coming Christmas season – which, if you have a calendar handy has only 172-shopping days away. Since it’s a little early to go-a-wassailing, I’ve instead decided to give you an early gift of the season to come in the form of this morning’s jobs report. In the process, I’ve also decided to augment Santa’s sleigh this year with three new reindeer: “On Worker, on Warrior, on Banker, and Blitzen!” And with that, we unwrap your early gift:
“Nonfarm payroll employment continued to edge up in June (+80,000), and the unemployment rate was unchanged at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Professional and business services added jobs, and employment in other major industries changed little over the month.
Household Survey Data
The number of unemployed persons (12.7 million) was essentially unchanged in June, and the unemployment rate held at 8.2 percent. (See table A-1.) Among the major worker groups, the unemployment rate for blacks (14.4 percent) edged up over the month, while the rates for adult men (7.8 percent), adult women (7.4 percent), teenagers (23.7 percent), whites (7.4 percent), and Hispanics (11.0 percent) showed little or no change. The jobless rate for Asians was 6.3 percent in June (not seasonally adjusted), little changed from a year earlier.”
Read More @ UrbanSurvival.com

German debt problems

from, Gold Money:
Somewhat counterintuitive action in the precious metals markets yesterday, with gold and silver coming under selling pressure despite news of easing from a trio of major central banks. As expected, the Bank of England announced a further £50 billion of quantitative easing yesterday (the UK’s own “QE3”), which will bring the BoE’s total QE since 2008 to £375bn.
Elsewhere, the European Central Bank and the People’s Bank of China cut interest rates. The ECB cut its short-term lending rate to a record low of 0.75% – down from 1.5% – while the PBC announced a 0.31 percentage-point cut in its one-year yuan-lending rate, to 6% (which seems like a crazily high figure in contrast with the rock-bottom rates in the West and Japan).
Gains that might have been expected in gold following these moves were more than offset though by gains in the dollar. The US Dollar Index closed close to 82.90, its highest finish since early June. The most actively traded Comex gold contract, for August delivery, lost 0.8% over the session – settling at $1,609.40 per troy ounce. The other precious metals had a weak day as well, with silver falling back below $28.
Read More @ GoldMoney.com

The LAST Straw: Dick Morris Says The U.S. Will Sign Gun Control Treaty on July 27th!

from dickmorrisreports:

Without any national debate — and after secret negotiations — Obama is going to sign the Arms Trade Treaty which will lead to UN imposed gun control

Central Planners Are Making Desperate Maneuvers Right Now

from KingWorldNews:
With investors around the world are wondering which direction markets will head next, today King World News interviewed 25 year veteran Caesar Bryan. Gabelli & Company has over $31 billion under management and Caesar Bryan has managed the gold fund since its inception in 1994. Here is what Ceasar had to say regarding what is happening around the globe: “Since we last spoke, Eric, there was the summit between the countries in the eurozone. They agreed to separate the bank debt from the sovereign debt, but that doesn’t fix the problem because the debt is still there. There are two issues, and the first one is too much debt and who is going to take the losses?”
“The second is the issue of competitiveness in some of the peripheral countries in the eurozone. That issue also remains unsolved. It was interesting because yesterday we had a number of central banks make moves. As an example, the ECB cut interest rates and they also lowered their deposit rate to zero.
Caesar Bryan continues @ KingWorldNews.com

The History Of The Federal Reserve System

from Zero Hedge:
For better or mostly worse, the Federal Reserve has been governing the monetary system of the United States since 1914. The visual history below maps the rise of the Fed from its origins as a relatively minor institution, often controlled by Presidents and The Treasury to its supposedly independent and self-aware current position as, arguably, the most powerful entity in the world. And because we always like to be ‘fair-and-balanced’ we juxtapose this clarifying truth of the maniacal growth of the Fed’s balance sheet and shift from passive to hyperactive – highlighting every major macro-economic and political event on the way – with G. Edward Griffin’s 1994 speech on ‘The Creature From Jekyll Island’.
Read More @ Zero Hedge.com

The Misguided Focus of the US Military Industrial Complex

By Bill Bonner, Daily Reckoning.com.au:
“Hey Bill,” writes a Dear Reader. “You are a sad excuse for a military analyst. You can criticize the military all you want, especially from your leftist headquarters in Paris. But when trouble comes, you’re going [to] wish you had US military forces to protect your sorry ass.”
Hey Dear Reader, your editor replies, go f**… Never mind. You may be right. Maybe history doesn’t work now the way it used to.
Our beat here is economics. But the US ‘security’ industry (aka US military) currently eats up about $1 trillion per year – which is a big part of the economy and an even bigger part of the federal budget.
When we talk about an upsurge in manufacturing, for example, we are talking about an industry that is making 40% of its output for the Pentagon. And when we talk about an increase in the use of energy, we could mention the world’s biggest energy user – also the Pentagon. And when we calculate the US federal deficit we could remind ourselves that every penny of it is about what America’s ‘security’ agenda costs.
Read More @ DailyReckoning.com.au

Here Is The Hilsenrath Rumor To Save The Day

In a market which was left for dead with virtually no hope of a CTRL-Peus Ex Machina, and which otherwise would have tumbled to close at the lows, we realized that something was missing. In fact we noted it less than an hour ago:

Need a Hilsenrath rooomer
— zerohedge (@zerohedge) July 6, 2012

Sure enough, moments ago, with minutes left in the trading day and week, here comes the Fed's favorite leaking scribe, advising the market that not all is lost, and that Pavlovian dogs can, and in fact should continue to salivate at ever poster of a half naked toner cartrdige.

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