Last night we reported that the PBoC is now considering a Tobin tax on FX transactions.
The follows reports that a series of big name money managers - or, as China calls them, “speculators,” “predators,” and “crocodiles” - have placed outsized bets against the yuan.
Authored by John Mauldin via MauldinEconomics.com,
Everyone is missing the serious problem that ultra-low interest rates have created for retirees.
Pension funds are still assuming that future returns will be in the 7½–8% range. And as people get older and have no practical way to go back to work, pension funds that are forced to reduce payments in 10 or 15 years (and some even sooner) will destroy the lifestyles of many.
Remember last week, when China was "fixed" because after the National People's Congress a record-smashing short-squeeze hyped on the back of stimulus hope sent Iron Ore prices soaring 20% in a day? Well that's all over...
Last week, analysts and traders alike were stunned by "the departure from fundamentals" as "the iron ore and steel markets have gone berserk."
With Valeant down nearly 50%, and Pershing Square fielding an unknown number of margin calls and redemption requests as of this moment, Bill Ackman just did the only thing he could do at this moment: send a letter to anyone who still cares, defending his disastrous investment, yet again.
Pershing Square Holdings, LTD. Sends Communication to Investors Regarding Valeant
Dear Pershing Square Investor,
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Future Gold Prices
Posted with permission and written by Gary Christenson, The Deviant Investor (CLICK FOR ORIGINAL)
The internet is filled with predictions for the price of gold, from $500 to $50,000 per ounce. It depends on your world view.