Tag: swiss

Gold, oil & 44 Bars per Minute

Gold, oil & 44 Bars per Minute

“Girls love to spin.” — Wayne, Dance Instructor, Howard County Parks and Rec. I’m taking dance classes at the local Parks & Rec. with a stunning brunette, which is why I’m shuffling my feet around on Sunday nights at eight. The crowd is mixed; twenty-something hipster couples and old guys who have difficulty with their gig lines. The instructor is a cross between Wayne Newton and Telly Savalas: a black silk shirt, shaved head, and a nose like an organic potato. He sucks his microphone like a lollipop and spits out a steady stream of advice: “One, two, hook the toe, slide back, twirl…” Chick magnet The chicks love him, of course. And heck, I was even having a good timeďż˝— right up until Wayne Savalas swished over during the break. My H1 was in the parking lot. It’s shiny, yellow, and chews diesel like a Mongolian wrestler at a yak roast. Wayne obviously saw me pull up and feels he should enlighten me about his new Chevy Volt getting 60 miles per gallon… And why would I drive something that sucks up so much gas and destroys the environment? I told him that I was fully invested in oil explorers. And with the trouble in the Middle East launching my shares, I could drive a Semi for life… Brent Crude ETF (BNO) Yes, he said, but is this more of a trade on the Arab revolutions, or does it have more to do with the destruction of the dollar? Wayne pointed out that the dollar/euro has hit a four-month low and seems to be heading lower. Down she goes What is most concerning is that during this particular period of global uncertainty, the

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Fed Opens Books, Revealing European Megabanks Were Biggest Beneficiaries.

Filed in economy, gld, Gold, o, obama by on December 1, 2010 0 Comments

Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds. The data had previously been secret. It was released Wednesday per the recently-enacted law overhauling the federal financial regulation. The Fed, ferociously backed by the Obama administration, fought lawmakers’ desire for full disclosure throughout the financial reform debate.

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Forex: Speculators trim Euro, Yen, Aussie long positions in Currency Futures

Filed in British Pound, currencies, euro, Gold, swiss franc, US Dollar, Yen by on October 18, 2010 0 Comments
Forex: Speculators trim Euro, Yen, Aussie long positions in Currency Futures

By CountingPips.com The latest Commitments of Traders (COT) report, released on Friday by the Chicago Mercantile Exchange, showed that futures speculators slightly pared their bets in favor of the euro and the other major currencies against the US dollar. Non-commercial futures positions, those taken by hedge funds and large speculators,were overall net short the US dollar by $29 billion against the other major currencies, down from a total short position of $30.5 billion on October 5th, according to data published by Reuters . Currency speculators were net long the euro against the U.S. dollar by 41,511 contracts as of October 12th. This is a decline of nearly 7,000 contracts following net long positions of 48,243 contracts on October 5th and breaks a string of five straight weeks of improving positions for the euro. The COT report is published every Friday by the Chicago Mercantile Exchange (CME) and shows futures positions as of the previous Tuesday. It can be a useful tool for traders to gauge investor sentiment and to look for potential changes in the direction of a currency or commodity. Each currency contract is a quote for that currency directly against the U.S. dollar, where as a net short amount of contracts means that more speculators are betting that currency to fall against the dollar and net long position expect that currency to rise versus the dollar. Open interest is the number of open contracts that have not been closed by a transaction or by delivery. The British pound sterling had been the last major currency on the short side against the dollar in the CME futures market but in early October the British currency positions …

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Asiatic Adventuring, Part II

