Silver as an investment

European Parliament Plans To Remove English As An Official Language / by Tyler Durden / Jun 28, 2016 3:55 PM
There has been a lot of speculation surrounding what the changes will be in the relationship between the UK and the European Union as a result of the Brexit referendum. One thing we do know, is that according to a senior MEP, English will no longer be an official language of the European Union.

Danuta Hubner, the head of the European Parliament’s Constitutional Afairs Committee (AFCO), warned Monday that English will not be one of the European Union’s official languages after Britain leaves the EU. As Politico reports, English is one of the EU’s 24 official languages because the UK identified it as its own official language, Hubner said. But as soon as Britain completes the process to leave the EU, English could lose its status.


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Don’t Panic: Vanguard Just Sent This Email To Its Retail Investors: “It’s likely that this vote will have a global economic impact…” / Mac Slavo / June 28th, 2016

Britain’s decision to withdraw from the European Union has not only rocked the whole of the elite global order, but average citizens the world over appear to be rapidly dumping stocks.

Though equities appear to be rebounding somewhat today, markets in Europe, Asia and the Americas were heavily in the red over the preceding two trading days, which is perhaps why one of the world’s largest investment companies, with some $3 trillion in global assets, just issued the following email to retail investment account holders in an effort to avoid panic selling.

Now that U.K. citizens have held their referendum and voted that the United Kingdom should leave the European Union, what’s going to happen next?

It’s likely that this vote will have a global economic impact. But because it may take time before the full impact is felt, there could be continued uncertainty in the financial markets. And that uncertainty could lead to volatility.

Focusing on what you can control

Even during times of global uncertainty, Vanguard believes in the merits of a well-diversified portfolio that includes both domestic and international assets. Making changes to your plan based on market movements could derail your efforts to reach your goals.

Although it’s difficult during times of market volatility, we recommend you stay focused on the things you can control: creating clear goals, developing an appropriate asset allocation, minimizing investing costs, and maintaining a long-term perspective.


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What’s Next For The S&P: “All Eyes On 1,950” The Charts Say / by Tyler Durden / Jun 28, 2016 3:18 PM

With global equity and especially FX markets underoing historic moves in the last two days, every trader’s playbook has been tossed aside as setups and trendlines everywhere have been broken. So for everyone trading on nothing but momentum – which these days is most, and certainly all algos  –  here are some observations from BofA’s chief technicial Stephen Suttmeier who says that with the S&P failing to breach 2,100 again, and having broken 2025, “all eyes are now on 1950.”

The S&P 500 has once again stalled within the 2100-2135 resistance. Today’s break of 2025 (May low), if sustained into the close, places the focus on 1950-1930 or 8-9% down from the early June high. The latter level is near the 61.8% Fibonacci retracement of the February to early-June rally near at 1928.69


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Everyone knows the key to investing success – Buy low, sell high. So why do the CEOs of the biggest companies in the world buy back their company’s stock at all-time highs and when prices were at decades lows in 2009, they bought nothing? These MBA geniuses aren’t dumb in the traditional sense. But their decisions to squander hundreds of billion of shareholder money making horrible investment choices points to their greed and corruption.



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WTF Chart Of The Day: When Central Planning Fails

Things have not been going according to plan for Kuroda-san and his policy-making ‘Peter-Pan’s in Japan. Since The Bank of Japan unleashed NIRP on its ‘saving’ community – which, according to the textbooks would force money to reach for riskier investments, pumping stocks up, or flush cash into inflationary consumption – stock prices have collapsed and bond prices have exploded… In fact, in six months, bonds are outperforming stocks by a central-bank-credibility-crushing 70%!!!

Rate cuts…not working

h/t @jsblokland

And it’s not just The BoJ that is struggling – since The Fed hiked rates, The S&P is down 3.5% and Treasuries are up 16%!!


2016 – The year when the central-planners were finally exposed!!

Why Large, Local Legislatures Are Better than the EU Parliament / Ryan McMaken / JUNE 28, 2016

One of the biggest weaknesses in the EU’s argument against secession from the EU is the fact that the EU is so very undemocratic. Whatever one thinks of democracy, the fact remains that Europeans tend to favor it, so the EU’s significant deficit on democratic representation in EU institutions has been a big problem in selling the EU to the masses. The EU recognized this in the Brexit debate, which is why EU supporters have focused almost entirely on economic claims.

There is some democracy in the EU, as in the European Parliament, although EU legislation originates with the un-elected bureaucracy where most of the expertise and power resides. The European Parliament is not as powerless as some critics of the EU have suggested, although it clearly works at a disadvantage when compared with the the European Commission, which is unelected.

(This article from the BBC explains how laws are handed down by the EU, many of which create unalterable mandates for national legislatures.)

Constituency Size Is Huge in the EU

Moreover, even if the EU Parliament were more powerful it would continue to be remote from the actual voters. For the average UK voter, for example, the EU Parliament is physically distant (meeting in France), and is unrepresentative of the voters in the fact there are only 73 representatives (MEPs) from the UK in the European Parliament. That comes out to only one MEP per 891,000 UK residents. Thus, even if one’s MEP is in town, it’s nearly impossible to get the MEP’s attention given the sheer size of the constituency.


