Baltic Dry Index. 1089 -35
LIR Gold Target in 2019: $30,000. Revised due to QE programs.
The
Scotchman in his mansion,
The English
taxpayer at his gate,
Cameron
made them High or lowly,
He disordered
their estate.
With
apologies to All things bright and beautiful.
A huge wave of relief swept over Bonnie Scotland in the
early hours of this morning, as millions of Scottish voters woke up to the news
that they wouldn’t be leaving the 300 year old subsidy Union, and massive
English wealth transfers after all. Gone was the prospect of paying for their
own railways, airports, and NHS. Gone was the prospect at working hard to cover
the cost of their own pensions out of their own, much smaller pension pool.
Gone was the prospect of bailing out their own failed casino banks by Scottish
taxes. Gone was an unceremonious exit from the widely despised EUSSR. Gone was
the need to set up the Not the Bank of England to reintroduce the Scottish
Groat and Bawbee. Gone was the prospect
of President Putin annexing Orkney and Shetland.
Retained was the ability to
blame the English for their drunkenness, unhealthy eating habits, weather, and
general disinclination for work and thrift. In the 21st century, the
Scottish Enlightenment has mostly moved on to England, Canada, America and
Australia.
But the damage was already
done, as the GB Pound soared in a relief rally, and millions joined in that
great Luxembourg tradition of ordering scotch for breakfast, the mere threat of
Scottish Independence had already driven Nessie to emigrate south to civilised England.
Below, England’s nightmare
returns. We’re going nowhere, say the Scots. The transfer Union suits us just
fine. Everywhere, in our new lawless financialised casino world, risk-off
became risk-on again.
Why did I take up stealing? To live better, to own things I couldn't afford, to acquire this good taste that you now enjoy and which I should be very reluctant to give up.
Scotland, with apologies to Cary Grant. To Catch A Thief.
Scotland overwhelmingly rejects independence
The Yes campaign is roundly defeated with 55 per cent of Scotland voting to remain in the 307-year-old Union
Scotland has overwhelmingly
rejected independence after a record turnout of voters delivered a clear
victory for the No campaign.
Alex Salmond’s separatist
campaign was resoundingly defeated, with 55 per cent of Scotland voting to
remain in the 307-year-old Union.
David Cameron tweeted at around
5.45am and said that he had called Alistair Darling, the chairman of the Better
Together campaign, to “congratulate him on a well-fought campaign”.
The value of Sterling rose
dramatically in the early hours as results were being declared in favour of the
Better Together campaign
----In an early sign that the nationalists were facing defeat, Mr Salmond did not attend his local count in Aberdeenshire and instead flew back to Edinburgh by private jet alongside his wife.
With national turnout expected to
reach around 85 per cent, Unionists celebrated overwhelming victories in their
traditional strongholds such as Orkney, Edinburgh and the Scottish Borders.
Edinburgh voted against
independence by 61 per cent to 39 per cent.
Better Together also had huge
victories in East Lothian, where they had a 24 per cent lead, Stirling, where
they won by 20 per cent, and Midlothian, where the margin of victory was 12 per
cent.
The nationalists won Dundee, with
57 per cent of the vote, and took Glasgow by around 25,000 votes.
However, a lower-than-expected
turnout in the two cities meant their margin of victory was not high enough to
compensate for their lacklustre performances elsewhere in the country.
The victory prompted relief in
the Better Together campaign, which just one week ago appeared to be
floundering following a surge in support for Mr Salmond’s campaign.
More
Could this be an image of the Loch Ness monster?
Published on Sep 12, 2014 7:18 AM
LONDON - A photographer has captured an
image of what she believes to be a creature from the deep.Ellie Williams took the shots while taking pictures in the Lake District of Windermere, which is located 241km from Scotland’s Loch Ness area. [In England!!! Ed.]
Loch Ness is best known for alleged sightings of the cryptozoological Loch Ness Monster, also known affectionately as "Nessie".
