Loading ...samesame
It Wasn’t Only China: Here Is What Else Is Crashing Overnight
Tyler Durden’s pictureSubmitted by Tyler Durden on 12/09/2014 07:15 -0500
It wasn’t just China’s long overdue crash last night. In addition to the Shanghai Composite suffering its biggest plunge since August 2009, there has been a sharp slide in the USDJPY which has broken its uptrend to +∞ (and hyperinflation), and around the time Chinese gamblers were panicking, the FX pair tumbled under 120, although since then the 120 tractor beam has been activated. Elsewhere, the Athens stock exchange is also crashing by over 10% this morning on the heels of news that the Greek government has accelerated the process to elect the next president and possibly, a rerun of the drama from the summer of 2012 when the Eurozone was hanging by a thread when Tsipras almost won the presidential vote and killed the world’s most artificial and insolvent monetary union. And finally, the crude plunge appears to have finally caught up with ground zero, with ADX General Index in Abu Dhabi plunging 3.5%, also poised for the biggest drop since 2009. In fact the only thing that isn’t crashing (at least not this moment), is Brent, which did drop to new 5 year lows earlier under $66, but has since staged a feeble rebound.
more http://www.zerohedge.com/news/2014-12-09/it-wasnt-only-china-here-what-else-crashing-overnight
Morning MM
ST became the desert rats because of it.
SM looking a little ragged this am. Wall Street is going to demand the Christmas rally aren’t they?
USD weak. Go figure.
Scrutable
Chinese firm Zijin Mining buys C$81m stake in BC based Pretium
TORONTO (miningweekly.com) – China’s largest gold miner Zijin Mining has agreed to buy a 9.9% stake in British Columbia-based Pretium Resources, which is working to advance the high-grade Brucejack gold project in the province’s north, for C$80.87-million.
Vancouver-based Pretium said on Monday that it would issue to Zijin 12.84-million common shares at C$6.30 apiece, which would constitute a significant portion of the planned equity component of the financing required to bring the Brucejack project into production.
Good luck with that …
Belgium Central Bank Looking At Repatriating Gold
(Kitco News) – The National Bank of Belgium is the latest central bank to show interest in repatriating its gold reserves.
In an interview with Belgium broadcaster VTM Nieuws Sunday, Luc Coene, governor of Belgium’s central bank, confirmed that the bank is looking at how they can bring their gold reserves back into the country.
According to IMF data compiled by the World Gold Council, Belgium holds 227.4 metric tons of gold, representing 34.2% of its official foreign reserves. According to reports, most of the gold is held outside of the country with the Bank of England, the Bank of Canada and the Bank for International Settlements.
mor4 http://www.kitco.com/news/2014-12-08/Belgium-Central-Bank-Looking-At-Repatriating-Gold.html
Germans take to the streets to protest against ‘Islamisation’
By Justin Huggler, Berlin
6:51PM GMT 08 Dec 2014
A new type of anti-immigration protest is sweeping across Germany, as thousands take to the streets against what they say is the growing “Islamisation” of the country.
The new protests, which began in the city of Dresden in the former East Germany, feature no neo-Nazi slogans and have nothing to do with the traditional far right.
Instead the demonstrators have adopted the old rallying call of the protests against the East German communist regime that brought down the Berlin Wall 25 years ago, “Wir sind das Volk”, or “We are the people”. They say they want to preserve Germany’s Judeo-Christian Western culture.
The protests come as Bavaria’s ruling Christian Social Union (CSU) is seeking to distance itself from a draft proposal for its party conference which said that immigrants should speak German not only in public, but at home as well.
Germany is now the second most popular destination in the world for migrants, after the US, and the country is struggling to cope with an unprecedented influx of asylum-seekers.
Nice hit for Pilot Gold
Pilot Gold Reports 10.1 g/t Gold Over 39.6 Metres at Western Flank Target, Kinsley Mountain
http://finance.yahoo.com/news/pilot-gold-reports-10-1-113000428.html
Macro
I don’t know if to take you seriously or not as you might not me but Argo, the guy knew a lot about choosing horses for long trips and knew how to care for them ” how long they can travel in a day”. I don’t think he ever made that trip to the dessert it was made up. The seals were born of the Sea Bees who used a lot of explosives think it was in WW11 I think they were first called frog men but don’t quote me. My Gramp a Lt Commander was involved in that and mentioned them a few times when my love for the sea and thought I wanted to be one as a kid. Of course he said no way not for me lol although at the time I didn’t know all they did.
What if
Deflation going on here as a result of there causes them to pull a switch. While everyone’s running to the dollar. They will be left unprepared for what comes next. Just a what????
Hey BuyGold, I watched Argo today… part of the feign was the Debacle in the Desert…
Did the Desert Rats become part of the SEALs because of that?
You reserve the right to tell me to piss off too…
Good movie that Argo, until the Smokie and the Bandit chase at the end…
Freakin every C/MI5A/Mossad using Canuck passports, not sure I’m getting to Palm Springs at Kriptmiod…
Ororeef
Its been a couple of years, but the last time I looked at the financial statements of Farm Credit and some insurance companies, their reserves had significant amounts of derivatives. (Cdo’s, cds’s)
really makes you wonder if you have insurance of just another piece of paper. A significant natural disaster may put the system under. Implosion of the system is a very real problem.
rno