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Fri, 07 Oct 2022
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Stock Down

London gold dealer runs out of bullion amidst shocks to UK economy

gold price 2022

We anticipate we will continue to see an upward trend in people using gold as loan collateral in the coming months.' said Jim Tannahill
When the pound slumped as Kwasi Kwarteng presented his mini-budget, some Britons rushed to the safety of a haven that's recently lost its luster: gold.

As the UK currency slid to an all-time low early Monday, bullion priced in pounds climbed close to a record. That would typically encourage selling and deter buyers, but this time round the turmoil in British bond and currency markets increased the allure of the precious metal.

"Buying has increased exponentially," said Ash Kundra, who runs coin dealer J Blundell & Sons in London's historic Hatton Garden jewelry quarter. "I keep running out of coins, I keep running out of bars."

Comment: Contrary to some of the speculation above, clearly there is a lot more going on to the regional and Western economies than just the UK governments recent budget announcements:



Stock Down

'Chaotic market breakdown' looms as Federal Reserve split over rate hike

banks west crash 2022
Back in early 2018, around the time the Fed was confident it could hike its way to around 4% without an accident, and with balance sheet QT on "autopilot", we first warned that every fed tightening cycle leads to a crisis.


A few months later, in late December, this was confirmed when the Fed panicked and ended its tightening cycle very prematurely. Shortly after it started restarted (NOT) QE, which was then followed by the liquidity supernova that was the covid global lockdowns, and everyone knows the rest.

So fast forward to the start of 2022, when just as the Fed was setting off on its latest tightening campaign, we again reminded readers that "every Fed tightening cycle ends in disaster and then, much more Fed easing."

Comment: See also:


Stock Down

Credit Suisse at 'critical moment' as stock prices crash below levels seen during 2008 financial crisis

Credit Suisse
© Keystone / Michael Buholzer
FILE PHOTO
Credit Suisse Group AG's Chief Executive Officer Ulrich Koerner said the bank is at a "critical moment" as it prepares for its latest overhaul, while stressing the bank's strength.

In the second carefully-worded memo sent to reassure staff in as many weeks, Koerner told employees not to confuse the "day-to-day" stock price performance with the Swiss firm's "strong capital base and liquidity position." The shares are hovering near a record low.

Comment: More reporting on the situation:






See also: UK pension funds bond crash prompts historic Bank of England emergency intervention


Newspaper

Video shows major fire break out at Crimean airfield as military aircraft skids off runway

crimea runaway fire

A blaze broke out at the Belbek airfield near the city of Sevastopol after a military aircraft skidded off the runway
A military aircraft loaded with ammunition skidded off the runway at an airfield in Crimea on Saturday, resulting in a major fire, according to the local authorities.

Photos and videos published on social media showed massive plumes of black thick smoke billowing over the area where the Balbek military airfield is located not far from the port city of Sevastopol. Some witnesses also claimed to have heard explosions in the area.

The incident at the airfield was caused by a military aircraft, Sevastopol Mayor Mikhail Razvozhaev said in a Telegram post. The aircraft skidded off the runway while landing and caught fire, according to the mayor, citing local emergency services. Later, Razvozhaev also said that the ammunition onboard detonated.

Dollar

Hurricane Ian's damage to Florida fertilizer plant creates 'concern' about rising food prices

Fertilizer
© Getty Images
Mosaic Co.'s North American phosphate operation amounting to 50% of North American farmers' granular phosphate fertilizer.
Food industry analyst warns rising ingredient costs 'work their way into' prices at the grocery store

With Hurricane Ian forcing the temporary closure of one of America's largest fertilizer production facilities, food industry and agriculture experts are warning it could cause a spike in grocery store prices.

Morning Consult analyst Emily Moquin told FOX Business' Jeff Flock Thursday:
"There's concern about storm surge, flooding, things that could impact land use, whether it's for growing crops, whether it's for fertilizer, and eventually those things to work their way into the ingredient costs and then work their way down through the system to the prices that we see in the grocery store."
While Flock noted in his "Varney & Co." report that it's not currently peak fertilizer season, Hurricane Ian forced Florida fertilizer maker Mosaic Co. to halt operations across Polk County for an unspecified amount of time as disaster relief efforts get underway.


Flashlight

Norwegian energy operators spotted unidentified drones before Nord Stream blasts

Nord Stream
© AFP / Danish Defense
Gas leak along one of the damaged Nord Stream pipelines
Norway's offshore energy operators reported an increasing number of unidentified drones near their platforms in the days leading up to the apparent sabotage of the Russian Nord Stream 1 and 2 gas pipelines.

The Norwegian Petroleum Safety Authority held a meeting with members of the country's oil and gas industry on Thursday, warning them that recent reports indicated "increased drone activity" over the Norwegian continental shelf (NCS).

