Tag Archive: Germany

The Secret History Of The Banking Crisis

Accounts of the financial crisis leave out the story of the secretive deals between banks that kept the show on the road. How long can the system be propped up for? It is a decade since the first tremors of what would become the Great Financial Crisis began to convulse global markets. Across the world from China and South Korea, to Ukraine, Greece, Brexit Britain and Trump’s America it has shaken our economy, our society and latterly our politics.

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Industrial Production: Irreführende Statistiken

Germany’s Federal Statistical Office (DeStatis) reported today disappointing figures for Industrial Production. The seasonally-adjusted series fell in June 2017 month-over-month for the first time this year, last declining in December 2016. The index had been on a tear, rising nearly 5% in the first five months of this year.

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Global Stocks Rise On “Growth Optimism”, Ignore Political Turmoil; Dollar, Oil Creep Higher

S&P futures rose 0.1% on the last trading day of the month, trailing European and Asian markets boosted by China’s July Mfg. PMI, which despite declining from from 51.7 to 51.4, and missing expecations  of 51.5, saw the construction index rise to its highest level since December 13, sending Chinese iron ore futures surging and … Continue reading »

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FX Daily, July 24: Euro Recovers from Softer Flash PMI

The euro made a marginal new high in early Asia, but participants rightly drew cautious ahead of the flash eurozone PMI. The flash PMI was softer than expected, and although the composite fell to six monthly lows, it is more a reflection of how steady it has been at elevated levels.

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Unveiling the Silver in the LBMA London vaults

Sometime in the coming days, the London Bullion Market Association (LBMA) plans to begin reporting the amount of real physical gold and silver that is actually stored in the network of LBMA vaults in London. This follows an announcement made by the LBMA on 8 May.

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Key Events In The Coming Busy Week: Fed, BOJ, BOE, SNB, US Inflation And Retail Sales

After a tumultous week in the world of politics, with non-stop Trump drama in the US, a disastrous for Theresa May general election in the UK, and pro-establishment results in France and Italy, this is shaping up as another busy week ahead with multiple CB meetings, a full data calendar and even another important Eurogroup meeting for Greece.

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New Gold Pool at the BIS Switzerland: A Who’s Who of Central Bankers

A central bank Gold Pool which many people will be familiar with operated in the gold market between November 1961 and March 1968. That Gold Pool was known as the London Gold Pool.

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Negative Rates: The New Gold Rush… For Gold Vaults

Negative interest rates and the populist uprising that spurred the UK to vote for Brexit and Americans to elect Trump has helped reignite a rush into physical safe haven assets like gold and silver, which however has led to a shortage of safe venues where to store the precious metals (unlike bitcoin, gold actually has a physical dimension).

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The US and German Relationship

US and German relations may be strained, but this is not unprecedented. It has been fanned by Trump and Merkel's rhetoric. A European sphere of influence seems to have been the force pushing in that direction.

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What Happened Monday

No impact from the latest North Korean missile test. Polls suggest Tories still ahead for the June 8 election. Prospects of an Italian election this year weighed on Italian stocks and bonds.

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FX Daily, May 30: Mixed Dollar as Market Awaits Preliminary EMU CPI and US Jobs

With the backdrop of US interest rates unable to get much traction, despite the strong probability of another Fed rate hike in a couple of weeks, the third since last November election, the US dollar mixed today. The chief story today, though, is not the greenback but the euro. The euro is trading heavily for the fourth session.

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Merkel Sends Euro Higher

Markel said the euro was too weak, so it rallied. This is not a new position for Germany. Merkel may now tack to the left since the AfD appears to have been dispatched. Look for Weidmann to begin moderating views or becoming less antagonistic.

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Markozy, Merde, and now Meron

German Chancellor Merkel is one of the outstanding leaders of our era. She leads the world's fourth largest economy, which is still the locomotive for Europe. Recent state elections and polls leave little doubt that barring some kind of shock, she will be re-elected as Chancellor in September. It will be her fourth term.

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Sweden’s Gold Reserves: 10,000 gold bars (pet rocks) shrouded in Official Secrecy

In February 2017 while preparing for a presentation in Gothenburg about central bank gold, I emailed Sweden’s central bank, the Riksbank, enquiring whether the Riksbank physically audits Sweden’s gold and whether it would provide me with a gold bar weight list of Sweden’s gold reserves (gold bar holdings). The Swedish official gold reserves are significant and amount to 125.7 tonnes, making the Swedish nation the world’s 28th largest official gold...

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To The Asian ‘Dollar’, And Then What?

The Bretton Woods system was intentionally set up to funnel monetary convertibility through official channels. The primary characteristic of any true gold standard is that any person who wishes can change paper claims into hard money. It was as much true in any one country as between those bound by the same legal framework (property).

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The Global Burden

Bundesrepublik Deutscheland Finanzagentur GmbH (German Finance Agency) was created on September 19, 2000, in order to manage the German government’s short run liquidity needs. GFA took over the task after three separate agencies (Federal Ministry of Finance, Federal Securities Administration, and Deutsche Bundesbank) had previously shared responsibility for it.

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Euro Saves Germany, Slaughters the PIGS, & Feeds the BLICS

The change in nations Core populations (25-54yr/olds) have driven economic activity for the later half of the 20th century, first upward and now downward. The Core is the working population, the family forming population, the child bearing population, the first home buying, and the credit happy primary consumer. Even a small increase (or contraction) in their quantity drives economic activity magnitudes beyond what the numbers would indicate.

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German and Swiss Precious Metals Refiners join forces as Heraeus acquires Argor-Heraeus

German precious metals group Heraeus Precious Metals (HPM), part of the Heraeus industrial group, has just announced the full acquisition of Swiss precious metals refining group Argor-Heraeus. Heraeus is headquartered in Hanau, just outside Frankfurt. Argor-Heraeus is headquartered in Mendrisio in the Swiss Canton of Ticino, beside the Italian border.

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Credit Suisse Offices Raided In Multiple Tax Probes: Gold Bars, Paintings, Jewelry Seized

Credit Suisse has confirmed that the Swiss bank, some of its employees and hundreds of account holders are the subjects of a major tax evasion probe launched in UK, France, Australia, Germany and the Netherlands, setting back Swiss attempts to clean up its image as a haven for tax evaders.

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