Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-55512 Sun, 23 Nov 2014 01:32:16 GMT Washington plays Russian roulette - Pepe Escobar iehi-feed-55510 Sat, 22 Nov 2014 14:30:01 GMT Doug Noland: Memories - of 2012 and 2007 iehi-feed-55509 Sat, 22 Nov 2014 01:10:11 GMT ‘How Ukraine was turned into a failed state in a year' iehi-feed-55506 Sat, 22 Nov 2014 00:29:38 GMT Dutch government refuses to reveal ‘secret deal' into MH17 crash probe that protects Kiev iehi-feed-55505 Fri, 21 Nov 2014 23:37:23 GMT Unusual gold moves in Asian hours puzzle jittery traders iehi-feed-55503 Fri, 21 Nov 2014 23:31:38 GMT Love Them or Loathe... Him? Ron Lieber on Reverse Mortgages - Mandelman Matters iehi-feed-55501 Fri, 21 Nov 2014 15:06:17 GMT Oil industry risks trillions of 'stranded assets' on US-China climate deal iehi-feed-55498 Fri, 21 Nov 2014 03:10:50 GMT Graphing American Wage Statistics Is Not a Pretty Picture iehi-feed-55496 Thu, 20 Nov 2014 21:44:19 GMT U.N. rights agency reports 'total breakdown' in eastern Ukraine iehi-feed-55495 Thu, 20 Nov 2014 21:10:50 GMT Gold Demand Explodes 'Round The World (ROUNDUP) Here is a round-up of stories from the last few days showing (in contrary to a few curious news stories) demand for physical gold exploding around the world in response to unusually low prices.

  • Eric Sprott: Global Gold Demand Is Overwhelming Supply -
    We see almost 60 tons a week being delivered on the Shanghai Gold Exchange. Well, you start annualizing 60 tons a week you're talking 3,000 tons a year now. We saw 94 tons of gold go into India in September. We saw the Russian Central Bank buy 37 tons of gold in September. I mean I could come up with numbers that might suggest that we've got 400 tons a week of demand. And we only got 230 tons a week of mine supply. And I've only gotten to three data points. I haven't even gone to the rest of the world.
  • Who's Feeding China's Gold Hunger? -
    This year the Chinese have started to import more gold directly into the mainland, circumventing Hong Kong. Unfortunately China itself doesn't publish gold trade data -- as they prefer to keep the world uninformed about their gold hunger not to influence the price. China openly changed import policy in April (from 1:14):
  • India Precious Metals Import Explodes In October -
    Despite all efforts from the Indian government to curtail India's demand for precious metals -- for example a 10 % import duty on both gold and silver, the Indian people continue to put their savings in a store of value they consider being prudent; precious metals.
  • Low UAE gold prices set off buying surge -
    ... the ongoing softness in global gold prices are prompting more shoppers to snap up more of the metal in its various forms. According to estimates from the local jewellery trade, retail offtake for the full year in the UAE could be up by 15-20 per cent in volume terms (in kilograms) compared with 2013. If only the second half of the year is taken into account, which was when prices started to show real weakness, volume gains could even be in the 40 per cent range.
  • `Gold Wars' - Swiss Gold Shenanigans Intensify Prior To November 30 Vote -
    The Swiss National Bank (SNB) and establishment parties went "all in" during the week and intensified their campaign. They suggested that passing the Swiss Gold Initiative would be a `fatal' for Switzerland and would be positive only for speculators.
iehi-feed-55494 Thu, 20 Nov 2014 21:01:51 GMT New York Fed, Goldman in Criminal Investigation for Sharing Confidential Information (AND NY TIMES RUNS COVER) iehi-feed-55492 Thu, 20 Nov 2014 20:44:20 GMT Russia Invades Ukraine: Again. And Again. And Yet Again. iehi-feed-55490 Thu, 20 Nov 2014 20:17:21 GMT Gold Rises After 'Unusual' Russian Central Bank Gold Buying Announcement iehi-feed-55483 Wed, 19 Nov 2014 22:40:17 GMT Hussman: "These Go to Eleven" (The "Spinal Tap Market") iehi-feed-55461 Tue, 18 Nov 2014 16:28:20 GMT Volcker: Modern Central Banking is Bunk iehi-feed-55460 Tue, 18 Nov 2014 16:07:55 GMT David Stockman: The Bubble Is Global And Its Already Popping (VIDEO) iehi-feed-55457 Tue, 18 Nov 2014 00:33:31 GMT FHA is back "in the black" -- but not out of the woods (AH, QUAINT GUB'MINT ACCOUNTING!) By law, the FHA must maintain a cash cushion that equals 2 percent of all the loans backed by the agency. The $4.8 billion cushion announced Monday equals just 0.41 percent, the agency said in its report to Congress, citing figures from its most recent audit.


One of the key reasons its reserves remain so low is because the agency is losing money on its reverse-mortgage program, which allows seniors to withdraw equity from their homes. Another reason is that the FHA is not generating as much business as the auditors expected last time they examined the agency's books. It backed $134 billion worth of new loans in the fiscal year ended Sept. 30, instead of the projected $191 billion.

We are amused that the defaults from FHA's shoddy underwriting in the mid-1990s through 2008 "free-for-all" era do not figure in the above blame accounting (this would include laundering-based, no-money-down "charitable downpayment assistance" loans, or SFDPAs).

iehi-feed-55455 Mon, 17 Nov 2014 23:36:19 GMT Gold miners' pain could be investors' gain iehi-feed-55453 Mon, 17 Nov 2014 16:04:43 GMT The Real Reason Why Germany Halted Its Gold Repatriation iehi-feed-55449 Sun, 16 Nov 2014 19:45:32 GMT Obama Rebukes Russia Over Its Actions in Ukraine