请选择 进入手机版 | 继续访问电脑版

tag 标签: its经管大学堂:名校名师名课

相关帖子

版块 作者 回复/查看 最后发表
欢迎您参加3月14日“金融高端论坛”第二期 中国人民大学汉青经济与金融高级研究院 很爱下雪天 2013-3-13 8 1945 悠悠仔 2023-2-28 09:47:51
关于上野猜想K 外文文献专区 kedemingshi 2022-3-8 0 336 kedemingshi 2022-3-8 19:33:00
motivic zeta函数及其最小极点 外文文献专区 mingdashike22 2022-3-8 0 228 mingdashike22 2022-3-8 12:44:50
[数学]Stochastic Limit Theory (Davidson) attachment 计量经济学与统计软件 stoneyqiqi 2013-5-5 8 4331 timnin 2022-2-17 03:53:13
Understanding Competitive Advantage The Importance of Strategic Congruence and I attach_img 运营管理(物流与供应链管理) Toyotomi 2013-1-27 2 1895 samzhang_bj 2020-1-8 13:21:00
悬赏 “Why Does the Law Matter? Investor Protection and its Effects on Investment - [!reward_solved!] attachment 求助成功区 leeloo_79 2013-2-25 4 1992 Enthuse 2014-8-4 09:35:22
德意志银行:2013年2月中国高速公路行业研究报告(免费) attachment 行业分析报告 bigfoot0518 2013-2-6 4 1676 zwrobert 2013-10-12 15:04:14
Macroeconomics,3e(Manfred gärtner) 中级宏观经济学教材 attach_img 宏观经济学 ansonlee 2013-5-3 4 3515 zhousi198828 2013-9-30 21:21:55
Challenging American Leadership Impact of National Quality on Risk of Losing Lea attach_img 运营管理(物流与供应链管理) Toyotomi 2013-1-23 1 1305 olderp 2013-9-18 08:10:57
Perspectives in Modern Project Scheduling attach_img 运营管理(物流与供应链管理) Toyotomi 2013-2-5 1 1382 olderp 2013-9-17 08:09:23
悬赏 求:Multiple Imputation and its Application - [悬赏 200 个论坛币] 悬赏大厅 帅到被追杀 2013-6-3 0 1053 帅到被追杀 2013-6-3 14:41:48
悬赏 A framework for understanding conservation development and its ecological implic - [!reward_solved!] attachment 求助成功区 naizui1527 2013-5-10 3 1196 naizui1527 2013-5-10 11:40:59
悬赏 功课问题不懂 求答案QQ - [!reward_solved!] 求助成功区 icqvan 2013-4-28 4 1413 icqvan 2013-4-30 00:30:53
capitalism and its economics attachment 马克思主义经济学 yingmutou 2013-4-20 1 715 yingmutou 2013-4-21 13:09:28
Three New Lessons of the Euro Crisis 真实世界经济学(含财经时事) gongtianyu 2013-4-11 1 1910 gongtianyu 2013-4-11 23:40:14
LV1 income taxes问题 急! 金融类 熊出没 2013-3-19 1 1183 ziqiangbuxi1988 2013-3-20 11:58:18
被选择的咨询公司,先前曾为John Larson 的欧洲调研付费,干预公正、独立性 CFA、CVA、FRM等金融考证论坛 森林阳光 2013-3-9 0 1033 森林阳光 2013-3-9 08:33:58
悬赏 Evolution of Dynamic Manufacturing Systems and its Corresponding Operations Prio - [悬赏 10 个论坛币] attachment 求助成功区 db0189 2013-3-7 1 866 shetianlang 2013-3-7 03:16:58
Lessons from the Fiscal Cliff 真实世界经济学(含财经时事) gongtianyu 2013-1-22 1 2069 gongtianyu 2013-1-22 01:01:21

