• Tag Archives Mexico
  • Playing the Part in NAFTA Negotiations

    As the fourth round of NAFTA negotiations comes to an end, the agreement’s survival has once again been brought into question. US President Donald Trump has threatened to strike a new deal with just Canada. Mexico downplayed the threat, saying it would walk away from negotiations if the new terms brought by the US put it at a disadvantage. For their part, the Canadians have been quiet, keeping their cards much closer to their chests.
    All this commotion belies the fact that no NAFTA member is likely to walk away from the deal. The economic realities and commercial interests that led to its formation in the first place still incentivize cooperation, no matter how much any side postures.
    Still, at first the glance, the United States appears to have the upper hand. It boasts the largest economy in the world and accounts for about a quarter of global gross domestic product. Exports account for only roughly 12% of its GDP, according to the Department of Commerce, so the US has the benefit of a strong consumer class to boost economic activity when international demand is low. Easy access to such a large and vibrant consumer market has enabled Mexico and Canada to build up their economies without having to trade much with each other. In Mexico, on the other hand, exports account for about 38% of GDP, and about 81% of those go straight to the United States. Exports account for 31% of Canada’s GDP, according to the World Bank, about 76% of which go to the US. Exports are simply more important to the Canadian and Mexican economies than they are to the US’s.

    This post was published at Mauldin Economics on OCTOBER 16, 2017.


  • Asian Metals Market Update: October-09-2017

    North Korean tensions are once again to the fore. I always believe that natural calamity are short term pains but long term gains for any nation. Reconstruction and relief efforts create more jobs for the low skilled workers than under normal days. Storms and hurricanes in the nation surrounding the Gulf of Mexico will create more jobs than before. At the end of the day low skilled job creation is something which every nation lacks. Nature will do its job in America more than its politicians. Demand for industrial metals always rises after a natural calamity in any part of earth.
    Focus will shift to pre- election moves in Japan and political changes in the UK due to a continued delay in time for Brexit. Asian demand for gold and silver will also be the key this week.

    This post was published at GoldSeek on 9 October 2017.


  • Tropical Storm Nate Forms In Caribbean, Threatens Gulf Coast Landfall As Hurricane By Weekend

    With just weeks having passed since Hurricane Harvey demolished southern Texas, Hurricane Irma devastated the Florida Keys and Hurricane Maria wiped out Puerto Rico, a new storm, Tropical Storm Nate, has just formed in the Southern Caribbean and looks set to strengthen to a hurricane just before making landfall in the Gulf this weekend.
    As AccuWeather points out this morning, Nate is currently expected to make landfall somewhere between Louisiana and the Florida panhandle as a Cat-1 storm on Sunday even though they warn that it could strengthen rapidly once it hits the warm waters of the Gulf of Mexico.
    Tropical Depression 16 has strengthened to Tropical Storm Nate near the Atlantic coast of Nicaragua and will threaten part of the southern United States as a hurricane this weekend.
    Since Nate will be moving inland over the U. S. this weekend, people may have little time to react and prepare for a tropical storm or hurricane.
    “Nate will make landfall along the U. S. upper Gulf coast on Sunday,” according to AccuWeather Meteorologist Brett Rossio.
    The U. S. Gulf coast areas from Florida to Alabama, Mississippi and southeastern Louisiana may be at risk for damaging winds, coastal flooding, rough surf and beach erosion this weekend and into early next week.
    “In all likelihood, this storm will impact areas not severely impacted by Harvey or Irma. The extent of the damage will depend, of course, on the precise path and whether the storm intensifies beyond a Category 1 storm,” AccuWeather Founder, President and Chairman Dr. Joel N. Myers said. “The most likely place for it to hit is the Florida Panhandle.”

    This post was published at Zero Hedge on Oct 5, 2017.


  • Doesn’t Mexico Have Building Codes?

