There is down-sizing; there is trimming-the-fat; and then there is UBS. The once-giant
Swiss Bank just announced it will cut up to 10,000 jobs. This comes on
top of the 3,500 from last year - which makes a rather dramatic
weight-loss strategy for the 63,500 employee firm. As the FT reports,
they will not happen all at once (so just after the election then?)
but will lead to the closure of a sizable part of UBS' fixed-income
trading operations (and other capital intensive areas of the investment
bank). Perhaps in the understatement of the day: "There were several options on the table but UBS has decided on the most radical one," a
person familiar commented as the plan is hoped to reduce complexity and
costs - so no more Bloomberg Terminals? One thing surely gone is a
source of fixed income axes: "The new strategy, hammered out in several
executive board meetings in New York this week and set to be announced
next Tuesday, will lead to the closure of a sizeable part of
UBS’s fixed-income trading operations and other capital-intensive areas
of the investment bank." The winner: Goldman of course, which
in a world of collapsing trading revenues has taken to Lehmaning its
competition once again, only this time not using brute force but the
far more classical war of attrition in a collapsing economy.Art Cashin On Becky Quick's Roast Of Paul Krugman
Define headline heaven? Any time you can gratuitoulsy insert the names Art Cashin, Becky Quick and Paul Krugman in the same title. Like in this case. HERE'S WHAT YOU NEED TO KNOW.If You Can't Hold it... You Don't Own It...
Vietnamese Banks Who Paid Dividend On Stored Gold, Were Quietly Selling It To Appear Solvent
Several months ago, we reported about a troubling development in Vietnam, happy inflationary host of one of the world's most rapidly devaluing and best named currencies, that in direct refutation of Ben "Gold is not money, it is tradition" Bernanke's claim that gold is just a trinket one can fondle with no inherent value, the local banks had gone as far as paying the local residents a dividend to "store" their gold (recall all those charges against gold that it never, ever pays a dividend....). However, as we subsequently warned, any time a bank, and especially an entire banking sector, is willing to pay you paper "dividends" for your gold, run, because all this kind of (s)quid pro quo usually ends up as a confiscation ploy. Sure enough, as Dow Jones reports today, the gold, which did not belong to the banks and was merely being warehoused there (or so the fine print said), was promptly sold by these same institutions to generate cash proceeds and to boost liquidity reserves using other people's gold, obtained under false pretenses.
Friday Humor: Why The Market Is Down, Or "A Hard Day At The Fed"
It's
AAPL? It's GDP? It's Europe? It's the fiscal cliff? The real answer to
why the market/AAPL is down today is clearly laid out in the table
below. A stunning 30 of the 40 Fed employees on Bloomberg (that's 75% for the Keynesians) is red - or out of the office today. The PPT is OOTO!
Good to know all that taxpayer money covering these terminals is going
to good use! Also keep an eye on Kevin Henry's dot turning yellow from
green and vice versa. The NY Fed trader's presence, or absence, at his
desk may be the only risk on/risk off signal left in today's market.UBS To Terminate 10,000, Or One Sixth Of Its Employees
There is down-sizing; there is trimming-the-fat; and then there is UBS. The once-giant
Swiss Bank just announced it will cut up to 10,000 jobs. This comes on
top of the 3,500 from last year - which makes a rather dramatic
weight-loss strategy for the 63,500 employee firm. As the FT reports,
they will not happen all at once (so just after the election then?)
but will lead to the closure of a sizable part of UBS' fixed-income
trading operations (and other capital intensive areas of the investment
bank). Perhaps in the understatement of the day: "There were several options on the table but UBS has decided on the most radical one," a
person familiar commented as the plan is hoped to reduce complexity and
costs - so no more Bloomberg Terminals? One thing surely gone is a
source of fixed income axes: "The new strategy, hammered out in several
executive board meetings in New York this week and set to be announced
next Tuesday, will lead to the closure of a sizeable part of
UBS’s fixed-income trading operations and other capital-intensive areas
of the investment bank." The winner: Goldman of course, which
in a world of collapsing trading revenues has taken to Lehmaning its
competition once again, only this time not using brute force but the
far more classical war of attrition in a collapsing economy.What Do High Yield Bonds Know That No One Else Does?
