Equity 1 Group
Pushing back the frontiers of economic ignorance and restoring sound financial foundations, one family at a time.

Oct
17

Reuters  |  Rania El Gamal, Alex Lawler

“The Chinese want to secure oil supplies,” one of the industry sources said. “They are willing to take the whole 5 percent, or even more, alone.”

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DUBAI/LONDON (Reuters) – China is offering to buy up to 5 percent of Saudi Aramco directly, sources said, a move that could give Saudi Arabia the flexibility to consider various options for its plan to float the world’s biggest oil producer on the stock market.

Chinese state-owned oil companies PetroChina (0857.HK) and Sinopec (0386.HK) have written to Saudi Aramco in recent weeks to express an interest in a direct deal, industry sources told Reuters. The companies are part of a state-run consortium including China’s sovereign wealth fund, the sources say.

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Oct
17
Oct
13

ZeroHedge  |  Tyler Durde

Gold is up almost 4% this week, surging back above $1300 as China gets back from holiday…

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Oct
13

CNBC  |  Sam Meredith

China will “compel” Saudi Arabia to trade oil in yuan and, when this happens, the rest of the oil market will follow suit and abandon the U.S. dollar as the world’s reserve currency.

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  • “I believe that yuan pricing of oil is coming and as soon as the Saudis move to accept it — as the Chinese will compel them to do — then the rest of the oil market will move along with them,” Carl Weinberg, chief economist and managing director at High Frequency Economics, told CNBC
  • In recent years, several nations opposed to the dollar being the world’s reserve currency have progressively sought to try and abandon it
  • OPEC kingpin Saudi Arabia is at the crux of the petrodollar

 

China will “compel” Saudi Arabia to trade oil in yuan and, when this happens, the rest of the oil market will follow suit and abandon the U.S. dollar as the world’s reserve currency, a leading economist told CNBC on Monday.

Carl Weinberg, chief economist and managing director at High Frequency Economics, said Beijing stands to become the most dominant global player in oil demand since China usurped the U.S. as the “biggest oil importer on the planet.”

Saudi Arabia has “to pay attention to this because even as much as one or two years from now, Chinese demand will dwarf U.S. demand,” Weinberg said Read the rest of this entry »

Oct
13

MoneyMetals  |  Jim Rickards

Oct
13

SnakeHoleLounge  |  Economic and Financial Analysis Without The Snake Juice

As New Jersey rocker Bruce Springsteen crooned, we’re Goin’ Down.

According to the Bank of England, household unsecured credit availability sank to its lowest level in 10 years.

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While household secured credit availability was also in negative territory, it was not as bad a unsecured credit availability.  The reason?  Consumer lending curb to slowdown a hot market.

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Oct
13

SchiffGold  |  Adam Schiff

Gold also has physical characteristics crypto-curriencies lack.

Cryptocurrencies have shown a lot of resiliency. Every time doubters proclaim Bitcoin is on the mat for good, it manages to claw its way back up.

Bitcoin went into a freefall after the Chinese government announced plans to ban cryptocurrency trading on all domestic exchanges. But early Monday, the digital currency hit its highest level since early September.

The steady climb of Bitcoin and its meteoric rise this year have led to some speculation that digital currencies may usurp gold. There have been headlines proclaiming cryptocurrencies are killing the yellow metal. But there are some fundamental reasons cryptos will never replace gold.

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Oct
13
Oct
11

TheDailyEconomist  |  Egon Von Greyerz

400 ounce gold bars that were bought by the bank for the client in 2005, were cast in 2011, so the gold never existed.

On October 8, well respected gold trader and Managing Partner of Matterhorn Asset Management, Egon von Greyerz, spoke in an interview of some very disturbing occurrences taking place in Swiss banks when it comes to individuals and organizations keeping gold deposits held in their vaults.  And Greyerz went on to give a dire warning that banks are no longer a safe repository for your assets as they will securitize them, and in some cases not return your gold to you upon request.

Egon von Greyerz:  “Don’t hold gold in a Swiss Bank or in any bank in any country. We regularly see examples both in mid-tier and large Swiss banks that should make bank clients very concerned. Here are some examples:

  • A client stores physical gold in a bank but when he wants us to organize a transfer to private vaults, the gold doesn’t exist and the bank must acquire it.

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Oct
11

DailyMail  |  Hugo Duncan

A surge in borrowing is paving the way for another financial crisis.  The latest figures show British households have racked up unsecured debts of £203 billion on credit cards, car finance, overdrafts and other loans.

A surge in household borrowing is paving the way for another financial crisis, according to the International Monetary Fund

 

  • The IMF has warned of a new financial disaster, ten years on from the last 
  • Household debt levels have surged back to 137pc over the past two years
  • Officials now fear UK lenders could lose £30bn in the next downturn

 

A surge in household borrowing is paving the way for another financial crisis, according to the International Monetary Fund.

In a hard-hitting report published ahead of its annual meetings in Washington this week, the watchdog warned of ‘risks down the road’ from rising levels of debt.

And raising the prospect of a new financial disaster, ten years on from the last, the Fund said: ‘Higher household debt is associated with a greater probability of a banking crisis, especially when debt is already high.

A surge in household borrowing is paving the way for another financial crisis, according to the International Monetary Fund.

In a hard-hitting report published ahead of its annual meetings in Washington this week, the watchdog warned of ‘risks down the road’ from rising levels of debt. Read the rest of this entry »