    During the 1987 Whittier Narrows earthquake in Los Angeles, my mother was working in downtown Los Angeles in one of the buildings then known as the Arco Towers.
    The building was of early 1970s vintage, but thanks to expensive technology introduced to help high-rises withstand earthquakes, the Arco Towers merely swayed from side to side, rather than collapse in response to the quake. That earthquake was a medium-sized earthquake (to use casual terminology), but the building is designed to withstand far larger tremors. Eight people died in the wake of the quake.
    Two years earlier, the 1985 Mexico City earthquake struck with devastating results. While the earthquake was considerably stronger, the casualty totals were far beyond what we would expect were a similar quake to hit Los Angeles. While the number is still in dispute today, more than 30,000 people may have died in the quake, thanks largely to collapsed buildings.
    Fortunately, the death toll in Tuesday’s Mexico-City quake looks to be much, much smaller than was the case in 1985. So far, casualty counts number in the low hundreds.

    This post was published at Ludwig von Mises Institute on September 25, 2017.


  • Active Volcano Mt. Rainer Shaken By ‘Swarm’ Of 23 Earthquakes

    Don’t panic – it’s only an active volcano. What’s the worst that could happen?
    Some two dozen earthquakes have shaken Washington State’s Mt. Rainer over the past two weeks – but seismologists say people who live nearby shouldn’t panic.
    ‘In the past, these swarms last a couple of days to a week or so and then die out,’ said Paul Bodin, of the Pacific Northwest Seismic Network at the University of Washington.
    The first of the 23 quakes struck on Sept. 11 near the volcano’s summit. The largest of the quakes registered magnitude 1.6. During the same period, Mexico experienced two of the deadliest earthquakes in decades.

    This post was published at Zero Hedge on Sep 21, 2017.


  • 32 Children Dead, 30 More Missing In Rubble Of Collapsed Mexico City School

    More than 30 students have been confirmed dead, and 30 more are missing, as rescuers sift through the rubble of the Enrique Rebsamen primary and secondary school, a private school that was one of 44 buildings in Mexico City that collapsed during Tuesday’s historic earthquake. According to the Associated Press, a wing of the three-story school pancaked into a pile of concrete slabs during the quake, killing dozens and leaving dozens more trapped in the wreckage.
    Soldiers and volunteers toiled through the night to try and free the trapped schoolchildren and staff. At least and five teachers, and 32 students, have been confirmed dead. The 7.1 magnitude quake shook Central Mexico, leaving at least 250 people dead in the deadliest earthquake since a 1985 quake that left 5,000 dead. Bizarrely, Tuesday’s quake occurred on the 32nd anniversary of the 1985 quake. Two children were rescued from the rubble, but 30 more people are still missing, local media reported.

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


  • SEPT 20/BANKERS SET UP ANOTHER GOLD AND SILVER RAID ON THE CLOWNS FOMC BALANCE RUNOF/YIELD CURVE FLATTENS WITH THE FOMC ANNOUNCEMENT INDICATING FED FAILING POLICY/DEVASTATION IN BOTH MEXICO AND P…

    GOLD: $1312.75 UP $5.25
    Silver: $17.29 UP 5 CENT(S)
    Closing access prices:
    Gold $1300.00
    silver: $17.15
    SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
    SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
    SHANGHAI FIRST GOLD FIX: $1316.24 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1312.70
    PREMIUM FIRST FIX: $3.54
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    SECOND SHANGHAI GOLD FIX: $1318.43
    NY GOLD PRICE AT THE EXACT SAME TIME: $1313.85
    Premium of Shanghai 2nd fix/NY:$4.58
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    LONDON FIRST GOLD FIX: 5:30 am est $1314.90
    NY PRICING AT THE EXACT SAME TIME: $1315.20
    LONDON SECOND GOLD FIX 10 AM: $1311.30
    NY PRICING AT THE EXACT SAME TIME. 1311.80
    For comex gold:
    SEPTEMBER/
    NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 0 NOTICE(S) FOR nil OZ.
    TOTAL NOTICES SO FAR: 54 FOR 5400 OZ (0.1679 TONNES)
    For silver:
    SEPTEMBER
    71 NOTICES FILED TODAY FOR
    355,000 OZ/
    Total number of notices filed so far this month: 5,881 for 29,405,000 oz

    This post was published at Harvey Organ Blog on September 20, 2017.