Wizened old market participants are often heard mumbling into their cups of green tea that "credit anticipates, and equity confirms"
and so it is once again that the credit markets - fresh from the
exuberance of endless technical flows, CLOs, and PIK-Toggles - has made a
rather abrupt U-Turn in recent weeks. As Barclays points out, the ratio of High-Yield bond spreads to Investment-Grade bond spreads is its highest in three years
as IG has been dragged lower by QEtc's impact on MBS and rotation up
the spread spectrum. Typically, this kind of push would mean high-beta
credit would outperform but far from it as cash bond markets have gapped
out very recently. With call constraints (thanks to ZIRP) on
high-yield bonds, the extreme price dislocation (given HY's inability to rally 'enough') will likely drag IG credit out - and that is a very crowded trade. Just one more unintended consequence from the Fed.UBS On The Erosion Of Central Bank Independence
There
is a possibility that the realm of monetary policy could increasingly
merge with that of fiscal policy and national debt management policy.
Globally, UBS believes, central banks are edging down monetary policy
paths that can be viewed as increasingly backstopping budget deficits
as lawmakers of respective governments continue to fail to make
progress toward fiscal consolidation. As we have vociferously stated, a
progression down this road could lead to many unsavoury outcomes, as fiscal and monetary policies entwine themselves in an increasingly negative dynamic - coining the term “Fonetary-policy” – fiscal policy plus monetary policy. Help Us, Oh Kevin Henry, You Are Our Only Hope
With everyone at the Fed on early Halloween vacation,
the nation's hopeful (and confident, if slightly less than expected,
according to today's UofMich survey of the employees at 200 West) eyes
turn to Kevin Henry: the only green-lit (i.e. active) senior
trader/analyst and cross-market monitor at the world's largest
and most profitable hedge fund located at Liberty 33, elsewhere known
as Federal Reserve Deep Offshore Fund LLC.Your support is needed...
Thank You
I'm PayPal Verified
Today Tom Fitzpatrick spoke with King World News about the recent action in both gold and silver. Fitzpatrick has been astonishingly accurate in forecasting the movements of gold and silver. With remarkable precision, he called the entire move from the low $1,500s, to the highs right at his $1,791 target. Fitzpatrick then turned bearish at the dead highs, calling for a reaction. Now Fitzpzatrick lets KWN readers know what to expect next.
Here is what top Citi analyst Fitzpatrick had to say, along with some powerful charts: “As we pointed out in our previous interview, we had the three consecutive weeks where gold tried the $1,791 level, which was our big pivot. A break and weekly close above $1,791 would have set the gold market up for a rapid advance higher.”
Tom Fitzpatrick continues @ KingWorldNews.com
by Susanne Posel, Occupy Corporatism:
Since the Congress voted down the Cybersecurity Act of 2012, Leon Panetta, US Secretary of Defense, has referred to the climate on the web as leading to an almost certain “cyber 9/11” , “cyber Pearl-Harbor” , and even “cyber Armageddon”.
Panetta warns that cyber extremists or an aggressive nation could “use these kinds of cyber tools to gain control of critical switches. They could derail passenger trains, or even more dangerous, derail passenger trains loaded with lethal chemicals. They could contaminate the water supply in major cities, or shut down the power grid across large parts of the country.”
In a recent solicitation, the Department of Homeland Security (DHS) has offered a more comprehensive monitoring service under their Continuous Diagnostic and Mitigation program. DHS is on a mission to “safeguard and secure cyberspace” with the acquisition of “specialized information technology (IT) service and tools to implement DHS’ Continuous Diagnostics and Mitigation (CDM) program.”
Read More @ OccupyCorporatism.com
Since the Congress voted down the Cybersecurity Act of 2012, Leon Panetta, US Secretary of Defense, has referred to the climate on the web as leading to an almost certain “cyber 9/11” , “cyber Pearl-Harbor” , and even “cyber Armageddon”.
Panetta warns that cyber extremists or an aggressive nation could “use these kinds of cyber tools to gain control of critical switches. They could derail passenger trains, or even more dangerous, derail passenger trains loaded with lethal chemicals. They could contaminate the water supply in major cities, or shut down the power grid across large parts of the country.”
In a recent solicitation, the Department of Homeland Security (DHS) has offered a more comprehensive monitoring service under their Continuous Diagnostic and Mitigation program. DHS is on a mission to “safeguard and secure cyberspace” with the acquisition of “specialized information technology (IT) service and tools to implement DHS’ Continuous Diagnostics and Mitigation (CDM) program.”
Read More @ OccupyCorporatism.com
by Deepanshu Bagchee , CNBC:
The U.S. economy is on the mend and has been getting better, but
JPMorgan Chase CEO Jamie Dimon said chief executives he has spoken to
have told him they are already making decisions to protect their
companies from a looming “fiscal cliff.”
The mix of automatic spending cuts and the expiration of Bush-era tax cuts at the end of the year could cut U.S. growth in 2013 and send the economy back into a recession, according to economists.
