Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-55535 Wed, 26 Nov 2014 15:59:35 GMT Forex rigging probe: US prosecutors to grill London traders iehi-feed-55533 Wed, 26 Nov 2014 15:42:28 GMT HSBC, Goldman Rigged Metals' Prices for Years: Suit Goldman Sachs Group Inc. and HSBC Holdings Plc were sued in New York over claims they conspired for eight years to manipulate prices for the precious metals platinum and palladium in what plaintiffs' lawyers say is the first class-action lawsuit of its kind in the U.S.

Standard Bank Group Ltd. and a metals unit of BASF SE, the world's largest chemical company, were also sued. The four companies used inside information about client purchases and sale orders to profit from price movements for the metals used in products ranging from jewelry to cars, according to a complaint filed yesterday in Manhattan federal court.

The lawsuit by Modern Settings LLC, a jeweler that buys precious metals and derivatives set on their prices, claims the companies "were privy to and shared confidential, non-public information about client purchase and sale orders that allowed them to glean information about the direction" of prices.

iehi-feed-55532 Wed, 26 Nov 2014 15:38:12 GMT How Could It Happen? | Things That Make You Go Hmmm... iehi-feed-55531 Wed, 26 Nov 2014 15:28:15 GMT Das: The Fed has boxed U.S. into a tough easy-money corner iehi-feed-55526 Tue, 25 Nov 2014 19:09:27 GMT Phil Falcone Resigns From Harbinger Group, Collects $40.3 Million iehi-feed-55525 Tue, 25 Nov 2014 18:13:51 GMT GLOBAL BUSINESS OUTLOOK: "DARKEST PICTURE SINCE FINANCIAL CRISIS." US DETERIORATION "OF GREATEST CONCERN" The plunging price of oil since June has been a leading indicator: global economic growth is in trouble, despite six years of unprecedented central-bank free-money policies that caused asset prices to soar but has accomplished little else. This scenario has now been confirmed by businesses that help drive the economy forward -- not by economists and Wall Street hype mongers: their outlook for the next 12 months has plummeted since June to the worst level since crisis year 2009. ]]> iehi-feed-55520 Tue, 25 Nov 2014 13:54:26 GMT Sen. Elizabeth Warren vs NY Fed's William Dudley (VIDEO) I don't think anyone should question our motives or what we are attempting to accomplish." - William Dudley. "Change has to come from the top. Either you need to fix it Mr. Dudley or we have to get someone who will." - Sen. Elizabeth Warren

All this and more in the Senate Banking Subcommittee hearing in Washington, D.C., U.S., Nov. 21, 2014: "Improving Financial Institution Supervision: Examining and Addressing Regulatory Capture" / Financial Institutions and Consumer Protection.

iehi-feed-55517 Sun, 23 Nov 2014 15:32:53 GMT Dutch had euro-exit plan at height of crisis iehi-feed-55516 Sun, 23 Nov 2014 15:31:54 GMT Rickards - No US Rate Increase in 2015 iehi-feed-55514 Sun, 23 Nov 2014 14:23:22 GMT China's ICBC to set up offshore yuan center in Los Angeles iehi-feed-55510 Sat, 22 Nov 2014 14:30:01 GMT Doug Noland: Memories - of 2012 and 2007 iehi-feed-55508 Sat, 22 Nov 2014 00:51:43 GMT In Change Of Strategy, China Cuts Interest Rate iehi-feed-55507 Sat, 22 Nov 2014 00:49:24 GMT Fed Plans to Tighten Commodities Rules for Banks iehi-feed-55505 Fri, 21 Nov 2014 23:37:23 GMT Unusual gold moves in Asian hours puzzle jittery traders iehi-feed-55504 Fri, 21 Nov 2014 23:35:00 GMT Here Are The Highlights From The Senate's Finding That Banks Manipulate Physical Commodities Since Goldman took over the warehouses, the wait to withdraw LME-warranted metal has increased from about 40 days to more than 600 days, reducing aluminum availability and tripling the regional premium for storage and delivery costs...


On [one] occasion, in November, 2013, Metro loaded aluminum out of one warehouse and moved it into another warehouse about 200 feet away across a parking lot.

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-55500 Fri, 21 Nov 2014 15:04:17 GMT Wall Street Stunned As Iceland Dares To Jail Banker Involved In 2008 Crash 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-55493 Thu, 20 Nov 2014 20:45:30 GMT Treasury: Global Investors Pour Record Amount into US (HAVING BEEN SCARED AWAY FROM GOLD)