Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-54757 Wed, 20 Aug 2014 15:03:28 GMT Grant Williams - Will Central Banks Buy More Gold? ("Thinker, Trader, Holder. Why?") http://implode-explode.com/viewnews/2014-08-20_GrantWilliamsWillCentralBanksBuyMoreGoldThinkerTraderHolderWhy.html iehi-feed-54756 Wed, 20 Aug 2014 14:46:57 GMT The Great Economic Shoe Waiting To Fall: Loss Of Faith In The Cult Of Central Banking - Charles Hugh Smith http://implode-explode.com/viewnews/2014-08-20_TheGreatEconomicShoeWaitingToFallLossOfFaithInTheCultOfCentralBa.html iehi-feed-54755 Wed, 20 Aug 2014 14:32:56 GMT Is the [New, "fraud-free"] LBMA Silver Price more transparent than the Fix? Not yet! http://implode-explode.com/viewnews/2014-08-20_IstheNewfraudfreeLBMASilverPricemoretransparentthantheFixNotyet.html iehi-feed-54754 Wed, 20 Aug 2014 14:28:59 GMT Leeb: Ruble Strong, in Contrast to Western Propaganda http://implode-explode.com/viewnews/2014-08-20_LeebRubleStronginContrasttoWesternPropaganda.html iehi-feed-54753 Wed, 20 Aug 2014 14:24:49 GMT India gold smuggling explodes YoY http://implode-explode.com/viewnews/2014-08-20_IndiagoldsmugglingexplodesYoY.html iehi-feed-54752 Wed, 20 Aug 2014 14:23:08 GMT China Grabbing Gold Trade: Allows 3 more banks to import gold; Exchanges Bloom, Renmimbi Gold Trading Looms http://implode-explode.com/viewnews/2014-08-20_ChinaGrabbingGoldTradeAllows3morebankstoimportgoldExchangesBloom.html A pair of articles came our way on this topic:

1. China allows 3 more banks including StanChart to import gold -sources. Note that grabbing pricing power and avoiding manipulation are now discussed in cleartext:

China has allowed three more banks, including a foreign lender, to import gold, sources with direct knowledge of the matter said, as the world's top gold buyer gears up for its strongest effort yet to gain pricing power of the metal.]

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China and other Asian gold trading centres such as Singapore are calling for more localised pricing of the precious metal as they seek alternatives to the so-called London fix, the global benchmark for spot gold prices, which is being investigated by regulators on suspicion that it may have been manipulated.

2. Koos Jansen: East Asia Geared Up For RMB Gold Trading:

In comparison, on the COMEX the weekly volume was 2,092 tonnes and it's estimated that in the London Bullion Market 25,000 tonnes are being traded weekly. But will the western paper markets be able to stay in the driver's seat of the gold market? We know China is developing it's market infrastructure not only for physical gold trade, but also to expand paper trading to steal pricing power from the dominant forces in the West and to promote the internationalization of the renminbi.

Bloomberg recently reported the SGE will launch gold trading in the Shanghai Free Trade Zone (FTZ) on September 26. From what was disclosed previously by the SGE this will likely be a gold-backed spot contract traded through the SGE's subsidiary the Shanghai International Gold Trading Center. The next step would be the launch of gold derivatives. According to Bloomberg the FTZ hosts a vault capable of storing 1,500 tonnes of gold. If this vault is in addition to the 2,000 tonnes vault opened in the FTZ by precious metals transportation and storage company Malca-Amit I do not know. Approximately at the same time as the SGE's international board will go live, the kilobar gold contract will be launched in Singapore.

The SGE international board will allow investors worldwide to trade gold in renminbi, which undoubtedly will lead to higher trade volumes on the SGE. The gold industry is fully prepared in East Asia for what might be a pricing shift, following the great physical shift of recent years

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iehi-feed-54751 Wed, 20 Aug 2014 14:12:21 GMT Greek stock recovery fading away as ASE falls 21 pct on valuations http://implode-explode.com/viewnews/2014-08-20_GreekstockrecoveryfadingawayasASEfalls21pctonvaluations.html iehi-feed-54750 Wed, 20 Aug 2014 14:11:14 GMT First Briton pleads guilty to Libor rigging http://implode-explode.com/viewnews/2014-08-20_FirstBritonpleadsguiltytoLiborrigging.html Paul Robson, a former trader at Rabobank, has become the first Briton to plead guilty to being part of the worldwide conspiracy to rig the Libor interest benchmark.

The executive, who worked at the Dutch bank's London office, admitted before a New York court to one count of bank fraud and wire fraud, as part of a conspiracy that also involved the taxpayer-backed Lloyds Banking Group.

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According to the Department of Justice, Mr Robson worked with two other named Rabobank traders, as well as unnamed traders at other organisations including Lloyds, to manipulate Yen Libor between 2006 and 2011.

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Mr Robson is due to be sentenced on June 9, 2017, and could face up to 30 years in prison according to some sources. He is the second banker to plead guilty to the fraud, after Takayuki Yagami, his Rabobank colleague.

Lloyds has already agreed to pay the DoJ an $86m fine for alleged Libor rigging, bringing its total fine for the scandal to £217m. The bank is still 25pc owned by the taxpayer.

