• Tag Archives Singapore
  • Goldman, Citi Turn Positive On Gold – Despite ‘Mysterious’ Flash Crash

    Goldman and Citigroup Turn Positive On Gold – Despite ‘Mysterious’ Flash Crash
    – Gold bounces higher after ‘mysterious’ one minute ‘flash crash’ mistake
    – $2 billion, 50 tons or 1.8 million ounces ‘fat finger’ trade blamed
    – Massive selling at 0400 EST when U. S. markets closed and thin trading amid holidays in Muslim countries including Turkey, Singapore and Malaysia.
    – Mystery is that ‘fat fingers’ in gold market are always sell trades that push prices lower

    This post was published at Gold Core on June 27, 2017.

  • DOJ Moves To Seize DiCaprio’s Picasso, Rights To “Dumb and Dumber To” As Part Of 1MDB Case

    As part of the ongoing money-laundering probe of Malaysia’s sovereign wealth fund, 1MDB, which is perhaps best known for Goldman’s enabling and participation in what may end up being one of the world’s biggest, multi-billion, cross-border embezzlement schemes, on Thursday the DOJ moved to seize a Picasso and Basquiat paintings given to Leonardo DiCaprio, as well as rights to two Hollywood comedies, in complaints filed to recover about $540 million they say was “stolen” from 1MDB (with Goldman’s help).
    The DOJ filing was the latest in a long series of legal actions tied to money laundering at the fund set up by Malaysian Prime Minister Najib Razak in 2009 – who still remains in power – to promote economic development. In the complaint filed overnight, the department alleged that more than $4.5 billion was taken from 1MDB by high-level fund officials and their associates. Fraud allegations against 1MDB go back to 2009 and the fund is subject to money laundering investigations in at least six countries, including Switzerland and Singapore.
    “This money financed the lavish lifestyles of the alleged co-conspirators at the expense and detriment of the Malaysian people,” Kenneth Blanco, acting assistant AG said in a statement. The name of Goldman Sachs, which participated and directly profited from many of the 1MDB transactions, was oddly missing from today’s filing.
    Najib has denied taking money from 1MDB or any other entity for personal gain, after it was reported that investigators traced nearly $700 million to bank accounts that were allegedly in his name.
    And while we won’t hold our breath to learn why Goldman’s involvement was mysteriously dropped, Reuters reported that Leonardo DiCaprio has turned over an Oscar won by Marlon Brando to U. S. investigators probing the 1MDB money laundering. DiCaprio also initiated the return of other, unidentified items that the actor said he accepted as gifts for a charity auction and which originated from people connected to the 1MDB wealth fund, they said in a statement.

    This post was published at Zero Hedge on Jun 15, 2017.

  • Chats by Ex-Deutsche Bank Metals Trader Reveal Spoofing “Tricks from the Master“

    David Liew was a quick study. Less than a year into his metals-trading job at Deutsche Bank in Singapore, he joked with a colleague about their latest win.
    “Tricks from the … master,” Liew typed in a chat after working with a colleague to move gold futures prices while Liew executed a trade. In the course of a year, Liew and his colleagues used fake orders to try to manipulate prices, an illegal practice called spoofing, more than 50 times.
    After pleading guilty to fraud charges last week and agreeing to cooperate, Liew has become a prime government witness for U.S. prosecutors investigating whether traders at the world’s biggest banks conspired to manipulate prices in silver, gold, platinum and palladium. His chats with colleagues — part of an FBI affidavit filed in Chicago and placed under seal — provide a window into the investigation by the Justice Department, which began looking into such activities at a dozen of the biggest global banks two years ago.
    The U.S. is also looking beyond precious-metals trading and planning more criminal spoofing charges against Wall Street traders, according to people familiar with the matter. Working with the Commodity Futures Trading Commission, prosecutors in the Justice Department’s criminal division in Washington have been developing spoofing cases across markets since the 2010 adoption of the Dodd-Frank financial law, which made the practice illegal.