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Forget Hikes – Rate-Cut Odds Soar For September As NIRP “Bets” Hit Record High / by Tyler Durden / Jun 28, 2016 3:05 PM

Despite a modest bounce today, the collapse in stock prices and bond yields since the ‘non-event’ “won’t affect our market” Brexit vote has sent market-implied rate-hike odds careening lower. In fact, there is now a 0% chance of a rate hike to November and a 23% chance of rate-cut in September with December (post-election) rate-hike odds just 7.7%!!! Fed Credibility is official dead…

Fed rate movement expectations have collapsed…


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Operation Sea Lion II: Merkel Tells Cameron Before EU Summit “Don’t Delude Yourself” / by Anthony B. Sanders, Courtesy of Confounded Interest • 

Operation Sea Lion (German: Unternehmen Seelöwe) was Nazi Germany‘s code name for a provisionally proposed invasion of the United Kingdom during the Battle of Britain in the Second World War. Fortunately, it did not happen.

Until Great Britain left the European Union. Now, Germany’s Angela Merkel is threatening the UK with what amounts to an economic blockade which I will call “Operation Sea  Lion II.”

Now. Germany’s Angela Merkel told Great Britain’s Prime Minister David Cameron “Don’t Delude Yourself.

German Chancellor Angela Merkel warned the U.K. to have no illusions about life outside the European Union, hardening her stance ahead of Prime Minister David Cameron’s first meeting with fellow EU leaders since triggering the political earthquake that’s shaken the bloc’s foundations.


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Clinton’s Plan For Millennials: Loan Forgiveness

If Bernie Sanders and his supporters are still waiting to see whether or not Hillary Clinton is willing to move far enough left on some issues, the release of Clinton's Tech & Innovation Agenda yesterday should make everyone a little bit less concerned.

According to the Clinton campaign website, Hillary's Tech & Innovation Agenda has five key parts, much of which Clinton has touched on in the past. However as Wired reports, there are a few new proposals as well, including deferring student loans interest free and loan forgiveness in general.

From Wired

The presumptive Democratic nominee has touched on tech issues in an ad hoc way before, urging Silicon Valley to help fight radicalization online and calling for greater protection for on-demand workers. This is the first time, however, that Clinton—or any presidential candidate for that matter—is synthesizing these ideas into a comprehensive platform.


Though many pieces of the agenda are policy prescriptions Clinton has announced in the past, including a plan to bring broadband access to every American home by 2020, the tech platform includes newer proposals as well. Her plan would, for instance, allow would-be entrepreneurs to defer their student loans interest free for up to three years as they launch their businesses. Business owners who locate in “distressed communities” or start a social enterprise also could ask the government to forgive as much as $17,500 in loans after five years in business.


The goal of this part of the plan is to encourage millennials to start businesses. Entrepreneurship among young Americans has fallen drastically, and student debt is often cited as one of the greatest obstacles to starting up.



The Accusations Begin: David Cameron Blames Brexit On Merkel And EU “Immigration Failure”

The Brexit vote is history, and so is David Cameron’s reign as Britain’s prime minister whose gamble to allow an EU referendum backfired spectacularly. And today, in what Bloomberg earlier dubbed his “last summer” Cameron had the unpleasant task of telling his Eurocrat peers during what is hist last Brussels summit why he failed. Only he didn’t and instead, as the FT writes, Cameron flipped the tables and told European leaders he lost the EU referendum because they failed to address public concerns over immigration, as tensions rose ahead of looming Brexit negotiations.

The British prime minister said at his final summit in Brussels on Tuesday that fears of mass immigration were “a driving factor” behind the vote and free movement would have to be addressed in Brexit talks. While he did not call her out by name, Cameron was effectively blaming Angela Merkel, whose overly accepting immigration policy in 2015 unleashed a historic refugee wave which ultimately ended up being the deciding factor behind the referendum outcome.

As the FT writes, Angela Merkel, the German chancellor, and other leaders “blocked British demands before the referendum for an “emergency brake” on migrant numbers and the idea remains anathema to many member states.  Cameron, who announced his ­resignation after last week’s referendum, said that he wanted Britain and the EU to retain “as close an economic relationship as possible”. But, at an emotional dinner, he warned that the UK could not continue to accept large numbers of EU migrants, even if that meant losing access to the single market.”

His remarks underscored the hard task facing both sides in reaching a new accord. Addressing the German Bundestag before the Brussels summit, Ms Merkel warned the UK that there would be no “cherry picking” in its Brexit negotiations. European Commission president Jean-Claude Juncker underscored this when he said that he wants the article 50 “letter to be sent as soon as possible.” Giving the UK instructions on how to proceed, Juncker said during a press conference that “if someone from the Remain camp will become British prime minister, this has to be done in two weeks after his appointment. If the next British PM is coming from the Leave campaign, it should be done the day after his appointment.”

Juncker urged the UK “swiftly” to clarify its position regarding its plans to break from the EU, warning that the bloc could not be “embroiled in lasting uncertainty”. He also hit back at criticism of him in some parts of the British press, claiming he was not a “faceless bureaucrat” and “would like to be respected”. (more…)