• Tag Archives Sanctions
  • JUNE 20/RAIDS CONTINUE DUE TO THE HIGH OPEN INTEREST IN SILVER AS THE BANKERS JUST CANNOT GET THOSE SILVER LEAVES TO FALL/DONALD TRUMP VERY UPSET WITH THE DEATH OF WAMBIER, WHO WAS ARRESTED AND T…

    GOLD: $1241.00 DOWN $3.20
    Silver: $16.40 DOWN 8 cent(s)
    Closing access prices:
    Gold $1243.40
    silver: $16.45
    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: $1254.94 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1245.60
    PREMIUM FIRST FIX: $9.34
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    SECOND SHANGHAI GOLD FIX: $1256.89
    NY GOLD PRICE AT THE EXACT SAME TIME: $1246.70
    Premium of Shanghai 2nd fix/NY:$10.11
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    LONDON FIRST GOLD FIX: 5:30 am est $1246.50
    NY PRICING AT THE EXACT SAME TIME: $1246.90
    LONDON SECOND GOLD FIX 10 AM: $1242.20
    NY PRICING AT THE EXACT SAME TIME. $1242.80
    For comex gold:
    JUNE/
    NOTICES FILINGS TODAY FOR APRIL CONTRACT MONTH: 23 NOTICE(S) FOR 2300 OZ.
    TOTAL NOTICES SO FAR: 2612 FOR 261,200 OZ (8.1244 TONNES)
    For silver:
    For silver:
    JUNE 3 NOTICES FILED TODAY FOR
    15,000 OZ/
    Total number of notices filed so far this month: 917 for 4,585,000 oz

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


  • JUNE 16/DEPT OF JUSTICE SHENANIGANS/NY FED LOWERS ESTIMATE OF 2ND QUARTER GDP TO 1.8%/GOLD RISES $1.80 BUT SILVER LOSES 5 CENTS/ FOR THE 12TH CONSECUTIVE DAY, THE AMOUNT OF SILVER STANDING AT THE…

    GOLD: $1254.00 UP $1.80
    Silver: $16.64 DOWN 5 cent(s)
    Closing access prices:
    Gold $1253.40
    silver: $16.67
    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: $1260.95 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: $1252.61
    PREMIUM FIRST FIX: $8.34

    This post was published at Harvey Organ Blog on June 16, 2017.


  • Stock Prices Fall as Senate Passes Russia Sanctions Bill

    In Dow Jones news today, stock prices fell as the Senate passed a bill that would place new sanctions on Russia.
    Here are the numbers from Thursday for the Dow, S&P 500, and Nasdaq:
    Now here’s a closer look at today’s most important market events and stocks, plus Friday’s economic calendar.
    The Five Top Stock Market Stories for Thursday
    European finance ministers debated another round of debt relief for the embattled Greek economy and decided to offer a bailout of 8.5 billion euros ($9.5 billion). Greece’s current bailout program is the third effort by international finance leaders since the nation fell into economic calamity in 2010. Crude oil prices cratered and hit a seven-month low on news of a huge spike in U. S. gasoline inventory levels and expectations that OPEC will not be able to balance supply and demand. Crude oil prices are now off more than 12% since May 25. The WTI crude oil price today fell 0.7%. Brent crude dipped 0.2%.

    This post was published at Wall Street Examiner on June 15, 2017.


  • Russian Bank Chairman Met With Kushner, Citigroup and JPMorgan Chase

    Headline writers at the New York Times need to sharpen their pencils. Yesterday’s New York edition carried a front page article that links two of the biggest Wall Street banks, Citigroup and JPMorgan Chase, to the Jared Kushner affair with the Russian banker, Sergey Gorkov, Chairman of the state-owned Russian bank Vnesheconombank (VEB) which has been under U. S. sanctions since 2014. But readers would have missed that completely if they only read the softball headline, which failed to mention either bank.
    Everyone on Wall Street has been waiting for the next shoe to drop in the Jared Kushner episode. Kushner is under FBI and Congressional probes over allegations that he met in December with Gorkov while simultaneously attempting to set up a secret channel to communicate with Russia using its equipment inside its own embassy – ostensibly to thwart U. S. intelligence snooping. Kushner then failed to list that meeting, as well as one or more meetings with the Russian Ambassador, Sergey Kislyak, on his form for security clearance until the meetings became public knowledge.
    That shoe has now dropped. Wall Street On Parade reported on May 30 that some of the biggest names on Wall Street are sitting with hundreds of millions of dollars of that sanctioned Russian bank’s bonds and notes in their mutual fund portfolios. (See related article below.) Yesterday, the New York Times reported that when Gorkov came to Manhattan to meet with Kushner in December, he also ‘met with bankers at JPMorgan Chase, Citigroup and another, unidentified American financial institution.’ The article notes that ‘Goldman Sachs bankers also tried to arrange a meeting but ultimately had a scheduling conflict.’

