On Wednesday Finland gave in to public pressure and revealed where she stores her gold reserves. The statement followed a press release by the Bank of Sweden on similar lines released on Monday. The totals (in tonnes) for these two Scandinavian countries are as follows: Location Sweden Finland Bank of England 61.4 25.0 Swedish Riksbank 15.1 9.8 New York Fed 13.2 8.8 Swiss National Bank 2.8 3.4 Bank of Finland - 2.0 Bank of Canada 33.2 - Total 125.7 49.0 So far, so good. But then the Head of Communications for the Bank of Finland added some more information in Finnish in a blog run on the Bank's website . It is not available in English, so I asked her for a translation, but I am still waiting. Instead, a Finnish reader of my own blog and a Finnish journalist who has been following this topic have independently given me an English translation of a highly relevant and interesting paragraph, three from the end. This is the journalist's: "Maximum half of the gold has been within investment activity over the years. Gold has been invested among other things in deposits similar to money market deposits and using gold interest rate swaps. Gold investment activity is common for central banks. The risks associated with gold investments are controlled using limits, investment diversification and limitations concerning duration." And my reader's translation: "Throughout these years no more than half of the gold has been invested. Gold has been invested in for example deposits similar to money market deposits and gold interest rate swap agreements. Gold investment activities are common for central banks. Risks related to gold investments are controlled with limits, decentralising investments and limits regarding run times." Half Finland's gold is stored at the Bank of England, and "no more than half" is "invested". If any "investment" is to take place it would be in London. It is not immediately clear what is meant by invested, but presumably this is a result of translation of what has happened from English into Finnish plus explanation for a non-specialist readership. However if it has been invested, then by definition it is no longer in the possession of the Bank of Finland, and will most probably have been sold into the market in return for a promise to redeliver at a later date. This follows the Austrian National Bank's admission to a parliamentary committee a year ago that it had earned EUR300m by leasing its gold through London. The evidence is mounting that Western central banks through the Bank of England have been feeding monetary gold into the market through leasing operations. Indeed, the Finnish blog says as much: "Gold investment activities are common for central banks". This explains in part how the voracious appetite for gold by China, India and South-East Asia is being satisfied, without the gold price rising to reflect this demand. It is also consistent with my disclosure earlier this year of the discrepancy of up to 1,300 tonnes between the gold in custody as recorded in the Bank of England's Annual Report, dated 28th February 2013 and the amount recorded on the virtual tour on the Bank's website the following June. Average: 4.857145 Your rating: None Average: 4.9 ( 35 votes) !-- - 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 23256 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Guest Post: Physical Gold Vs Paper Gold: Waiting For The Dam To Break Guest Post: Is Gold Still The Answer For Investors? Guest Post: Welcome To The Currency Wars Guest Post: The Post-2009 Northern Western European Housing Bubble Guest Post: Gold Swap Signals the Roadmap Ahead
March Durable Goods Implode, Plunge -5.7%; CapEx Recovery Put On Indefinite Hiatus Submitted by Tyler Durden on 04/24/2013 08:47 -0400 Gross Domestic Product Reality recovery So much for the great American CapEx recovery. Moments ago the Census department released the March Durable Goods report, thanks to which one can lay to rest any hope of a recovery in the US economy, with the headline number printing an absolutely abysmal -5.7%, an epic swing from the +5.7% (revised lower of course to 4.3%) in February, and confirming the recovery is dead and buried. This was the biggest miss in headline data and the biggest drop since August, and the second worst since January 2009. Although we are confident the propaganda spin is just waiting to be unleashed: after all it is possible that March weather was both too hot and too cold, thereby making the number completely irrelevant - after all it is always the inclement weather's fault when the economy does not act as predicted by some economist's DSGE model of reality and stuff. This headline number was obviously a huge miss to expectations of -3%, with the misses spreading to all sub headline categories too: Durables ex-transportation was down -1.4%, on expectations of a 0.5% rise, (previous revised from -0.5% to -1.7%). And so much for CapEx with Cap Goods nondefense ex aircraft up just 0.2% (0.3% exp) with the previous revised from -2.7% to -4.8%, while the nondefense orders shipped ex air missed expectations of a 0.8% rise, printing at 0.3%, and the February data revised from 1.9% to 1.2%. In brief, horrifying economic data however one looks at it, and proof that the great CapEx recovery never existed to begin with. So much for 3% Q1 GDP, which is about to be revised by everyone lower across the board. Finally, if this economic collapse validation doesn't send the SP limit up, nothing will. The only two charts needed to show what is really going on in terms of capex and generally spending on core capex: Orders: Shipments:
