Trump Commemorative Liberty Coin – Gold

August 22, 2019

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Oil Jumps After OPEC Agrees To 500,000 bpd Production Cut

6 December 2019

Oil Jumps After OPEC Agrees To 500,000 bpd Production Cut

One day after the latest OPEC summit in Vienna ended in chaos and disarray, with the cartel unable to decide whether it will cut output further or instead punish violators of the current quote, leaving oil journalists asking questions and begging for pizza, on Friday Saudi Arabia and Russia surprised markets when they spearheaded a deal in which OPEC and non-OPEC nations committed to some of the deepest oil output cuts this decade aiming to avert oversupply and support prices amid declining global demand.

The group of more than 20 producers agreed to an extra 500,000 barrels per day in cuts for the first quarter of 2020, taking the total to 1.7 million bpd, or 1.7% of global demand, in hopes of boosting sagging oil prices in an environment where Saudi Arabia has been increasingly vocal in accusing cartel members and other producers of not sticking to pre-agreed quota levels.

Under the new deal, OPEC will agree to 372,000 bpd in fresh cuts and non-OPEC producers - mostly Russia - an extra 131,000 bpd.

Brent jumped more than 2%, rising above $64 a barrel after Saudi Energy Minister Prince Abdulaziz bin Salman said effective cuts could be as much as 2.1 million bpd as Saudi would carry on cutting more than its quota.

The impetus behind the cut was all Saudi Arabia, which has been eager to provide a floor for oil in the aftermath of the Aramco IPO which priced yesterday at the top of its range, yet some $300BN below the $2 trillion target previously revealed by Crown Prince MbS.

"The Saudi goal was not necessarily to push oil prices significantly higher, but rather - fresh on the heels of the Aramco IPO - to put a firm floor under them during the first quarter to temper any seasonal weakness," said Amrita Sen, co-founder of Energy Aspects, quoted by Reuters.

"Best outcome you could have expected. Puts floor under prices at $60 Brent but (we’re) still likely in $60-65 Brent market until the global economy improves and then we could see $65 to $70 Brent in Q2," said Gary Ross, founder of Black Gold Investors

As Reuters notes, OPEC+ will deepen cuts for the first three months of 2020, shorter than the six- or 12-month scenarios some OPEC members wanted. That said, the net impact of today's auction may be a wash as the new cuts merely offset expected increases from non-OPEC nations, including top producer the United States, where shale producers are pumping oil at a furious, record pace - yet unprofitably - in order to stave of defaults.

Eleven of OPEC’s 14 member states are participating while embargo-targets Iran, Libya and Venezuela are exempt. OPEC adds Russia and nine others - Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, South Sudan and Sudan.

Compliance has been a sticking point since the coordinated cuts began in 2017 with Saudi Arabia cutting more than required in order to offset overproduction from Iraq and Nigeria.

Saudi Prince Abdulaziz said he would continue cutting 400,000 bpd below target and its new ceiling would be 9.744 million bpd. It makes sense that Riyadh would should the bulk of the cuts: Saudi Arabia needs prices of at least $80 per barrel - some $15 higher - to balance its budget, much higher than most other producers, and also needs to support the share flotation of its national oil company Saudi Aramco, whose shares are expected to begin trading next Wednesday.

Prince Abdulaziz told reporters he expected the company to be worth more than $2 trillion in a few months, taking a page out of the Trump playbook in that all officials care about is the affirmation of the market.

Despite oil's kneejerk jump, the question remains: with OPEC's share of global oil supply now the lowest on record...

... thanks to US shale and Russian production, will today's deal amount to much if global demands continues to shrink?

Tyler Durden Fri, 12/06/2019 - 12:22 Tags Business Finance

The World Has Gone Bananas

6 December 2019

The World Has Gone Bananas

Submitted by Market Crumbs

The retail price of one pound of bananas in the United States was 58 cents in 2018. Right now, you can order one banana on Walmart's website for 18 cents. You can also order one roll of 3M Multi-Use Duct Tape for $4.99 on Amazon. Why the hell would you want a banana and duct tape?

Apparently, because duct-taping a banana to a wall is all the rage in the world of high-end art. This may sound like something out of The Onion, but this week at Art Basel Miami Beach, a banana duct-taped to a wall sold for $120,000. Even worse, a second banana duct-taped to a wall sold for $120,000. Yet even worse than that, a third banana duct-taped to a wall is expected to sell for $150,000 because...art.