    This post was published at Wall Street On Parade on June 6, 2017.


  • Washington Post Drops a Bombshell on Trump’s Rise to Power but Forgets Two Words – Koch Brothers

    After building the case for months that Russia was a major meddler in the 2016 U. S. Presidential election, on Sunday the Washington Post connected the dots between a ‘shadow universe’ of right-wing front groups domiciled in the U. S. with tax-exempt privileges who have a lot more to show for their efforts than does Russia.
    At the center of the Post article, written by reporters Robert O’Harrow Jr. and Shawn Boburg, is lefty turned righty David Horowitz and his nonprofit group the David Horowitz Freedom Center. While sanctions have not been lifted against Russia as potential proof of a quid pro quo with the Trump administration, Horowitz boasts of at least six of his Freedom Center’s supporters who hold top slots in Trump’s administration to push for his long-held positions on a Muslim ban, border wall, school vouchers and ridicule of global warming.
    The Post reporters write:
    ‘On Dec. 14, 2016, during a videotaped event, Horowitz expressed happiness about Trump’s victory and said Republicans had finally woken up to his approach to politics. He pulled from his suit coat a piece of paper listing Freedom Center supporters already in the administration.
    ‘ ‘It’s quite an impressive list,’ Horowitz said, rattling off the names: Sessions, Bannon, Vice President Pence, Reince Priebus, Kellyanne Conway and at least six others.
    ‘ ‘My personal favorite is Steve Miller, because Steve, who was today appointed the senior policy adviser in the White House…is a kind of protege of mine,’ he said. ‘So the center has a big stake in this administration.’ ‘

    This post was published at Wall Street On Parade on June 5, 2017.


  • Sanctions, What Sanctions? Russian Credit Risk Collapses To 4-Year Lows

    After more than three years of US sanctions (and almost a year of constant attacks from the western media) Russian credit risk has collapsed to its lowest level since September 2013.
    As Bloomberg notes, high demand for Russia’s dollar-denominated assets is driving the cost of the country’s credit-default swaps back near record lows…

    Investors with a bullish view on the nation’s debt sell the default protection and collect regular payments for the instruments rather than buying the country’s dollar bonds and receiving interest.
    After sanctions caused a dearth of new dollar securities, CDS have become an increasingly popular way for investors to gain exposure to Russia, according Societe Generale SA’s Rosbank PJSC unit.

    This post was published at Zero Hedge on May 31, 2017.


  • Trump-Russia Inquiry Looks at Potential for Wall Street Bank Money Laundering

    The majority of American citizens have never heard of the U. S. Treasury agency known as FinCEN – short for Financial Crimes Enforcement Network. But for those who work for Wall Street brokerage firms or the mega Wall Street banks like JPMorgan Chase, Citigroup or German banking giant Deutsche Bank, just the mere mention of FinCEN can quickly produce beads of sweat dripping onto those expensive Canali suits. That’s because FinCEN is the Federal agency where suspicious financial activity that might turn out to be money laundering gets reported. All three banks, and numerous others, have had their share of scandalous run ins with money laundering.
    In recent weeks, the U. S. Senate Banking Committee, Senate Intelligence Committee and the House of Representatives Financial Services Committee have all shown an interest in what FinCEN might have in its database that would shed sunshine on involvement of the Trump business empire or Trump campaign and Russian money inflows.
    Senator Sherrod Brown, the Ranking Member of the Senate Banking Committee, sent a letter on March 2 to U. S. Treasury Secretary Steven Mnuchin, asking for documents and explaining his rationale as follows:
    ‘… Russia has been subjected to a number of international and US sanctions, as have many prominent Russian leaders and business people. Investors from Russia have, in the past, played a significant role in the Trump organization. example, President Trump’s son Donald Trump Jr. stated at a conference in 2008 that President Trump’s businesses involved substantial Russian investments. He reportedly said: ‘And in terms of high-end product influx into the US, Russians make up a pretty disproportionate cross-section of a lot of our assets; say in Dubai, and certainly with our project in SoHo and anywhere in New York. We see a lot of money pouring in from Russia.’

