The Mess That Greenspan Made - Part 4

Russia Continues to Buy Gold

While their total is likely dwarfed by what goes unreported in China, the Russian central bank was, by far, the biggest buyer of gold during the third quarter as shown below in the World Gold Council’s latest report on Gold Demand Trends.

I suppose if I were Vladimir Putin here in 2014, I’d be trading in U.S. dollars for gold too, particularly given the developments in Ukraine so far this year and after the metal’s price has fallen to such low levels in recent weeks.

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Thursday Morning Links

MUST READS
Welcome to the Cool War – Bloomberg
Ukraine fears return to ‘full-scale fighting’ – CBC
Ukraine Tensions Rise as More Sanctions Weighed – Businessweek
Putin stockpiles gold as Russia prepares for economic war – Telegraph
Government tells US drivers to get used to cheap gasoline – AP
Oil Tankers Stream Toward China as Price Drop Sparks Boom – Bloomberg
Spreading deflation across Asia threatens new debt crisis – Telegraph
The currency trading scam: How it worked – USA Today
Levine on Wall Street: All Sorts of FX Problems – Bloomberg
Bundesbank chief warns on perils of state bond buys – Reuters
Lew warns of European ‘lost decade’ – CNBC
China’s economy shows more signs of weakness – BBC

MARKETS/INVESTING
Stocks up as Japan data shows vitality – AP
Market’s rise slows as P-E ratio swells – USA Today
Nyaradi: Can the Dow hit 21,000? – USA Today
5 red flags raised by stock market’s record run – MarketWatch
Treasury Auction Demand at 15-Month Low on Fed Concern – Bloomberg
Gold edges above $1,160 per ounce as dollar softens – Reuters
“Paper Gold” and Its Effect on the Gold Price – Casey Research
Silver Miners Losing $3 For Every Ounce Of Production – SRSrocco Report
“Now Is A Good Time” To Buy Gold – Fidelity Investments – GoldCore

ECONOMY/WORLD/HOUSING/BANKING
How to fix the broken market for middle-class jobs – Fortune
Why Our Economic Dissatisfaction Will Not End Soon – Fox & Hounds
What the eurozone needs to get economy going again – AP
China Slowdown Deepens as Leaders Said to Mull Cutting Target – Bloomberg
The haunting poetry of a Chinese factory worker who committed suicide – FP
UK Housing market dip only temporary, says Rics – BBC
Foreclosures spike as banks ramp up repossessions – CNBC
Southland housing market mellows as sales fall, price growth slows – LA Times
Fed’s Dudley: expectations for mid-2015 rate lift-off reasonable – Reuters
May Be Time for Fed to Retire ‘Considerable Time’ Phrase – Bloomberg
Stock bubble? Don’t blame the Fed’s bond-buying program. -Washington Post

 

Landing on a Duck-Shaped Comet

Via this item at Vox comes the video below from the ESA (European Space Agency) that details what will be happening over the next few hours in a galaxy far, far away (no, not really on the Star Wars reference but, in human terms, it’s pretty far away).

This amazing feat can be followed at the ESA’s website and via the live stream available here.

Wednesday Morning Links

MUST READS
Who cares about the dollar? You do – USA Today
Regulators fine global banks $3.4B in forex probe – Reuters
U.S. Shale Boom Masks Threats to World Oil Supply, IEA Says – Bloomberg
Saudi Arabia Aims at US Fracking Industry, Hits Its Own Foot – Wolf Street
Keynes Mutiny: What Abe’s Tax Delay Would Mean for Japan – WSJ
ISIS wants to introduce its own gold and silver currency – Daily Mail
Jonathan Gruber says he regrets remarks on voters’ ‘stupidity’ – Boston Herald
Jonathan Gruber’s Efforts to Deceive the American People – National Review
Why America Voted Against Obama’s Economy – Fiscal Times
How Wall Street is wooing Millennials – CNN/Money
Inequality, student debt and millennials – The Hill
Ferguson Braces for a Reprise – The Atlantic

MARKETS/INVESTING
Stock Futures Decline, S&P 500, Dow at Records – Bloomberg
Stock buybacks are expected to jump 18% in 2015 – CNBC
Investment advisers often make Kaelin Clay’s mistake – MarketWatch
10 Reasons Why The Bears Will Need To Wait – Yahoo! Finance
Long-Term Treasuries Are Best Performers in 2014 – Bloomberg
Gold steadies but investors wary as dollar firms – Reuters
Gold miners’ reserves pricing assumes big rally ahead – Mining.com
Gold, oil will be in the dumps for another decade – MarketWatch
Why Is Gold Losing Its Luster? – Dr. Ed’s Blog

ECONOMY/WORLD/HOUSING/BANKING
There’s More to QE Than Krugman Thinks – Bloomberg
Dr. Copper Points to Stronger Growth Than Oil’s Plunge Suggests – Bloomberg
The Effect of Hedonic Quality Adjustments on the CPI – Consumer Price Illusion
The Bank of England says inflation will fall below 1pc – Telegraph
Hong Kong to lift daily yuan conversion limit – Channel News Asia
U.S., China Agree to New Cuts to Combat Climate Change – Bloomberg
How plunging oil prices have raided Ottawa’s coffers – Financial Post
Why rich people are splurging on million-dollar homes again – Washington Post
Printing money to fund deficit is the fastest way to raise rates – FT
Fed’s Plosser: Raise Rates Soon or Risk Falling Behind the Curve – WSJ
Liberals and conservatives blast the Fed – CNN/Money

 
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