Photo: Marketwatch

Italian artist Maurizio Cattelan is the artist behind the banana, which was "sourced from a local Miami supermarket," that is aptly named "Comedian." The first two "editions" of the banana duct-taped to a wall reportedly sold to two different French buyers. A third "edition" of the banana duct-taped to a wall already had two institutions express interest, according to the gallery handling the sale, Perrotin.

Art experts take pictures of Maurizio Cattelan's Comedian, for sale from Perrotin at Art Basel Miami Beach. Photo by Sarah Cascone

Despite Cattelan being known as an "art world prankster," the gallery said the piece is not a joke. "Every aspect of the work was carefully considered, from the shape of the fruit, to the angle its been affixed with duct tape to the wall," said Perrotin. In a sign of how those who are privy to the world of fine art will say anything to sound sophisticated, one attendee said "It’s best of show!"

Cattelan worked on the idea for "Comedian" for about a year, creating versions in both bronze and resin. "Wherever I was traveling I had this banana on the wall. I couldn’t figure out how to finish it," Cattelan said. Finally, Cattelan had an epiphany, saying "In the end, one day I woke up and I said 'the banana is supposed to be a banana.'"

The price was determined by coming up with an "insignificant number that would trivialize the work, and an outlandish one that would be completely ridiculous." So what's stopping everyone from selling a duct-taped banana to a wall for $120,000? Perrotin said "Without the artist’s certificate of authenticity, it reverts to being just a banana."

So while this could be an actual sale, money laundering, a prank, PR move or anything else, it's a reminder of how some people have more money than brains. Either way, it provided a good laugh for those who are not fortunate enough to drop $120,000 on a banana duct-taped to a wall.

Tyler Durden Fri, 12/06/2019 - 12:10

Allstate Lawyers Fear For Safety After Opposing Counsel Threatens To Unleash "Long D*ck Of The Law"

6 December 2019

Allstate Lawyers Fear For Safety After Opposing Counsel Threatens To Unleash "Long D*ck Of The Law"

A dispute between lawyers turned ugly when attorney Christopher Hook of Culver City, California sent a series of vulgar, threatening emails to attorneys for Allstate, after the insurance company rebuffed his attempt to collect over $300 million on a $200,000 water damage dispute.

Allstate, represented by firm Shepherd Mullin partner Peter Klee, filed an ex parte application for relief after they say Hook "bombarded" Klee and colleagues with "over 100 emails," according to Above The Law.

Not only did Hook threaten to "let the long dick of the law fuck Allstate for all of us," he threatened :shit for brains" Klee to "pay up fucktard or you will be lucky to work as a notary public in El Cajon."

"Karma is a bitch mother fucker," Hook continued, adding "You are going to learn that in spades. I know where you live pete."

2/ "Well karma is a bitch mother fucker. You are going to learn that in spades. I know where you live pete" pic.twitter.com/ItI8jUBuvH

— Keith Lee (@associatesmind) December 5, 2019

4/ Threatens to waterboard witnesses?!? pic.twitter.com/vyl2kt4snm

— Keith Lee (@associatesmind) December 5, 2019

On November 26, Allstate asked the court to throw out the lawsuit, disqualify Hook as the plaintiffs' attorney, slap Hook with a restraining order, and halt all depositions.

Hook responded to Klee's filing by claiming he was using a "confidential negotiating tactic" and he admitted that his language may have "crossed the line" out of "frustration and anger."

In response, Judge Otis D. Wright ordered both plaintiffs - an elderly California couple - and attorneys for both sides, to appear in court on December 16 and explain why "Mr. Hook should not be disqualified as Plaintiffs' Counsel," as well as "why this Court should not issue a restraining order" or sanction Hook.

https://platform.twitter.com/widgets.js https://platform.twitter.com/widgets.js Tyler Durden Fri, 12/06/2019 - 11:50 Tags Law Crime

China’s Foreign Ministry Is Starting To "Speak Like Trump"

6 December 2019

China’s Foreign Ministry Is Starting To "Speak Like Trump"

Submitted by Rabobank's Michael Every

Impeaches en Regalia

True story: when I was a young man and living abroad for extended periods, I would sometimes get pretty homesick. In order to cheer myself up I used to go to record shops and flick through Frank Zappa’s collected works; his album and track titles (Weasels Ripped My Flesh; Hot Rats; Sleep Dirt; Imaginary Diseases) always cheered me up. In what was for me a surreal environment like small-town Japan, their surrealism was extremely real and grounding. It still is to me today as things grow increasingly surreal around me again.