    This post was published at Wall Street On Parade on May 26, 2017.


  • Conclusion to Part 2: Redemption. Introduction to Part 3: Covenantal Reform.

    Christian Economics: Student’s Edition
    Conclusion to Part 2: RedemptionPart 1 introduced you to the five points of the biblical covenant as it applied to economics prior to the fall of man. These points were applications of what I have called the dominion covenant. The dominion covenant encompasses all of life and all of creation, while economics relates to the issues of resource allocation.
    Part 2 introduced you to the five points of the biblical covenant as it applies to economics after the fall of man. The fundamental economic categories did not change, but their applications did. This was the result of Adam’s sin and God’s negative sanctions on Adam’s body and the ground. The earth is now under a curse.
    Part of the requirements associated with the dominion covenant is to reduce the impact of God’s curses on the ground and his curses on Adam’s body. This has to do with medical science. It has to do with agronomy. It has to do with chemistry. But it obviously has to do with economics. As we work out the implications of the economic aspects of the dominion covenant, we should expect relief from the curses.
    Let me give an obvious example. One of the curses on Adam was sweat. Residents in the economically developed world now live in temperature-controlled comfort because of air conditioning. Air conditioning was an invention of the early 20th century. It was first used commercially to cool large movie theaters. It is now in most homes. This has made our leisure time more comfortable in summer, but it has also made us more productive in the heat of the day. In other words, air conditioning should be regarded as a consumer good, but it should also be regarded as a producer good. It is a blessing of God, but it is also a tool of production. I think it is representative of all of God’s economic blessings. It is also easy to understand.
    You have now read those sections of this book that deal with Christian economic theory. In Part 3, I deal with applications of the theory. But this is only the beginning. I intend to follow this book with three supplemental books, much longer and much more detailed. This book is designed to get you started.
    I have not covered the bulk of the topics that you find in any college-level economics textbook. I have not dealt with monetary theory and monetary policy. I have not dealt with the issue of cartels. What about pollution? What about labor policy? What about the stock market? All of these topics are institutional applications of market pricing and government policy. They all can be explained in terms of a handful–actually, two handfuls–of fundamental principles of economic analysis. They began with the dominion covenant (one hand), as revised by God after the fall of man (another hand).

    This post was published at Gary North on May 20, 2017.


  • Jim Rickards: Safe Havens During the Financial Warfare Era

    Jim Rickards joined up with Stephen Guilfoyle, also known as ‘Sarge’ at The Street, to discuss his book The Death of Money and how investors can find a safe haven for their money in this modern era of financial warfare. The discussion hits at Rickards’ area of expertise as a currency wars analyst and covers what to expect from geopolitical interests in Russia, North Korea and beyond.
    Jim Rickards highlights that he was recently giving a seminar to the U. S Army War College and remarks that what he informed them of was that ‘there has really been some economic aspect to warfare but it now completely non-kinetic. It can be decisive and when you combine financial warfare with the emerging cyber techniques you get into cyber financial warfare.’
    ‘In one of the case studies I am analyzing is where Russia has invaded Crimea. We responded with economic sanctions. President Obama indicated that he was not going to war but would apply economic sanctions. However, Russian President Putin thinks of them as an act of war. When you degrade the capability of your adversary through economic means, that’s an act of war. They may respond in a ‘war-like’ way.’

    This post was published at Wall Street Examiner on April 7, 2017.


  • Moscow And Beijing Join Forces To Bypass US Dollar In Global Markets, Shift To Gold Trade

    The Russian central bank opened its first overseas office in Beijing on March 14, marking a step forward in forging a Beijing-Moscow alliance to bypass the US dollar in the global monetary system, and to phase-in a gold-backed standard of trade.
    According to the South China Morning Post the new office was part of agreements made between the two neighbours “to seek stronger economic ties” since the West brought in sanctions against Russia over the Ukraine crisis and the oil-price slump hit the Russian economy.
    According to Dmitry Skobelkin, the deputy governor of the Central Bank of Russia, the opening of a Beijing representative office by the Central Bank of Russia was a ‘very timely’ move to aid specific cooperation, including bond issuance, anti-money laundering and anti-terrorism measures between China and Russia.
    The new central bank office was opened at a time when Russia is preparing to issue its first federal loan bonds denominated in Chinese yuan. Officials from China’s central bank and financial regulatory commissions attended the ceremony at the Russian embassy in Beijing, which was set up in October 1959 in the heyday of Sino-Soviet relations. Financial regulators from the two countries agreed last May to issue home currency-denominated bonds in each other’s markets, a move that was widely viewed as intended to eventually test the global reserve status of the US dollar.
    Speaking on future ties with Russia, Chinese Premier Li Keqiang said in mid-March that Sino-Russian trade ties were affected by falling oil prices, but he added that he saw great potential in cooperation. Vladimir Shapovalov, a senior official at the Russian central bank, said the two central banks were drafting a memorandum of understanding to solve technical issues around China’s gold imports from Russia, and that details would be released soon.

