Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-61258 Wed, 07 Dec 2016 03:30:43 GMT Islamic finance set to change gold market http://implode-explode.com/viewnews/2016-12-06_Islamicfinancesettochangegoldmarket.html We don't have the full details of the guidelines but expect to find out more this week at the World Islamic Banking Conference. However, we do know three things that the new Shariah gold-standard will achieve: first, it will increase both the number and diversity of available Shariah-compliant gold investment products; second, it will place far greater emphasis on the role of physical gold in gold transactions; finally, it will give a greater role to Islamic finance in the setting of the gold price...

If Islamic Finance institutions were to allocate just one per cent of assets into new gold products then we would expect to see demand climb by about 500-1000 tonnes, per annum. Given that recent demand and supply figures showed a surplus of just 172 tonnes of gold in the market, we could begin to see some tightening with the increase of Shariah-compliant gold instruments, which will have a positive impact on the price.

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iehi-feed-61256 Tue, 06 Dec 2016 23:53:23 GMT Trump Native America Advisors: "Drill, Baby Drill... Under Indian Reservations" http://implode-explode.com/viewnews/2016-12-06_TrumpNativeAmericaAdvisorsDrillBabyDrillUnderIndianReservations.html Native American reservations cover just 2 percent of the United States, but they may contain about a fifth of the nation's oil and gas, along with vast coal reserves. Now, a group of advisors to President-elect Donald Trump on Native American issues wants to free those resources from what they call a suffocating federal bureaucracy that holds title to 56 million acres of tribal lands, two chairmen of the coalition told Reuters in exclusive interviews.

The group proposes to put those lands into private ownership - a politically explosive idea that could upend more than century of policy designed to preserve Indian tribes on U.S.-owned reservations, which are governed by tribal leaders as sovereign nations.

The tribes have rights to use the land, but they do not own it. They can drill it and reap the profits, but only under regulations that are far more burdensome than those applied to private property.

"We should take tribal land away from public treatment," said Markwayne Mullin, a Republican U.S. Representative from Oklahoma and a Cherokee tribe member who is co-chairing Trump's Native American Affairs Coalition. "As long as we can do it without unintended consequences, I think we will have broad support around Indian country."

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The plan dovetails with Trump's larger aim of slashing regulation to boost energy production. It could deeply divide Native American leaders, who hold a range of opinions on the proper balance between development and conservation. The proposed path to deregulated drilling - privatizing reservations - could prove even more divisive. Many Native Americans view such efforts as a violation of tribal self-determination and culture.

It's funny that people think this even matters anymore: two years of rock-bottom energy prices did little to revive the moribund economy, as the core monetary engine of capitalism was not revived.

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iehi-feed-61242 Mon, 05 Dec 2016 23:29:35 GMT Gold: While Investors Sell, Collectors Stocking Up On Real Metal http://implode-explode.com/viewnews/2016-12-05_GoldWhileInvestorsSellCollectorsStockingUpOnRealMetal.html Even though investors can't seem to unload gold fast enough, coin collectors are benefitting, reports Bloomberg.  U.S. Mint gold-coin sales jumped for a fourth straight month, the longest streak since 2003. And in India, despite the fall in sales of jewelry due to demonetization, gold imports remained stable at around 100 tonnes in November (from 97 tonnes in October).

According to Bloomberg Intelligence, the five-year average gold premium is typically around $5.50 an ounce in China, but has soared to almost $40 an ounce, as falling prices invite "bargain buying" among the Chinese. As the Financial Times reports, China has curbed gold imports as the government tries to clamp down on capital leaving the country, along with the yuan falling to its lowest against the U.S. dollar in eight years.

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iehi-feed-61234 Mon, 05 Dec 2016 15:28:53 GMT Trump picks Twitter fight with China http://implode-explode.com/viewnews/2016-12-05_TrumppicksTwitterfightwithChina.html iehi-feed-61223 Sun, 04 Dec 2016 15:33:43 GMT Debunking GFMS' Gold Demand Statistics - Koos Jansen http://implode-explode.com/viewnews/2016-12-04_DebunkingGFMSGoldDemandStatisticsKoosJansen.html iehi-feed-61217 Sat, 03 Dec 2016 17:13:08 GMT Deutsche Bank Pays $60 Million To Settle Gold-Manipulation Lawsuit http://implode-explode.com/viewnews/2016-12-03_DeutscheBankPays60MillionToSettleGoldManipulationLawsuit.html ... last night, two months after the silver settlement, Deutsche Bank agreed to pay another $60 million to settle the other side of the antitrust litigation: that of rigging the gold market... the preliminary settlement was filed on Friday with the U.S. District Court in Manhattan, and requires a judge's approval. As part of the settelement, Deutsche Bank has denied any wrongdoing, and with the two settlements, and some $98 million out of pocket, it is clear of any future liability regarding precious metals manipulation.

