Monthly Archives: May 2015

HSBC economist: “There aren’t enough lifeboats to go around”

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“HSBC economist Stephen King yesterday published a weighty analysis titled ‘the world economy’s titanic problem’ that pointed out that it has been six years since the trough of the last US recession.  ‘If history is any guide, we are probably now closer to the next one,’ he said. Business cycles always turn, and after six years of growth, even at a pedestrian rate, the current recovery is old.  King’s point – which explains the Titanic reference – is that policymakers are out of lifeboats if a recession were to arrive. The US Fed has dealt with past recessions by cutting interest rates by at least five percentage points. That is obviously impossible today because rates are still on the floor.”

http://www.theguardian.com/business/nils-pratley-on-finance/2015/may/13/us-economy-is-signalling-an-iceberg-were-out-of-lifeboats

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Russia boosting gold holdings as defence against ‘political risks’

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“Russia is increasing its gold holdings because gold is a reserve asset that is free from legal and political risks, a senior central banker said on Tuesday.  The comments by Dmitry Tulin, who manages monetary policy at the central bank, reflect Russian fears that the country’s overseas assets could be frozen as part of a possible toughening of Western sanctions over the Ukraine crisis.  ‘As you know we are increasing our gold holdings, although this comes with market risks,’ Tulin told lawmakers in the lower house of parliament.  ‘The price of it (gold) swings, but on the other hand it is a 100 percent guarantee from legal and political risks.'”

http://www.reuters.com/article/2015/05/26/russia-cenbank-gold-idUSL5N0YH38V20150526

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China’s new $16bn gold fund at centre of new ‘Silk Road’

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“Gold prices could be boosted by China’s plan to establish a $16bn (£10bn) fund to stockpile the precious metal as part of a scheme known as the ‘Silk Road’ initiative aimed at boosting trade. State endorsed media in China has reported that the new fund Shandong Gold Group and Shaanxi Gold Group will each take stakes of 35pc and 25pc respectively in the new fund alongside other investors. The new entity, which may include an exchange traded fund for gold and investments in miners of the precious metal, aims to raise the $16bn in three tranches, according to the report. China is the largest gold producer and consumer of the precious metal.”

http://www.telegraph.co.uk/finance/personalfinance/investing/gold/11630690/Chinas-new-16bn-gold-fund-at-centre-of-new-Silk-Road.html

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Austria Repatriates 110 Tons Of Gold From Bank of England

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“Six months ago we warned that Austria was considering it, and now, as Kronen-Zeitung reports, with no rigged Swiss-like referendum required, Austrian Central Bank Governor, and the person many claim is in Mario Draghi’s inner circle of trust (soon to be revised) Edwald Nowotny has committed to repatriating 110 tonnes of gold. This is part of Nowotny’s new ‘gold strategy’ and with his position (on paper) as one of Draghi’s foremost lieutenants, appears to be a big stab in the back for super money printing Mario.  Austrian central bank plans to keep 50% of its gold reserves in Austria vs 17% now, Kronen-Zeitung reports, citing governor Ewald Nowotny’s unpublished new ‘gold strategy.'”

http://www.zerohedge.com/news/2015-05-22/austria-confirms-faith-fiat-fading-repatriates-110-tons-gold-boe

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India gold smuggling at all-time high, despite Nepali kingpin’s death

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“In two years–since government increased duty on gold to 10% to rein in a yawning current account deficit—gold smuggling has grown by 900%.  That as an accepted principle seizures could be less than 10% of actual smuggling, the figures look even more ominous.  Sources say gold has also begun to be smuggled in ever unique ways and from rather unexpected corners. There is a silver lining to the grim story though. There is an unexpected drop in Nepal which had seen a massive spurt in gold smuggling in the past couple of years. The reason: the kingpin of illicit yellow metal trade in the Himlayan nation died under the rubble of his house in Kathmandu during the recent quake.”

http://timesofindia.indiatimes.com/india/Gold-smuggling-at-all-time-high-seizures-total-Rs-1000cr/articleshow/47437207.cms

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Centuries-Old Shipwreck Chock-Full Of Gold Found Off Finnish Coast

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“More than $150 million worth of gold treasure has been found in a centuries-old shipwreck discovered recently off the coast of Finland — and it has archaeologists going gaga.  Divers found the ship and its treasure — 10,000 gold coins and jewelry — south of the Finnish island of Jussarö, Discovery News reported. The divers think the sunken vessel, a legendary 15th-century ship named Hanneke Wrome, sank in a storm. According to historic documents, the ship had more than 200 passengers and crew members aboard. In addition to the coins and jewelry, it carried 200 parcels of fabric and 1,200 barrels of honey.”

http://www.huffingtonpost.com/2015/05/08/shipwreck-treasure-finnish-coast_n_7224232.html

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Texas Senate Passes Bill to Establish Gold & Silver Bullion Depository

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“A bill taking a step towards gold and silver as commonly-used legal tender in Texas passed in the state Senate today by an overwhelming 29-2 vote.  What the bill essentially does is create a means for transactions to occur in precious metals. It allows people  to open an account and deposit their precious metals in the state depository. They could then use the electronic system to make payments to any other business or person who also holds an account.  This opening of the market is considered by many insiders to be the most important first step towards bringing sound money to mainstream acceptance.”

http://blog.tenthamendmentcenter.com/2015/05/texas-senate-passes-bill-to-establish-bullion-depository-help-facilitate-transactions-in-gold-and-silver/

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Financier amasses $1 billion in mining investments, plans hedge fund

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“U.S. mining financier Oskar Lewnowski has already deployed almost $1 billion in equity, loans and royalty streams into at least 17 junior mining firms, and hired a physical metals trader to handle supply.  The fund would also stand out as one of the few commodity fund launches in recent years after plunging oil, copper and grain prices forced the closure of some big names, including Hermes, Brevan Howard and Hall Commodities, last year.  Merchants are expanding to fill the gap left by the retreat of European and U.S. banks, which have retrenched from physical trading amid regulatory glare and tight margins.  Bank revenues from base and precious metals fell for a third straight year in 2014.”

http://www.reuters.com/article/2015/05/22/metals-fund-lewnowski-idUSL1N0Y21I420150522

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As iron ore prices fall 60%, mining companies worldwide risk closure

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“Two small iron ore firms have recently shut mines in Australia because of low prices and Goldman Sachs says half the world’s so-called ‘tier two’ miners are at risk of closure.  Spot iron ore prices have fallen 60 percent in the past year on surging output blamed on overestimates of China’s appetite for imported ore by mega miners BHP, Vale and Rio Tinto. The World Steel Association expects China’s steel production to contract by 1 to 2 percent this year.  BHP and Rio have been able to cut costs more than smaller rivals, leaving them better able to weather low prices.”

http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/bhp-blinks-as-iron-ore-prices-fall-delays-output-boost/article24058795/

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Woman Calls Suicide Hotline for Boyfriend. Cops Arrive, Kill Him.

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“Earlier this month, Justin Way of St. Augustine, Florida, threatened to kill himself. He sat down on his bed, drunk, brandishing a knife that he intended to use on himself. His girlfriend, Kaitlyn Christine Lyons, called a non-emergency police number to get him help. She expected the authorities to institutionalize him for self-protection.  Instead, two sheriff’s deputies arrived, armed with assault rifles. They made Lyons wait outside while they stormed Way’s room. And then they killed him. Stories like this continue to suggest that in no circumstances—even life-threatening emergencies—should you call the police. Someone will get killed.”

http://reason.com/blog/2015/05/28/woman-calls-non-emergency-number-to-get

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