    This post was published at Zero Hedge on Apr 1, 2017.


  • Top Turkish Banker Arrested At JFK Airport Over Massive Gold Money-Laundering Scheme

    If Turkish president Erdogan needed one more reason to go ballistic in his daily comparisons of western leaders to Hilter and the Nazis, he got it this morning when a top executive at Halkbank, one of Turkey’s largest state-owned banks was arrested at JFK airport on charges of conspiring with an Iranian-Turkish financier who is awaiting trial for using his network of companies to circumvent Iranian sanctions.
    As first reported by Bloomberg, Mehmet Hakan Atilla, deputy CEO at Turkiye Halk Bankasi, was taken into U. S. custody at John F. Kennedy International Airport in New York on Tuesday. He was detained on suspicion of conspiring to execute transactions on behalf of Iran. The arrest was made in connection with the pending prosecution of Reza Zarrab. The U. S. claims it has evidence that Zarrab paid millions of dollars in bribes to Turkish government officials and top executives at Halkbank, as it is commonly known, which allegedly helped Zarrab process the transactions.

    This post was published at Zero Hedge on Mar 28, 2017.


  • MARCH 28/RAID ON GOLD AND SILVER IN THE ACCESS MARKET AFTER OPTIONS EXPIRY ON THE COMEX/TURKEY’S TOP BANKERS ARRESTED IN THE USA FOR CONSPIRING TO EVADE IRANIAN SANCTIONS/

    Gold: $1255.30 DOWN $0.10
    Silver: $18.22 UP 14 cents
    Closing access prices:
    Gold $1251.80
    silver: $18.20!!! ???
    XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
    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: 1265.91 DOLLARS PER OZ
    NY PRICE OF GOLD AT EXACT SAME TIME: 1253.90
    PREMIUM FIRST FIX: $12.01
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    SECOND SHANGHAI GOLD FIX: 1266.86
    NY GOLD PRICE AT THE EXACT SAME TIME: 1252.00
    Premium of Shanghai 2nd fix/NY:$14.86
    xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
    LONDON FIRST GOLD FIX: 5:30 am est 1253.65
    NY PRICING AT THE EXACT SAME TIME: 1253.80
    LONDON SECOND GOLD FIX 10 AM: 1257.25
    NY PRICING AT THE EXACT SAME TIME. 1258.00
    For comex gold:
    MARCH/
    NOTICES FILINGS TODAY FOR MARCH CONTRACT MONTH: 51 NOTICE(S) FOR 5100 OZ. TOTAL NOTICES SO FAR: 133 FOR 13,300 OZ (0.4136 TONNES)
    For silver:
    For silver: MARCH
    30 NOTICES FILED TODAY FOR 150,000 OZ/
    Total number of notices filed so far this month: 3825 for 19,125,000 oz

    This post was published at Harvey Organ Blog on March 28, 2017.


  • Russia Readies Back-up System For Potentially Explosive ‘Split With International Banking System’

    The grand order of things could be undergoing some major overhauls.
    To put it more bluntly, a war to reset the global financial order is about to be unleashed.
    Preparations inside Russia are being made in case the ultimate banking sanctions are placed on them, cutting off commerce inside the all-encompassing Worldwide Interbank Financial Telecomm SWIFT system – which runs credit, debt, and banking card transactions across a real time global network.
    As it would be doled out by the banking elites, the price for misbehavior at the Kremlin could be ostracization from this global commerce vehicle.
    But that isn’t the end of the story… Putin is readying his people to divorce from the international banking system altogether, and start over with a nationalistic platform, backed by thousands of tons of gold, and growing alliances with Europe, China and the BRICS nations, the Middle East and several emerging powers.
    A major attempt to bring Russia under heel could result in the greatest schism the global system of finance has ever seen. Then what?

    This post was published at shtfplan on March 24th, 2017.


