Tag: news

Even as the Dot-Com 2.0 exasperates to new highs, it seems Twitter – the darling of the no-profit-but-lots-of-hype recent IPOs – is losing its lustre. TWTR is down 4% today to new lows post-IPO under $40. The catalyst for this latest slump appears to be a WSJ article about "fake accounts" – whocouldanode? Of course, it wouldn't be the new normal markets without an exchange 'breaking'… The NYSE and NYSE MKT cash equities markets is working to resolve an issue with customer connectivity.

 

Via WSJ,

In securities filings, Twitter says it believes fake accounts represent fewer than 5% of its 230 million active users. Independent researchers believe the number is higher.

 

Italian security researchers Andrea Stroppa and Carlo De Micheli say they found 20 million fake accounts for sale on Twitter this summer. That would amount to nearly 9% of Twitter's monthly active users.

 

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/CdWLfaaDA1Y/story01.htm Tyler Durden

Even as the Dot-Com 2.0 exasperates to new highs, it seems Twitter – the darling of the no-profit-but-lots-of-hype recent IPOs – is losing its lustre. TWTR is down 4% today to new lows post-IPO under $40. The catalyst for this latest slump appears to be a WSJ article about "fake accounts" – whocouldanode? Of course, it wouldn't be the new normal markets without an exchange 'breaking'… The NYSE and NYSE MKT cash equities markets is working to resolve an issue with customer connectivity.

 

Via WSJ,

In securities filings, Twitter says it believes fake accounts represent fewer than 5% of its 230 million active users. Independent researchers believe the number is higher.

 

Italian security researchers Andrea Stroppa and Carlo De Micheli say they found 20 million fake accounts for sale on Twitter this summer. That would amount to nearly 9% of Twitter's monthly active users.

 

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/CdWLfaaDA1Y/story01.htm Tyler Durden

Despite the downtick in rates for a month or two, the housing ‘recovery’ appears to have come to an end. This is the fifth consecutive monthly decline in pending home sales and even though a smorgasbord of Wall Street’s best and brightest doth protest, it would appear the lagged impact of rising rates is with us for good (as the fast money has left the flipping building). This is the biggest YoY decline since April 2011 as NAR blames low inventories and affordability for the poor performance. Perhaps more worrying for those still clinging to the hope that this ends well is the new mortgage rules in January that could further delay approvals.

 

 

Via NAR,

“The government shutdown in the first half of last month sidelined some potential buyers. In a survey, 17 percent of Realtors reported delays in October, mostly from waiting for IRS income verification for mortgage approval,” he said.

 

“We could rebound a bit from this level, but still face the headwinds of limited inventory and falling affordability conditions. Job creation and a slight dialing down from current stringent mortgage underwriting standards going into 2014 can help offset the headwind factors,” Yun said.

 

Yun said there are concerns heading into 2014. “New mortgage rules in January could delay the approval process, and another government shutdown would harm both housing and the economy,” he said.

So the Fed provided the liquidity that bid prices up to a point that makes it unaffordable for the average joe and uneconomic for the average free-money-riding hedge fund. The Fed has made any recovery entirely dependent on extremely low rates and now is suggesting that taper is coming… and still… Strategists exclaim that rates are low by historical standards and so it won’t matter!! come on!

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Krpdz4JtGFU/story01.htm Tyler Durden

Nope, no bubble here… and no complacency either. And while just like last time, the tech companies still have no profits, at least this time they have revenues… most of which originate from the seemingly infinite advertising budgets at struggling discretionary retailers. By way of gentle reminder – In 2000, total US debt was $5.7 trillion. Now it is three times greater, or $17.2 trillion. As Kyle Bass once warned, “we are right back there! The brevity of financial memory is about two years.”

 

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ux3E6mjcPRM/story01.htm Tyler Durden

Remember when Hank Paulson grudgingly left Goldman to become Treasury Secretary? As was disclosed subsequently, the move may have been ungrudging in retrospect due to a very specific ulterior motive: in July 2006, Henry Paulson liquidated 3.23 million shares of Goldman in a one time public sale. At the then GS stock price of $152 this meant a one time gain of $491 million. But not just $491 million – $491 million tax free. The reason: In 1989, the government created a one-time loophole for select high level positions to “help attract highly talented professionals away from the private sector.” Thanks to the loophole, the candidate could liquidate their entire portfolio without paying a dime in capital gains taxes. Without this loophole, had Henry sold his shares at the exact same price and time, he would have been liable for more than $200 million worth of state and Federal capital gains taxes.