    This post was published at bloomberg

  • Gold and Silver ETF Demand Lacking as Prices Jump, Yuan Leaps vs. Dollar

    Gold prices jumped to new 7-week highs at $1291 per ounce on Tuesday, again testing the 6-year downtrend line in place since the metal’s 2011 record highs as Western stock markets fell with longer-term interest rates.
    After the ISM Prices Paid measure of inflation in manufacturing costs “tanked” in Friday’s report for May, 10-year US Treasury yields today fell again to post-Trump election lows of 2.15%.
    Crude oil also extended its drop despite the “freezing out” of Qatar by other Gulf states over what Saudi Arabia and now US President Trump call the “funding of radical ideology.”
    British police meantime said they and the MI5 security service had one of Saturday night’s 3 suicide-murderers in London Bridge under close surveillance back in 2015 when he appeared on a national TV documentary entitled The Jihadi Next Door.
    “Gold is not just for turbulent times, it has been a good source of returns over the last 10, 20 and 30 years,” said former UBS and then Paulson & Co. strategist John Reade, now chief market strategist for the mining-backed World Gold Council, at the Asia Pacific Precious Metals Conference in Singapore.

    This post was published at FinancialSense on 06/06/2017.

  • Deutsche Bank Trader Admits Guilt In Fraud Conspiracy To Rig Precious Metals Markets

    After months of “smoking guns” and conspiracy theory dismissals, a Singapore-based Deutsche Bank trader (at the center of fraud allegations) finally confirmed (by admitting guilt) what many have suspected – the biggest banks in the world have conspired to rig precious metals markets.
    The Deutsche Bank trader, David Liew, pleaded guilty in federal court in Chicago to conspiring to spoof gold, silver, platinum and palladium futures, according to court papers. Bloomberg notes that spoofing involves traders placing orders that they never intend to fill, in an attempt to manipulate the price.
    Following an introductory period that included orientation and training, LIEW was eventually assigned to the metals trading desk (which included base metals and precious metals trading) in approximately December 2009. During the Relevant Period, LIEW was employed by Bank A as a metals trader in the Asia-Pacific region, and his primary duties included precious metals market making and futures trading.

    This post was published at Zero Hedge on Jun 2, 2017.

  • Deutsche Bank Trader Admits To Rigging Precious Metals Markets

    After months of “smoking guns” and conspiracy theory dismissals, a Singapore-based Deutsche Bank trader (at the center of fraud allegations) finally confirmed (by admitting guilt) what many have suspected – the biggest banks in the world have conspired to rig precious metals markets.
    The Deutsche Bank trader, David Liew, pleaded guilty in federal court in Chicago to conspiring to spoof gold, silver, platinum and palladium futures, according to court papers. Bloomberg notes that spoofing involves traders placing orders that they never intend to fill, in an attempt to manipulate the price.
    Following an introductory period that included orientation and training, LIEW was eventually assigned to the metals trading desk (which included base metals and precious metals trading) in approximately December 2009. During the Relevant Period, LIEW was employed by Bank A as a metals trader in the Asia-Pacific region, and his primary duties included precious metals market making and futures trading.
    Between in or around December 2009 and in or around February 2012 (the “Relevant Period”), in the Northern District of Illinois, Eastem Division, and elsewhere, defendant DAVID LIEW did knowingly and intentionally conspire and agree with other precious metals (gold, silver, platinum, and palladium) traders to: (a) knowingly execute, and attempt to execute, a scheme and artifice to defraud, and for obtaining money and property by means of materially false and fraudulent pretenses, representations, and promises, and in furtherance of the scheme and artifice to defraud, knowingly transmit, and cause to be transmitted, in interstate and foreign commerce, by means of wire communications, certain signs, signals and sounds, in violation of Title 18, United States Code, Section 1343, which scheme affected a financial institution; and (b) knowingly engage in trading, practice, and conduct, on and subject to the rules of the Chicago Mercantile Exchange (“CME”), that was, was of the character of, and was commonly known to the trade as, spoofing, that is, bidding or offering with the intent to cancel the bid or offer before execution, by causing to be transmitted to the CME precious metals futures contract orders that LIEW and his coconspirators intended to cancel before execution and not as part of any legitimate, good-faith attempt to execute any part of the orders, in violation of Title 7, United States Code, Sections 6c(a)(5)(C) and 13(a)(2); all in violation of Title 18, United States Code, Section 371.

