Is This Why Gold Is Spiking Submitted by Tyler Durden on 08/14/2013 10:56 -0400 That JPMorgan has been scrambling day after day in the past week to meet gold delivery requests directed to its vault located deep under 1 CMP is no secret, at least not to our frequent readers. This peaked on Monday when, courtesy of a color-coded Comex scheme, we showed how panicked the lateral moves between various Comex gold vaults had become to preserve the illusion of physical availability. However, as yesterday's Comex report showed , instead of tapering, JPM was just slammed with yet another 70K delivery (registered to eligible warrant detachment), which will likely appear on either today's or tomorrow's settlement. And since the other gold vaults appear to have no more freely transferrable gold to hand over to JPM as everyone is now scrutinizing their every move under a microscope, JPM may no longer have the option of ignoring the mess its vault is in. Which means it has one option: to start buying the metal in the open market. And sure enough, breaking from the "standard" of the past 8 months, in which JPM was drowning in Issues, for both House and Customer accounts, the firm's House accounts just saw the largest Stop (i.e. taking delivery) since December of 2012, amounting to over 210K oz. Has JPM, flooded with demands for physical, finally thrown in the towel, and seeing that the deluge in delivery requests is "untapering", had no choice but to turn to the one place it has left to replenish its stocks: the market? Still, here is the big picture - until the 2103 August Stop, the balance for JPM House accounts was: Issues: 15,293 Stops: 636 And Clients: Issues: 17,458 Stops: 1,444 In other words, there is a ways to go. Source: CME Average: 4.78125 Your rating: None Average: 4.8 ( 32 votes) !-- -- Tweet !-- - advertisements - .AR_2 .ob_empty {display: none;} .AR_2 .rec-link {color: #565656;text-decoration: none;font-size: 12px;} .AR_2 .rec-link:hover {color: #565656;text-decoration: underline;font-size: 12px;} .AR_2 {float: left;width:50%} .AR_2 li {list-style: none outside none !important;font-size: 10px;padding-bottom: 10px;line-height: 13px;margin:0;} .AR_2 .ob_org_header {color: #000000;text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} .AR_3 .rec-link {color: #565656;text-decoration: none;font-size: 12px;} .AR_3 .rec-link:hover {color: #565656;text-decoration: underline;font-size: 12px;} .AR_3 .rec-src-link {font-size: 12px;} .AR_3 li {padding-bottom: 10px;list-style: none outside none !important;font-size: 10px;line-height: 13px;margin:0;} .AR_3 .ob_dual_left, .AR_3 .ob_dual_right {float: left;padding-bottom: 0;padding-left: 2%;padding-top: 0;} .AR_3 .ob_org_header {color: #000000; text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} .AR_3 .ob_ads_header {color: #000000; text-decoration:bold; margin-left: 0px; font-size:14px;line-height:35px;} -- - advertisements - Login or register to post comments 30814 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Goldman's Head Gold Trader On The Recoupling Between Gold (Which Is Up 14% YTD) And Money, And Why This Is 2008 All Over Again Is This Why Gold Is Outperforming? Is This Why Gold Is Selling Off? Is This Why Gold Dumped And Stocks Pumped Today? Is This Why Gold (And Europe) Is Underperforming US Stocks (For Now)?