相关日志

分享 Some Stock Markets Are More Equal Than Others: Global Performance Since 2009
insight 2013-5-10 16:58
Some Stock Markets Are More Equal Than Others: Global Performance Since 2009 Submitted by Tyler Durden on 07/28/2012 12:19 -0400 Back in March 2009, when the US financial system was imploding, one of market oddities was that European financial risk was far more muted than that of its American counterparts, with European stock markets trading, on a relative basis, far better than the epic collapse that the SP had just experienced having plunged by over 50% in months. It was this freefall that forced the Fed to take on the most daring capital markets rescue attempt ever attempted, and by injecting and guaranteeing tens of trillions at the nadir of the financial crisis, it spawned a doubling of the US stock markets (at a huge cost: US capital markets are now all centrally planned, and the price of gold: that inverse indicator of faith in fiat currencies, has also doubled in the past 4 years following an epic fiat dilution orgy). Over the same time period, Europe has demonstrated what happens to capital markets when there is no central planner willing and able to accept the risk of runaway inflation in the future (not to mention soaring deficits and deferred austerity) in exchange for instant stock market gratification right here, right now. End result: the French, Italian and Spanish stocks markets have barely budged since their 2009 lows (and Spain is well below). How does this look in the context of all global stock markets on a Price to Book ratio? The answer is below. The next logical question becomes: just why is the global investor willing to pay over 2 times book value for the average US stock, and unwilling to pay more than 0.8 Book for Italy and Spain. And how long until the realization that the rickety house of cards supporting the US stock market's 2.0+ P/B ratio is resting purely on the shoulders of a profligate Fed now that US corporations have once again resumed their downward "profitability" trajectory? 9490 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Bill Gross On Doo Doo Economics Things That Make You Go Hmmm - Such As The Spread Between Gold And Gold Miners Futures Tumble, Spreads At Record, Euro Drops On Another Awful Spanish Auction; More LCH Margin Hike Rumors "China Accounts For Nearly Half Of World's New Money Supply" A Record $2 Trillion In Deposits Over Loans - The Fed's Indirect Market Propping Pathway Exposed
个人分类: market|14 次阅读|0 个评论
分享 Chinese Gold Imports Soar To Monthly Record On Insatiable Demand
insight 2013-5-9 11:05
Chinese Gold Imports Soar To Monthly Record On Insatiable Demand Submitted by Tyler Durden on 05/08/2013 09:29 -0400 China Exchange Traded Fund Hong Kong Reuters In what must be an inexplicable move to momentum-chasers everywhere, as gold continued to decline in price in March, and long before its targeted smash in April, China was not backing off its gold purchases of the yellow product. Quite the contrary: as export data released by the Hong Kong Census and Statistics Department overnight showed, Chinese gold imports in March exploded to an all time record high of 223.5 tons. This follows 97.1 tons in February, and brings the total imports for the first quarter of 2013, or 372 tons, on par with what China imported in the entire first half. It also means that since January 2012, China has imported an absolutely stunning 1,206 tons of gold. Putting this number in context, this is 20% more than the entire reporter official gold holdings of 1054 tons, and represents roughly half of the total 2500 tons of gold mined every year (a number which is set to decline as gold miners find current prices unsustainable and are forced to shut down production). Comparison of Chinese gold imports: 2012 vs 2013: And sequential change in Chinese gold imports since January 2012 or when the gold fever in China was truly unleashed: The latest official Chinese holdings: And if March was a record month for China, we can't wait for April when prices plunged and when physical buyers, who unlike paper momentum chasers buy more then lower the price falls will see the recent take down as a buying opportunity (if they can find physical of course). From Reuters: Chinese gold imports are likely to swell further after more than doubling to an all time high in March as retail consumers pounced when prices plunged to a two-year low last month. "Physical demand picked up significantly over the last couple of weeks. Consumers and industrial users tend to see price drops as buying opportunities," Zhang Bingnan, secretary-general of the China Gold Association, told Reuters. "Investment demand should continue to stay strong through the rest of the year because of limited investment alternatives ," said Zhang, adding that gold sales and processing volumes both spiked in April. "April imports will be stronger than March," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. " The world was buying gold and China was no different at all ." And therein lies the rub: because if China fails to mask the ongoing soaring hot money inflows as reported earlier, and which amounted to over $180 billion in q1 as reported earlier , just watch as Chinese demand for physical goes truly off the charts. The rest of the story is well known but here it is from Reuters: In March, Shanghai gold futures fetched premiums of more than $30 to global prices, making it cheaper to buy the metal overseas. April could see imports swell further after the drop in international prices spurred frenzied buying in Asia, leading to a shortage of gold bars and coins in Singapore as well as Hong Kong, which is