    This post was published at Zero Hedge on Jun 2, 2017.

  • Europe, US Futures Slip Despite Brent Bouncing Back To $51

    Asian stocks rose lifted by commodity names; European equities trade mostly lower but with little in the way of conviction or firm direction while the Italian banking index is at the highest level in a year following domestic earnings; S&P index futures are modestly in the red after the cash market closed at a record high Wednesday and investors prepared for earnings from retailers; we expect the now general vol selling program to promptly lift the S&P into new all time highs minutes after today’s open.
    Global sentiment was boosted for the second day by a rebound in energy shares as oil prices rose, with Brent regaining the $51 level and reverse all of last week’s losses, after U. S. fuel inventories declined and Saudi Arabia cut supplies of crude to Asia more than expected.
    The MSCI’s gauge of global stock markets was up 0.1 percent, bringing their gains for the year to nearly 10 percent, and into fresh record territory. After starting off deep in the red, the Shanghai Composite managed to recover and close green, despite another tumble in iron ore on SGX AsiaClear in Singapore, where it fell as much as 4.5% to $59 a ton, the lowest since October amid a clampdown on leverage in China, the top consumer, and expanding global supply.
    European stocks dropped for the first time in three days as a rebound in mining and energy shares failed to offset a broader negative mood at least in early trading. The Stoxx Europe 600 Index slipped following a raft of corporate results. Companies including Telefonica, UniCredit and Maersk reported good earnings, but the index this week climbed to near the highest on record and as the Bloomberg chart below shows, it is now massively overbought.

    This post was published at Zero Hedge on May 11, 2017.

  • Australian Tax Authorities on the Hunt

    The hunt for taxes has also been targeting international companies and arguing that the local operation in their country should pay more in taxes. One example is Rio Tinto (ASX, LON:RIO), the world’s second-biggest miner by market value. The Australian government handed them a A$447 million tax bill increasing a tax assessment in the new clever attack scheme known as ‘transfer pricing’ between Rio Tinto’s Australian operations and its Singapore office. The amount breaks down as A$379 million plus interest of A$68 million for the calendar years 2010 to 2013.

    This post was published at Armstrong Economics on Apr 12, 2017.

  • Asian Metals Market Update: Apr-11-2017

    Traders and everyone are on the sidelines due to uncertainty over Trump’s policies. Unless something very serious happens in Syria, bullion will not zoom. Mass genocide is something which has been ignored by markets. Gold and silver are still on the way to test key resistances. I prefer to ignore interest rate moves by the Federal Reserve. There has been too much hype over the same over the past few years. The US economy is robust. Interest rates will be hiked. Gold bulls will be able to overcome interest rate hikes by the Federal Reserve and other central bankers. But it is difficult to project the pace of rise.
    Physical demand and premiums on physical gold and silver in Asia (Hong Kong, Singapore, Mumbai and Dubai are the key centers) should determine the pace of rise of gold and silver. In the short term, demand will be volatile just as the prices. Price sentiment will determine demand for gold and silver. Intraday trading could be a nightmare.

    This post was published at GoldSeek on 11 April 2017.

  • U.S. Gold Bullion Exports To Hong Kong Surge, 82% Of Total Shipments

    U. S. gold bullion exports to Asia started off with a bang in 2017, as the majority of the total shipped in January went to Hong Kong. Not only did the U. S. export most of its gold bullion to Hong Kong, it was the highest monthly amount in quite some time.
    Looking back at the data for the past two years, Hong Kong’s highest monthly amount of gold bullion imported from the United States was less than half of what was shipped in January. According to the USGS, the U. S. exported 31.6 metric tons (mt) of gold bullion to Hong Kong, 82% of the total 38.1 mt shipped in January:
    The four other countries that received the remaining lion’s share was, China (2 mt), India (1.6 mt), Singapore (1 mt) and Switzerland (1 mt). If we assume that most of the gold bullion exported to Hong Kong made its way into China, then if we add the other 2 mt that China received, the total gold bullion shipped to China was more like 33.6 mt.