To follow up on the conversation we began the other day… Mr. Obama needs a short, victorious war before the election, but those are thin on the ground unless your name was Moshe Dyan or Golda Meir. Looking at the quotes I have to work with today, I think Barack’s found his war. Unfortunately, the Chinese are going to win it and the figures will come cascading down rapidly, perhaps in time to stampede whatever portion of the electorate isn’t already on the prod. China isn’t taking kindly to making its products less competitive by adding large tariffs (any more than it does to demands that it revalue its currency), and the very rapid reply to Mr. Obama’s U.N. meeting and the new house bill was to strike swiftly at major US manufacturers. We have to admire their style, none of that tough talk stuff, a simple, polite, “the Chinese government announced Sunday ( Ed. Note: a week ago) that it is launching a probe into (the) possibility of the U.S. dumping auto parts and chickens on the Chinese market.” Those in the know had no difficulty reading that as “We have Tyson Foods, Pilgrim, Goodyear, and Cooper Tire & Rubber in our crosshairs, and that’s just for starters.” Somewhere here I had a dignified retort that adjusting the exchange rate by 20% would drive many Chinese firms out of business, which certainly makes sense on the margins they’re working on. The Smoot-Hawley Tariff Act of 1930 raised import duties to record highs and was a large contributing factor in the length and depth of the Great Depression. Protectionism never works out the way proponents think it will. There are those saying “there, there, now.” “Michael Strauss, chief economist with Commonfund, a money management firm based in Wilton, Conn. said there is not going to be a repeat of the mistakes of Smoot-Hawley. Strauss said both the U.S. and Chinese are smart enough students of economic history to know that the last thing the world needs now is for arguably the two most important economic powers to turn a spat over tires and chickens into something that could derail a global rebound. ‘This is not that big of a deal. You get these battles once in a while and they pass. This is not reminiscent of what happened 80 years ago. Deep down, the U.S. and China know that they need one another. There’s going to be more negotiation than retaliation.’” Right. Now, about the chicken parts and the auto parts… CNN caroled cheerfully, “But at least one economist thinks cooler heads will eventually prevail and that the brouhaha over tires won’t lead to the China and U.S. levying more tariffs on other goods.” Kurt Karl, the Chief U.S. economist with Swiss Re weighed in with this opinion: “One would hope we can avoid more of this. There is no positive side to raising tariffs.” “Mr. Karl isn’t too concerned that China would dump Treasurys. He argues that would be the equivalent of China shooting itself in the foot since it would further erode the value of its holdings. Nonetheless, Karl does worry that China could retaliate against the tire tariff with tariffs of its own and even more government subsidies of Chinese manufacturers. That could make the trade deficit worse. And that’s especially …

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Transocean and Peak Oil

Filed in dividend, GOld juniors, Gold Market, lead, shares by on September 13, 2010 0 Comments

I don’t usually make a habit of arguing with readers. But this was too good to pass up… Besides, sometimes an argument can lead to better understanding, which I hope this provides.            “You want us to believe peak oil is real… that we’re really running out of oil left on the planet. That’s alarmist conspiracy garbage you’re using to sell newsletters. It’s not real. Move on.” — John L. “Peak oil doesn’t exist. We have more oil supply now than at any time in the last 27 years… World oil reserves have increased. Spare capacity has increased. We’re not running out of oil. Stop the BS. Do you even look at the data or do you just ‘know’ oil is running out? This article you wrote is complete garbage. At one point in your peak oil article, you say it’s real. At another point of the article you talk about the largest oil deposits on the planet. Sounds like a contradiction. Which is it, genius?” — Mark S. All I have to say, John and Mark, is this: You have it all wrong. I understand why people won’t listen to peak oil theories. They’re skeptical of radical schools of thought, opting instead to listen to “experts” who say everything is okay, that oil will keep flowing for decades to come.  But it simply isn’t so.  Peak oil does not mean the world is running out of oil; it means we’ve peaked as far as finding cheap oil supply.  And we don’t believe the world will just “eventually” run out of cheap oil in 10 to 12 years. It’s already happening.  Peak oil critics don’t fully grasp the concept of peak oil is —which is also a common problem among the public. People are confusing peak oil with oil running out in the world. That’s not what’s happening here… Peak oil refers to the peak in flow rates of oil, and the inability to find oil on the cheap. (Why do you think BP was drilling so deep offshore?) The United States has already reached its peak oil date. In fact most oil producing countries have reached their production peaks — and the good ole days of discovering easily accessible, conventional crude are behind us. Sure, there’s oil in the tar sands in Canada, and heavy oil and oil shale in the world — but it’s pricey and, more oft …

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Swiss Franc at Record High Against Euro

