Implode-Explode Heavy Industries news feed

Oil surges 8 pct as U.S. rig count plunges, shorts scramble

Fri, 30 Jan 2015 22:56:14 GMT

``The late-session surge was primed by Baker Hughes data showing the number of rigs drilling for oil in the United States fell by 94 - or 7 percent - this week. Earlier gains were fueled by reports of Islamic State militants striking at Kurdish forces southwest of the oil-rich city of Kirkuk.'' -- This oil collapse was overdone, fueled by the pestilence of central bank mo-mo money we are all suffering in recent years...

SGE Withdrawals Week 3, 2015: 71 tonnes! (CHINA GOLD OFF-TAKE NOW AROUND 2013 "MANIA" LEVELS)

Fri, 30 Jan 2015 22:14:44 GMT

``As I wrote last time on data from the Shanghai Gold Exchange (SGE), in week 2 of 2015 withdrawals from the vaults of the SGE (that equal Chinese wholesale demand) came in extremely high at 70 tonnes; the third highest amount ever. In week 3 (January 19 -- 23), though, the Chinese withdrew even more at 71 tonnes, up 0.89 % w/w, and a new third highest amount ever. ''

Russian central bank makes surprise interest rate cut

Fri, 30 Jan 2015 19:38:41 GMT

Russia's central bank unexpectedly cut its main interest rate on Friday as fears of recession mount in the country following the fall in global oil prices and Western sanctions over the Ukraine crisis...
The move implies a shift in the Bank of Russia's priorities away from clamping down on rising inflation and supporting the rouble, towards trying to support economic activity, which the bank expects to fall sharply in the coming months. The decision will also fuel speculation that recent changes in the bank's senior management have shifted the bank towards more dovish monetary policy, possibly under pressure from the Kremlin, banks and business lobbies.

U.S. GDP Misses in 4Q, Despite Gas Boost

Fri, 30 Jan 2015 19:37:10 GMT

``while the world's largest economy grew at a 2.6 percent annualized rate, the gain fell short of the median forecast of economists surveyed by Bloomberg and was well below the 5 percent pace in the third quarter, Commerce Department figures showed Friday in Washington.''

Gorbachev: US Pulled Russia Into New Cold War That Could Turn 'Hot'

Fri, 30 Jan 2015 18:52:53 GMT

``"I can no longer say that this Cold War will not lead to a ‘Hot War.' I fear that they could risk it," Gorbachev said, referring to the United States. "All you hear is about sanctions towards Russia from America and the European Union. Have they totally lost their heads? The U.S. has been totally 'lost in the jungle' and is dragging us there as well."''

Paul Craig Roberts -- Putin May Use BRICS Dev. Bank to Peel Greece Away From EU, IMF

Fri, 30 Jan 2015 16:03:29 GMT

``The BRICS now have this IMF-type bank and they have funded it with $100 billion. Putin now sees that he has the opportunity to break the Greeks off from the EU and from NATO. The BRICS bank would step in and help the Greeks with their debt-servicing problems. That could be the beginning of the unraveling of the European Union and NATO.''

JPM Has Fed 'Auxiliary Vault', And Probably Foreign Gold

Thu, 29 Jan 2015 16:13:36 GMT

``So why would JP Morgan, as a commercial precious metals vault operator, be asking for an FOIA exemption when two other vault operators, namely Brinks and Scotia Mocatta, submitted vault licensing applications, here and here that did not see the need to ask for confidential treatment on the basis of "confidential commercial information"?''

Russian Sanctions Might Be Obama's Greatest Blunder

Thu, 29 Jan 2015 16:02:28 GMT

``Consider the fact that prior to adoption of the sanction regime, Russia and China were not even military allies. Their histories are fraught with mutual distrust, competition, and border conflicts... Now, things have changed drastically, with both countries developing an alliance clearly balanced against the West. ''

Germans in shock as new Greek leader starts with a bang

Thu, 29 Jan 2015 16:01:35 GMT

``In his first act as prime minister on Monday, Alexis Tsipras visited the war memorial in Kaisariani where 200 Greek resistance fighters were slaughtered by the Nazis in 1944''

ECB Decision to Weaken Euro Comes with Pluses and Minuses

Thu, 29 Jan 2015 15:59:40 GMT

``The concern could be felt everywhere at this year's World Economic Forum in Davos, the annual meeting of the rich and powerful. Would the major central banks in the United States, Europe and Asia succeed in stabilizing the wobbling global economy? Or have the central bankers long since become risk factors themselves? The question was everywhere at the forum, being addressed by experts at the lecturns and by participants in the hallways.''

