World’s Largest Hedge Fund Bridgewater Buys $68 Million of Gold ETF In Q2

– World’s largest hedge fund Bridgewater buys $68 million of gold ETF in Q2
– Investors poured $870 million into SPDR Gold in Q2
– Billionaire Paulson keeps 4.36 million shares in SPDR Gold
– ‘Risks are now rising and do not appear appropriately priced in’ – warns Dalio on Linkedin
– Investors should avoid ETFs and paper gold and own physical gold
– Given negative interest rates, companies should consider allocating some of corporate deposits to physical gold as done by Munich Re
Hedge-fund managers including billionaire John Paulson are being rewarded as investor worries over everything from uneven economic data to U. S.-North Korean tensions fuel a rally in bullion.
At the end of June, Paulson & Co. owned 4.36 million shares of SPDR Gold Shares, a U. S. government filing showed Monday. That’s unchanged from the three months through March. Bridgewater Associates, the world’s largest hedge fund, added the ETF to its portfolio in the quarter, with the purchase of 577,264 shares valued at $68.1 million, a regulatory filing showed Aug. 10. Templeton Global Advisors Ltd. boosted its stake in Barrick Gold Corp.

This post was published at Gold Core on August 16, 2017.

Paulson Shutters Long-Short Equity Fund Amid Massive Healthcare Losses

After gaining instant fame with his massive subprime bet back in 2008/2009, John Paulson can’t seem to buy a clue of late. Over the past couple of years, a series of strategic missteps have resulted in abysmal returns and increasing concern among investors that Paulson may have been nothing more than a “one-trick pony” all along.
Of course, as we pointed out back in November, one of the biggest of those ‘missteps’ seems to have been the creation of a $500 million, long-short equity fund focused on healthcare about two years ago.
The strategy seemed simple enough at the time: make a massive, Paulson-esque bet on the consolidation of large multi-national pharmaceutical businesses, hedge that bet with bearish wagers on the broader markets and sit back and wait for the money to flow in just like with the subprime bet. Unfortunately, exactly the opposite happened in 2016 with the broader markets advancing while Paulson’s largest pharma holdings completely collapsed anywhere from 30% – 85%. Oops.

This post was published at Zero Hedge on Jul 27, 2017.

Amid Dreary Landscape, Event Funds Stage A Comeback

The US hedge fund industry is in rough shape as the Federal Reserve’s lift-all-boats monetary policy has made it increasingly difficult to beat the market. US hedge funds endured nearly $100 billion in redemptions last year, as only 30% of US equity funds beat their benchmarks. But as confidence in traditional stock pickers dwindles, so-called ‘event-driven’ funds are attracting renewed interest in investors, particularly in Europe, where near-zero rates and relatively attractive valuations are expected to stoke a boom in M&A activity, Bloomberg reports.

After these funds experienced some high-profile stumbles in recent years – one such fund managed by John Paulson’s Paulson & Co. posted a 49% loss and endured billions of dollars in redemptions – some Europe-based funds are seeing billions in inflows. Kite Lake Capital Management, Everett Capital Advisors and Melqart Asset Management have garnered billions in fresh investor capital over the past two years.
‘Kite Lake Capital Management almost doubled client assets this year, while Everett Capital Advisors nearly tripled its funds since launching in January 2016. The money overseen by Melqart Asset Management has grown 12-fold since the firm started less than two years ago. The three event-driven funds have $1.5 billion in combined assets and invest across Europe, where an increasingly buoyant economy and record-low interest rates are boosting dealmaking. Their resurgence is part of a comeback effort by a hedge-fund industry that’s only now starting to recover from a wave of investor redemptions and years of disappointing returns.

This post was published at Zero Hedge on Jun 20, 2017.

John Paulson is Struggling to Hold on to Client Money

The walls keep closing in on John Paulson.
A decade after Paulson shot to fame betting on the collapse of the U.S. housing market, the hedge-fund mogul is struggling to persuade investors to stick with him after a string of missteps on everything from gold to European bonds to drug stocks.
Since the end of 2015 alone, assets at Paulson & Co. have fallen by $6 billion from losses and client withdrawals.
The decline, underscored in the firm’s most recent regulatory filing, leaves Paulson and his employees with just $2 billion in client money. Most of the remaining $8 billion is Paulson’s own fortune.
His personal wealth aside, it’s a remarkable comedown for Paulson, one of the biggest names in the hedge-fund business. The idea that he might end up managing mostly his own fortune would have struck many as improbable 10 years ago. At his firm’s peak, in 2011, he oversaw $38 billion — half of which belonged to outside investors.