Swiss Franc at Record High Against Euro

Filed under: Japan , Personal Finance , Commodities , Currency Why buy the Swiss franc ? There are many reasons. Here are just a few: The Swiss franc is the stand-alone currency of Switzerland. By this we mean that Switzerland is not part of the European Union and does not use the euro as its currency. The Swiss franc offers currency exposure to Europe, while not subject to problems of countries like Greece and Spain defaulting on their sovereign debt. Continue reading Swiss Franc at Record High Against Euro Swiss Franc at Record High Against Euro originally appeared on BloggingStocks on Fri, 27 Aug 2010 09:30:00 EST. Please see our terms for use of feeds . Read  |  Permalink  |  Email this  |  Comments

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Weekend Reads

Filed in jp morgan, silver, yuan by on August 7, 2010 0 Comments

If you have time this weekend you may want to check out these articles.1. Yuan As A Reserve Currency–Deutsche Bank2. Latin America-Not just a commodity play—JP Morgan3. Telling Swiss secrets: A banker’s betrayal–Global Post4. No Wheat Shortage…

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New month…new opportunities

Filed in economy, euro, Gold, Gold Prices, silver, swiss franc, ubs by on August 7, 2010 0 Comments

In the last three days Crude oil has advanced nearly 6% lifting prices back above the 100 day MA. We missed this most recent move with clients and being we only see an additional $2-4 upside we would not suggest getting on the train at these levels. Pullbacks should find buyers between $79.50-80.00 in the September contract. Natural gas had some trouble getting thru the $5 level with prices correcting back to the 50 day MA today losing just over 4%. We suggest keeping your stops on futures just below that MA. For fresh option entries we would be buying November 50 cent call spreads. On a move above today’s highs we would also suggest moving your October option positions out to November. I do not trust the up move in indices but as I said to a client today that and a nickel will get you a piece of gum. Indices are above the 200 day MA and until we get back below those levels the bulls are in the driver’s seat. Aggressive clients will fade rallies in the S&P as long as prices remain below 1135 in September. Some clients hold September Es puts expecting 1000-1025 into the fall. At the moment they are down on the trade with the last two day’s activity. We see the next upside resistance in the Dow just above 10800 and in the S&P at 1135-1140. Bearish engulfing candle in October sugar today with prices closing 0.90% lower. We anticipate a trade back to 17 cents in the next few weeks. December cotton failed to get above 80 cents today; aggressive traders could short futures with tight stops or buy December put options. December coffee closed nearly 5% off its highs; is an interim top finally in? Lumber is back above the 50 day MA; we expect a gain of 10% in the coming weeks. We expect to see a pull back in…

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FOREX: Euro-Dollar drops to new 4-year low after US Employment report

FOREX: Euro-Dollar drops to new 4-year low after US Employment report

By CountingPips.com The European common currency has traded sharply lower against the U.S. dollar today in the forex market following the release of the U.S. government nonfarm payroll report. The euro-dollar currency pair (EUR/USD) touched under the 1.2000 exchange rate for the first time since late March of 2006 today and has established a fresh four-year low. The EUR/USD had previously touched a low of 1.2110 on June 1st before rallying back to a high of 1.2326 in yesterday’s trading. Today’s trading action saw the pair open the day at 1.2178 and move to a high of 1.2214 when risk appetite turned bearish and propelled the EUR/USD sharply downwards to new lows. Today’s release of the market-moving U.S. nonfarm payrolls report showed that the U.S. economy added 431,000 workers in May, according to the Department of Labor. This increase of employment is usually cause for rejoicing after a deep recession but the overwhelming majority (411,000) of new hires were added to the government payroll due to an increase in census employment. The total jobs number gained failed to meet market forecasts seeking 536,000 new jobs and is seen as a disappointment due to just 41,000 new private-sector employees being added for the month. Also adding to the sour economic mood was news from Europe that an “informal” visit by the IMF to Hungary had taken place to assess the country’s fiscal health in the past few days. Following that was a warning by the new Hungarian government that the country’s finances were in a “grave situation” that was hidden by the previous administration and that the country could fall into a Greece-like crisis. More details are scheduled to be released this weekend by the new government. (More from an FT article) The US stock markets, meanwhile, are feeling the effects of the risk aversion in the markets today with the Dow Jones lower by over a 200 points, the Nasdaq decreasing approximately 45 points and the S&P 500 down by over 20 points at time of writing. Oil has fallen lower by $2.92 to trade at the $71.69 per barrel level while gold has gained by $4.80 to level at $1,213.10 per ounce at time of writing. The U.S. dollar, acting as a safe haven, has been sharply higher in the currency markets today. The American currency has risen versus the euro, British pound, Swiss franc, Canadian dollar, Australian dollar and the New Zealand dollar while falling against the (other major currency safe haven) Japanese yen. EUR/USD 1-Hour Chart – The Euro started the day off trending higher against the US dollar in the forex markets but fell sharply lower as risk aversion set in and a disappointing US jobs report was released. The EUR/USD has fallen to trade below the 1.2000 exchange