The U.S. economy is on the mend and has been getting better, but
JPMorgan Chase CEO Jamie Dimon said chief executives he has spoken to
have told him they are already making decisions to protect their
companies from a looming “fiscal cliff.”The mix of automatic spending cuts and the expiration of Bush-era tax cuts at the end of the year could cut U.S. growth in 2013 and send the economy back into a recession, according to economists.
Chief executives of 80 big U.S. companies, including Dimon, have been lobbying for a deal to avert such an outcome.
“I’ve spoken to CEOs
who say, you know, absolutely, we are making decisions to protect
ourselves from the ‘fiscal cliff’ and those are like investment
decisions and hiring decisions,” Dimon told CNBC-TV18 in India, during a
visit to the country.
Read More @ CNBC
from KingWorldNews:
Today top trends forecaster Gerald Celente told King World News it’s not just Germany’s gold that’s missing. Celente discussed other countries missing gold as well as the collapsing global economy. Celente also gave KWN readers and listeners an exclusive second sneak peak at his Autumn Trends Journal. Celente is the founder of Trends Research, and the man many consider to be the top trends forecaster in the world.
But first, here is a small portion of what Celente had to say about the global economy and gold: “It’s not only Germany (who’s gold is missing), it’s the United Sates, it’s all of the countries. Nobody knows what’s in Fort Knox. They won’t let anybody in. Where’s the gold in the United States? How come we can’t go in and look in Fort Knox?”
Gerald Celente continues @ KingWorldNews.com
Today top trends forecaster Gerald Celente told King World News it’s not just Germany’s gold that’s missing. Celente discussed other countries missing gold as well as the collapsing global economy. Celente also gave KWN readers and listeners an exclusive second sneak peak at his Autumn Trends Journal. Celente is the founder of Trends Research, and the man many consider to be the top trends forecaster in the world.
But first, here is a small portion of what Celente had to say about the global economy and gold: “It’s not only Germany (who’s gold is missing), it’s the United Sates, it’s all of the countries. Nobody knows what’s in Fort Knox. They won’t let anybody in. Where’s the gold in the United States? How come we can’t go in and look in Fort Knox?”
Gerald Celente continues @ KingWorldNews.com
from Daily Reckoning.com.au:
You can imagine that what happens overseas is going to matter to Aussie stocks
just as much as company earnings. The US election is in its final two
weeks. And Europe’s interminable political restructuring toward a fiscal
super state is grinding along in its plodding pace. Surprises are to be
expected.
One big surprise, for example, is that in a real deflationary financial crisis — the kind where central bank asset purchases don’t prevent falling asset prices — your claim or ownership of assets is only as good as your possession of them. In other words, if you don’t have it, it’s not really yours.
We made the point by referring to John Exter’s inverse pyramid. You can see it below. Look for more on it next week. We’ll give you a version of the same presentation we made at the Gold Symposium on Tuesday.
Read More @ DailyReckoning.com.au
You can imagine that what happens overseas is going to matter to Aussie stocks
just as much as company earnings. The US election is in its final two
weeks. And Europe’s interminable political restructuring toward a fiscal
super state is grinding along in its plodding pace. Surprises are to be
expected.One big surprise, for example, is that in a real deflationary financial crisis — the kind where central bank asset purchases don’t prevent falling asset prices — your claim or ownership of assets is only as good as your possession of them. In other words, if you don’t have it, it’s not really yours.
We made the point by referring to John Exter’s inverse pyramid. You can see it below. Look for more on it next week. We’ll give you a version of the same presentation we made at the Gold Symposium on Tuesday.
Read More @ DailyReckoning.com.au
by Chris Powell, GATA:
Dear Friend of GATA and Gold:
Your secretary/treasurer’s dispatch yesterday criticizing the Telegraph’s international business editor, Ambrose Evans-Pritchard, and CNBC Senior Editor John Carney for not getting comment from the German Bundesbank and the Bank of England for their reports about the mysterious and long-secret removal of some German gold reserves from London –
http://www.gata.org/node/11868
– today drew a cordial explanation from Evans-Pritchard. He wrote that he did indeed seek comment from both central banks for his report, that the Bundesbank’s reply came too late for his publication deadline and didn’t do more anyway than confirm the withdrawal of the German gold, offering no motive for it, and that, as usual, the Bank of England refused any comment at all. While his inability to get comment from the central banks was omitted from his report, Evans-Pritchard said, this was largely a matter of timing and lack of space in the newspaper yesterday. With more space and time Evans-Pritchard might have cited the refusal of the central banks to explain.