This post was published at bloomberg

Fannie and Freddie, Back in the Black

Fannie Mae and Freddie Mac were among the biggest disasters of the financial crisis. In September 2008, nine days before Lehman Brothers failed, the federal government took over the mortgage companies; it eventually spent more than $187 billion bailing them out. For decades, the companies had provided an implicit government backstop to the U.S. mortgage market, buying loans from private lenders and guaranteeing payments to investors. That helped spur a steady rise in home ownership – until the subprime crisis hit and Fannie and Freddie were on the hook for billions in losses.
Lawmakers vowed to overhaul the companies and some planned to wind them down completely. But more than eight years later, Fannie and Freddie still operate under government control – and they’re now a bigger part of the system, guaranteeing payment on just under half of all U.S. mortgages, up from 38 percent before the crisis.
There is one key difference: Any profits the companies generate go to the government instead of investors. The latest payment, a combined $9.9 billion to the U.S. Treasury at the end of March, pushed the total amount of cash Fannie and Freddie have paid to taxpayers to $266 billion, making their bailout one of the most profitable in history.
There’s now a pitched battle over who should get those profits. The companies’ pre-crisis common and preferred stocks still trade over-the-counter, and investors who snapped up the shares, such as hedge fund managers Bill Ackman and John Paulson, say Treasury is breaking the law by taking the money. The fight goes back to a change the Barack Obama administration made to the bailout terms in 2012.

This post was published at bloomberg

Trump’s Economic Team is a Gathering of Goldbugs

According to Paul Krugman, Trump was installed by Putin and his economic team is a ‘gathering of goldbugs.’ I’m sure he meant that last part in a condescending way, although I view it as flattery.
We all know that John Paulson has been bullish on gold and predicted the price of gold would rise in proportion to Bernanke’s dollar printing. Apparently Mnuchin, Trump’s pick for Treasury Secretary, is guilty by association. As Krugman pointed out:
Treasury goes to a guy with little public profile, but hangs out with John Paulson (who is also close to Trump). Budget director appears to be John Bircher and conspiracy theorist. Birchers want return to gold and silver, Mulvaney seems to agree.
Mick Mulvaney is Trump’s pick for Budget Director. He gave a speech at the John Birch society in which he criticized the Federal Reserve and said they ‘effectively de-valued the dollar and choked off economic growth.’ Krugman also derided Mulvaney because he praised bitcoin as a currency that is ‘not manipulatable by any government.’

This post was published at GoldStockBull on December 20th, 2016.

Paul Krugman’s Latest Conspiracy: Trump Is A Gold Bug

Paul Krugman’s decay from Nobel Prize winning economist to partisan hack has only escalated since taking control of his Twitter account (it was previously used to simply link to his New York Times columns.) Some notable 2016 lowlights include Krugman accusing the FBI of working with Russia, one of the more impressive election night meltdowns, and his suggestion last week that Trump losing the popular vote gives him extra incentive to have his own 9/11.
This morning however, Krugman took to the President-elect’s favorite medium to make the case that Donald Trump was actually a secret ‘gold bug.’
As I noted last week, Trump himself has taken a number of various position on money, the Fed, and gold (giving the gold standard a literal thumbs up last year during an interview with GQ), so it was interesting to see Krugman’s case. Did he manage to confirm the fears of Tim Duoy at Bloomberg, that Trump may put Austrians in the Fed?
Krugman’s first point is essentially as simple as pointing out that Treasury nominee Steve Mnuchin knows John Paulson, who invested heavily in gold, therefore Mnuchin must share Paulson’s world view.

This post was published at Ludwig von Mises Institute on December 21, 2016.

SWOT Analysis: Where Will Gold Go From Here?