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Fed Set to Go Nuke to Help Bailout Europe

The Federal Reserve has announced that it will re-establish the temporary U.S. dollar liquidity swap facilities with the Bank of Canada, the Bank of England, the European Central Bank (ECB), and the Swiss National Bank that it first implemented in the early part of the financial crisis. WRH permalink

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Goldman Suit Exposes Big Banks to Legal Firestorm

Filed in bank of america, ceo, Gold, Gold Bullion prices, goldman sachs, sov by on April 21, 2010 0 Comments
Goldman Suit Exposes Big Banks to Legal Firestorm

Now we learn that the SEC split 3-2 over whether to go after Goldman Sachs in court. Supposedly, the regulatory agency prefers unanimous votes when bringing enforcement actions against the firms it regulates. Why the exception this time? The Wall Street Journal made it sound like it was simply partisan politics that carried the day – i.e., the SEC’s two Republicans voted against suing Goldman for civil fraud, but the three Democrats prevailed. That is superficially what happened, and it is as much of the story as the SEC is willing to divulge right now. But it’s bound to leave many observers, particularly Obama-ites in Congress who are out to pillory the bankers, with the impression that the two Republicans were merely looking out for their fat-cat buddies on Wall Street. This thought occurred to us as well, so we’d have to concede it is at least possible. But might there have been another reason why the Republicans backed away from bringing formal charges against Goldman? We think there is and that it goes to the heart of the corruption in which the world’s largest banks have inextricably trapped themselves. For if you assert in a of court law that Goldman defrauded its customers, you have implicated every bank in the big leagues. Enabled by their respective central banks to create loans from thin air, every one of them – even banks run by otherwise spotless Swiss Burghers — have played the same Ponzi game as Goldman. Now, regardless of whether the charges brought against Goldman are civil or criminal, they will open the door to an endless flood of litigation with the potential to bring down the entire banking system. From this point forward, Goldman will be fair game for every aggrieved city, county, state, sovereign fund and class of investor with whom Goldman has done business during the last decade. The same goes for Bank of America, J.P. Morgan, Morgan Stanley, Deutsche Bank et al. Lynch Mob So it’s just possible the Republicans put politics aside when they voted, in effect, to quietly sanction Goldman behind the scenes. It must also have occurred to them that it would ultimately be impossible to mask the overwhelming stench of Goldman’s actions. The firm, after all, did sell an investment to the public that had been furtively created by someone betting on the portfolio to fail. There is no way Goldman can talk its way out of this one, although that hasn’t stopped CEO Lloyd Blankfein from trying. With Goldman reporting a spectacular $3.4 billion quarter yesterday, he might as well have tried to explain to a lynch mob that he has never, ever kicked his cat and that he always helps little old ladies cross the street. Some see the charge of civil, as …

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Baloise says report exonerates chairman

Filed in Gold Holdings by on April 19, 2010 0 Comments

ZURICH, April 19 – Swiss insurer Baloise said on Monday a report found Chairman Rolf Schaeuble had not pocketed 1 million Swiss francs illegally during sales of Italian interests in 1997. The claims stemmed from a report in Swiss newspaper Handels Baloise says report exonerates chairman

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