http://www.huffingtonpost.com/robert-reich/the-selling-of-american-d_b_1671479.html Who's buying our democracy? Wall Street financiers, the Koch brothers, and casino magnates Sheldon Adelson and Steve Wynn. And they're doing much of it in secret. It's a perfect storm: The greatest concentration of wealth in more than a century -- courtesy "trickle-down" economics, Reagan and Bush tax cuts, and the demise of organized labor. Combined with... Unlimited political contributions -- courtesy of Republican-appointed Justices Roberts, Scalia, Alito, Thomas, and Kennedy, in one of the dumbest decisions in Supreme Court history, Citizens United vs. Federal Election Commission , along with lower-court rulings that have expanded it. Combined with... Complete secrecy about who's contributing how much to whom -- courtesy of a loophole in the tax laws that allows so-called non-profit "social welfare" organizations to accept the unlimited contributions for hard-hitting political ads. Put them all together and our democracy is being sold down the drain. With a more equitable and traditional distribution of wealth, far more Americans would have a fair chance of influencing politics. As the great jurist Louis Brandeis once said, "we can have a democracy or we can have great wealth in the hands of a comparative few, but we cannot have both." Alternatively, inequality wouldn't be as much of a problem if we had strict laws limiting political spending or, at the very least, disclosing who was contributing what. But we have an almost unprecedented concentration of wealth and unlimited political spending and secrecy. I'm not letting Democrats off the hook. Democratic candidates are still too dependent on Wall Street casino moguls and real casino magnates (Steve Wynn has been a major contributor to Harry Reid, for example). George Soros and a few others have poured big bucks into Democratic coffers. So have a handful of trade unions. But don't be fooled. Compared to what the GOP is doing this year Democrats are conducting high-school bake sales. The mega-selling of American democracy is a Republican invention, and Romney and the GOP are its major beneficiaries. And the losers aren't just Democrats. They're the American people. You need to make a ruckus. Don't fall into the seductive trap of cynicism. That's what the sellers of American democracy are counting on. If you give up on our system of government, they win everything. This coming Monday, for example, the Senate has scheduled a cloture vote on the DISCLOSE ACT, which would at least require that outfits like the Chamber of Commerce and Karl Rove's "Crossroads GPS" disclose who's contributing what. Contact your senators, and have your friends and relatives in other states -- especially those with Republican senators (who have been united in their opposition to disclosure) -- to contact theirs. If the DISCLOSE ACT is voted down, hold accountable those senators (and, when and if it gets to the House, those House members) who are selling out our democracy for the sake of their own personal ambitions.
The $3,200,000,000,000 Question: Why Housing Has Much More To Drop Before It Bottoms Submitted by Tyler Durden on 08/31/2012 09:44 -0400 Credit Conditions Great Depression Home Equity LTRO recovery It is no secret that having failed repeatedly at the trickle down aspect of QE1, QE2, Op Twist 1, Op Twist 2 (and implicitly LTRO 1 and LTRO 2) as it pertains to the man in the street (if not the man in Wall Street, who was subject to 1-2 years of subpar bonuses which have since regained their upward trendline), the last effort the central planners of the world, and the administration, have is to furiously do everything in their power to reflate housing one more time, following what is already a triple dip in home prices ever since the December 2007 start of the Second Great Depression. Which is why month after month we get seasonally fudged, conflicted and outright manipulated data from various sources how housing has bottomed, for real this time, and things are finally looking up. Remember: with any con game, the key word is confidence, and the US consumers need to regain their confidence. Sadly, as the following very simple chart and accompanying explanation, the answer to the housing question is only one: there will be no housing recovery until much more debt is eliminated. $3.2 trillion to be precise. Everything else is merely fits and spurts of upward action predicated by easy money hitting the market either directly, or via the "REO-to-Rental" stimulus program du jour, which lasts for a few months then promptly evaporates. The chart in question: And what it means: The standard wealth effect does not account for the role of credit availability, which can amplify the effect. When home prices are increasing and credit conditions are easy, households can more easily realize the appreciation in wealth. We saw this phenomenon during the boom when easy credit conditions allowed homeowners to use their homes as “ATMs.” The reverse is true as well; if credit conditions are tight while home prices are falling, households are stuck in their home and are forced to accept the decline in wealth. In addition, once home prices start to turn higher in an environment of tight credit, the ability to realize that appreciation is limited. This is the case today. Home equity lines of credit and cash-out refinancing has been minimal, even for those borrowers who are already in positive equity. This reflects the slow deleveraging process. Housing assets plunged 29% from the peak in mid-2006, but mortgage debt only edged down 8% from its peak in mid-2008. This has left the aggregate loan-to-value ratio at 60%. Prior to the crisis, the loan-to-value ratio averaged 40% (Chart 2). To restore a normal loan-to-value at the current level of housing wealth, households would need to pay down their mortgage debt by US$3.2tn. That's $3,200,000,000,000 in excess debt before true price clearing can commence. That's also more in debt than QE1 and QE2 combined have monetized so far. Good luck. Average: 4.70588 Your rating: None Average: 4.7 ( 17 votes) Tweet Login or register to post comments 8172 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: The twin lost decades in housing and stocks What Housing Recovery? Existing Home Sales Miss By Most In 2 Years LTRO Stigma Becomes Acute Days Ahead Of Second Operation The resurgence of the low down payment market Three Reasons Why The Housing Recovery Dream Is Overdone
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