    This post was published at SRSrocco Report on APRIL 10, 2017.

  • Chris Powell: Why invest in gold miners if they won’t defend themselves?

    Remarks by Chris Powell Secretary/Treasurer, Gold Anti-Trust Action Committee Inc.
    Mining Investment Asia Conference, Singapore Thursday, March 30, 2017
    Mines and Money Asia Conference, Hong Kong Friday, April 7, 2017
    Since we gathered here a year ago, gold and silver market manipulation has burst into the open and become undeniable. Even some mainstream financial news organizations have had to report it, if begrudgingly and only briefly. But the gold and silver mining industry itself keeps running away from it.
    Fortunately, this conference allows it to be discussed anyway.
    The biggest development in gold and silver market manipulation in the last year has been Deutsche Bank’s admission that its traders conspired with traders from other big investment banks to suppress gold and silver futures prices. This admission by Deutsche Bank came as part of its response to class-action antitrust lawsuits brought against it and its co-conspirators in U.S. District Court in New York. Deutsche Bank has provided the plaintiffs with transcripts of electronic messages between the traders showing them coordinating their trades to smash gold and silver prices down. The bank has agreed to pay nearly $100 million to the plaintiffs to settle the cases. The bank also has agreed to provide more evidence against the other conspiring banks.

    This post was published at GATA

  • Futures Flat Ahead Of Yellen As Geopolitical Risks Loom; Fear Barometer Spikes

    S&P futures point to a slightly lower open, while Asian and European stocks are likewise modestly in the red. Trading volumes are muted for most markets on Monday with investors spooked by rising geopolitical tensions in the Middle East and the Korean peninsula. It is also a holiday-shortened week in much of the West. As Bloomberg puts it, there is a “sense of unease” across markets, with global stocks mixed as investors weighed looming security risks and French bonds retreating ahead of the election following the surprising surge of far-leftist Melenchon in the polls.
    The dollar inched towards three-week highs after Dudley’s Friday comments and overnight follow up from a hawkish Bullard who pushed for further tightening, drawing support from U. S. rate hike expectations while global stocks, reaching the point where some see them as expensive, were stuck in neutral ahead of U. S. earnings season this week.
    Top aides to U. S. President Donald Trump differed on Sunday on where U. S. policy on Syria was headed after last week’s attack on a Syrian air base, while U. S. Secretary of State Rex Tillerson warned the strikes were a warning to other nations, including North Korea. “The risks of a conflict have certainly grown and that should keep the dollar supported against most Asian currencies with hawkish comments from the U. S. central bank also helping,” said Gao Qi, an foreign exchange strategist at Scotiabank in Singapore.

    This post was published at Zero Hedge on Apr 10, 2017.

  • SWOT Analysis: A Tie In Best Performing Metals

    The best performing precious metal for the week was pretty much a tie between gold, platinum and palladium with roughly a 0.50 percent gain. Following the launch of a U. S. missile strike on Syria this week, gold rallied to its highest level in nearly five months, reports Bloomberg. Bullion was pushed back above its 200-day moving average, a level that analysts use to predict whether further gains will continue or stall. Earlier in the week, the minutes from the Federal Reserve’s March meeting ‘boosted gold prices with the mention of the shrinking of the balance sheet,’ said Jingyi Pan, a Singapore-based market strategist, reports Bloomberg. ‘This agenda could potentially conflict with the pace of rate hikes, therefore placing pressure on the dollar.’ In addition, gold advanced after automobile manufacturers reported worse-than-expected U. S. sales for March. BullionVault’s Gold Investor Index, measuring the balance of buyers against sellers, rose to 54.2 in March from 51.8 in February, reports Bloomberg. ‘Political risk continues to drive private investor demand for gold,’ Adrian Ash, head of research at BullionVault, said in a report.

    This post was published at GoldSeek on Monday, 10 April 2017.