  • America Is Hardly a Bastion of Free Trade

    Rhetoric has recently trumped reality. It has become a misconceived bit of common ‘knowledge’ that the United States of America is a bastion of free trade. Little could be further from the truth. The ‘freest’ nation on earth, as we are taught to believe, imposes a staggering number of tariffs, import and export bans, sanctions and embargoes. Yet somehow ‘free trade’ is blamed for the financial ills of the unemployed in the formerly industrial Midwest. Instead of taking a serious look at our existing trade policies, and maybe reducing some of the regulations, President Trump promised Midwesterners that their inefficient factor jobs that have been outsourced to the ‘right to work’ south and overseas will be brought back by imposing new import taxes on specific companies. It is a nave and ignorant notion that singling out countries and taxing the goods they import into the US will somehow help the unemployed while having absolutely no effect on the country’s general productivity and standard of living. Besides, we’ve already been doing that for far too long.
    The US imposes tariffs on over 12,000 different goods and services. No that is not a typo – over 12,000. Some of these tariffs are so significantly prohibitive that they are effectively outright bans. Sugar, for example, is one product that Americans get gouged on, paying an average of $277 million more per year than they should. That is $277 million per year that would otherwise be used to consume other goods, invested in growing businesses, creating jobs, and raising real wages. This is nothing new. The original tariff was imposed as a ‘temporary’ protection for US sugar farmers, that was more than 80 years ago. It has protected US sugar farmers, but has also decreased the productivity of the sugar farmers’ land. The laws of absolute and comparative advantage would dictate that the land on which sugar cane and sugar beets are grown and harvested should be used to produce goods in which these particular regions can more (cost and time) efficiently produce.

    This post was published at Ludwig von Mises Institute on March 20, 2017.


  • North Korea Hacking Spree: Is Blockchain the Solution?

    Locked in a punishing sanctions regime, North Korea is throwing caution to the wind and has mounted a series of cyber attacks by taking advantage of outdated financial technology, mainly through the SWIFT network. Such cyber-attacks are likely to continue if international financial systems are not shored up in the near future.
    A new threat is looming on the horizon, one that has gone largely unnoticed: the string of attacks on the global bank payment messaging system known as SWIFT. Founded in 1973 in Brussels, the company is responsible for the daily transfer of trillions of dollars between banks. The most recent hacking case saw Turkey’s Akbank exposed to a cyber attack which ended up costing the bank around $4 million. This took place a couple of weeks after the Russian central bank suffered a similar fate, leaving it approximately $31 million poorer. An unnamed Ukrainian bank was also targeted through the same method, with unnamed hackers stealing some $10 million.
    Despite the considerable sums involved, the attackers have left only breadcrumbs of information behind. Their most successful – and most widely-documented – money-grabbing scheme has been the misappropriation of $81 million from the central bank of Bangladesh. The group exploited a SWIFT product called Alliance Access, a server software system that links banks with the central messaging system, in order to appropriate the central bank’s financial details.

    This post was published at FinancialSense on 02/23/2017.


  • Russia ups gold reserves by another 31.1 tonnes — Lawrie Williams

    After last month’s hiatus when the Russian central bank added no gold into its reserves, it came back again with a vengeance in January 2017. According to figures released yesterday, the country upped its gold reserves last month by a massive 1 million ounces (31.1 tonnes), bringing its total reserve holding to around 1,645 tonnes. This keeps Russia in sixth place among global national gold holders, at least as far as reserve figures as submitted to the IMF tell us, still nearly 200 tonnes behind China in fifth place, but closing the gap.
    Last year, Russia added a total of just short of 200 tonnes of gold into its reserves while China added around 80 tonnes (with nothing at all added in November and December) with the total at end-2016 standing at 1,842.6 tonnes according to the IMF-reported figure. At current rates of purchase by both countries, Russian gold reserves could surpass those of China by early to mid 2018.
    We also learned some other interesting data about the Russian economy in that the country, despite a U.S.-imposed economic war, supposedly to remain in place until Crimea is returned to Ukraine (which we don’t see happening), is probably in a better technical financial state than the U.S.. Unlike the USA which has trillions of dollars of debt, Russia has one of the lowest debt to GDP ratios in Europe and is bringing it down further. Yes, U.S. and European economic sanctions are damaging, but they are also mind-focusing and Russia is taking steps to rather more than just survive under the current sanctions regime. Buying gold and divesting itself of its holdings in U.S. Treasuries is part of its master plan for so doing.