Moments ago, as we reported, the CEO of Walmart, Mike Duke, retired. And while he will hardly pocket quite as much as Hank Paulson, since unlike Hank the Tank he will be subject to taxation, his departure may raise even more eyebrows as his retirement package, to which he is now entitled, is a whopping $113 million, or about 6,182 times greater than the average 401(k) balance of a typical Wal-Mart worker according to a NerdWallet analysis. Naturally, this is orders of magnitude greater than the already debatable ratio of CEO compensation, which was $20.7 million in 2012, or about 305 times more than the average Walmart manager, and 836 more than the take home of the median Walmart worker.

NerdWallet’s take below:

These pension plans, which typically consist of non-qualified retirement plans, are offered at the company’s discretion and are reserved for top executives. CEOs often defer receiving their multimillion-dollar cash bonuses till their retirement years, storing the cash away in a retirement plan that typically allows them to pay lower taxes once they draw on the money.

 

A key factor behind massive CEO pensions is CEO total annual compensation, which typically consists of cash bonuses and stock options awards. In September, the SEC proposed rules requiring publicly traded companies to disclose the ratio of their CEO’s compensation to the median compensation of all other employees. While the rule is currently undergoing a 60-day public comment period, NerdWallet Taxes has calculated the pay gap ratio between CEOs and non-executive employees, which include managers and non-managers.

 

Walmart’s CEO tops the list with a pension that is more than 6,000 times larger than the non-executive employee’s average 401(k) balance of $18,000, according to Walmart’s latest January 2013 figures available from financial information company BrightScope. Walmart’s employee 401(k) plan was valued at $18.1 billion, but covered roughly 1 million employees, the highest in our sample.

WMT discussed this previously, when Walmart spokesperson Brooke Buchanan told HuffPo he took issue with the study’s description of Duke’s retirement package as a pension, noting that it is technically a deferred compensation plan that accrues over time.

“Our CEO has been with us since 1996, and so [the compensation package] is obviously something that’s been acquired over many years,” Buchanan said.

 

“We are the world’s largest retailer, and this [the CEO job] is a pretty tough job,” Buchanan said. “We want to make sure the right person is in that job. We have a responsibility to our shareholders to have the right people in the job.”

And now that the CEO has had enough of doing his tough job, Mike will have much more time to work on practicing his smile.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/rFjeHAJtnMw/story01.htm Tyler Durden

Remember when Hank Paulson grudgingly left Goldman to become Treasury Secretary? As was disclosed subsequently, the move may have been ungrudging in retrospect due to a very specific ulterior motive: in July 2006, Henry Paulson liquidated 3.23 million shares of Goldman in a one time public sale. At the then GS stock price of $152 this meant a one time gain of $491 million. But not just $491 million – $491 million tax free. The reason: In 1989, the government created a one-time loophole for select high level positions to “help attract highly talented professionals away from the private sector.” Thanks to the loophole, the candidate could liquidate their entire portfolio without paying a dime in capital gains taxes. Without this loophole, had Henry sold his shares at the exact same price and time, he would have been liable for more than $200 million worth of state and Federal capital gains taxes.

Moments ago, as we reported, the CEO of Walmart, Mike Duke, retired. And while he will hardly pocket quite as much as Hank Paulson, since unlike Hank the Tank he will be subject to taxation, his departure may raise even more eyebrows as his retirement package, to which he is now entitled, is a whopping $113 million, or about 6,182 times greater than the average 401(k) balance of a typical Wal-Mart worker according to a NerdWallet analysis. Naturally, this is orders of magnitude greater than the already debatable ratio of CEO compensation, which was $20.7 million in 2012, or about 305 times more than the average Walmart manager, and 836 more than the take home of the median Walmart worker.

NerdWallet’s take below:

These pension plans, which typically consist of non-qualified retirement plans, are offered at the company’s discretion and are reserved for top executives. CEOs often defer receiving their multimillion-dollar cash bonuses till their retirement years, storing the cash away in a retirement plan that typically allows them to pay lower taxes once they draw on the money.