  • K.T. McFarland To Leave White House In Latest NSC Shakeup

    Just days after Steve Bannon was removed from the principals committee of Trump’s National Security Council, on Sunday the shakeup in Donald Trump’s closest advisory circle continued, when as Bloomberg reports, K T. McFarland was asked to step down as deputy National Security Advisor after less than three months on the job.
    She is now slated to become a U. S. ambassador to Singapore, Bloomberg cited a person familiar with White House personnel moves. According to USA Today, the move is seen as a “promotion” because Singapore is a key U. S. ally. The paperwork on her ambassadorial nomination is still being worked out, it adds.

    This post was published at Zero Hedge on Apr 9, 2017.

  • Gold Bullion Coin Worth $4 Million, Stolen in Berlin Museum Heist

    – Gold coin called ‘Million Dollar Gold Coin’ or ‘Big Maple Leaf’ stolen from Berlin museum early on Monday
    – World’s purest gold coin and in the Guinness Book of Records for its purity of 99999 fine gold
    – Gold coin was legal tender, investment grade, bullion coin and only 7 other coins were minted
    – The other ‘Million Dollar Gold Coin’ is still available for sale by GoldCore safely stored in vaults in Ottawa
    – Royal Canadian Mint minted the gold coin in 2007 and carries imprint of Queen Elizabeth II
    – Like all bullion coins, is worth much more than its legal tender value
    – Gold should be stored in secure vaults, in safe jurisdictions such as Singapore, Hong Kong and Zurich
    When debating whether or not gold has value or not, the naysayers will often argue that it is a ‘pet rock’ and just a shiny, heavy, cumbersome piece of yellow metal that has no ‘intrinsic’ value.

    This post was published at Gold Core on March 28, 2017.

  • Silver Seen Climbing Faster Than Gold as Yellen Wakens Bulls

    Investors may be better off with silver rather than gold. The Federal Reserve’s pledge to stick to its dovish outlook on U.S. monetary policy has fueled a rally in precious metals and silver usually beats its more valuable peer in a rising market.
    After the Fed raised interest rates by a quarter percentage point Wednesday, Chair Janet Yellen said the central bank was willing to tolerate inflation temporarily overshooting its 2 percent goal and intended to keep its policy accommodative for ‘some time.’ UBS Group AG said the gradual pace of tightening means negative rates will deepen, the dollar weaken and gold rise.
    ‘Silver is substantially undervalued compared to gold and has plenty of space to appreciate both in dollar terms and relative to gold,’ Gregor Gregersen, founder of Singapore-based Silver Bullion Pte, said in an e-mail. ‘Currently the move into silver is a trickle, but it might very well become a flood once the mood of the market at large shifts.’

    This post was published at bloomberg

  • Why China Unexpectedly Hiked Rates 10 Hours After The Fed

    As we reported on Wednesday evening, something interesting took place on Thursday morning in Beijing: in a case of eerie coordination, China tightened monetary conditions across many of the PBOC’s liquidity-providing conduits just 10 hours after the Fed raised its own interest rate by 0.25% for only the third time in a decade.
    The oddly matched rate hikes, prompted Bloomberg to think back to the mysterious “Shanghai Accord” of February 2016, which took place during the peak days of last year’s global capital markets crisis, and whose closed-door decisions – to this day kept away from the public – prompted the market rally that continues to this day. As Bloomberg wrote, the coordinated “response suggests that pledges by the Group of 20 economies a little over a year ago in Shanghai to “carefully calibrate and clearly communicate” policies may not have been hollow after all.”
    That said, it was not the first time the People’s Bank of China has acted on the heels of a Fed move. At the peak of the financial crisis, the PBOC cut lending rates after six of its counterparts, including the Fed, had announced a simultaneous rate cut. That October 2008 move enhanced China’s emerging reputation as a global player on the international economic-policy circuit. ‘Growth divergence is morphing into growth synchronization,” said Chua Hak Bin, a Singapore-based senior economist with Maybank. “Policy divergence was also a narrative for those expecting a strong dollar, but that is moving now to policy synchronization.’
    Coordinated or not, as of last night financial conditions in China, like in the US, have become incrementally tighter even if both the Chinese and US stock markets failed to respond accordingly.
    So, for those curious what China did – after all the days of shotgun Interest rate or RRR moves appear to be on hibernation for the time being – here is a convenient primer from SocGen’s Wei Yao explaining not only the mechanics, but the reason why.