"These craft have been of different sizes, and their presence has been growing - particularly in September," the agency stated, adding that the drone sightings are being investigated by the Norwegian police.

In a letter dated last Friday, the agency warned Norway's maritime and aviation authorities that energy operators on the NCS had "recently given warnings/notifications of a number of observations concerning unidentified drones/aircraft close to offshore installations."

X

Ex-Polish FM deletes tweet implying US sabotaged gas pipeline

Radek Sikorski, pipeline tweet, Nordstream
Polish MEP and former foreign minister Radoslaw Sikorski has deleted a tweet in which he thanked the United States for apparently blowing up Russia's Nord Stream gas pipelines. Sikorski still reckons the US had the "motive and the ability" to sabotage the lines.

After the Nord Stream 1 and Nord Stream 2 pipelines lost all pressure on Monday following a series of underwater explosions off the Danish island of Bornholm, Sikorski took to Twitter to gloat, posting a photo of a massive gas leak in the Baltic Sea and declaring, "Thank you, USA." He added that the apparent act of sabotage means that Russia will now need to negotiate with Ukraine and Poland to ensure the continued flow of gas to Europe.

As of Thursday, Sikorski has deleted his thank-you message to Washington. In a tweet posted on Wednesday, he clarified that he was "glad that the Nordstream ... is paralyzed."

"I naturally make working hypotheses about who had the motive and the ability to do so only on my own behalf," he stated.

Comment: See also:


Russian Flag

'I can't imagine our future differently': Donbass residents explain why they voted to join Russia

Luhansk, referendum, Russia, Russian referendum
© Sputnik / Evgeny Biyatov
A girl votes in a referendum on the accession of the Luhansk People's Republic to Russia at a polling station.
Last week, referendums on once-again becoming part of Russia were held in the Donetsk (DPR) and Lugansk (LPR) People's Republics, as well as in the liberated territories of Zaporozhye, Kherson, and Nikolaev regions (the latter was annexed to Kherson Region).

According to the results, the 'For' option won all four by an overwhelming margin. RT's correspondent in Donbass, Vladislav Ugolny, has been observing the sentiment there for the past eight years. He describes how the referendums took place, what they meant to local residents, and why their outcome simply could not have been different.

All arguments 'against'

For those who are sufficiently immersed in the history of the struggle of the Russian residents of Ukraine for unity with their historic homeland, the results of the referendums are hardly surprising. But it is also worth pointing out from the start that not everyone in these regions took part in the vote.

In 2020, one soldier told his comrades-in-arms that he was only serving in the DPR army for the sake of a good salary by local standards. He said that, at the time, he was ready to dig trenches and go on guard duty. But in case of a resumption of active military operations, he would be at Yuzhny, a station from which buses are dispatched to Russia.

Active hostilities resumed over six months ago, eventually leading to the second referendum in Donbass. And this warrior did not take part in it.

Why? Did keep his word and escape? No, he died in 2021. He could have said anything - soldiers like to scratch their tongues. But when his comrades-in-arms came under Ukrainian fire and their wounded had to be evacuated, he volunteered. During the rescue operation, he was killed in action. He did not live to see the fighting intensify, nor did he live to see the new referendum.

Heart - Black

"We're horrified": Major brands pull Twitter ad campaigns over child porn

Twitter logo
When it comes to policing mean tweets - or any opinion to the right of Mao, Twitter's army of pink-haired social justice censors is on it.

But when it comes to pedophiles, the social media giant's censorship is so lax that major advertisers - including Dyson, Mazda, Forbes and PBS Kids - have suspended their marketing campaigns or removed ads from 'parts of Twitter' because their promotions were featured next to tweets soliciting child pornography, Reuters reports.
DIRECTV and Thoughtworks also told Reuters late on Wednesday they have paused their advertising on Twitter.

Brands ranging from Walt Disney Co, NBCUniversal and Coca-Cola Co to a children's hospital were among more than 30 advertisers that appeared on the profile pages of Twitter accounts peddling links to the exploitative material, according to a Reuters review of accounts identified in new research about child sex abuse online from cybersecurity group Ghost Data. -Reuters

X

"No evidence" US involved in Nord Stream pipeline attack because Pentagon says so

Pentagon
© Glowimages/Getty Images
Pentagon
Fox News reporter Jennifer Griffin has confirmed that the U.S. was not responsible for the Nord Stream 2 pipeline explosion, because the Pentagon told her so.

Yes, really.

Despite accusations flying that the United States could have been involved in the blasts that have reportedly could scupper the pipelines permanently, and without any investigation having taken place, Griffin's crack journalism has solved the case.
Well, that's that then, case closed.