 

A key factor behind massive CEO pensions is CEO total annual compensation, which typically consists of cash bonuses and stock options awards. In September, the SEC proposed rules requiring publicly traded companies to disclose the ratio of their CEO’s compensation to the median compensation of all other employees. While the rule is currently undergoing a 60-day public comment period, NerdWallet Taxes has calculated the pay gap ratio between CEOs and non-executive employees, which include managers and non-managers.

 

Walmart’s CEO tops the list with a pension that is more than 6,000 times larger than the non-executive employee’s average 401(k) balance of $18,000, according to Walmart’s latest January 2013 figures available from financial information company BrightScope. Walmart’s employee 401(k) plan was valued at $18.1 billion, but covered roughly 1 million employees, the highest in our sample.

WMT discussed this previously, when Walmart spokesperson Brooke Buchanan told HuffPo he took issue with the study’s description of Duke’s retirement package as a pension, noting that it is technically a deferred compensation plan that accrues over time.

“Our CEO has been with us since 1996, and so [the compensation package] is obviously something that’s been acquired over many years,” Buchanan said.

 

“We are the world’s largest retailer, and this [the CEO job] is a pretty tough job,” Buchanan said. “We want to make sure the right person is in that job. We have a responsibility to our shareholders to have the right people in the job.”

And now that the CEO has had enough of doing his tough job, Mike will have much more time to work on practicing his smile.

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/rFjeHAJtnMw/story01.htm Tyler Durden

Today’s AM fix was USD 1,231.75, EUR 911.60 and GBP 760.57 per ounce.
Friday’s AM fix was USD 1,241.75, EUR 918.59 and GBP 766.75 per ounce

Download our eBook: 10 Important Points To Consider Before You Buy Gold

Gold remained unchanged Friday, closing at $1,243.20/oz. Silver slipped $0.12 or 0.6% closing at $19.87/oz. Platinum fell $5.50 or 0.4% to $1,437.74/oz, while palladium dropped $6.50 or 0.9% to $729.72/oz. Gold and silver both fell on the week at 3.46% and 4.24% respectively.

Gold in U.S. Dollars, 1 Day – (Bloomberg)

Gold initially ticked slightly higher in Asia overnight after the U.S., China, Russia, the UK, France and Germany reached an agreement with Iran yesterday to limit Iran’s nuclear programme. The agreement allows for the easing of sanctions on trading gold with Iran. This has prevented Iran from diversifying into gold in recent months.

Two hours into trading and gold was slightly higher at $1,244.50/oz. However, gold prices then came under pressure, with more concentrated, significant sell orders commencing at exactly 0600 GMT. Sharp, concentrated selling took place which pushed gold prices from $1,238/oz to $1,225 or $13 in less than two minutes. Interestingly, a volume buyer then stepped in and gold then bounced higher to $1,233/oz.

The detente with Iran is not as bearish for gold as is thought. While the threat of any imminent conflict with Iran has eased in the short term, the move allows Iran to begin accumulating gold again – another source of significant sovereign demand.

There is also still risks of a military confrontation in the region. Israel and Saudi Arabia were extremely opposed to the deal and significant tensions remain in the powder keg that is the Middle East.

On Friday, gold managed to close with a slight gain, but that didn’t stop prices from suffering their biggest weekly loss in 10 weeks – down 3.4%. Gold’s falls came amid peculiar trading on the COMEX last week which saw COMEX suspend trading twice on Wednesday. The incessant speculative chatter over possible, but unlikely, tapering of the Federal Reserve’s debt monetisation programme continues.

DEMAND IN CHINA remains robust as seen in Shanghai gold premiums. Closing wholesale premiums continue to strengthen, gold closed at a $33 premium at $1,265.69 (see table below) today, up from a $11.25 premium at $1,265.69/oz on Friday.

Gold Prices / Fixes / Rates / Vols – (Bloomberg)

The Shanghai Gold Exchange saw ‘recorded deliveries’ of 17.950 tonnes bringing November totals to 216.018 tonnes. Gold deliveries on the SGE are headed for another extremely large delivery month once settled as Chinese jewellers and bullion dealers stock up for Chinese New Year.

