• Tag Archives Singapore
  • Global Stocks Rise Amid Unexpected ECB “Trial Balloon”; Dollar Flat Ahead Of Fed Minutes

    European markets continued their risk-on mood in early trading for the third day, rising to the highest in over a week and rallying from the open led by mining stocks as industrial metals spike higher after zinc forwards hit highest level since 2007, lifting copper and nickel. The EUR sold off sharply, boosting local bond and risk prices after the previously discussed Reuters “trial balloon” report that Draghi’s speech at Jackson Hole would not announce the start of the ECB’s taper. The EURUSD has found support at yesterdays session low. Bunds have rallied in tandem before gilts drag core fixed income markets lower after U. K. wages data surprises to the upside. Early EUR/JPY push higher through 130.00 supports USD/JPY to come within range of 111.00.
    In Asia, Japan’s JGB curve was mildly steeper after the BOJ continued to reduce its purchases of 5-to-10-yr JGBs; the move was consistent with the BOJ’s desire to cut back whenever markets stabilize, according to Takenobu Nakashima, strategist at Nomura Securities Co. in Tokyo. The yen is little changed after rising just shy of 111 overnight. The S. Korean Kospi is back from holiday with gains; The PBOC weakened daily yuan fixing; injects a net 180 billion yuan with reverse repos; the Hang Seng index rose 0.9%, while the Shanghai Composite closed -0.2% lower. Dalian iron ore declines one percent. Japan’s Topix index closed little changed. South Korea’s Kospi index rose 0.6 percent, reopening after a holiday. The Hang Seng Index added 0.8 percent in Hong Kong, while the Shanghai Composite Index fell 0.2 percent. Australia’s S&P/ASX 200 Index advanced 0.5 percent. Singapore’s Straits Times Index was Asia’s worst performer on Wednesday, falling as much as 1.1 percent, as banks and interest-rate sensitive stocks dropped.
    The Stoxx Europe 600 Index rose 0.7%, the highest in a week. The MSCI All-Country World Index increased 0.3%. The U. K.’s FTSE 100 Index gained 0.6%. Germany’s DAX Index jumped 0.8% to the highest in more than a week. Futures on the S&P 500 Index climbed 0.2% to the highest in a week. Global markets are finally settling down after a tumultuous few days spurred by heightened tensions between the U. S. and North Korea. Miners and construction companies led the way as every sector of the Stoxx Europe 600 advanced as core bonds across the region declined. Crude gained for the first time in three days after industry data was said to show U. S. inventories tumbled 9.2 million barrels last week.

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


  • June Swiss gold exports: 90% moving east — Lawrie Williams

    The latest figures for gold exports from Switzerland just further emphasise that physical gold is continuing to move eastwards in a big way. The country’s gold refineries sent 74% of their gold exports to Greater China (the Chinese mainland and Hong Kong) and India alone, while if we add in other south and east Asian nations – Malaysia, Singapore, Taiwan, Thailand and South Korea – and the Middle East – Turkey, the UAE, Lebanon and Jordan – fully 90% of Swiss gold exports that month moved to this region.
    Why is this so significant? Switzerland produces no gold of its own, but its gold refineries between them are the world’s largest gold exporters taking gold bullion and scrap from mines and other sources, including good delivery 400 ounce bars, and re-refining these into the smaller sizes in demand in Asia and the Middle East and re-exporting the bullion mostly to these eastern nations.
    The latest Swiss figures also support the anecdotal evidence of extremely tight supply, with the Swiss refineries struggling to source enough gold to meet the eastern demand. In June, Switzerland exported in total 162.1 tonnes of gold while only importing 124.9 tonnes – a shortfall of 37.2 tonnes. This is the second month in a row where Swiss gold exports were substantially larger than imports – the figure for May was around 39 tonnes.

    This post was published at Sharps Pixley


  • CME Stays Silent on Cause of COMEX Silver Price Glitch

    Silver futures prices on the COMEX futures trading platform briefly plummeted at approximately 7:06am Singapore time yesterday, with the price for the front month (most active) September silver contract falling from a US$16.06 quote down to a low of US$14.34 all within a 1 minute interval. The futures price then recovered nearly all of its losses in the subsequent 2-3 minute period. High to low, this COMEX silver futures contract saw its price fall by just over 10.7%, before rebounding nearly 11%.
    During this time when the COMEX price crashed, there was nothing fundamentally happening in the wider financial markets, or indeed in the physical silver market, to justify these price gyrations in COMEX silver futures prices. Which all goes to show that the COMEX ‘paper’ futures silver prices is completely detached from the physical silver market, and that COMEX silver futures prices have no anchoring in the real silver market.
    This price movement in the September 2017 silver futures contract (contract code SIU7 aka SIU17) can be seen in the below 1-minute tick candlestick chart from CME. Times in the chart are New York Time (NYT), which is 12 hours behind Singapore.

    This post was published at Bullion Star on 7 Jul 2017.


  • What Really Happened When Gold Crashed, Monday June 26?

    Let’s establish three facts up front. One, the volume of contracts traded was not ‘millions’ (as at least one conspiracy theorist is claiming). During the 1-minute window when the price of gold dropped from $1,254.10 to a low of $1,236.50 and recovered to $1,247, 18,031 August gold contracts traded. There was negligible volume in the October and December contracts.
    Two, the Earth is round. This did not occur while ‘everyone’ was sleeping (as at least one conspiracy theorist asserted). It happened when Europe was open and the UK had come online, at 9:01am British Summer Time (BST). China and Singapore were also open for business at that time.
    Three, there was no single large futures trade that ‘smashed’ the price, but a large number of smaller trades, with the largest trade being 296 contracts (close to 1 ton or $36 million). The chart below shows milliseconds (1/1000th of a second) from 9:01:00 to 9:01:30 – 30 seconds.

    This post was published at GoldSeek on Monday, 3 July 2017.


  • Dollar, Bond “Carnage” Pauses; Global Stocks Rebound Led By Tech Shares

    S&P futures rebounded shortly after the stronger than expected European CPI print, rising 0.3% to 2,426, as markets try to forget all about yesterday’s brief 50% VIX surge and tech rout, which trimmed the seventh consecutive quarterly gain for the S&P 500 Index to 2.4%. Europe shares rose 0.4%, led by tech stocks, after a drop in Asian markets, as oil and the dollar gained.
    The action this week however, yesterday’s equity fireworks notwithstanding, has been in dollar and bonds, where as Bloomberg says this morning, the “carnage has paused for a breather” with Treasuries steady after yields across the globe rose this week as central bankers shifted toward a more hawkish tone while the dollar gained against most G10 peers, paring its worst weekly loss in six.
    Putting the dollar’s quarterly performance in context, it is down -4.8% in Q2, its worst quarterly performance since 2010. Market skepticism remains over the Fed’s dots and tightening intentions, the recent 22 bps of curve flattening, and what the ECB may do next. “Obviously there’s a shift afoot. It really seems that there’s some coordinated effort going on out here among the G10 central banks,” said Stephen Innes, head of trading in Asia-Pacific for OANDA in Singapore, referring to the series of hawkish-sounding comments on monetary policy.

    This post was published at Zero Hedge on Jun 30, 2017.


  • 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

    Strengths
    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.