    This post was published at Sharps Pixley


  • Global Stocks, Dollar Falter As Yellen Testimony Looms; S&P Futures Pressured By Flynn Resignation

    European, Asian stocks declined, halting a global rally that sent U. S. stocks surging to new all time highs faltered, weighing on the S&P although the index rebounded modestly after a kneejerk announcement lower overnight after Trump’s National Security Advisor announced his unexpected resignation.
    The dollar dropped versus most of its Group-of-10 peers ahead of uncertainty surrounding Fed Chair Janet Yellen’s testimony to Congress later Tuesday, while the pound declined after U. K. consumer-price inflation data missed economists’ forecasts. Oil gains, copper advances. Treasuries steadied. As a result, the DXY dipped 0.2 percent against a basket of currencies to 100.74 but was still near its strongest since Jan. 20, while the euro was 0.3 percent firmer after three sessions of losses to stand at $1.0626. Against the yen, the dollar weakened 0.2% on the day to stand at 113.38 yen, off Monday’s high of 114.17 but well above a 10-week low of 111.59 yen touched a week ago.
    Adding to pressure on the dollar was the resignation of President Donald Trump’s national security adviser Michael Flynn, who quit over revelations he had discussed U. S. sanctions against Moscow with the Russian ambassador to the United States before Trump took office, and misled Vice President Mike Pence about the conversations.

    This post was published at Zero Hedge on Feb 14, 2017.


  • Gold Buying Russia To Intensify Diversification On Trump ‘Unpredictability’?

    Gold Buying Russia To Increase Diversification On Trump ‘Unpredictability’?
    Russia’s massive and increasing gold bullion reserves are kept in tightly-guarded locations across Russia due to the fear of sanctions and the ‘unpredictability’ of Donald Trump according to The Sun and Russia Beyond The Headlines.
    ***
    ussia increased their gold reserves by a very large 199.1 tonnes in 2016. This was the eight consecutive year of gold diversification due to concerns about the dollar and currency wars
    From The Sun:
    Russia is hedging its bets with a stockpile of gold due to Donald Trump’s ‘unpredictable’ nature.
    The hoard, which is stashed around Moscow, St Petersburg and Yekaterinburg, has seen Russia become one of the world’s leading gold buyers – a stance that it hopes will protect it from any drastic changes that the new US President might have on the world economy.

    This post was published at Gold Core on February 8, 2017.


  • One Hour After Taking Office, Trump Suspends FHA Mortgage Fee Cut

    In a move that has sparked controversy among some economists, within an hour of being sworn in, Trump undid one of Barack Obama’s last-minute actions, a mortgage-fee cut under a government program catering to first-time home buyers and low-income borrowers. The cut, which would become effective on January 27, would have reduced the annual premium for someone borrowing $200,000 by $500 in the first year, however exposing taxpayers to further losses in case of a spike in defaults.
    Last week, as part of a scramble of 11th hour actions by the outgoing president, Obama’s Housing and Urban Development secretary, Julian Castro, said the FHA would cut its fees. In addition to the morgage-fee cut, in the last days of Obama’s administration, the White House announced new Russia sanctions, a ban on drilling in parts of the Arctic and many other regulations. The administration didn’t consult Trump’s team before any of these announcements.
    While nominal, Republicans have argued that fee reductions put taxpayers at risk by lowering the funds the FHA has to deal with mortgage defaults even though the net impact of such a fee cut is negligible in the grand scheme of things, once the next housing downturn arrives and the FHA is in need of another bailout.

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


  • Could Trump Make China ‘Go Nuclear?’

    ‘There’s never been a presidential transition like the one we’re about to go through,’ warned Jim Rickards last night. ‘This transition could turn the world upside down.’
    Donald John Trump gets sworn in as the 45the president of these United States this Friday, high noon. And that’s when the world could start going head-over-heels…
    Our very own Peter Coyne and Jim Rickards held an emergency live broadcast last evening… just a block from the White House, outside… in the January chill.
    The purpose: to warn investors about a looming currency shock that could blindside markets and devastate stocks in the near future. And how to prepare for it.
    On day one, huffs Trump, ‘China will be labelled a currency manipulator.’ That’s no mere gust of rhetoric. Jim says that will begin a formal process that could end with the U. S. imposing harsh trade sanctions on China.
    That, continues Jim, is ‘like firing the first shot of a currency war.’ And China will retaliate with what Jim calls their ‘nuclear option.’

    This post was published at Wall Street Examiner on January 19, 2017.