Here Is How The World's Biggest Bond Funds (And Others, Just Not You) Get Advance Notice Of What The Fed Is About To Do Submitted by Tyler Durden on 09/30/2010 14:10 -0400 Bill Gross Bond Borrowing Costs Federal Reserve Gross Domestic Product Hyperinflation Monetary Policy PIMCO Reuters Total Return Fund Reuters has just released a stunning special report detailing how the Fed leaks all important, non-public, and ever so material, information to private parties. From the report : On August 19, just nine days after the U.S. central bank surprised financial markets by deciding to buy more bonds to support a flagging economy, former Fed governor Larry Meyer sent a note to clients of his consulting firm with a breakdown of the policy-setting meeting. The minutes from that same gathering of the powerful Federal Open Market Committee, or FOMC, are made available to the public -- but only after a three-week lag. So Meyer's clients were provided with a glimpse into what the Fed was thinking well ahead of other investors. His note cited the views of "most members" and "many members" as he detailed increasingly sharp divisions among the officials who determine the nation's monetary policy. The inside scoop, which explained how rising mortgage prepayments had prompted renewed central bank action, was simply too detailed to have come from anywhere but the Fed. A respected economist, Meyer charges clients around $75,000 for his product, which includes a popular forecasting service. He frequently shares his research with reporters, though he kept this note out of the public eye. Reuters obtained a copy from a market source. Meyer declined to comment for this story, as did the Federal Reserve. By necessity, the Fed spends a considerable amount of time talking to investment managers, bank economists and market strategists. Doing so helps it gather intelligence about the market and the economy that is invaluable in informing the bank's decisions on borrowing costs and lending programs. But a Reuters investigation has found that the information flow sometimes goes both ways as Fed officials let their guard down with former colleagues and other close private sector contacts. Frankly, we stopped right there, very much disgusted that we have been proven correct yet again when we asked rhetorically if " Bill Gross just confirmed on live TV that he has an "advance look" at non-public fed data ?". Now we know how it is that Bill Gross knew all too well that the Fed would lower its GDP expectations to 2% three weeks ahead of the minutes release. It also explains why PIMCO is ever so precise in going on margin in purchasing either bonds or MBS. **** it. This is beyond disgusting, but that is to what this bull***** country has devolved: leaking the most important decisions made on "behalf of the middle class" so that a few multi-billionaires can make a few extra soon to be worthless dollars. We will indicate if and when Pimco goes on margin next when the Total Return Fund posts its holding distribution next in mid October, telegraphing what the Fed has told it about the November FOMC meeting, but frankly at this point it is irrelevant. It is now obvious that the Fed realizes all too well that all is lost and just feeding its wealthy clients (that's right, these people are the Fed's CLIENTS ) the last remaining scraps before it pulls the hyperinflation switch. 26640 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Watch As David Einhorn Makes A Mockery Of One-Man Fed "Expert Network" Larry Meyer Further QE3 Composition Hints As PIMCO Raises MBS Holdings To One And A Half Year High Hoenig Says Fed Should Raise Rate To 1% By End Of Summer PIMCO Treasury Holdings Plunge To Two Year Low, Cash Holdings Surge, Total Return Fund AUM At Lowest Since June 2010 Did Bill Gross Just Confirm On Live TV He Has An "Advance Look" At Non-Public Fed Data?
More Evidence: The American Dream is in Trouble Posted on September 6, 2011 by Michael Morrison The Pew Charitable Trusts released a new report this morning, Downward Mobility from the Middle Class: Waking up from the American Dream, reveals troubling indicators associated with economic mobility. The major findings include: A middle-class upbringing does not guarantee the same status over the course of a lifetime. Marital status, education, test scores and drug use have a strong influence on whether a middle-class child loses economic ground as an adult. Race is a factor in who falls out of the middle class, but only for men. Differences in average test scores are the most important observable factor (of those considered in this report) that accounts for the large downward mobility gap between black men and white men. There is a gender gap in downward mobility from the middle , but it is driven entirely by a disparity between white men and white women. Drilling down into the report we find more specific information, which I quote liberally: A third of Americans raised in the middle class—defined here as those between the 30th and 70th percentiles of the income distribution—fall out of the middle as adults. Marital status, education, test scores and drug use have a strong influence on whether a middle-class child loses economic ground as an adult. Compared with married women, women who are divorced, widowed or separated are between 31 and 36 percentage points more likely to fall down the economic ladder. In turn, never-married women are 16 to 19 percentage points more likely to be downwardly mobile than married women. Men who are divorced, widowed or separated are 13 percentage points more likely to drop out of the middle class than are married men, and men who have never married are 6 to 10 percentage points more likely to fall than married men. Men and women raised in middle-class homes are generally more likely to fall out of the middle if they do not obtain education beyond high school. Race is a factor in who falls out of the middle class, but only for men. There is a gender gap in downward mobility from the middle, but it is driven entirely by a disparity between white men and white women. Only among whites are women more downwardly mobile than men: Thirty percent of white women fall out of the middle class, compared with 21 percent of white men. Black women experience less downward mobility than black men, and Hispanic men and women have nearly identical chances of falling from the middle. Differences in average test scores are the most important observable racial difference in accounting for the large downward mobility gap between black men and white men, but none of the factors examined in the report sheds light on the gap between white men and white women. The full report, Downward Mobility from the Middle Class: Waking up from the American Dream , can be found by clicking on the link. Other posts directly dealing with the American Dream can be found here and here .
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