The best performing precious metal for the week was palladium with a 7.14 percent gain. Bloomberg highlighted that automotive production in China grew 34 percent in September and 18 percent in October. As other gold investors are heading for the exit, billionaire hedge fund manager John Paulson has maintained his holding in the world’s biggest ETF backed by gold, reports Bloomberg. Even as gold prices posted their first quarterly loss this year, Paulson & Co. kept its holdings unchanged from June through the end of September. According to Bloomberg calculations, mine supply may fall about a third in the 10 years to 2025, with the number of newly discovered primary gold deposits already falling to three in 2014 from 37 in 1987, writes Mark O’Byrne. CEO of Randgold Resources, Mark Bristow, says gold production may peak in the next three years as miners fail to replace their reserves. The silver market is in the same boat, reports Reuters, with 2016 marking the fourth consecutive year in which the market has realized a physical shortfall. In Russia, in fact, silver production fell 9.4 percent year-over-year from January to September, and gold output declined 1.4 percent. BonTerra Resources announced this week that it has significantly extended its Gladiator Gold Zones by over 250 meters with ‘multiple intersections of high grades and meaningful widths.’ The Drill Hole BA-16-39 generated gold bearing horizons including an intersection of 70 g/t over 5.5 meters at the eastern extent of the deposit and over 600 meters in depth below surface.

This post was published at GoldSeek on 21 November 2016.

Trump transitioners recommend ex-Goldman partner, Soros associate for Treasury

Former Goldman Sachs Group Inc. partner Steven Mnuchin has been recommended by Donald Trump’s transition team to serve as Treasury secretary, according to two people familiar with the process, and the choice is awaiting the president-elect’s final decision.
Mnuchin, the campaign’s national finance chairman, has been considered the leading candidate for the job. Trump has displayed a pattern of loyalty to his closest campaign allies in early administration selections, and Mnuchin, 53, had signed on at a time when many from Wall Street stayed away.
Before joining Trump, Mnuchin rose through the kind of elite institutions the president-elect spent his campaign vilifying. Mnuchin was tapped into Yale’s Skull and Bones secret society, became a Goldman Sachs partner like his father before him, ran a hedge fund, worked with George Soros, funded Hollywood blockbusters, and bought a failed bank, IndyMac, with billionaires including John Paulson. They renamed it OneWest, drew protests for foreclosing on U.S. borrowers, and ultimately generated considerable profits, selling the business last year to CIT Group Inc. for $3.4 billion.

This post was published at bloomberg

John Paulson Had Another Terrible Year; This Is How Everyone Else Did

After gaining instant fame with his massive subprime bet back in 2008/2009, John Paulson can’t seem to buy a clue in recent years leading to increasing concern among investors that he may be just a “one-trick pony”. Certainly returns in his Paulson Advantage fund would indicate some difficultly replicating historical success:
2011: -51% 2012: -19% 2013: 32 2014: -36% 2015: -3% 2016 YTD: -19% For those keeping track, an investor who contributed $100,000 to the Paulson Advantage fund on 12/31/2010 would have just over $26,000 left today. Which is, of course, before removing Paulson’s annual fees: it’s hard work losing that much money, requires an army Harvard MBAs and those guys aren’t cheap.

This post was published at Zero Hedge on Nov 4, 2016.

Some of the Biggest Hedge Funds Are Bleeding Cash

Some of the biggest and best-known hedge funds can’t hang on to client capital.
Richard Perry, who started his hedge fund 28 years ago, has seen assets in his Perry Capital shrink to $4 billion, from $10 billion last September. That 60 percent drop comes as the firm’s main fund fell 18 percent from the end of 2013 through July.
Perry isn’t the only manager struggling. John Paulson’s assets, on the decline since 2011, are down an additional 15 percent this year. And Dan Och, who like Perry cut his teeth at Goldman Sachs Group Inc., is now managing $39.2 billion at his Och-Ziff Capital Management Group, compared with $44.6 billion at the start of the 2016.
Hedge funds have suffered their biggest withdrawals since the financial crisis, with investors pulling $23.3 billion in the first half of the 2016, according to data from Hedge Fund Research Inc. While the redemptions equal less than 1 percent of the $2.9 trillion industry, the biggest funds are bearing the brunt of the damage as pension plans and other large institutions that flocked to the name-brand firms during the heyday in the last decade are now retreating after years of lackluster returns.