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As we reported previously, in an Oct. 3 decision, U.S. District Judge Valerie Caproni in Manhattan said investors could pursue much of their lawsuit against the other four banks named in the anti-trust lawsuit which include Barclays, Bank of Nova Scotia, HSBC and Societe Generale.

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iehi-feed-61212 Sat, 03 Dec 2016 00:27:34 GMT Erdogan Demands Turks Exchange Their Dollars To Gold, Lira http://implode-explode.com/viewnews/2016-12-02_ErdoganDemandsTurksExchangeTheirDollarsToGoldLira.html or those who have foreign currencies under the pillow, come change this to gold, come change this to Turkish lira. Let the lira win greater value. Let gold win greater value," he said during a televised speech in Ankara... In November alone, the lira has lost more than 10% against the dollar, and December was not starting off on the right foot either.

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Erdogan also warned that there were forces "playing games" against Turkey, which Turks could counter by changing their money. He did not say whom he was referring to. "Don't worry, in a short while, we will destroy this game", clearly referring to "evil speculators" who could be destroyed if only mom and pop exchanged the dollars in their mattress for the local currency.

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iehi-feed-61210 Fri, 02 Dec 2016 22:28:56 GMT Indian ‘Gold Ban' a Portent of Major Events? http://implode-explode.com/viewnews/2016-12-02_IndianGoldBanaPortentofMajorEvents.html iehi-feed-61192 Thu, 01 Dec 2016 00:55:37 GMT Bombshell: OPEC+Russia Agree to Historic Oil Production Cut, Price Spikes 10% http://implode-explode.com/viewnews/2016-11-30_BombshellOPECRussiaAgreetoHistoricOilProductionCutPriceSpikes10.html OPEC confounded its doubters and sent crude oil prices soaring by agreeing to its first production cuts in eight years. The deal, designed to drain record global oil inventories, overcame disagreements between the group's three largest producers -- Saudi Arabia, Iran and Iraq -- and ended a flirtation with free markets that started in 2014. It was also broader than many had expected, extending beyond OPEC. Most strikingly, Russia agreed to unprecedented cuts to its own output.

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The impact on the energy world was immediate: benchmark oil prices gained as much as 10 percent in New York and the share prices of energy companies around the globe jumped alongside the currencies of large exporters. Whether that's sustained will depend on how strictly members of the Organization of Petroleum Exporting Countries stick to the agreement, something they haven't always done in the past.

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iehi-feed-61170 Tue, 29 Nov 2016 15:21:10 GMT Oil Climbs as Iraq Pledges to Cooperate With OPEC on Output Deal http://implode-explode.com/viewnews/2016-11-29_OilClimbsasIraqPledgestoCooperateWithOPEConOutputDeal.html Oil rose as Iraq's oil minister said it pledged to cooperate with OPEC to reach an agreement this week that's acceptable to all members.

Futures gained 2.2 percent in New York, reversing an earlier decline. Iraq's Oil Minister Jabbar al-Luaibi said Monday he's "optimistic" a deal will be reached at OPEC's summit in Vienna on Wednesday. However, after hours of discussions on Monday, an OPEC committee didn't reach agreement on production cuts during high-level talks in Vienna, according to a delegate. Iran and Iraq still have reservations on cuts, the delegate said.

Saudi Arabia previously said that the producer group doesn't necessarily need to curb oil output, after pulling out of a scheduled meeting with non-members including Russia.

... If OPEC fails to reach an output deal this week, oil prices may fall to the $20s, Amrita Sen, Energy Aspects Ltd. chief oil analyst, said in a Bloomberg Television interview in Vienna on Monday.

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iehi-feed-61159 Mon, 28 Nov 2016 18:19:24 GMT OECD urges more infrastructure spending; Cautions on protectionism http://implode-explode.com/viewnews/2016-11-28_OECDurgesmoreinfrastructurespendingCautionsonprotectionism.html iehi-feed-61130 Tue, 22 Nov 2016 23:14:26 GMT As US president-elect Donald Trump tweets about Saturday Night Live and Hamilton, China's Xi Jinping embraces a new, powerful role http://implode-explode.com/viewnews/2016-11-22_AsUSpresidentelectDonaldTrumptweetsaboutSaturdayNightLiveandHami.html Already, Xi appears to be embracing the change. Since the US presidential election, Xi has held a flurry of meetings with global leaders, including some historically ignored by China's top official in the US's own backyard. China has also swiftly become the new, and surprising, voice on climate change. And with the Trans-Pacific Partnership, designed to counter China's influence on Asia trade, all but abandoned, Beijing is already trumpeting the end of the US pivot to Asia.