  • Dramatic Footage Of Mexico Earthquake Shows Buildings Collapsing Into Rubble

    Mexico City Mayor Miguel ngel Mancera Espinosa has said that 44 buildings in Mexico city have collapsed, and potentially hundreds more have been seriously damaged, by Tuesday’s earthquake. The 7.1-magnitude quake shook Central Mexico. With 119 dead at last count, the quake is the deadliest to strike Mexico since the one that killed 5,000 people 32 years ago today…
    Over the last few hours, stunning video footage depicting buildings collapsing and smoking billowing from the rubble have appeared on Twitter. Here’s a collection of some of the most dramatic videos.
    In one video, what looks like a warehouse suddenly collapses, sending a giant plume of smoke into the sky…

    This post was published at Zero Hedge on Sep 19, 2017.


  • At Least 139 Dead, 60 Pulled Alive From Rubble After Powerful Earthquake Rocks Central Mexico

    God bless the people of Mexico City. We are with you and will be there for you.
    — Donald J. Trump (@realDonaldTrump) September 19, 2017

    Update 9 (9:10 pm ET): The head of Mexico’s National Civil Defense agency says the death toll from a major earthquake that rattled the center of the country has reached 139.
    Luis Felipe Puente said 64 people had died in the state of Morelos, just south of Mexico City, though local officials reported only 54.
    In addition, 36 people died in Mexico City, 29 in Puebla state, nine in the State of Mexico and one in Guerrero.
    Update 8 (7:15 pm ET): Death toll from Mexico earthquake now at 119, according to state and city officials.
    That makes it the deadliest to hit the country since the 1985 quake that, in an incredible coincidence, occurred exactly 32 years ago today, surpassing the death toll from another earthquake the shook the region less than two weeks ago.
    * * *
    Update 7 (6:50 pm ET): Mexico City government says 30 dead in capital, bringing nationwide total to 94, according to AP.
    Mexico City Mayor Miguel Angel Mancera said that the number of buildings that collapsed has risen to 44, and that between 50 and 60 people have been pulled alive from rubble.
    Horrifying videos of buildings crumbling into piles of rubble continue to emerge on Twitter

    This post was published at Zero Hedge on Sep 19, 2017.


  • At Least 119 Dead, 60 Pulled Alive From Rubble After Powerful Earthquake Rocks Central Mexico

    Update 8 (7:15 pm ET): Death toll from Mexico earthquake now at 119, according to state and city officials.
    That makes it the deadliest to hit the country since the 1985 quake that, in an incredible coincidence, occurred exactly 32 years ago today, surpassing the death toll from another earthquake the shook the region less than two weeks ago.
    * * *
    Update 7 (6:50 pm ET): Mexico City government says 30 dead in capital, bringing nationwide total to 94, according to AP.
    Mexico City Mayor Miguel Angel Mancera said that the number of buildings that collapsed has risen to 44, and that between 50 and 60 people have been pulled alive from rubble.

    This post was published at Zero Hedge on Sep 19, 2017.


  • Bank Stocks, Bullion, & Bond Yields Jump Ahead Of Fed As Small-Cap VIX Hits Record Low

    up…
    While Small Caps and Trannies ended red, the other major indices held on to gains (record highs for Dow, S&P), though Mexico City’s quake took some shine off in ther afternoon…

    This post was published at Zero Hedge on Sep 19, 2017.


  • SEPT 19/GOLD AND SILVER HOLD: GOLD UP 15 CENTS AND SILVER UP 10 CENTS/GLD INVENTORY ADVANCES ANOTHER 2.07 TONNES/GIANT EARTHQUAKE HITS CLOSE TO MEXICO CITY/HURRICANE MARIE, A CAT 4 IS HEADING STR…