This post was published at bloomberg

Paulson Maintains Gold Position; Soros Cuts Barrick Holdings

Well-known hedge fund manager John Paulson maintained his holdings in the world’s largest gold exchange-traded fund in the second quarter, while Soros Fund Management LLC sold most of its stake in Barrick Gold Corp., according to filings with the Securities and Exchange Commission.
Institutional investment managers must file a Form 13F, showing their major holdings, with the SEC within 45 days of the end of the quarter.

This post was published at Kitco

Wall Street’s Death Puts: Here’s What the SEC Didn’t Tell You

On Monday, the Securities and Exchange Commission released the details of an enforcement action it plans to bring before one of its own Administrative Law Judges against Donald (Jay) Lathen, Eden Arc Capital Management, LLC and a related hedge fund, Eden Arc Capital Advisors, LLC.
Lathen is charged with using terminally ill patients in nursing homes, who were expected to die within six months, to reap profits from issuers of bonds or Certificates of Deposits (CDs) that had a death put feature (also known as a Survivor Option or SO). The bonds or CDs can be purchased in joint name and redeemed at the full face amount if one of the owners of the joint account dies. Lathen was racking up profits by buying the bonds or CDs at a discount from the full face amount.
Naturally, the issuers of the bonds and CDs expected buyers to constitute a random pool of investors, not a ginned up pool created by a hedge fund of people slated to die within six months. (This has a familiar ring to Goldman Sachs and hedge fund titan, John Paulson, creating Abacus with bonds expected to experience negative credit events so Paulson could make $1 billion on his short bets while unknowing investors lost the same amount. Paulson skated without being charged by the SEC.)
To induce the terminally ill patients (who, let’s face it, are not always thinking clearly and may potentially be on judgment-impairing pain killers) to loan out their name, social security number, date of birth, etc. to set up joint accounts with right of survivorship, Lathen paid the patients $10,000. Lathen listed himself as the other joint owner on the accounts, even though the money actually belonged to investors in his hedge fund. (That was one of the issues the SEC nailed him on; violating the custody rule for hedge fund money.) According to the SEC, no hedge fund money was pilfered.

This post was published at Wall Street On Parade on August 17, 2016.

Trump Unveils Economic Advisory Team; Carl Icahn Turns Down Invitation

Earlier today Donald Trump, who despite lagging Hillary badly in the most recent polls, remains perceived as the presidential candidate who is better equipped to do a “better job on the economy“…

… even though a majority believes that Hillary is “more qualified” to be president (suggesting that to Americans the economy is not really a core part of the presidential mandate) unveiled his all-male economic team which in addition to boasting 6 guys named Steve, also includes billionaire hedge fund manager, John Paulson, to help guide the GOP presidential candidate’s economic policy.
The 13-member group, whose average member has a net worth in the high double-digit million, features several longtime Trump business associates but only one academic economist, Peter Navarro of the University of California-Irvine. He specializes in trade with China, which Trump has made the centerpiece economic policy of his campaign.

This post was published at Zero Hedge on Aug 5, 2016.

The Billionaires Are Wrong on Gold

Recently the mainstream media has reported that several billionaires are concerned about global financial markets and have purchased significant amounts of gold to protect their portfolios.
Take Stan Druckenmiller, the famed hedge fund manager who managed money for George Soros as the lead portfolio manager for Quantum Fund. He and Soros famously ‘broke the Bank of England’ when they shorted the British pound sterling in 1992, reputedly making more than $1 billion in profits. He has reportedly used over $323 million of his own money to invest in gold. This is approximately a 30% allocation in his $1-billion family fund. His belief in gold can be attributed to his criticism of the Federal Reserve’s massive money printing and near-zero interest rates. Ongoing low rates will drive both central banks and investors into gold.
Then there’s John Paulson, the CEO of Paulson & Co., which manages over $18 billion in assets invested in credits default swaps. The company has made about $15 billion in profits by betting against subprime mortgages. In 2015 Paulson invested about $900 million in gold at close to what now appears to have been the bottom of the three-year correction. He believes gold has a place in portfolios as insurance against the unexpected. ‘We view gold as a currency, not a commodity,’ Paulson said recently. ‘Its importance as a currency will continue to increase as the major central banks around the world continue to print money.’
Typically the billionaires are ahead of the curve, making their investments before the market recognizes the trend, and increasing their wealth while everyone else wonders what happened. High net worth individuals and other savvy investors realize that owning gold is one of the best ways to manage systemic risk. However, in this case both Druckenmiller and Paulson have the right idea but the wrong execution. Instead of acquiring physical bullion stored on an allocated basis, these billionaires chose proxies of gold in the form of ETFs. Their investments in ETFs may ultimately negate the very reason for investing in gold in the first place. Only physical gold provides true diversification outside of the financial system. Physical gold is immune from counterparty risk or liquidity constraints. Investing in gold proxies may work under normal conditions for short-term trades and hedging strategies, but will be subject to the same systemic risks that financial assets will incur. The time when you need the protection of gold the most is the time when these proxies are most likely to fail and not provide the portfolio protection of bullion owned directly.

