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When one strips away the lies about central banks' "inflation and employment" mandates and focuses on what they really do - which is to keep asset prices artificially supported and volatility suppressed - the motive behind virtually every central bank act becomes readily apparent: preserve (and increase, if possible) confidence in the market and economy, while saying anything and everything that helps achieve this, or in other words, lie but don't get caught.

Is the recent streak of record low volatility about to end?

While countless analysts, pundits and traders have previously talked their book (if not staked their reputation) on claims VIX is set for an imminent mean-reverting spike, so far that has not happened and in fact net spec positioning in the VIX just hit a record short print as of the latest CFTC week.

The following article by David Haggith is from The Great Recession Blog: 

• HSBC, miners lift European shares as dollar holds near lows (Reuters)
• Republicans Face Tough Choice: Repeal Obamacare or Cut Taxes (BBG)
• Trump’s Decisions Deepen Divide Among Republicans (WSJ)
• Koch Brothers Move to Back White House’s Tax-Cut Plan (BBG)
• Maduro Waits for U.S. Response After Violent Venezuela Vote (BBG)
• OPEC Has a Crippling Problem: Its Members Can’t Stop Pumping (WSJ)
• Catalan Separatist Chief Is Ready to Go to Jail (BBG)

Submitted by Koos Jansen, BullionStar.com.

My best estimate as of June 2017 with respect to total above ground gold reserves within the Chinese domestic market is 20,193 tonnes. The majority of these reserves are held by the citizenry, an estimated 16,193 tonnes; the residual 4,000 tonnes, which is a speculative yet conservative estimate, is held by the Chinese central bank the People’s Bank of China.