LATEST CFTC DATA from the U.S. Commodity Futures Trading Commission showed hedge funds got increasingly bearish on gold, with speculators scaling back exposure after the most aggressive pullback in positioning since March 2012 the week prior. Net longs on gold dropped to the lowest level in four months.

COMEX warehouse activity was interesting Friday as physical silver bullion saw very significant movement in COMEX warehouses. 2,554,353 troy ounces were received and 18,335 troy ounces shipped out.  HSBC USA was the large recipient of 1.954 million ounces of silver.

JOHN PAULSON, hedge fund billionaire recently told his clients that he won’t invest any more of his own money in his gold fund, owing to an uncertainty over when inflation will accelerate. Paulson’s PFR Gold Fund is reportedly down 63% year-to-date.

It is important to note that Paulson is not selling his gold and is maintaining his very large position in gold which is a vote of confidence by one of the largest investors in the world.

Gold in U.S. Dollars, 5 Days – (Bloomberg)

GOLDCORE’S MARK O’BYRNE was interviewed by the SGT Report over the weekend and the video has just been released and can be viewed here .

“We have these huge fundamental factors that should be contributing to higher gold (and silver) prices, and that’s why many people are scratching their heads and asking ‘why isn’t this happening?’”

“We’re down about 25% year to date despite these strong fundamentals.”

Mark explains how for 53 years the Chinese people were banned from owning gold. But that all changed in 2003, and now the enormous demand by 1.3 billion Chinese over the last ten years is causing a paradigm shift, as gold and silver moves from the West to the East.

He says how silver remains very undervalued and will likely reach its inflation adjusted high of $140/oz in the coming years.

Silver remains a tiny market with all above ground refined silver in the world at roughly 1 billion ounces for a total valuation of less than $20 billion at today’s prices.

Therefore, all the silver in the world is worth less than the total market capitalisation of one tech darling, Twitter. It is worth less than the  total market capitalisation of Tesla.

All the investment grade silver in the world, is worth roughly what the Federal Reserve prints in one week – $19.6 billion. Incredibly, at $85 billion per month, the Federal Reserve is printing money and buying its own debt to the tune of $19.6 billion a week – “mind boggling”.

As for the race to debase and the manipulation of precious metal prices, Mark says, “They can mess around with the price all they want, ultimately the price of everything in the long term will be dictated by supply and demand, particularly for a physical commodity like gold.”

VIDEO: “China’s Insatiable Demand For GOLD Causing PARADIGM SHIFT”

Click Gold News For This Week’s Breaking Gold And Silver News
Click Gold and Silver Commentary For This Week’s Leading Gold, Silver Opinion
Like Our YouTube Page For The Latest Insights, Documentaries and Interviews
Like Our Facebook Page For Interesting Insights, Blogs, Prizes and Special Offers  

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ISpuQigfz-U/story01.htm GoldCore

Today’s AM fix was USD 1,231.75, EUR 911.60 and GBP 760.57 per ounce.
Friday’s AM fix was USD 1,241.75, EUR 918.59 and GBP 766.75 per ounce

Download our eBook: 10 Important Points To Consider Before You Buy Gold

Gold remained unchanged Friday, closing at $1,243.20/oz. Silver slipped $0.12 or 0.6% closing at $19.87/oz. Platinum fell $5.50 or 0.4% to $1,437.74/oz, while palladium dropped $6.50 or 0.9% to $729.72/oz. Gold and silver both fell on the week at 3.46% and 4.24% respectively.

Gold in U.S. Dollars, 1 Day – (Bloomberg)

Gold initially ticked slightly higher in Asia overnight after the U.S., China, Russia, the UK, France and Germany reached an agreement with Iran yesterday to limit Iran’s nuclear programme. The agreement allows for the easing of sanctions on trading gold with Iran. This has prevented Iran from diversifying into gold in recent months.

Two hours into trading and gold was slightly higher at $1,244.50/oz. However, gold prices then came under pressure, with more concentrated, significant sell orders commencing at exactly 0600 GMT. Sharp, concentrated selling took place which pushed gold prices from $1,238/oz to $1,225 or $13 in less than two minutes. Interestingly, a volume buyer then stepped in and gold then bounced higher to $1,233/oz.