This post was published at GoldSeek on 25 May 2016.

‘Confidential’ Memo in the Hedge Fund Battle for Freddie and Fannie Comes Out of Hiding

There’s a lurking memo among government documents concerning the government takeover of Fannie Mae and Freddie Mac during the 2008 financial collapse on Wall Street that undermines the raging media propaganda wars now taking place. But first some necessary background.
Similar to Judith Miller’s shilling for the Iraq war in the pages of the New York Times, which spread like an uncontrolled virus to other media, hedge funds that hope to reap billions of dollars in windfall profits in the preferred and common stock of Fannie Mae and Freddie Mac, which has continued to trade despite the government takeover, have set up a Machiavellian plot to get high-priced media real estate on board their scheme. Mainstream media as well as alternative media (that should know better) have taken the bait – hook, line and sinker.
Two writers at the Wall Street Journal have functioned as Diogenes in this churning sea of propaganda: John Carney and Joe Light. Carney has brilliantly and cogently explained why it ‘would take decades’ to build adequate capital at Fannie and Freddie and set them free from the September 2008 conservatorship under which the U. S. government placed them in an effort to save the rest of the financial system. Joe Light has done yeoman’s work in laying bare the lengths to which hedge fund titans like John Paulson (already bathed in shame for his scurrilous acts with the vampire squid) are willing to go to push their greed agenda with Fannie and Freddie’s stock. See here and here.
Wall Street On Parade has also attempted to open the public’s eyes to the continuing dangerous exposure to derivatives at Fannie and Freddie and the Wall Street mega bank beneficiaries that continue to gorge on billions of dollars of payouts on these derivatives.

This post was published at Wall Street On Parade on May 25, 2016.

Why the Vampire Squid Wants Small Depositors’ Money in 1 Frightening Chart

Back in 2010, with the public still numb from the epic financial crash and still in the dark about the trillions of dollars of secret loans the Federal Reserve had pumped into the Wall Street mega banks to resuscitate their sinking carcasses, Matt Taibbipenned his classic profile of Goldman Sachs at Rolling Stone, with this, now legendary, summation: ‘The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.’
Historically, what smells like money to Goldman Sachs has been eight-figure money and higher. As recently as 2013, the New York Times reported that Goldman had a $10 million minimum to manage private wealth and was kicking out its own employees’ brokerage accounts if they were less than $1 million. Now, all of a sudden, Goldman Sachs Bank USA is offering FDIC insured savings accounts with no minimums and certificates of deposits for as little as $500 with above-average yields, meaning it’s going after this money aggressively from the little guy. What could possibly go wrong?
The last utterances we ever hoped to see bundled into a bank promotion were the words ‘Goldman Sachs’ and ‘FDIC insurance’ and ‘peace-of-mind savings.’ But that’s what now greets one at the new online presence of Goldman Sachs Bank USA, thanks to the repeal of the Glass-Steagall Act in 1999, which allowed high-risk investment banks like Goldman Sachs to also own FDIC-insured, deposit-taking banks.
Goldman Sachs has been paying lots of fines for wrongdoing in the past few years, topping off at a cool $5 billion earlier this month for what the U. S. Justice Department characterized as ‘serious misconduct in falsely assuring investors that securities it sold were backed by sound mortgages, when it knew that they were full of mortgages that were likely to fail.’ There was also the $550 million settlement in 2010 with the SEC for Goldman allowing the hedge fund run by billionaire John Paulson to secretly assist it in creating a portfolio designed to fail so Paulson could short it, while Goldman sold it to its own clients without divulging this pesky detail.

This post was published at Wall Street On Parade By Pam Martens and Russ Marte.