China's main source for gold imports. The drop in prices has prompted a gold rush in China, with Chinese shoppers flocking to retailers to buy jewellery and bars. A spokesman for Hong Kong jewellery chain Chow Tai Fook, the world's largest jewellery retailer by market value, told Reuters that traffic at its China stores jumped by 50 percent during the May Day holidays. The surge in Chinese travellers during the three-day May Day holiday also drove gold sales in Hong Kong to rise by an estimated 50 percent, with total gold sales from April 29-May 2 reaching some 40 tonnes, local media quoted Haywood Cheung, president of the Hong Kong Gold and Silver Exchange, as saying. The jump in Chinese physical demand also prompted some banks to ship in more supplies from London and Swiss vaults, traders said. What about New York vaults? And specifically the biggest gold vault in the world, located 90 feet below 1 Chase Manhattan Plaza? Or is there maybe a correlation between the record drawdown in JPM's commercial holdings and the record break out of Chinese gold fever? We hope to find out soon. As for the increasingly irrelevant spot price of gold paper derivatives, we can only hope "experts" like Paulson et al can continue their liquidation of gold ETF "holdings" for as long as possible: after all one can buy far more gold more when the price is lower, not higher. Average: 4.533335 Your rating: None Average: 4.5 ( 15 votes) Tweet - advertisements - Login or register to post comments 14548 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: LBMA Chairman Says Chinese Gold Allocation To Rise UK And US Data Shows Stagflation Threat Deepening - Asian Gold Demand Remains Very High Gold And Silver Reach New Record Nominal Highs – Little Coverage, Bearish And Superficial Analysis Overnight Recap: Japan's Nuclear Crisis Leads To 'Panic' - Nikkei Crashes 17% In 2 Days, Japanese Default Risk Rises to Record, Gold Down 1% in $ World Gold Council Releases Q4 And 2009 Gold Demand Trends Report
个人分类: gold|9 次阅读|0 个评论
分享 Chinese Gold Imports Soar To Monthly Record On Insatiable Demand
insight 2013-5-9 10:37
Chinese Gold Imports Soar To Monthly Record On Insatiable Demand Submitted by Tyler Durden on 05/08/2013 09:29 -0400 China Exchange Traded Fund Hong Kong Reuters In what must be an inexplicable move to momentum-chasers everywhere, as gold continued to decline in price in March, and long before its targeted smash in April, China was not backing off its gold purchases of the yellow product. Quite the contrary: as export data released by the Hong Kong Census and Statistics Department overnight showed, Chinese gold imports in March exploded to an all time record high of 223.5 tons. This follows 97.1 tons in February, and brings the total imports for the first quarter of 2013, or 372 tons, on par with what China imported in the entire first half. It also means that since January 2012, China has imported an absolutely stunning 1,206 tons of gold. Putting this number in context, this is 20% more than the entire reporter official gold holdings of 1054 tons, and represents roughly half of the total 2500 tons of gold mined every year (a number which is set to decline as gold miners find current prices unsustainable and are forced to shut down production). Comparison of Chinese gold imports: 2012 vs 2013: And sequential change in Chinese gold imports since January 2012 or when the gold fever in China was truly unleashed: The latest official Chinese holdings: And if March was a record month for China, we can't wait for April when prices plunged and when physical buyers, who unlike paper momentum chasers buy more then lower the price falls will see the recent take down as a buying opportunity (if they can find physical of course). From Reuters: Chinese gold imports are likely to swell further after more than doubling to an all time high in March as retail consumers pounced when prices plunged to a two-year low last month. "Physical demand picked up significantly over the last couple of weeks. Consumers and industrial users tend to see price drops as buying opportunities," Zhang Bingnan, secretary-general of the China Gold Association, told Reuters. "Investment demand should continue to stay strong through the rest of the year because of limited investment alternatives ," said Zhang, adding that gold sales and processing volumes both spiked in April. "April imports will be stronger than March," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. " The world was buying gold and China was no different at all ." And therein lies the rub: because if China fails to mask the ongoing soaring hot money inflows as reported earlier, and which amounted to over $180 billion in q1 as reported earlier , just watch as Chinese demand for physical goes truly off the charts. The rest of the story is well known but here it is from Reuters: In March, Shanghai gold futures fetched premiums of more than $30 to global prices, making it cheaper to buy the metal overseas. April could see imports swell further after the drop in international prices spurred frenzied buying in Asia, leading to a shortage of gold bars and coins in Singapore as well as Hong Kong, which is China's main source for gold imports. The drop in prices has prompted a gold rush in China, with Chinese shoppers flocking to retailers to buy jewellery and bars. A spokesman for Hong Kong jewellery chain Chow Tai Fook, the world's largest jewellery retailer by market value, told Reuters that traffic at its China stores jumped by 50 percent during the May Day holidays. The surge in Chinese travellers during the three-day May Day holiday also drove gold sales in Hong Kong to rise by an