    GOLD: $1307.50 UP $0.15
    Silver: $17.24 UP 10 CENT(S)
    Closing access prices:
    Gold $1311.00
    silver: $17.30
    SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
    SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
    SHANGHAI FIRST GOLD FIX: $1313.30 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1307.00
    PREMIUM FIRST FIX: $6.30
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    SECOND SHANGHAI GOLD FIX: $1315.17
    NY GOLD PRICE AT THE EXACT SAME TIME: $1308.60
    Premium of Shanghai 2nd fix/NY:$6.57
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    LONDON FIRST GOLD FIX: 5:30 am est $1308.45
    NY PRICING AT THE EXACT SAME TIME: $1308.70
    LONDON SECOND GOLD FIX 10 AM: $1309.60
    NY PRICING AT THE EXACT SAME TIME. 1310.30
    For comex gold:
    SEPTEMBER/
    NOTICES FILINGS TODAY FOR SEPT CONTRACT MONTH: 0 NOTICE(S) FOR nil OZ.
    TOTAL NOTICES SO FAR: 54 FOR 5400 OZ (0.1679 TONNES)
    For silver:
    SEPTEMBER
    133 NOTICES FILED TODAY FOR
    665,000 OZ/
    Total number of notices filed so far this month: 5,810 for 29,050,000 oz

    This post was published at Harvey Organ Blog on September 19, 2017.


  • Buildings Collapse, Thousands Take To The Street After Powerful Quake Shakes Mexico City

    Flight #AM2689 from Dallas (DFW) to Mexico City is diverting to Monterreypic.twitter.com/2vgjY117Jd
    — Breaking Flight News (@FlightBreaking) September 19, 2017

    On the anniversary of a massive 1985 earthquake that killed at least 5,000 people, Mexico City has been shaken by another powerful earthquake, the second the shake the city in the past two weeks. The 7.4 magnitude quake shook buildings in the capital city, sending thousands rushing into the streets, according to Reuters.
    Ironically, the quake hit only hours after many people participated in earthquake drills around the nation – drills specifically timed to mark the anniversary of the 1985 earthquake.
    According to the Associated Press, much of Mexico City is built on former lakebed, and the soft soil can amplify earthquakes even hundreds of miles away.

    This post was published at Zero Hedge on Sep 19, 2017.


  • Big Trouble For The Silver Market If Mexico Monetizes Its Silver Libertad Coin

    Recently, there was a debate in the Mexican Congress on the proposal to monetize the Silver Libertad Coin. The debate took place during a forum for ‘The Promotion of Savings for Mexicans.’ If Mexico decided to monetize its Silver Libertad Coin, it could have a severe impact on the silver market and price.
    How much of an impact would the monetization of the Mexican Silver Libertad have on the market? There could be serious ramifications if we consider the vast amount of silver consumed by the minting of Mexican silver coins in the past. Before I get into that data, let’s look at the following text from the article, The Mexican Congress Debates the Monetization of the ‘Libertad’ Silver Ounce, on Hugo Salinas Price’s plata.com site;
    The central feature of the proposal is that the Central Bank of Mexico (Banxico) shall determine a value in pesos for the ‘Libertad’ silver ounce; and that this value shall be slightly higher (by a percentage that would be defined in the corresponding Law) than the price of silver in the international market, in order to provide Banxico with an assured profit in minting and placing these coins in monetary circulation.
    …. if the price of silver should shoot upward, Banxico would have to issue new, higher quotes for the ‘Libertad’ silver ounce (according to the formula to be established by Law). In this way, again, the coin will remain ‘in circulation’, and since it has no nominal price stamped on it, it will avoid ending up – like all the old silver coins that had stamped values – at the refineries.

    This post was published at SRSrocco Report on SEPTEMBER 15, 2017.


  • The Next Spanish Bank Teeters, at Worst Possible Time

    It just doesn’t let up with these banks.
    By Don Quijones, Spain, UK, & Mexico, editor at WOLF STREET. The timing could not have been worse: just as Spain faces its biggest constitutional crisis in over 40 years with Catalonia’s independence vote, another bank has begun to wobble.
    Liderbank, Spain’s eighth largest lender, was spawned in 2011 from the shotgun marriage of three failed cajas (savings banks), Cajastur, Caja de Extremadura and Caja Cantabria. The new bank’s shares were sold to the public in May 2013 at an IPO price of 0.40. By April 2014, they were trading above 2, a massive 400% gain.
    But by April 2015, the stock had started sinking. By May 2017, it was trading at around 1.20. Then came the collapse of Banco Popular in early June, which took many investors (but not WOLF STREET readers) by surprise, triggering a further crash in Liderbank’s stock as shareholders feared they would be next.
    Scenting blood, short sellers began piling in, and just as the stock entered free-fall, the government intervened by imposing a temporary ban on short selling. The stock stabilized and even began to recover. By mid-July it had recrossed the psychological 1-threshold. Rumors began circulating that the short-selling ban would soon be lifted.