After all, we are just six trading days, including today, from the December 15 tariff deadline for a phase one trade deal. And yet nobody is worried because this morning it is the Wall Street Journal’s turn to tell us Chinese officials claim a trade deal remains on track. Of course, read the full text of the article and you see the Commerce Ministry also made 100% clear that US tariffs have to go DOWN, not just delayed, and that all the same sticking points are still there: the US won’t do that, and China won’t commit to huge agri purchases. (“Conceptual Continuity” as one Zappa album says, but “Jazz From Hell” to me.)

Which is also true in the case of the US Ukraine-gate scandal, where the Democrats are now writing up articles of impeachment. Of course this was always going to be an impeachment, and always on straight on party lines, and always going to a Senate trial – which will then clear Trump on the same party lines. And then there will be much further wailing and gnashing of teeth about democracy. On which note, anti-Trump Joe Biden appears to be trying to ape Trump’s 2016 electoral formula given how he responded to a question from the audience in Iowa that probed him about his son and his age: “You’re a damn liar, man. That’s not true….get your words straight. I’m not sedentary. You want to check my shape, man, let’s do pushups together here, man. Let’s run. Let’s do whatever you want to do. Let’s take an IQ test. OK?”, before apparently calling the man “fat” - though his team say “fact”. (“You Can’t Do That on Stage Anymore”: Zappa.)

As some might say, how pleasant it will when the Trump era is finally over and US presidential discourse can return to the hifalutin Greco-Roman rhetorical standards it used to enjoy: “They misunderestimated me”; “I think we agree, the past is over.” George W Bush. (and “Return of the Son of Shut UP ‘n Play Yer Guitar”: Zappa).

Also seeming to ‘speak Trump’ is China’s Foreign Ministry spokesperson (@MFA_China on Twitter - the same Twitter banned in China) who just tweeted: “#China has become powerful with US money? LOL! #US investment accounts for only 4.06% of all foreign investment to China since 1987, but China’s vast market feeds & fattens up numerous US enterprises.”

#China has become powerful with US money? LOL! #US investment accounts for only 4.06% of all foreign investment to China since 1987, but China's vast market feeds & fattens up numerous US enterprises. pic.twitter.com/DoWhrPpO8X

— Spokesperson发言人办公室 (@MFA_China) December 4, 2019 https://platform.twitter.com/widgets.js

Want more? Try “Chinese companies’ involvement in any part of 5G networks a threat? Security CHECK or TRAP? Sounds overboard but absurd. Be careful! Chinese-made clothes and shoes could also be threat.” (That’s in response to suggestions the UK and the EU are now leaning against Huawei for 5G).

Chinese companies' involvement in any part of future 5G networks a threat? Security CHECK or TRAP? Sounds aboveboard but absurd. Be careful! Chinese-made clothes and shoes could also be threat. 🤫 @StateDept https://t.co/xcuMH5X0Rx pic.twitter.com/BHhi6eYYP6

— Spokesperson发言人办公室 (@MFA_China) December 5, 2019 https://platform.twitter.com/widgets.js

Can you imagine the MFA training school for the poor bureaucrats being trained in ‘Trump’? “Good try, Mr Wang, but end your tweet with an extra ‘SAD!!!!!’” (“You Are What You Is”: Zappa)

The serious point here – a further coarsening of dialogue between the US and China, speaking to polarization, not agreement; indeed, the US is now pushing for the World Bank to reel in its lending to China given it is no longer a low-income country – more friendly, bridge-building (literally!) gestures. Meanwhile, China’s ambassador to Sweden (who had recently stated China has good wine for its friends, and shotguns for its enemies) has announced that Beijing will “impose restrictions in the cultural field, and limit exchange within the economy and trade” due to Sweden’s recent human-rights actions. Will we see the one-for-all, all-for-one EU spirit recently pledged at NATO’s 70th anniversary in response, even if Sweden isn’t in NATO, or the kind of “I never met him” that Trump just reeled out for Prince Andrew? The answer will tell us a lot about what EU-China trade will look like under geopolitical strain, and then what US-EU trade will look like under the same strain. If the EU doesn’t stand up to China, it surely raises the likelihood of the US standing up to the EU. (“Them Or Us”: Zappa)

Meanwhile, it remains a truism that our zeitgeist is captured not just by what tweets and headlines we get offered (and Zappa albums) but by the ones we don’t. Largely off the front pages, France is experiencing the largest general strike in years over proposed pension reform, which has paralyzed it. OK, France is synonymous with strikes, but a general strike is a big deal. So is an unpopular French president capable of provoking one when his electoral rival is going to be from the far right; and so is a French president pushing for major reforms of critical global and EU architecture when he can’t even get his own reform agenda implemented with popular consent. (“The Man From Utopia”: Zappa)

