Tag Archives: Finance

The sad saga of Navinder Sarao, who on April 20, 2015 became the scapegoat for the May 2010 flash crash and was sentenced to up to 360 years in prison - he will find out later this year the actual length of his prison sentence - got its latest twist today thanks to a fascinating report how in addition to having lost his freedom, Nav also lost all of trading fortune, some $50 million of it. As Bloomberg's Liam Vaughn recounts, "it took Navinder Singh Sarao a long time to accept that he might...

Switzerland’s Gold Exports To China Surge To 158 Tonnes In December Switzerland’s gold bullion exports to China saw a huge jump in December, climbing to 158 tons versus a much lower 30.6 tons in November –  a jump of 416%. According to Eddie van der Walt as reported on the Bloomberg terminal this morning, total Swiss gold exports surged to 287.6 tons in December (valued at CHF 10.8b) according to data on the website of...

Regular readers remember how, when we first reported around the time of our launch eight years ago that central banks buy stocks, intervene and prop up markets, and generally manipulate equities in order to maintain confidence in a collapsing system, and avoid a liquidation panic and bank runs, it was branded “fake news” by the established financial “kommentariat.” What a difference eight years makes, because today none...

For the third time in four weeks, the market was closed on Monday due to a holiday. Not only is this week shortened by a holiday,  it is also coinciding with the annual Billionaire’s convention in Davos, Switzerland and the Presidential inauguration on Friday. Increased volatility over the next couple of days will certainly not be surprising. In this past weekend’s missive, I discussed a variety of “extremes” being...

Bloomberg’s Anne Swardson, Zoe Schneeweiss, and Andre Tartar perfectly summed up the state of play right now during their discussion of the World Economic Forum’s annual get-together: “Never before has the gap between Davos Man and the real world yawned so widely.” As the world’s top executives, financiers, academics, and politicians make their way to Switzerland, Trump – who won’t have an official representative there...

By Smaul gld The CIA recently released a series of declassified 1970s memos relating to the gold market and the newly created SDR. These memos give new insight how the CIA viewed the gold market, the perceived manipulation of gold and the potential for the SDR to become a gold substitute in the international monetary system. The classification of the documents is significant because “secret” is the CIA’s second-highest...

By Smaul gld The CIA recently released a series of declassified 1970s memos relating to the gold market and the newly created SDR. These memos give new insight how the CIA viewed the gold market, the perceived manipulation of gold and the potential for the SDR to become a gold substitute in the international monetary system. The classification of the documents is significant because "secret" is the CIA’s second-highest classification. The CIA notes unauthorized disclosure of secret...

Just when it seemed that no more lawsuits are possible for Germany's largest lender, which over the past two years has settled or otherwise paid billions to set aside a barrage of allegations of wrongdoing leading to the bank's suspension of bonuses for most senior bankers, today we learn that Deutsche Bank was sued by a Jewish charitable trust in Florida, alleging that the bank wrongly withheld as much as $3 billion from the heirs to a wealthy German family. According to Bloomberg, the...

IMF Managing Director Christine Lagarde, Italian Finance Minister Pier Carlo Padoan and Founder, Chairman and Co-CIO of Bridgewater Associates, Ray Dalio - Click to enlarge As we scoffed oveernight, who better than a handful of semi, and not so semi, billionaires – perplexed by the populist backlash of the past year – to sit down and discuss among each other how a “squeezed and Angry” middle-class should be fixed. And...

Prince, RIP, owned gold bars worth just over $800,000 according to the statement filed in a Minnesota court last Friday. At the time of his death, Prince had taken delivery of and had in his possession 67 gold bars, 10 ounce gold bars, valued at $836,166.70. That’s according to an asset inventory compiled by Bremer Trust released by the Carver County District Court, as first reported by the Minneapolis Star Tribune....