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iehi-feed-54749 Wed, 20 Aug 2014 14:08:41 GMT Citibank could lose Argentina banking license http://implode-explode.com/viewnews/2014-08-20_CitibankcouldloseArgentinabankinglicense.html iehi-feed-54748 Wed, 20 Aug 2014 14:07:18 GMT Average Price of Ground Beef Hits All-Time High http://implode-explode.com/viewnews/2014-08-20_AveragePriceofGroundBeefHitsAllTimeHigh.html iehi-feed-54747 Wed, 20 Aug 2014 14:00:31 GMT The Battle for Donetsk Reveals a Resigned Populace (w/PHOTOS) http://implode-explode.com/viewnews/2014-08-20_TheBattleforDonetskRevealsaResignedPopulacewPHOTOS.html iehi-feed-54746 Tue, 19 Aug 2014 17:25:27 GMT NATO-Member Turkey Threatens Western-Owned Banks, Shifts East, Cozies up to Russia http://implode-explode.com/viewnews/2014-08-19_NATOMemberTurkeyThreatensWesternOwnedBanksShiftsEastCoziesuptoRu.html iehi-feed-54745 Tue, 19 Aug 2014 15:24:59 GMT WSJ/NBC Poll: The Death of American Optimism http://implode-explode.com/viewnews/2014-08-19_WSJNBCPollTheDeathofAmericanOptimism.html iehi-feed-54744 Tue, 19 Aug 2014 15:24:04 GMT Draghi cash offer seen losing luster as euro area risks increase http://implode-explode.com/viewnews/2014-08-19_Draghicashofferseenlosinglusteraseuroarearisksincrease.html Economists in the Bloomberg Monthly Survey cut their estimate of the take-up of funds under a program designed to boost bank lending. The reduction signals concern that the outlook for the currency bloc may be too weak to drive demand for loans, undermining a policy the European Central Bank president says is key to restoring the region's health.

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Draghi said in July that the maximum size of the program could be about 1 trillion euros. On Aug. 7, he said market estimates and indications by individual banks point to a take-up of between 450 billion euros and 850 billion euros... Economists in the Bloomberg survey see appetite waning for the later operations. They forecast banks will take 293 billion euros, down from 350 billion euros predicted last month.

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iehi-feed-54743 Tue, 19 Aug 2014 15:22:33 GMT UK Property Prices Suffer 'Largest Decrease Ever' As London Real Estate Goes Into Full-Scale Collapse http://implode-explode.com/viewnews/2014-08-19_UKPropertyPricesSufferLargestDecreaseEverAsLondonRealEstateGoesI.html iehi-feed-54742 Tue, 19 Aug 2014 15:21:18 GMT More Money Down Adds to U.S. First-Time Buyer Blues http://implode-explode.com/viewnews/2014-08-19_MoreMoneyDownAddstoUSFirstTimeBuyerBlues.html iehi-feed-54741 Tue, 19 Aug 2014 15:08:32 GMT Good News For The Housing Market? Home Depot Raises Full-Year Forecast http://implode-explode.com/viewnews/2014-08-19_GoodNewsForTheHousingMarketHomeDepotRaisesFullYearForecast.html iehi-feed-54740 Tue, 19 Aug 2014 15:05:55 GMT "Construction Boom?" Housing Starts, Permits Soar in July http://implode-explode.com/viewnews/2014-08-19_ConstructionBoomHousingStartsPermitsSoarinJuly.html iehi-feed-54739 Tue, 19 Aug 2014 03:03:36 GMT Rival Bids for Family Dollar Stores as Retailers Fight to Sell to Working Poor http://implode-explode.com/viewnews/2014-08-18_RivalBidsforFamilyDollarStoresasRetailersFighttoSelltoWorkingPoo.html As more struggling Americans hit the bargain bins to get by, a bidding war is brewing for one of the of the country's biggest deep-discount retailers. The latest move came on Monday, when Dollar General offered to buy Family Dollar Stores for $8.9 billion, hoping not only to break up an agreed-to merger with its rival Dollar Tree but also to strengthen its share of the low-end retail market as traditional retailers like Walmart try to move onto its turf.

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It is a view shared by Richard W. Dreiling, Dollar General's chairman and chief executive. "It's fair to say that the economy is creating more of our core customers," he said. "The middle-income customer is getting squeezed."

That has inspired Dollar General and Dollar Tree to expand their empires by pursuing Family Dollar, which started out selling household goods for a dollar more than five decades ago. Now many of its items -- like food products, underwear and home décor -- cost a bit more, though they are still heavily discounted.

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Uniting Dollar General and Family Dollar would create a huge retailer in the deep-discount market. Together, the two would have almost 20,000 stores and more than $28 billion in revenue.

Bulking up could also better defend Dollar General against Walmart's efforts to move beyond its bigger-is-better model and into the smaller-store format used by the dollar stores.

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iehi-feed-54737 Mon, 18 Aug 2014 23:40:25 GMT Bulgaria Halts South Stream Pipeline Again As NATO F-15s, Troops Arrive http://implode-explode.com/viewnews/2014-08-18_BulgariaHaltsSouthStreamPipelineAgainAsNATOF15sTroopsArrive.html