Is PAGE dead on PBOC ban on non-Shanghai gold exchanges?

Mineweb (ex-Reuters) is reporting that “Gold exchanges in China outside of two in Shanghai are to be banned, authorities said in a statement released on Tuesday.”

Looks like the much hyped Pan Asia Gold Exchange is dead. Not sure where this leaves those who claimed that it “will ultimately destroy the remaining short positions . . . → Read More: Is PAGE dead on PBOC ban on non-Shanghai gold exchanges?

Economic Events on December 28, 2011

At 7:45 AM Eastern time, the weekly ICSC-Goldman Store Sales report will be released, giving an update on the health of the consumer through this analysis of retail sales.

At 8:55 AM Eastern time, the weekly Redbook report will be released, giving us more information about consumer spending.

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Uncomfortable times in real estate in store?

Patrick Chovanec has a fascinating article in Foreign Affairs, titled China’s Real Estate Bubble May Have Just Popped. This is interesting and important from two points of view.

First, bad news for China is bad news for the world economy. We are already in a bleak environment, with difficulties in Europe, Japan, the US, . . . → Read More: Uncomfortable times in real estate in store?

Interesting History

Walter E. Williams, on the federal income tax:

During the legislative debate before enactment of the 16th Amendment, Republican President William Taft and congressional supporters argued that only the rich would ever pay federal income taxes. In fact, in 1913, only one-half of 1 percent of income earners were affected. Those earning $250,000 a . . . → Read More: Interesting History

Most Stable Region of Pittsburgh

So in the spirit of the end of year retrospectives we will be having all week this came to mind.  In October I pointed out that for the Pittsburgh region, it was the highest employment count for an October ever.  Same for November.  Following from that, I was thinking a bit about some analysis by the . . . → Read More: Most Stable Region of Pittsburgh

Economic Events on December 27, 2011

At 9:00 AM Eastern time, the monthly S&P/Case-Shiller home price index report will be released.  Given that most economists don’t expect the overall U.S. economy to improve until housing prices end their decline, the market will be watching this number closely.

At 10:00 AM Eastern time, the monthly report on Consumer Confidence for December . . . → Read More: Economic Events on December 27, 2011

Anecdote vs. Data

Let me make some introductions.  Data meet news, news meet data.

I just caught this headline.. but the Patriot News had article over the weekend: Marcellus Shale industry brings ‘tsunami of jobs’ to Pa.. which really was more of an anecdotal story focused on a woman getting a job in the drilling industry here . . . → Read More: Anecdote vs. Data

Is Foreign Trade a Big Deal?

Walter Williams:

Hale and Hobijn find that the vast majority of goods and services sold in the United States are produced here. In 2010, total imports were about 16 percent of U.S. gross domestic product, and of that, 2.5 percent came from China. A total of 88.5 percent of U.S. consumer spending is on . . . → Read More: Is Foreign Trade a Big Deal?

Unsegregated Allocated

Following on from this post from 2009 where I identified five types of storage (Segregated Allocated, Unsegregated Allocated, Unsegregated Physical Backed, Unallocated Fully Hedged, Unallocated Unhedged), we now have confirmation that “Allocated” metal at a bullion bank is unsegregated from this interview with Kyle Bass (42 minute mark) where he talks about bars being . . . → Read More: Unsegregated Allocated

Economic Events on December 23, 2011

At 8:30 AM Eastern time, the Durable Goods Orders report for November will be released. The consensus is that there was an increase of 1.9% from the previous month.

Also at 8:30 AM Eastern time, the monthly Personal Income and Outlays report for November will be released. The consensus for Personal Income is an . . . → Read More: Economic Events on December 23, 2011