estimated 50 percent, with total gold sales from April 29-May 2 reaching some 40 tonnes, local media quoted Haywood Cheung, president of the Hong Kong Gold and Silver Exchange, as saying. The jump in Chinese physical demand also prompted some banks to ship in more supplies from London and Swiss vaults, traders said. What about New York vaults? And specifically the biggest gold vault in the world, located 90 feet below 1 Chase Manhattan Plaza? Or is there maybe a correlation between the record drawdown in JPM's commercial holdings and the record break out of Chinese gold fever? We hope to find out soon. As for the increasingly irrelevant spot price of gold paper derivatives, we can only hope "experts" like Paulson et al can continue their liquidation of gold ETF "holdings" for as long as possible: after all one can buy far more gold more when the price is lower, not higher. Average: 4.533335 Your rating: None Average: 4.5 ( 15 votes) Tweet - advertisements - The End of Obama? Could Obama's presidency be ruined by a single upcoming event? A widely read journalist in America thinks so. Login or register to post comments 14368 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: LBMA Chairman Says Chinese Gold Allocation To Rise UK And US Data Shows Stagflation Threat Deepening - Asian Gold Demand Remains Very High Gold And Silver Reach New Record Nominal Highs – Little Coverage, Bearish And Superficial Analysis Overnight Recap: Japan's Nuclear Crisis Leads To 'Panic' - Nikkei Crashes 17% In 2 Days, Japanese Default Risk Rises to Record, Gold Down 1% in $ World Gold Council Releases Q4 And 2009 Gold Demand Trends Report
个人分类: gold|8 次阅读|0 个评论
分享 Visualizing The Triumph Of Hope Over Reality
insight 2013-5-6 10:54
Visualizing The Triumph Of Hope Over Reality Submitted by Tyler Durden on 05/05/2013 21:05 -0400 Barclays Monetary Policy Reality Renaissance The Matrix The Federal Reserve's extreme monetary policy has done nothing but repress 'safe' assets to the point of making 'risky' assets relatively cheap. This is of course not the case were you to isolate each risky or safe asset and consider its value standalone. Choosing stocks over bonds because "well, what is the alternative?" is akin to the red-pill/blue-pill choice from The Matrix and the reflationary 'normal' that we are supposed to believe in is what 'apparently' justifies a 1.7x rise (12%!) in multiples since QE4EVA was announced. During that same period, consensus earnings expectations have plunged (merely pushed out one more year for the renaissance) and global trade and growth has collapsed. However, while we have shown many divergences from reality in the past, it is the manic/depressive difference between inflation expectations and stock valuations (implicitly supported by reflation) that is the clearest example of the short-term triumph of hope over reality . The plunge in consensus 2013 earnings since August is stunning (as is the resplendent rise in 2014 expectations)... just one more year.... but that didn't matter as P/E ratios surged... on the back of QE4EVA - though 'cyclically' we appear to be nearing the Central Banker limit for short-term impacts... But this time, the inflationary pull of rising P/E ratios simply does not fit with the deflationary 'pricing' the market assigns to forward inflation expectations... In fact, inflation expectations have now faded all the way back to QE3 levels - which can mean only one thing (for fear of the dreaded deflation)... moar QE... Charts: Barclays, Bloomberg
个人分类: market|14 次阅读|0 个评论
分享 As Goes China, So Goes The World And Definitely Australia
insight 2013-2-27 16:35
As Goes China, So Goes The World And Definitely Australia Submitted by Tyler Durden on 02/26/2013 18:11 -0500 Australia China Japan While China depends on only one nation for 15% or more of its exports (US 17.3%), Bloomberg's Michael McDonough notes that an incredible 35 nations depend of China for at least 15% of the exports; up from just 4 in 2001. Most are emerging markets or major commodity producers with the shift being driven by China's demand for raw materials, fueled by its investment-led growth model and the stimulus package following the global financial crisis. This gross dependence leaves the world's economy increasingly susceptible to shifts in the Chinese business cycle - most notably Australia which relies on China for a massive 30% of its export demand . This is almost double the next largest developed nation of Japan (which relies on China for 18.5% of its exports) though tensions between the two nations has led to an almost 10% decline in Chinese imports of Japanese goods since September . As we have noted, China has become a key source of FDI in Africa in recent years and 12 of the 20 most-China-dependent economies are from that continent; but as China attempts to transition from investment toward consumption, demand for commodities may slow and downside risk grows for these dependent commodity-producing nations . Charts: Bloomberg Briefs Average: 4.88889 Your rating: None Average: 4.9 ( 9 votes) Tweet Login or register to post comments 7738 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: China, Japan, And The US - Tying It All Together Guest Post: China, Inflation Gold: China Created Paper Money And Paper Money Then Created Inflation Goldman Downgrades China, Upgrades The Nikkei, As It Hikes Oil, And Other Non-Sequiturs Guest Post: China, Japan And The Senkaku Islands: The Roots Of Conflict Go Back To 1274 French Downgrade Comes And Goes As Europe Open Fills EURUSD Gap
个人分类: 中国经济|17 次阅读|0 个评论

京ICP备16021002-2号 京B2-20170662号 京公网安备 11010802022788号 论坛法律顾问:王进律师 知识产权保护声明   免责及隐私声明

GMT+8, 2024-3-29 13:10