PACE 'ceases to be a forum' for solving Ukraine crisis following Russia's exclusion

Thu, 29 Jan 2015 15:37:55 GMT

``The Ukraine conflict can only be solved with Moscow at the table, but the West has taken away one of the few forums where the issue could be discussed, political analyst Martin McCauley told RT, speaking on PACE's decision to strip Russia's voting rights.''

RMB breaks into the top five as a world payments currency

Wed, 28 Jan 2015 22:34:52 GMT

``According to SWIFT data, the Chinese yuan overtook the Canadian and Australian dollar as a global payments currency in November 2014, and now takes position behind the Japanese Yen, British pound, Euro and US dollar''

Zimbabwe gold mines face collapse on weak bullion price: mining group (MORE BEARISH NEWS FOR GOLD??)

Wed, 28 Jan 2015 22:31:12 GMT

`` Zimbabwe's gold mining firms are making losses due to weak bullion prices and could collapse unless the government reduces royalties for producers, the Chamber of Mines said.''

Iran, Russia to create joint bank for national currency trade

Wed, 28 Jan 2015 20:16:04 GMT

``"Both sides plan to create a joint bank, or joint account, so that payments may be made in rubles and rials and there is an agreement to create a working group [for this]," Sanaei said... Sanaei expressed hope that Iranian producers will get approval to export dairy and meat products to Russia by March of this year.''

The Bonds Of The Third Largest Austrian Bank Are Crashing

Wed, 28 Jan 2015 16:16:22 GMT

``As Bloomberg reports, Raiffeisen had a total of 4.3 billion euros of Swiss franc loans outstanding as of September 2014, according to estimates by Moody's Investors Service... The largest part of these are in Poland, where the franc has appreciated 17 percent against the zloty since Jan. 14, threatening to push up defaults on the bank's 2.9 billion euros of mortgages in the Swiss currency.'' -- On this note, see Poland's Government to Reset Swiss Franc Mortgages.

Damning report on banking collapse stalled until after UK election

Wed, 28 Jan 2015 16:13:51 GMT

``Originally scheduled for publication in April 2013, the deadline was pushed back to the end of 2013 last summer and is now unlikely to be published until September at the earliest.''

"No Money For War"--IMF to Ukraine

Wed, 28 Jan 2015 16:12:51 GMT

``The International Monetary Fund will assist Ukraine only after the situation inside the country is stabilized. The IMF Executive Director Christine Lagarde made this announcement in a Monday interview with Le Monde.''

New Greece Gov't says No to EU statement on Russia

Wed, 28 Jan 2015 16:12:12 GMT

``The new far-left government in Greece dropped a bombshell on its first day in office by abjuring an EU statement on Russia... The EU statement on Russia, published on Tuesday morning, claimed all 28 leaders had agreed Russia bears "responsibility" for a rocket attack on the Ukrainian city of Mariupol, which killed 30 people.''

Today's "Dip" Is A Warning--Get Out Of The Casino! | David Stockman

Wed, 28 Jan 2015 16:05:10 GMT

``The reason that the casino has become so stupendously dangerous, therefore, is that the whole financial house of cards--including vastly over-valued asset prices of every kind and insanely extended leverage like the CHF currency speculations--all depend on maintenance of confidence in central bank competence and omnipotence.''

JPMorgan Reaped Up to $300 Million Gain On Swiss-Franc Turmoil

Wed, 28 Jan 2015 16:01:29 GMT

``The bank netted $250 million to $300 million on the day of the Swiss National Bank's surprise decision to scrap the franc ceiling of 1.20 against the euro, said the people, who asked not to be identified because they weren't authorized to speak publicly. A JPMorgan spokesman declined to comment. The SNB's surprise decision on Jan. 15 to remove the three-year-old cap sent the franc soaring as much as 41 percent against the euro that day. JPMorgan is one of the few to emerge from the turmoil with a profit.''