Tag Archives: White Shoe Boys

Is sentiment toward gold shifting again?

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“Gold has staged a big comeback in the recent weeks, rebounding over 13 percent since hitting a near three-year low late June, raising the question of whether investor sentiment toward the embattled precious metal is about to shift yet again. The metal, which traded close to a three-week high of $1,336 on Tuesday, has been supported by short covering and robust physical buying especially from China. Latest data from the China Gold Association (CGA) on Monday showed that the country’s gold consumption rose 54 percent in the first half of the year, compared with the year-ago period.”

http://www.cnbc.com/id/100958107

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Half of All Homes Are Being Purchased With Cash

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“More than half of all homes sold last year and so far in 2013 have been financed without a mortgage, according to a Goldman Sachs analysis. The analysis estimates that around 20% of all homes sold before the housing crash were ‘all-cash’ sales (or around 30% of sales by dollar volume). But over the past seven years, the all-cash share of sales has more than doubled. There’s no exact way to know who is responsible for all of these cash purchases, though they are likely to include some combination of investors, foreign buyers, and wealthy homeowners that don’t want to go through the hassle of getting a mortgage before closing on a sale.”

http://blogs.wsj.com/developments/2013/08/15/report-half-of-all-homes-are-being-purchased-with-cash/

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‘London Whale’ Bruno Iksil Won’t Be Prosecuted By Justice Department

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“Former JPMorgan Chase employee Bruno Iksil will not be prosecuted by the Justice Department, the Wall Street Journal reports, citing a person close to the situation. Iksil is the so-called ‘London Whale’ at the center of the trading scandal that lost JPMorgan, the country’s biggest bank by assets, some $6.2 billion in 2012. The New York Times reported Friday that U.S. authorities planned to arrest two former JPMorgan employees for their roles in the scandal, and Iksil will need to play a role in any arrests related to the trades, Reuters reported Thursday.”

http://www.huffingtonpost.com/2013/08/13/london-whale-justice-department_n_3750002.html

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Investors euphoric as US margin debt reaches ‘danger’ levels

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“Bank of America’s monthly survey of investors showed a dramatic rise in confidence in August, with a net 72pc expecting growth to accelerate over the next year. It is the highest in reading since 2009. Almost everybody expects bond yields to rise as deflation fears evaporate, with just 3pc still worried about the risk of an economic relapse. Managers have slashed their bond allocation to a 28-month low.  The exuberant mood comes as margin debt on Wall Street hovers near $377bn, just below its all-time high and well above peaks before the dotcom crash and the Lehman crisis.”

http://www.telegraph.co.uk/finance/economics/10240740/Investors-euphoric-as-US-margin-debt-reaches-danger-levels.html

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Bill Bonner: Moms & pops to be skinned again

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“The idea is to buy low and sell high. Poor old mom and pop can’t seem to get it right. They buy high and sell low. Dalbar, an outfit that tracks investment performance, calculates that $100,000 invested 20 years ago would have grown to $484,000 if you just left it in the S&P 500 and did nothing else. But the typical investor waited too long to buy and then sold out when stocks went down. At the end of 2012, he had only $230,000. And now that stocks have been run up – by the Fed’s easy money policies – for 5 years, Mom and Pop can’t help themselves. They’re back in the stock market…ready to be skinned again.”

http://www.equitymaster.com/dailyreckoning/detail.asp?date=08/12/2013&story=12&title=Moms–pops-to-be-skinned-again

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Is the Gold Market Manipulated?

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“By arguing whether or not gold manipulation exists, we may find that we are wasting our brain cells on the question. A better question, and one that we might choose to monitor on a regular basis, might be, ‘To what degree is successful manipulation taking place?’ We might then use the on-going answer as a guide, to inform our reasoning going forward, as to what impact any perceived manipulation is likely to have with regard to our precious metals investment.”

https://www.internationalman.com/78-global-perspectives/985-is-the-gold-market-manipulated

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Bitcoin Ticker Available On Bloomberg Terminal For Employees

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“Bitcoin is now officially mainstream. According to BTC Geek, Bloomberg terminal users can now look up Bitcoin’s pricing history. Data comes from ubiquitous Bitcoin exchange service Mt. Gox as well as Tradehill.  For now, only Bloomberg employees can access the ticker. But the feature should make its way to regular Bloomberg terminal customers under the label XBT. The ticker probably shows what a bitcoin is worth in U.S. dollars over time. With the Bloomberg terminal, traders could easily compare Bitcoins with other currencies in order to short them.”

http://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/

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Peter Schiff: What Doesn’t Kill Gold Makes It Stronger

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“In July, the gold net-short positions reached record highs. When gold began to rebound last month, a massive number of shorts were left exposed and many still remain exposed. Gold shorts are stuck holding the losing bet on an asset that is going to do the opposite of what they anticipated. If the price rally continues, these traders will feel increasing pressure to unwind their shorts before their losses become catastrophic. This ‘short squeeze,’ as it is known in finance, will reverse the vicious cycle and could send gold dramatically higher than when the correction started.”

http://news.goldseek.com/GoldSeek/1375798260.php

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Bill Bonner: The Bottom Is Still Ahead for This Bear Market

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“The last top in Treasury prices (and a bottom for yields) occurred in 1946. Yields rose for the next 34 years. Now the Treasury market appears to be topping out again… and is headed for a new high in yields… which may not arrive until 2047. It may be a long way off… or right around the corner. Either way, it will be hell getting there. The Detroit pension disaster is just the first of many. Wait until long-term interest rates hit 5%… or 10%. How many companies, cities and pension funds will still be solvent? We’ll see! But wait. You don’t think the Fed will sit on its hands and let the markets take over, do you? Taper off? Forget it.”

http://www.bonnerandpartners.com/the-bottom-is-still-ahead-for-this-bear-mark/

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What’s in the Vault?

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“The request represented less than 5% of all the gold that the Fed officially holds in its New York vaults. (Interestingly, an earlier request by Germany to inspect its assets was denied by the Fed). Despite the relatively small request (relative to the total holdings), repatriation is expected by 2020.  Perhaps for fear that she may be ‘persuaded’ to accept being ‘cash-settled’ with U.S. dollars in lieu of gold, Germany dared not complain.  The letter issued on April 1, 2013 by Dutch State-owned ABN-AMRO bank to holders of paper claims to gold and silver held in its vaults advised that any physical metal custodied at the bank would in the future be ‘cash-settled’.”

http://www.europac.net/commentaries/whats_vault

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