Read More @ GATA.org
Dear Friend of GATA and Gold:Your secretary/treasurer’s dispatch yesterday criticizing the Telegraph’s international business editor, Ambrose Evans-Pritchard, and CNBC Senior Editor John Carney for not getting comment from the German Bundesbank and the Bank of England for their reports about the mysterious and long-secret removal of some German gold reserves from London –
http://www.gata.org/node/11868
– today drew a cordial explanation from Evans-Pritchard. He wrote that he did indeed seek comment from both central banks for his report, that the Bundesbank’s reply came too late for his publication deadline and didn’t do more anyway than confirm the withdrawal of the German gold, offering no motive for it, and that, as usual, the Bank of England refused any comment at all. While his inability to get comment from the central banks was omitted from his report, Evans-Pritchard said, this was largely a matter of timing and lack of space in the newspaper yesterday. With more space and time Evans-Pritchard might have cited the refusal of the central banks to explain.
Read More @ GATA.org
from CNBC:
Bill Bonner, author of Empire of Debt, tells CNBC that America is in a situation where it is spending far too much money and neither candidate wants to really cut back on spending no matter what they say.
Bill Bonner, author of Empire of Debt, tells CNBC that America is in a situation where it is spending far too much money and neither candidate wants to really cut back on spending no matter what they say.
by Pater Tenebrarum, Acting-Man.com:
FOMC Freeze Frame
As was widely expected, the FOMC decided not to do anything in addition to the latest crazy plans to undermine the economy with even more money printing that were announced in September.
In fact, the October FOMC statement reads almost like a carbon copy of the September statement. The two statements can be compared side by side with the help of the WSJ’s ‘Fed statement tracker‘.
As can be seen there, only a handful of sentences have been amended ever so slightly. The only differences worth mentioning concern the assertion that consumer spending has improved a bit, while investment spending by corporations has weakened. Moreover, Richmond Fed president Jeffrey Lacker now no longer merely ‘prefers to disagree’ with keeping the current loose monetary policy in place until 2015, he plainly and simply ‘disagrees’ as of October. Maybe they should have said ‘he’s disgusted by now’.
Read More @ Acting-Man.com
FOMC Freeze FrameAs was widely expected, the FOMC decided not to do anything in addition to the latest crazy plans to undermine the economy with even more money printing that were announced in September.
In fact, the October FOMC statement reads almost like a carbon copy of the September statement. The two statements can be compared side by side with the help of the WSJ’s ‘Fed statement tracker‘.
As can be seen there, only a handful of sentences have been amended ever so slightly. The only differences worth mentioning concern the assertion that consumer spending has improved a bit, while investment spending by corporations has weakened. Moreover, Richmond Fed president Jeffrey Lacker now no longer merely ‘prefers to disagree’ with keeping the current loose monetary policy in place until 2015, he plainly and simply ‘disagrees’ as of October. Maybe they should have said ‘he’s disgusted by now’.
Read More @ Acting-Man.com
from Bullion Street:
A year after nationalizing gold mining industry and brought back gold
reserves from overseas, Venezuela reduced it’s gold holdings by 3.733
tonnes in August.
According to International Monetary Fund(IMF) Venezuela sold around 120,000 ounces of gold in August, its first sale in almost a year, bringing its bullion reserves to 362.053 tonnes.
However, Venezuela’s big neighbor Brazil and Ukraine increased their holdings with a combined 66,000 ounces between them, IMF data said.
Russia, Belarus and Kazakhstan are the largest sellers to have reported their activity so far, lowering their official gold holdings by a total of 129,000 troy ounces in September.
Read More @ BullionStreet.com
from TruthNeverTold :
A year after nationalizing gold mining industry and brought back gold
reserves from overseas, Venezuela reduced it’s gold holdings by 3.733
tonnes in August.According to International Monetary Fund(IMF) Venezuela sold around 120,000 ounces of gold in August, its first sale in almost a year, bringing its bullion reserves to 362.053 tonnes.
However, Venezuela’s big neighbor Brazil and Ukraine increased their holdings with a combined 66,000 ounces between them, IMF data said.
Russia, Belarus and Kazakhstan are the largest sellers to have reported their activity so far, lowering their official gold holdings by a total of 129,000 troy ounces in September.
Read More @ BullionStreet.com
from TruthNeverTold :
from Azizonomics:
Britain has returned to growth: But compared even to the USA — which
has huge problems of its own — Britain is still mired in the depths of a
depression:
An Olympic bounce does not constitute a recovery. As I noted in March, Britain is under-performing the United States — in GDP and in unemployment. Although Cameron and Osborne keep claiming that they are deficit hawks who want to cut the government deficit, the debt keeps climbing.