    This post was published at Zero Hedge on Mar 16, 2017.

  • Solving the secret behind the Chinese gold market

    The world is full of golden rules. There is one for every field: ethics, communication, fashion. But there is only one that counts, the golden rule of money: “Who has the gold makes the rules.”
    China, it seems, wants to make the rules in the international monetary system, which is why it has been acquiring vast amounts of gold both through private and official channels.
    Because of the obscure nature of the Chinese gold market and the reluctance of Chinese officials to show their hand, nobody has been able to accurately calculate how much gold the Chinese have amassed since about 2000, when they began amassing it.
    Enter Koos Jansen, an analyst with Singapore bullion dealer Bullion Star. He has studied the Chinese gold market for years and recently came up with an estimate of total Chinese gold holdings: 19,500 metric tonnes, or 21,495 U.S. tons, at the end of January 2017.

    This post was published at The Epoch Times

  • Brexit Drains Swamp in London, Creatures Crawl to Luxembourg

    Tax planning for a post-Brexit world. In its report on the ‘world’s worst corporate tax havens’ last December, Oxfam rated Luxembourg in 7th place, behind Bermuda, Cayman Islands, the Netherlands, Switzerland, Singapore, and Ireland.
    But the ‘City of London,’ a largely autonomous square mile within London where the threads of global finance meet, was given a special mention: The number one ‘unexpected absence’ from the list of the top 15 worst tax heavens. Oxfam’s report put it this way:
    The UK’s City of London is at the centre of a web of Crown Dependencies and Overseas Territories, over which the UK wields both official and informal influence. The 14 Overseas Territories include the Cayman Islands, the British Virgin Islands and Bermuda, and Jersey is one of the UK’s three Crown Dependencies. As Jersey Finance, the official marketing arm of the Jersey offshore financial centre, puts it, ‘Jersey represents an extension of the City of London.’
    There were plenty of reasons for financial outfits of all kinds to settle in the City of London. But now that Brexit will likely throw a monkey wrench into unfettered access to the European Union for these firms, they need to head to the continent. And tax haven Luxembourg appears to be a big beneficiary in a post-Brexit world.

    This post was published at Wolf Street on Mar 13, 2017.

  • SEC Freezes Accounts Of “Highly Suspicious” Traders Who Made $3.6 Million On Fortress Takeover

    First, it was the leak of the massive Heinz-Unilever deal that may have scuttled the Warren Buffett-inspired transaction, now it appears that another recent megamerger was leaked 4 days ahead of the announcement. On Wednesday morning, the SEC froze brokerage accounts of several unnamed traders who made more than $3.6 million in profits by trading in the four days before the $3.3 billion takeover of Fortress Investment Group was announced by Japan’s SoftBank.
    According to the FT, the traders placed ‘highly suspicious’ orders for shares and contracts for difference, or CFDs, through Singapore-based Maybank Securities and a brokerage in London, R. J. O’Brien. Breaking the second cardinal rule of insider trading, i.e., never to buy stocks in bulk in the day ahead of the announcement (the first such rule is never to buy calls the before a deal is announced although the “insiders” did that too), all the trades through Maybank were made within a 24-hour period before the deal to buy the US-listed private equity firm was announced to the market; meanwhile trade through R. J. O’Brien took place between February 10 and 14, the day the deal was disclosed the SEC reported.
    ‘The timing, size and profitability of these trades are highly suspicious,’ the SEC said in a court filing asking for the freeze.
    As the FT adds, the SEC is seeking a judgment to force the traders to disgorge the profits and pay a penalty. SoftBank’s offer for Fortress was a 30 per cent premium over the private equity firm’s closing share price that day. Also, as the SEC further notes, it appears that the rookie traders decided to really bring attention on themselves by also breaking Cardinal rule #1: a burst of option buying ahead of the deal. Just like in the case of the Unilever deal, which saw a surge in call option volume for both Unilever and Kraft Heinz ahead of the announcement…

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