By contrast, Brexit Britain is still relatively becalmed in the final few days of the UK election campaign, and GBP continues to trade as if BoJo is a shoe-in for PM. The polarization in the press is clear with the final Friday pre-election headlines: “Utterly damning”: Jeremy Corbyn running ‘institutionally anti-Semitic’ Labour Party, says dossier – The Telegraph; BBC’s Andrew Neil lays down gauntlet to Boris Johnson over interview – The Guardian; BBC’s Andrew Neil absolutely savages Boris Johnson on live TV for chickening out of his interview in a bombshell ‘empty chair’ moment – The Mirror. (“Ship Arriving Too Late to Save a Drowning Witch”: Zappa)

Data-wise, Japan today showed us labour cash earnings up 0.5% y/y vs. 0.2% expected, and real cash earnings up 0.1% y/y vs. -0.3% expected. However, household spending y/y collapsed -5.1%, worse than the -3.2% expected. It’s a good job a huge new fiscal stimulus package was agreed to compensate for the major 3ppt hike in sales tax to 10% that was just introduced, isn’t it? So less household and more public spending: those riverbeds aren’t going to put fresh layers of concrete on themselves, now are they? (“We’re Only In It For The Money”: Zappa)

Tyler Durden Fri, 12/06/2019 - 11:31

Goldman Shares Jump After DOJ Said To Weigh Lowball 1MDB Settlement

6 December 2019

Goldman Shares Jump After DOJ Said To Weigh Lowball 1MDB Settlement

So much for finally holding Goldman Sachs accountable.

Anyone who feared Goldman might suffer a massive fine or, worse, criminal penalties (possibly involving current and former senior executives such as Hillary Clinton's very close friend, Lloyd Blankfein) can breathe a sigh of relief.

Goldman shares jumped 2.5% Friday morning after Bloomberg reported that the DoJ is seeking a settlement of between $1.5 billion and $2 billion for Goldman's involvement in the 1MDB affair.

That substantially less than most analysts had anticipated. Earlier this year, senior Malaysian officials made a big show of demanding that Goldman pay back all of the money stolen from 1MDB with interest, as well as any fees that the bank collected for its work underwriting three separate bond offerings that helped seed the fund. In total, the sum demanded came out to about $7.5 billion.

We know now that senior Goldman bankers, including then-CEO Lloyd Blankfein, signed off on the deals, ignoring warnings from the compliance department about Malaysia's point man for the project, the mysterious financier Jho Low. Which may explain why even the DOJ is now rushing to get this episode in the history books.

Low is now an international fugitive, and at least one Goldman banker has pleaded guilty and agreed to cooperate with the government; a settlement could be announced as soon as next month (though the bank also faces charges in Malaysia), although BBG's sources warned that the terms of the deal could change.

It's unclear from the report whether the DoJ will also seek a guilty plea from the bank, which could be a game-changer if it happens.

The notion that the DoJ is going easy on Goldman is hardly a surprise. Attorney General William Barr has reportedly directly involved himself in the case, which is unusual because his former law firm, Kirkland & Ellis LLP, represents Goldman, and Barr had to secure a waiver to excuse this conflict.

But this type of special treatment would be nothing new to Goldman: After all, its alumni occupy some of the most powerful jobs in the world. Goldman is the very definition of 'too big to jail'.

Tyler Durden Fri, 12/06/2019 - 11:09 Tags Business Finance Politics

Teenager threw boy, 6, off Tate Modern balcony 'to be famous'

6 December 2019

Jonty Bravery, 18, from Ealing, west London, appeared at the Old Bailey by video link today to admit a charge of attempted murder.

Harrods murder victim was Omani student, 24

6 December 2019

The murdered victim of last night's grisly stabbing outside Harrods has been named as 26-year-old Omani student Mohammed bin Abdullah Al Araimi.

Greta Thunberg arrives at UN climate conference in Madrid by train

6 December 2019

Greta Thunberg, who refuses to travel by air because of the environmental impact, arrived at Madrid's Chamartin Railway Station early on Friday after taking the train from Portugal.

Man who lost six family members in Grenfell says it's 'disgrace' it took so long for chief to quit

6 December 2019

Nabil Choucair branded the delay a 'disgrace' and accused fire chief Dany Cotton of not understanding or caring about victims of the Grenfell fire tragedy. She will resign in four months.

Google Santa Tracker is LIVE and the countdown to Christmas Day has begun

6 December 2019

For little ones who can't wait to track Santa's progress later this month, there is now a bundle of festive fun to be had. Games including an 'elf maker' are now live on the Google site.