Defenders of Cameron’s policies might claim that we are going through a necessary structural adjustment, and that lowered GDP and elevated unemployment is necessary for a time. I agree that a structural adjustment was necessary after the financial crisis of 2008, but I see little evidence of such a thing. The over-leveraged and corrupt financial sector is still dominated by the same large players as it was before. True, many unsustainable high street firms have gone out of business, but the most unsustainable firms that had to be bailed out — the banks and financial firms who have caused the financial crisis — have avoided liquidation. The real story here is not a structural adjustment but the slow bleeding out of the welfare state via deep and reaching cuts.
Read More @ Azizonomics.com
Britain has returned to growth: But compared even to the USA — which
has huge problems of its own — Britain is still mired in the depths of a
depression:An Olympic bounce does not constitute a recovery. As I noted in March, Britain is under-performing the United States — in GDP and in unemployment. Although Cameron and Osborne keep claiming that they are deficit hawks who want to cut the government deficit, the debt keeps climbing.
Defenders of Cameron’s policies might claim that we are going through a necessary structural adjustment, and that lowered GDP and elevated unemployment is necessary for a time. I agree that a structural adjustment was necessary after the financial crisis of 2008, but I see little evidence of such a thing. The over-leveraged and corrupt financial sector is still dominated by the same large players as it was before. True, many unsustainable high street firms have gone out of business, but the most unsustainable firms that had to be bailed out — the banks and financial firms who have caused the financial crisis — have avoided liquidation. The real story here is not a structural adjustment but the slow bleeding out of the welfare state via deep and reaching cuts.
Read More @ Azizonomics.com
by Jim Karger, Dollar Vigilante:
Quick, can you name all the people who were in the room when you were born? Could you give the name and number of every supervisor you’ve ever had? Or tell me the address or addresses of both your parents one year before your birth?
If you have trouble answering any of the above questions, then the US government may deny you a new US passport. And simply in order to apply, you may be asked to divulge some extremely personal information, though I can’t imagine any good reason the government needs to know whether or not you were circumcised.
PapersPlease.com reports:
Quick, can you name all the people who were in the room when you were born? Could you give the name and number of every supervisor you’ve ever had? Or tell me the address or addresses of both your parents one year before your birth?
If you have trouble answering any of the above questions, then the US government may deny you a new US passport. And simply in order to apply, you may be asked to divulge some extremely personal information, though I can’t imagine any good reason the government needs to know whether or not you were circumcised.
PapersPlease.com reports:
“Ignoring massive public opposition, and despite having recently admitted that it is already using the ‘proposed’ forms illegally without approval,
the State Department is trying again to get approval for a pair of
impossible-to-complete new passport application forms that would, in
effect, allow the State Department to deny you a passport simply by
choosing to send you either or both of the new “long forms”.
Read More @ DollarVigilante.com
by Daniel J. Sanchez, Lew Rockwell:
Imagine a world in which the works and ideas of Ludwig von Mises had
been neglected and ultimately forgotten. The socialist-calculation
argument, the Austrian theory of the business cycle, praxeology: each
nothing more than a footnote in the history of economic thought.
Imagine a world in which the only Austrian economists were a handful of diffuse and eclectic thinkers puttering around harmlessly and fruitlessly in academia.
Imagine how bleak and hopeless the future would look in such a world in which there was no radical, hardcore approach to liberty, underpinned by systematic, sound economic theory, available to the public: only the waffling of woolly moderates and the tentative propositions of positivist and eclectic economists.
Read More @ LewRockwell.com
Imagine a world in which the works and ideas of Ludwig von Mises had
been neglected and ultimately forgotten. The socialist-calculation
argument, the Austrian theory of the business cycle, praxeology: each
nothing more than a footnote in the history of economic thought.Imagine a world in which the only Austrian economists were a handful of diffuse and eclectic thinkers puttering around harmlessly and fruitlessly in academia.
Imagine how bleak and hopeless the future would look in such a world in which there was no radical, hardcore approach to liberty, underpinned by systematic, sound economic theory, available to the public: only the waffling of woolly moderates and the tentative propositions of positivist and eclectic economists.
Read More @ LewRockwell.com
by Charles Hugh Smith, Of Two Minds:
We know two things about the future:1. Borrowing 35% of Federal expenditures every year is unsustainable. (2012 Federal budget = $3.8 trillion, Federal deficit = $1.3 trillion, 34.2% of every Federal dollar spent is borrowed)
2. The Baby Boom generation of 75+ million may be working longer, but they are also retiring en masse, joining the ranks of Social Security and Medicare beneficiaries at the rate of 10,000 per day, a flood that will not ebb until the late 2020s. (The Baby Boom is generally defines as those born between 1946 and 1964, though many quibble with the 1964 date. The choice of parameter doesn’t change anything about the consequences.)