More
Pound Jumps With U.K. Futures on Scotland as Yen Plunges
Sep 19,
2014 5:32 AM GMT
The pound headed for its biggest two-day jump in almost a year, U.K.
share-index futures rose and Treasuries fell as Scotland voted
to reject independence. The yen fell, while Japanese equities and U.S.
stock-gauge futures climbed. The pound gained 0.6 percent to $1.6491 by 1:29 p.m. in Tokyo, taking its two-day advance to 1.3 percent, and FTSE 100 Index futures added 1.1 percent. The yield on 10-year Treasuries climbed three basis points while S&P 500 futures advanced 0.5 percent following another record in New York. The Topix index increased 1.2 percent as the yen plunged through 109 per dollar to trade at the lowest since August 2008. Malaysian bonds rose after the central bank held rates. Wheat hit a four-year low.
With 26 of 32 districts reporting, the British Broadcasting Corp. projected victory for the anti-independence ‘No’ camp, with 55 percent of the vote. About $145 billion was added to the value of global equities yesterday as U.S. jobless data beat estimates a day after the Federal Reserve pledged to keep rates near zero for a considerable time after ending bond purchases. Alibaba Group Holding Ltd. (BABA) raised $21.8 billion selling shares in the biggest U.S. initial public offering.
“There will be a reversal of the flight to quality,” said Will Tseng, a bond-fund manager in Taipei at Mirae Asset Global Investments Co., which has $65.1 billion in assets. “People can take on riskier assets.” A “no” vote “will help political stability in Europe. The U.S. economy is doing well,” he said.
More
Treasuries Fall on Scotland Vote, Outlook for Higher Fed Rate
Sep 19, 2014 6:29 AM GMT
Treasuries fell, extending a third weekly loss, as a vote in Scotland to
remain in the U.K. curbed demand for the relative safety of America’s debt. Benchmark 10-year yields climbed to the highest level since July after the Federal Reserve this week raised its estimate for how far it will increase interest rates. After counting through the night, 55 percent of Scottish voters supported the “no” campaign compared with 45 percent who backed independence.
“There will be a reversal of the flight to quality,” said Will Tseng, a bond-fund manager in Taipei at Mirae Asset Global Investments Co., which has $65 billion in assets. “People can take on riskier assets.” A “no” vote “will help political stability in Europe. The U.S. economy is doing well,” he said.
Benchmark 10-year yields rose four basis points to 2.65 percent as of 6:26 a.m. in London, according to Bloomberg Bond Trader data. The 2.375 percent note due in August 2024 dropped 10/32, or $3.13 per $1,000 face amount, to 97 5/8. The yield is the highest since July 7.
More
We end for the day
positing, is this the top in stocks? Has Alibaba joined the 40 thieves? And in
Scotland’s other vote yesterday, whatever next? Happy hour, four for one drinks, and the
dreadful family day? The end of the world as we knew it. They’ll be allowing women to drive next!
"There
is no reason whatever to fear a crash".
Charles
Mackay. 2 October 1845, Glasgow Argus, on Railway Mania.
Alibaba Group Said to Raise $21.8 Billion in Record U.S. IPO
Sep 19, 2014 1:20 AM GMT
Alibaba
Group Holding Ltd. (BABA), the e-commerce company started in 1999 with
$60,000 cobbled together by Jack Ma, cemented its status as a symbol of China’s economic
emergence by raising $21.8 billion in a U.S. initial public offering. The company and shareholders including Yahoo! Inc. (YHOO) sold 320.1 million shares for $68 each, according to a statement, after offering them for $66 to $68. The sale -- which values Alibaba at $167.6 billion -- is already the largest by any company in the U.S. and has the potential to break the global record if additional shares are sold to underwriters.
Ma, a former English teacher who started the company in his Hangzhou apartment, drew crowds of money managers to meetings held around the world as the company pitched itself to investors. Alibaba profited from China’s burgeoning consumer class by dominating the e-commerce industry in the country of 1.36 billion people.
More
Women win right to R&A membership after 260-year wait as other clubs are told to remove barriers
Vote with 85 per cent in favour brings single-sex policy to an end while Minister of Sport Helen Grant says it is time for remaining ‘outdated’ clubs to follow suit
Helen Grant, the Minister of Sport, on Thursday night welcomed the decision of members of the Royal and Ancient Golf Club of St Andrews to admit women for the first time in its 260-year history, but added that the time was now right for other clubs with “outdated” single-sex policies to follow suit and end gender discrimination in the sport.The R&A members gave resounding support to the proposal to allow women to join their club, with 85 per cent voting in favour of the motion. They also approved another motion to allow 15 women to be fast-tracked into membership, although it is understood that the existing members have not been told who these pioneers might be.