    This post was published at Wolf Street by Don Quijones ‘ Sep 10, 2017.


  • SEPT 8/ANOTHER MINI FLASH CRASH ON GOLD AND SILVER FAILS AGAIN/GOLD STILL UP $1.10 BUT SILVER RETREATS BY ONE CENT/ISRAEL STRIKES INTO SYRIA DESTROYING A CHEMICAL FACTORY BUT DOES SO ON THE LEBAN…

    GOLD: $1346.60 UP $1.10
    Silver: $18.03 DOWN 1 CENT(S)
    Closing access prices:
    Gold $1349.50
    silver: $18.12
    SHANGHAI GOLD FIX: FIRST FIX 10 15 PM EST (2:15 SHANGHAI LOCAL TIME)
    SECOND FIX: 2:15 AM EST (6:15 SHANGHAI LOCAL TIME)
    SHANGHAI FIRST GOLD FIX: $1355.02 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1348.95
    PREMIUM FIRST FIX: $6.07
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    SECOND SHANGHAI GOLD FIX: $1353.46
    NY GOLD PRICE AT THE EXACT SAME TIME: $1353.50
    Premium of Shanghai 2nd fix/NY:$0.00

    This post was published at Harvey Organ Blog on September 8, 2017.


  • Mexico Shaken By “Most Powerful Earthquake In A Century”, At Least 15 Dead

    Southern Mexico was shaken late Thursday by an 8.1-magnitude earthquake that killed at least 15 people, triggered a tsunami warning and was felt as far away as Mexico City . Despite the immense power of the tremor, which Mexican President Enrique Pena Nieto described as ‘the most powerful earthquake in a century,” authorities said it had caused limited damage – but warned residents in affected areas to brace for aftershocks.

    According to the Associated Press, the quake caused buildings to sway violently in Mexico’s capital more than 650 miles away from its epicenter. Residents fled buildings in their pajamas and gathered in frightened groups in the street.

    This post was published at Zero Hedge on Sep 8, 2017.


  • Crashing Dollar Sends European Stocks, US Futures Reeling; Yuan Has Best Week On Record

    European stocks dropped, Asian and EM market rose, and S&P were lower by 0.3% as investors assessed the latest overnight carnage in the USD which plunged to the lowest level since the start of 2015, sending the USDJPY tumbling to 107, the euro extending gains to just shy of $1.21 and a slowdown in China’s export growth which however did not prevent the Yuan from posting its best weekly gain on record.
    It was all about the seemingly huge currency moves overnight as the dollar plunged for the 7th day in a row, the biggest 7 day drop in 4 months, amid doubts about further Federal Reserve tightening, North Korea tensions and as Hurricane Irma threatens South Florida. The Yen rose to the strongest level against the dollar since Nov. amid nervousness about possible provocation from North Korea ahead of its foundation day on Saturday; yen surged past 108 per dollar as options barriers gave way, triggering a series of stop-losses. The Yuan rallied toward 6.45/USD in both onshore and offshore markets as traders speculate PBOC will tolerate a stronger currency after it rose past the psychological 6.50 mark Thursday. The Australian dollar surged to the highest in more than two years on the back of dollar weakness while the cherry on top was the 10Y TSY yield touching a YTD low of 2.014% before rebounding to ~2.035%.
    Meanwhile, natural disasters were aplenty, including the most powerful earthquake this century to shake Mexico, while Hurricane Irma is projected to hit Florida Sunday, and North Korea is widely expected to launch an ICBM on its September 9 holiday.
    As reported last night, the big overnight story was the dramatic plunge in the dollar in Asian trading….

    This post was published at Zero Hedge on Sep 8, 2017.