The first Boomers qualified for early Social Security retirement (age 62) in 2008 and for Medicare (age 65) in 2011. The biggest cohort years (almost 4 million a year) will start reaching early retirement (62) in 2014 and Medicare (65) in 2017. The number of people entering these programs will rise every year from 2014 to 2020, and then remain constant at 4+ million a year until 2025.
Read More @ OfTwoMinds.com
The Seventy Percent
by Michael Krieger, Liberty Blitzkreig:
Whoever expects to be ignorant and free in a state of civilization expects what never was and never will be.
-Thomas Jefferson
Bipartisan usually means that a larger-than-usual deception is being carried out.
-George Carlin
The Seventy Percent
People are going to be pissed off no matter who wins this election and that is a very important social dynamic I believe is vastly under appreciated by the majority of mainstream pundits and analysts out there. This is also very distinct from the environment that prevailed in 2008. Four years ago, the financial markets were crashing and the economic future of America was circling the toilet bowl, yet a majority of Americans embraced the potential of a young, inexperienced biracial politician from Illinois who was saying all of the right things. Despite the gigantic disappointment he has proven to be as President, there is no denying that he had all of the Democrats and most Independents under his spell on this day four years ago.
Fast forward to 2012 and the county isn’t “divided” as mainstream media talking heads like to say. The country is pissed off. Genuine and legitimate frustration permeates the land from sea to shining sea and rightly so. Ever since the banker coup of 2008, crony capitalism has been institutionalized as the only real way to make money.
Read More @ LibertyBlitzkreig.com
-Thomas Jefferson
Bipartisan usually means that a larger-than-usual deception is being carried out.
-George Carlin
The Seventy Percent
People are going to be pissed off no matter who wins this election and that is a very important social dynamic I believe is vastly under appreciated by the majority of mainstream pundits and analysts out there. This is also very distinct from the environment that prevailed in 2008. Four years ago, the financial markets were crashing and the economic future of America was circling the toilet bowl, yet a majority of Americans embraced the potential of a young, inexperienced biracial politician from Illinois who was saying all of the right things. Despite the gigantic disappointment he has proven to be as President, there is no denying that he had all of the Democrats and most Independents under his spell on this day four years ago.
Fast forward to 2012 and the county isn’t “divided” as mainstream media talking heads like to say. The country is pissed off. Genuine and legitimate frustration permeates the land from sea to shining sea and rightly so. Ever since the banker coup of 2008, crony capitalism has been institutionalized as the only real way to make money.
Read More @ LibertyBlitzkreig.com
from Gold Core:
The US GDP figures are released later today and they are expected at 1.9%. A weaker than expected number would benefit safe haven gold.
Gold corrected in October as we anticipated and has fallen by 5.5% (in USD terms) from over $1,795.55/oz to a low of $1,699.65/oz It is too early to tell yet if the October correction is over. There would appear to be strong support at $1,700/oz and Asian physical demand is very robust down at these levels.
The physical bullion market was subdued in Asia overnight although there was some buying out of Japan. Trade was muted because of a public holiday in Indonesia, Malaysia and Singapore, but Reuters noted that dealers saw gold buying from Thailand.
Importantly, Chinese buying of gold, official and public, on dips is likely to be continuing.
Physical demand for gold bullion coins and bars in western markets remains subdued but smart money buyers continue to add to allocations. Gold and silver 1oz bullion coins from the Australian Lunar – 2013 Year of the Snake Coin Series are officially sold out at The Perth Mint. The sell out of the full mintages of 300,000 pure silver 1oz coins and 30,000 pure gold 1oz coins was achieved in just two months, ranking this release as one of the fastest selling behind the phenomenally successful Year of Dragon coins in 2012.
Read More @ GoldCore.com
by Justin Menza, CNBC:
Chief executives of more than 80 big U.S. corporations, including
Goldman Sachs, JPMorgan Chase, and Boeing, are getting together to
pressure Congress to reduce the federal deficit with tax reform and
spending cuts.
In a letter posted on The Wall Street Journal website late on Wednesday, the U.S. corporate chiefs said it is urgent and essential to put in place a plan to fix America’s debt. The letter is due to be released on Thursday.
Chief executives of more than 80 big U.S. corporations, including
Goldman Sachs, JPMorgan Chase, and Boeing, are getting together to
pressure Congress to reduce the federal deficit with tax reform and
spending cuts.In a letter posted on The Wall Street Journal website late on Wednesday, the U.S. corporate chiefs said it is urgent and essential to put in place a plan to fix America’s debt. The letter is due to be released on Thursday.
If Congress fails to
reach a deficit reduction deal by the end of the year, it will
automatically trigger big spending cuts and tax increases in 2013. This
so-called “fiscal cliff” would hit the still-recovering U.S. economy hard.