“I am pleased that the members of the Royal and Ancient Golf Club of St Andrews have voted in favour of admitting women members,” said Grant. “This is positive news for the sport and I hope we will now see other golf clubs that still have outdated same sex policies follow suit.
“With golf in the next Olympics, there is a huge opportunity for the sport to grow and this sends out the right inclusive message that golf is for everyone.”
Making the announcement in front of the R&A’s famous St Andrews clubhouse, club secretary Peter Dawson said: “I am pleased to announce that the membership of the Royal and Ancient Golf Club of St Andrews has voted overwhelmingly in favour of welcoming women members.
---- Dawson refused to answer questions
concerning the R&A’s current willingness to take its prestigious Open
Championship to single-sex clubs. Royal Troon, Muirfield and Royal St George’s
are the three men-only clubs on the current Open rota, but there are signs that
all are now moving towards integration.
More
“But it (the boom) could not last forever
even if inflation and credit expansion were to go on endlessly. It would then
encounter the barriers which prevent the boundless expansion of circulation
credit. It would lead to the crack-up boom and the breakdown of the whole
monetary system.”
Ludwig Von Mises
At the Comex silver depositories Thursday final figures were: Registered 64.89
Moz, Eligible 116.04 Moz, Total 180.93 Moz.
Crooks and Scoundrels Corner
The bent, the seriously bent, and the totally
doubled over.
We end for the week watching the BDI swoon and
wondering what do the super-rich know that they’re not sharing with me?
Yes, gold doesn’t bear interest. Many,
including Warren Buffett, belittle its investment value. But, paintings or
antiques don’t bear interest either. When money supply is rising, anything
scarce tends to rise in value. Gold is the best scarce commodity in the world.
Andy Xie.
Super-rich rush to buy 'Italian Job' style gold bars
Economic uncertainties trigger rush for 12.5kg gold bars, worth about £300,000 each
The super-rich are looking to
protect their wealth through buying record numbers of "Italian job"
style gold bars, according to bullion experts.
The number of 12.5kg gold bars
being bought by wealthy customers has increased 243pc so far this year, when
compared to the same period last year, said Rob Halliday-Stein founder of
BullionByPost.
"These gold bars are usually
stored in the vaults of central banks and are the same ones you see in the film
'The Italian Job'," added David Cousins, bullion executive from London
based ATS Bullion.
The
bars which are made from pure gold and are worth more than £300,000 each at
today's prices of $1,223 (£760) an ounce.
Mr
Cousins added that he has seen more confidence from gold buyers this year as
prices remain stable after sharp falls in the price of gold last year.
The sales of 1kg gold bars, worth
about £25,000 each, has doubled during the three months ended August, when
compared to the same period last year, according to ATS Bullion sales figures.
Sales of the more popular gold
coins such as the quarter ounce sovereign and one ounce Krugerrand have also
doubled this year, according to figures from BullionByPost.
Mr Halliday-Stein said that while
most customers arrange for secure storage of the larger bars in secret vaults
operated by Brinks, some customers have taken physical delivery of the 12.5kg
bars. The small coins can also be sent in the post.
As the independence vote takes
place, Scottish investment in physical gold has surged by 42pc in the past
fortnight – on top of the traditional rise in gold
demand at this time of the year.
The figure, which comes from
Bullionvault.com, the world's biggest online platform for private investors who
want to trade physical gold and silver, suggests that anxious Scotland-based
investors are turning to gold as a means of insuring against the uncertainties
posed by a Yes vote in Thursday's referendum.
More
Another weekend, and the 300 year
old Union is good for at least another 300 days. I suspect that as a result of
yesterday’s Scottish vote, the next Parliament will be forced to legislate for
a constitutional convention. The Mother of all Parliaments is likely to spring clean.
Have a great weekend everyone. Maybe
Europe won’t fly apart after all.
Banks are an almost irresistible attraction for that element of our society which seeks unearned money.
J. Edgar Hoover
The monthly Coppock Indicators finished Aug.
DJIA: +152 Down. NASDAQ: +312 Down. SP500: +231 Down.
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