The detente with Iran is not as bearish for gold as is thought. While the threat of any imminent conflict with Iran has eased in the short term, the move allows Iran to begin accumulating gold again – another source of significant sovereign demand.

There is also still risks of a military confrontation in the region. Israel and Saudi Arabia were extremely opposed to the deal and significant tensions remain in the powder keg that is the Middle East.

On Friday, gold managed to close with a slight gain, but that didn’t stop prices from suffering their biggest weekly loss in 10 weeks – down 3.4%. Gold’s falls came amid peculiar trading on the COMEX last week which saw COMEX suspend trading twice on Wednesday. The incessant speculative chatter over possible, but unlikely, tapering of the Federal Reserve’s debt monetisation programme continues.

DEMAND IN CHINA remains robust as seen in Shanghai gold premiums. Closing wholesale premiums continue to strengthen, gold closed at a $33 premium at $1,265.69 (see table below) today, up from a $11.25 premium at $1,265.69/oz on Friday.

Gold Prices / Fixes / Rates / Vols – (Bloomberg)

The Shanghai Gold Exchange saw ‘recorded deliveries’ of 17.950 tonnes bringing November totals to 216.018 tonnes. Gold deliveries on the SGE are headed for another extremely large delivery month once settled as Chinese jewellers and bullion dealers stock up for Chinese New Year.

LATEST CFTC DATA from the U.S. Commodity Futures Trading Commission showed hedge funds got increasingly bearish on gold, with speculators scaling back exposure after the most aggressive pullback in positioning since March 2012 the week prior. Net longs on gold dropped to the lowest level in four months.

COMEX warehouse activity was interesting Friday as physical silver bullion saw very significant movement in COMEX warehouses. 2,554,353 troy ounces were received and 18,335 troy ounces shipped out.  HSBC USA was the large recipient of 1.954 million ounces of silver.

JOHN PAULSON, hedge fund billionaire recently told his clients that he won’t invest any more of his own money in his gold fund, owing to an uncertainty over when inflation will accelerate. Paulson’s PFR Gold Fund is reportedly down 63% year-to-date.

It is important to note that Paulson is not selling his gold and is maintaining his very large position in gold which is a vote of confidence by one of the largest investors in the world.

Gold in U.S. Dollars, 5 Days – (Bloomberg)

GOLDCORE’S MARK O’BYRNE was interviewed by the SGT Report over the weekend and the video has just been released and can be viewed here .

“We have these huge fundamental factors that should be contributing to higher gold (and silver) prices, and that’s why many people are scratching their heads and asking ‘why isn’t this happening?’”

“We’re down about 25% year to date despite these strong fundamentals.”

Mark explains how for 53 years the Chinese people were banned from owning gold. But that all changed in 2003, and now the enormous demand by 1.3 billion Chinese over the last ten years is causing a paradigm shift, as gold and silver moves from the West to the East.

He says how silver remains very undervalued and will likely reach its inflation adjusted high of $140/oz in the coming years.

Silver remains a tiny market with all above ground refined silver in the world at roughly 1 billion ounces for a total valuation of less than $20 billion at today’s prices.

Therefore, all the silver in the world is worth less than the total market capitalisation of one tech darling, Twitter. It is worth less than the  total market capitalisation of Tesla.

All the investment grade silver in the world, is worth roughly what the Federal Reserve prints in one week – $19.6 billion. Incredibly, at $85 billion per month, the Federal Reserve is printing money and buying its own debt to the tune of $19.6 billion a week – “mind boggling”.

As for the race to debase and the manipulation of precious metal prices, Mark says, “They can mess around with the price all they want, ultimately the price of everything in the long term will be dictated by supply and demand, particularly for a physical commodity like gold.”

VIDEO: “China’s Insatiable Demand For GOLD Causing PARADIGM SHIFT”

Click Gold News For This Week’s Breaking Gold And Silver News
Click Gold and Silver Commentary For This Week’s Leading Gold, Silver Opinion
Like Our YouTube Page For The Latest Insights, Documentaries and Interviews
Like Our Facebook Page For Interesting Insights, Blogs, Prizes and Special Offers  

via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/ISpuQigfz-U/story01.htm GoldCore