Read More @ CNBC
by Ben Traynor, Gold Seek:
WHOLESALE gold bullion prices rallied to $1718 an ounce Thursday
morning in London, less than 24 hours after dipping below the $1700 mark
for the first time since the US Federal Reserve announced a third round
of quantitative easing last month.
Gold in Sterling however ended the morning lower at £1068 per ounce, close to yesterday’s seven-week low, as the Pound rallied after the release of better-than-expected UK economic growth data.
Silver bullion meantime hovered around $32.20 an ounce, roughly in line with where it started the week, with other commodities also broadly flat.
“Lower prices now seem to be attracting new buyers [for gold],” says today’s Commodities Daily note from Commerzbank.
Read More @ GoldSeek.com
WHOLESALE gold bullion prices rallied to $1718 an ounce Thursday
morning in London, less than 24 hours after dipping below the $1700 mark
for the first time since the US Federal Reserve announced a third round
of quantitative easing last month.Gold in Sterling however ended the morning lower at £1068 per ounce, close to yesterday’s seven-week low, as the Pound rallied after the release of better-than-expected UK economic growth data.
Silver bullion meantime hovered around $32.20 an ounce, roughly in line with where it started the week, with other commodities also broadly flat.
“Lower prices now seem to be attracting new buyers [for gold],” says today’s Commodities Daily note from Commerzbank.
Read More @ GoldSeek.com
from Public Intelligence:
he following maps and satellite photos depict refugee camps in Turkey
and Jordan and provide statistics regarding the displacement of persons
as the result of the conflict in Syria. The first map was created by
the U.S. State Department Humanitarian Information Unit and provides
statistics on displaced persons and locations of refugee camps as a
result of the Syrian conflict. The other photos are from satellite
imagery analyzed by the U.N. Operational Satellite Applications
Programme (UNOSAT) focusing on the growth of specific refugee camps in
Turkey and Jordan. To follow future updates, see U.S. State Department Humanitarian Information Unit Middle East products page and UNOSAT’s contributions to ReliefWeb on Syrian refugee camps.
Read More @ PublicIntelligence.net
he following maps and satellite photos depict refugee camps in Turkey
and Jordan and provide statistics regarding the displacement of persons
as the result of the conflict in Syria. The first map was created by
the U.S. State Department Humanitarian Information Unit and provides
statistics on displaced persons and locations of refugee camps as a
result of the Syrian conflict. The other photos are from satellite
imagery analyzed by the U.N. Operational Satellite Applications
Programme (UNOSAT) focusing on the growth of specific refugee camps in
Turkey and Jordan. To follow future updates, see U.S. State Department Humanitarian Information Unit Middle East products page and UNOSAT’s contributions to ReliefWeb on Syrian refugee camps.Read More @ PublicIntelligence.net
by SRSrocco, Silver Doctors:
According to this GoldCore article posted on SD this morning,
the Chinese silver demand will hit 7,700 metric tonnes in 2012. Last
year India’s silver demand was 4,000+ metric tonnes. We can safely
assume they should have about the same figure in 2012.
This means Indian and Chinese silver demand alone will account for 50% of global silver mine supply!!!
2012 SILVER DEMAND
CHINESE SILVER = 7,700 mt
INDIA = 4,000+ mt
TOTAL = 12,000 metric tonnes?
12,000 metric tonnes = 386 million oz (more than half of 2011 global silver supply)
This would be nearly 50% of all the silver that was mined in 2011. Of course we do have a good amount of silver coming from recycling… but regardless, this is a significant demand from just two countries.
Read More @ Silver Doctors
According to this GoldCore article posted on SD this morning,
the Chinese silver demand will hit 7,700 metric tonnes in 2012. Last
year India’s silver demand was 4,000+ metric tonnes. We can safely
assume they should have about the same figure in 2012.This means Indian and Chinese silver demand alone will account for 50% of global silver mine supply!!!
2012 SILVER DEMAND
CHINESE SILVER = 7,700 mt
INDIA = 4,000+ mt
TOTAL = 12,000 metric tonnes?
12,000 metric tonnes = 386 million oz (more than half of 2011 global silver supply)
This would be nearly 50% of all the silver that was mined in 2011. Of course we do have a good amount of silver coming from recycling… but regardless, this is a significant demand from just two countries.