John Paulson’s Hedge Fund Had A Horrible Quarter; This Is How Everyone Else Did

Several days ago, following the latest M&A deal to blow up and rock the hedge fund world when the US Treasury ended the Pfizer-Allergan deal, we were wondering with event/arb funds would be most impacted. We now of know at least one, and it’s a name that has been hit not only on M&A arbs blowing up, but also on some core hedge fund hotel names such as Allergan getting crushed in the 2016.
We are talking about John Paulson, whose performance in the past few years has been rather deplorable (in the past five years, he only made money in 2013, when the offshore Advantage Plus made 32.4%).
According to Bloomberg, Paulson had another abysmal month in March when his Advantage funds both dropped 7%, bringing their YTD loss to -15%, and making Paulson one of the worst performers YTD, in the company of such former HF luminaries as Chase Coleman, Bill Ackman and Larry Robbins. His return since then is likely even worse, considering his substantial stake in Allergen which earlier this week plunged 20% after the Pfizer deal was called off.
Then again, considering his historical returns:

This post was published at Zero Hedge on 04/08/2016.

Trump Is “Loser” In 18 Of 21 Funds, But Individual Stock Picking Record Is “Exactly Perfect”

Listen to experts who say @realDonaldTrump might have more money today if he’d put his inheritance in an index fund & left it alone.
— Elizabeth Warren (@elizabethforma) March 21, 2016

Donald Trump ‘has a good brain and he’s said a lot of things,’ which is why he often ‘speaks with himself’ when he needs advice.
Be that as it may, Trump has apparently chosen to give his ‘good brain’ a well deserved break when it comes to investing the portion of his net worth that isn’t tied up real estate because according to FEC filings, he has some $121 million stashed away in nearly two dozen funds run by a variety of asset managers including John Paulson and BlackRock.
The problem: they’re performing horribly.
‘Eighteen out of 21 hedge funds and mutual funds in Trump’s portfolio lost money in 2015, and 17 of them are down so far this year,’ Reuters reports. ‘The funds managed by Paulson & Co, BlackRock Inc, Baron Capital and others lost an average of 8.5 percent last year and are down another 2.9 percent so far this year.’
‘By the looks of it, Mr. Trump’s investing prowess is very pedestrian,” Brian Shapiro, chief executive of Simplify LLC, which tracks and analyses alternative investments like hedge funds told Reuters.
“For someone who prides himself on being surrounded by the best talent, I’m surprised to see so few winners,” added Brad Alford, an investment advisor and CEO of Alpha Capital Management.

This post was published at Zero Hedge on 03/24/2016.

Why A Hedge Fund Manager Who Made A Killing From Subprime Is Buying Bitcoin

Long before “The Big Short’s” Michael Burry was a household name for his insight into the upcoming subprime crisis of 2006-2007, there were many others among them John Paulson, Kyle Bass, and Corriente Advisors’ Mark Hart. Just like Bass, Mark is another Texas-based hedge fund manager who correctly predicted, and profited from, the subprime crisis. He is also an expert on China, and in fact, just last month in the aftermath of the recent Chinese devaluation which roiled markets, he said that “China should weaken its currency by more than 50 percent this year.”
In fact, it was Hart who (alongside ex-PBOC advisor Yi Yongding) first proposed the idea of the one-off devaluation that promptly afterwards become the conventional expectation for this weekend’s G-20 summit in Shangai. To wit:
Hart believes that the Chinese crawling devaluation is an error as it carries with its the latent threat of much more devaluation in the future, thus encouraging even more outflows, which in turn forces China to sell even more reserves, which destabilizes the economy even further, forcing even more devaluation and so on.
Instead, a one-off devaluation would allow policy makers to ‘draw a line in the sand’ at a more appropriate level for the yuan, easing pressure on China’s foreign-exchange reserves and removing an incentive for capital outflows, according to Hart, who’s been betting against the currency since at least 2011. He adds that China should devalue before its $3.3 trillion hoard of reserves shrinks much further, he said, because the country can still convince markets it’s acting from a position of strength.
According to Hart, while a devaluation this year would be ‘jarring’ and may initially accelerate capital outflows, it would ultimately put China in a stronger position. He said the country could explain the move by saying it would put the yuan at a level more reflective of market forces and allow the currency to catch up with declines in international peers.

This post was published at Zero Hedge on 02/26/2016.