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Gold EFPs: Absolute Proof That Paper Gold Is A Fraud

Authored by Stewart Dougherty via InvestmentResearchDynamics.com, IRD’s Note:  In the past year, there has been a noticeably substantial  increase in the use of the obscurely defined EFPs (Exchange for Physicals) and PNTs (Privately Negotiated Transactions) in the settlement of Comex gold and silver futures contracts.  In simple terms, the EFPs and PNTs enable the counterparties  […]


“Ho, Ho, Hodl – A Visit From Crypto-Claus”: A Blockchain Holiday Poem

From Cameron Crise, a former hedge fund trader and current macro commentator and strategist who writes for Bloomberg. The holidays are a festive time of fun and fantastical fairy tales told to young people, which explain the windfall of riches bestowed upon them. As it’s become something of a tradition for me to close out […]


Banks Demand 11th-hour Reprieve On Key Part Of MiFID II

The clock is ticking down and there are only about three weeks to go before the dreaded MiFID II regulatory structure is implemented on 3 January 2018. While it’s been difficult to judge the industry’s preparedness for the change, several aspects of the new regulations have attracted the most debate and concern. These have included […]


UBS Is Using Ethereum Technology To Soften The Impact Of MiFid II

After devising blockchain-based systems to help facilitate equity and bond trading (remember Goldman’s cryptocoin?) as well as derivatives clearing, some of the leading banks in the blockchain space are banding together to build a system that they hope will help banks streamline another essential function: Compliance. According to CoinDesk, UBS is leading an Ethereum-based project […]


CBOE Bitcoin Futures Trading To Begin On Dec 10th – Not All Brokers Enthused

CBOE Global Markets said on Monday it would begin trading its bitcoin futures contracts, known as XBT futures, next Monday, and will offer free trading for the rest of the month to help draw in traders and create a market. Both the CBOE and its crosstown rival, CME Group, received permission last week from the […]


Eat Gold

Submitted by BullionStar.com A popular phrase in segments of the mainstream financial media is that “You Can’t Eat Gold”. We don’t know who first uttered this comment, but it was more than likely a talking-head or Wall Street analyst on CNBC or Bloomberg. The disparaging claim seems to be based on concluding that in a […]


UK Banks Can Withstand “Disorderly Brexit” But Need Additional £6BN; $35 Trillion In Derivatives Affected

For the first time since it (belatedly) began conducting stress tests in 2014, none of the UK’s major banks need to raise additional capital. More importantly, the Bank of England and the system could withstand a disorderly Brexit. As Bloomberg recaps, "the stress-test scenario therefore encompasses a wide range of U.K. macroeconomic risks that could […]


ECB Proposes End To Deposit Protection

Submitted by GoldCore It is the 'opinion of the European Central Bank' that the deposit protection scheme is no longer necessary: 'covered deposits and claims under investor compensation schemes should be replaced by limited discretionary exemptions to be granted by the competent authority in order to retain a degree of flexibility.' To translate the legalese jargon of the […]


Venezuela, PDVSA CDS Triggered: ISDA Says Credit Event Has Occured

In a long overdue, and not exactly surprising decision, moments ago the ISDA Determination Committee decided, after punting for three days in a row, that a Failure to Pay Credit Event has occured with respect to both the Bolivarian Republic of Venezuela as well as Petroleos de Venezuela, S.A. Specifically, in today’s determination, in response […]


The Greatest Fear Today: The Lack Of Fear

Authored by James Rickards via The Daily Reckoning, Market crashes often happen not when everyone is worried about them, but when no one is worried about them. Complacency and overconfidence are good leading indicators of an overvalued market set for a correction or worse. Prominent magazine covers are notorious for declaring a boundless bull market […]


Another One Of The World’s Largest ICOs Is Collapsing

Last month, we reported that the world’s largest ICO was imploding after just three months as its developers admitted they wouldn’t be able to deliver the tokens purchased during a $230 million July “presale” by the end of the year, as they had promised, causing an understandable furor among its investors. Now, in the latest […]


The 4 Possible Channels For A Chinese Financial Crisis

That China is a widely accepted global outlier in the context of credit, debt and leverage, look no further than the latest Financial Stability Report from the IMF, which in no uncertain terms lays out where China can be “found” relative to its G-20 peers in the following chart: Yet according to the IMF, China’s […]


The Crash Of ’87 Remembered: “It Was Clear The Acapulco Cliff-Dive Was On For Monday”

“The markets in a panic are like a country during a coup, and seen in retrospect that is how they were that day,” wrote a young Salomon bond salesmena named Michael Lewis, of the chaos he witnessed. “One small group of people with its old, established way of looking at the world is hustled from […]


Robert Gore’s “Hard Core Doom Porn”

Authored by Robert Gore via Straight Line Logic blog, It will be a crash like we’ve never seen before. SLL has been accused of trafficking in “doom porn.” Guilty as charged. If you don’t like doom porn, don’t read this article, it’s hard core. If you prefer feel good and heartwarming, there are plenty of […]


“Game Changer”

Authored by Paul Brodsky via Macro-Allocation.com, Investors understand that asset markets are experiencing dynamic change (think ETFs), but have not yet broadly recognized that the fundamental nature of wealth itself is changing too. Before the decline of active asset management runs its course there will be an imperative to focus on active currency management. Wealth […]