Read More @ Silver Doctors
from Zero Hedge:
Credit-rating cuts were made on more than $200 billion of municipal
securities in the first nine months of this year, exceeding the total
for 2011, and there’s no end in sight. Bloomberg Brief also notes that
it is not just the weaker Californian cities (such as Fresno) but even
Los Gatos (an affluent town about 50 miles south of San Francisco,
where Apple’s Steve Wozniak lives) is facing possible rating
downgrades. Moody’s is concerned that cities might skip debt payments
in a cash crunch to preserve services and meet payroll. The decisions
to seek bankruptcy “provide some indication that willingness to pay debt obligations may be eroding in the U.S. municipal market,”
according to the Moody’s report, especially since California
municipalities have limited ability to boost revenue. They can’t impose
higher sales taxes without going to voters. Meanwhile Chapter 9 Muni
petitions are now above 2011′s YTD equivalent as California’s Mendocino Coast Health Care District became the 12th Chapter 9 petition filed year to date and the fourth from that state – up from just 5 Chapter 9s in 2010. Paging Ms. Whitney…
Read More @ Zero Hedge.com
from Wealth Cycles:
In the past we have written about gold and silver mining stocks, but in this fresh clip from today’s Buttonwood Gathering, asset manager Hugh Hendry of Eclectica explains his position on the miners, gold itself, and the more broad situations of China, Japan, the U.S., and the E.U.
A refreshing and logical thinker, Hendry was also featured by us in a short video blog: Greece Leaving Euro Is Path to Redemption, in which he says that Greek bankruptcy is at least a remedy, rather than patching symptoms to the detriment of those being squeezed to pay for the patches. Of course, all of this was to the horror of the other commentators.
Credit-rating cuts were made on more than $200 billion of municipal
securities in the first nine months of this year, exceeding the total
for 2011, and there’s no end in sight. Bloomberg Brief also notes that
it is not just the weaker Californian cities (such as Fresno) but even
Los Gatos (an affluent town about 50 miles south of San Francisco,
where Apple’s Steve Wozniak lives) is facing possible rating
downgrades. Moody’s is concerned that cities might skip debt payments
in a cash crunch to preserve services and meet payroll. The decisions
to seek bankruptcy “provide some indication that willingness to pay debt obligations may be eroding in the U.S. municipal market,”
according to the Moody’s report, especially since California
municipalities have limited ability to boost revenue. They can’t impose
higher sales taxes without going to voters. Meanwhile Chapter 9 Muni
petitions are now above 2011′s YTD equivalent as California’s Mendocino Coast Health Care District became the 12th Chapter 9 petition filed year to date and the fourth from that state – up from just 5 Chapter 9s in 2010. Paging Ms. Whitney…Read More @ Zero Hedge.com
from Wealth Cycles:
In the past we have written about gold and silver mining stocks, but in this fresh clip from today’s Buttonwood Gathering, asset manager Hugh Hendry of Eclectica explains his position on the miners, gold itself, and the more broad situations of China, Japan, the U.S., and the E.U.
A refreshing and logical thinker, Hendry was also featured by us in a short video blog: Greece Leaving Euro Is Path to Redemption, in which he says that Greek bankruptcy is at least a remedy, rather than patching symptoms to the detriment of those being squeezed to pay for the patches. Of course, all of this was to the horror of the other commentators.
There’s too much debt. and the
creditors that extended that debt, that was a folly, that was a
misjudgment, and all of this firefighting is trying to protect the
creditors who made those loans…
Read More @ WealthCycles.com
by Greg Hunter, USAWatchdog:
The third and final Presidential debate was this week, and I thought it was a draw. Neither Romney nor Obama scored a knockout blow. I can’t believe we had these debates and not a single question was asked about the $85 billion a month being printed by the Fed. This is unprecedented in human history. What could go wrong?
“Fix the Debt” is what influential CEOs are saying to Congress. A group has gotten together to persuade Congress to avoid the so-called fiscal cliff at the end of the year. I don’t see how this is going to come about unless there is a clean sweep of the House, Senate and Presidency by one party or the other. I find this pretty rich in lieu of the fact we spent trillions bailing out the banks. I didn’t hear the CEOs bitching about this when the Fed was busy printing up $16 trillion to bail out everyone from Harley Davidson to Toyota to foreign and domestic banks.
Read More @ USAWatchdog.com
The third and final Presidential debate was this week, and I thought it was a draw. Neither Romney nor Obama scored a knockout blow. I can’t believe we had these debates and not a single question was asked about the $85 billion a month being printed by the Fed. This is unprecedented in human history. What could go wrong?
“Fix the Debt” is what influential CEOs are saying to Congress. A group has gotten together to persuade Congress to avoid the so-called fiscal cliff at the end of the year. I don’t see how this is going to come about unless there is a clean sweep of the House, Senate and Presidency by one party or the other. I find this pretty rich in lieu of the fact we spent trillions bailing out the banks. I didn’t hear the CEOs bitching about this when the Fed was busy printing up $16 trillion to bail out everyone from Harley Davidson to Toyota to foreign and domestic banks.
Read More @ USAWatchdog.com
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