Tag Archives: White Shoe Boys

Soros Reports Over $239mm In Gold Positions, Buys $25mm In Junior Miner Calls

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“While debate continues as to how far gold and gold equities will continue to drop, the Soros Fund is lightening up on physical gold in exchange for gold mining equities and call options on the extremely volatile junior mining stocks.  There couldn’t be any stronger indication by the fund as to its beliefs about the timing of this bottom (outside of selling everything and going all-in on call options of course).  It remains to be seen whether these positions will end up in the green or not, but with a forty year track record of 20% annual returns, I’ll be betting on the Soros Fund.”

http://bullmarketthinking.com/soros-reports-over-239mm-in-gold-positions-buys-25mm-in-call-options-on-juniors/

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Global Central Banks Added To Their Gold Stockpiles In Q1 Even As Prices Tumbled

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“Gold prices are down about 12.5% since the start of April. But global central banks have been increasing their reserves of the yellow metal. A new report from the World Gold Council shows that central banks bout 109 tonnes of gold in the first quarter. This was the seventh straight quarter in which they purchased over 100 tonnes of gold.  According to the WGC, Russia and South Korea were among the biggest buyers of gold.”

http://www.businessinsider.com/central-banks-buy-gold-in-q1-2013-5

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Ex-BlackRock MD: US raid on Bitcoin exchange is ‘hysterical’ reaction

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“Warwick Business School’s professor Jon Rushman, a former BlackRock managing director, says: ‘It is a little bit of a hysterical reaction from the US authorities.  There are concerns of Bitcoin being used in illegal ways, but unless there is more substantial evidence of this I don’t think there is any reason to shut down the main Bitcoin exchange. US dollars, Russian rubles and euros have all been used by criminals, but nobody is suggesting their central banks should be closed down and their governors imprisoned.’ Rushman calls for more ‘intelligent debate about Bitcoin and its future’.”

http://www.fundweb.co.uk/alternatives/ex-blackrock-md-us-raid-on-bitcoin-exchange-is-hysterical-reaction/1071378.article

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How to Spot a Market Top

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“The wide array of optimistic extremes in sentiment measures includes several readings that exceed the extremes of 2007, when the Dow made its previous high. With a finishing structure that Elliott Wave Principle describes as occurring at ‘the termination points of larger patterns,’ the market is ripe for a decline of historic magnitude. The sudden, loud chorus of market bulls, which has grown to a full-blown crescendo, fits perfectly with the terminal stages of a major advance. This chart shows the stunning breadth of optimism extending to every class of investor.”

http://www.caseyresearch.com/cdd/how-to-spot-a-market-top

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U.S. Banks Buy Gold Futures in Dramatic Position Change

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“Clearly the U.S. banks, presumably including U.S. bullion banks, are not positioning as though they believe there is a great deal more downside left in gold futures.  If they did or do believe that gold could probe even lower than the $1,320s, they are not positioning for it in COMEX futures.  That does not necessarily mean they are ‘right,’ but it is a window into how the largest, best funded and presumably the best informed traders of gold futures on the planet – the U.S. banks – are positioning, both for their own book and for their clients.”

http://www.gotgoldreport.com/2013/05/us-banks-buy-gold-futures-in-dramatic-position-change.html

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Donations, lobbying by high-speed traders on the rise

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“High-frequency trading firms increased their campaign contributions to federal lawmakers by 673 percent from the 2008 to the 2012 election cycle, according to a report that sheds light on their political connections in Washington and efforts to impact policymaking. It compiles the campaign and lobbying records for 48 different firms like Citadel Investments, Getco, Knight Capital (KCG.N), Virtu Financial LLC and Tradeworx which engage in high-speed trading, a strategy that uses lightning-fast computers to search for ways to take advantage of tiny price moves in the marketplace.”

http://www.reuters.com/article/2013/05/13/us-campaign-highspeedtrading-idUSBRE94C0RG20130513

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CEO of World’s Biggest Bond Fund: Government Has Rigged the Game Against Investors

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“Investors are being haircutted by at least 200 basis points judged by historical standards, which in the past offered no QE and priced Fed Funds close to the level of inflation. Large holders of U.S. government bonds, including China and Japan, will be repaid, but in the interim they will be implicitly defaulted on or haircutted via negative real interest rates. . . .  Future haircuts might even include a wealth tax. Are gold and/or AA+ sovereign bonds good as money? Usually, but capital controls can clip you if you’re not careful.”

http://teapartyeconomist.com/2013/05/13/the-ceo-of-the-biggest-bond-fund-says-the-government-has-rigged-the-game-against-investors/

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Investors can’t beat the machines: Computer-dominated trading takes over

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“The implication of all this for individual investors is straightforward: Don’t trade. Short-term trading has become so dominated by Wall Street’s computers that individuals—and professional managers—almost certainly will lose out to them over time. The obvious alternative, experts say, is to buy and hold diversified index funds with very low expenses. Odean says some of the poorest performances in his studies were turned in by traders who were the most confident of their abilities. This led them to trade even more often and incur even more risk.”

http://www.marketwatch.com/Story/story/print?guid=4024327C-B9A4-11E2-9153-002128040CF6

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Gold Bears Pull $20.8 Billion as BlackRock Says Buy

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“Hedge funds increased bets on lower gold prices after investors pulled a record $20.8 billion from bullion funds this year while BlackRock Inc. (BLK), the world’s biggest money manager, said it’s still bullish.  Speculators held 67,374 so-called short contracts on May 7, 6.4 percent more than a week earlier, U.S. Commodity Futures Trading Commission data show. The net-long position dropped 10 percent to 49,260 futures and options.  BlackRock’s President Robert Kapito said May 9 he would still buy the metal, echoing billionaire John Paulson, who’s sticking with a bullish view even after losing 27 percent in his Gold Fund last month.”

http://www.bloomberg.com/news/2013-05-12/gold-bears-pull-20-8-billion-as-blackrock-says-buy-commodities.html

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Wall Street hires Washington

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“The financial industry has long been a draw for former political operatives seeking a bigger paycheck and New York lifestyle. But with the big banks now under constant assault from reformers, regulators and some members of Congress, the flow of top talent from Washington to Wall Street has become a small flood. Goldman Sachs and Morgan Stanley will soon have top-level executives with the ear of the CEO who once occupied senior jobs in the White House and the U.S. Treasury. Other banks including Citigroup, Credit Suisse and JPMorgan Chase also have staffed up with former political and regulatory officials.”

http://www.politico.com/story/2013/05/wall-street-hires-washington-91115.html?hp=t1_3

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