... Nov. 20... at the opening of the APEC forum, [Xi gave a speech] emphasizing his "Belt and Road Initiative," a key policy connecting trading partners along the ancient Silk Road. He also discussed creating the Free Trade Area of the Asia-Pacific (FTAAP), a long-term goal of the APEC members initiated in 2006. Beijing is backing a TPP alternative known as the Regional Comprehensive Economic Partnership (RCEP), which notably excludes the US.

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iehi-feed-61111 Sat, 19 Nov 2016 17:30:05 GMT Physical Gold Buying, Spread Soars In Asia; Gold Being Attacked "Like Before Lehman" http://implode-explode.com/viewnews/2016-11-19_PhysicalGoldBuyingSpreadSoarsInAsiaGoldBeingAttackedLikeBeforeLe.html Last night ex-duty import premiums in India were $14 over spot gold. In Shanghai the premium to world gold was $9.76... In Viet Nam the premium paid by the public was $90 over world gold.... [and] an unusually high amount of gold was shipped out of the Comex kilo bar vaults yesterday...

The price of gold is being attacked right now in a manner that is quite reminiscent of the way it was attacked in the summer of 2008, right before the global financial markets collapsed, led by the fall of Lehman.

Something really ugly is coming toward the global economic and financial system.   The dollar index soared from 72 to 86 between June 2008 and October 2008, while gold and silver were systematically taken a lot lower.   We know how that played.

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iehi-feed-61103 Fri, 18 Nov 2016 01:44:20 GMT Yellen says Fed could raise interest rates 'relatively soon' http://implode-explode.com/viewnews/2016-11-17_YellensaysFedcouldraiseinterestratesrelativelysoon.html iehi-feed-61095 Thu, 17 Nov 2016 01:11:14 GMT Gold Price Skyrockets in India after Currency Ban; Social Mood Getting Ugly http://implode-explode.com/viewnews/2016-11-16_GoldPriceSkyrocketsinIndiaafterCurrencyBanSocialMoodGettingUgly.html iehi-feed-61070 Mon, 14 Nov 2016 17:18:38 GMT "Sharia Gold" Is Coming... and Upwards of 1000 Tonnes/yr Extra Demand http://implode-explode.com/viewnews/2016-11-14_ShariaGoldIsComingandUpwardsof1000TonnesyrExtraDemand.html A "Sharia Gold Standard" -- which will clarify and streamline Islamic gold-investing rules -- is on track to be implemented by the end of the year. This means that the approximately 100 million active Muslim investors will soon have gold as an investment option.

At current prices, if Islamic financial institutions allocate to gold just 2 percent of the assets they manage, it would equal roughly 1000 tonnes of extra demand.

Standard and Poor's projects the industry could reach US$5 trillion by 2020. Some industry forecasts say that the number will be as much as US$6.5 trillion in four years.

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iehi-feed-61066 Mon, 14 Nov 2016 15:25:03 GMT China's Xi Tells Donald Trump That Cooperation Is The Only Choice http://implode-explode.com/viewnews/2016-11-14_ChinasXiTellsDonaldTrumpThatCooperationIsTheOnlyChoice.html iehi-feed-61054 Sat, 12 Nov 2016 15:46:10 GMT A Visit to Trump's America http://implode-explode.com/viewnews/2016-11-12_AVisittoTrumpsAmerica.html iehi-feed-61027 Tue, 08 Nov 2016 15:48:55 GMT OPEC Boss Warns of Oil-Market Instability If No Deal on Output http://implode-explode.com/viewnews/2016-11-08_OPECBossWarnsofOilMarketInstabilityIfNoDealonOutput.html The Algiers agreement helped push oil prices to a 15-month high above $50 a barrel, but crude has subsequently fallen as several OPEC states disputed production estimates that would determine the size of cuts required of the group's individual members. OPEC wants to put the changes into effect when it meets in Vienna on Nov. 30.

The group's internal disagreements have so far prevented a deal to secure cooperation from major non-OPEC suppliers such as Russia after rounds of talks in Vienna. The producers will meet again in the Austrian capital later this month. OPEC, which pumps about 40 percent of the world's oil, is trying to persuade suppliers from outside the group to join the cuts. The 14-member group has held talks in the past weeks with producer nations including Russia, Azerbaijan, Brazil, Kazakhstan and Mexico.

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iehi-feed-61025 Tue, 08 Nov 2016 15:32:51 GMT PRODUCER PRICE SHOCK: Starved of coal, China steel mills opt for output cuts http://implode-explode.com/viewnews/2016-11-08_PRODUCERPRICESHOCKStarvedofcoalChinasteelmillsoptforoutputcuts.html Stunned by soaring raw material costs, some Chinese steel mills have cut output and even started maintenance works earlier than usual as state-enforced mine closures continue to choke off the supply of key production ingredients, coke and coking coal.

Prices of coke and coking coal, that typically account for 20 percent of steel production costs, have rallied more than two-fold this year amid Beijing's big push to curb overcapacity and pollution, hurting profits for mills.

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