https://economicalpha.blog/2019/12/13/gdxj-rebalance-update-for-q4/
Saturday, December 14, 2019
$GDXJ #Gold #Mining #ETF Rebalance Update for Q4
https://economicalpha.blog/2019/12/13/gdxj-rebalance-update-for-q4/
Wednesday, November 27, 2019
Feds target #Venezuelan brothers in new $4.5 BILLION #MoneyLaundering probe
Feds target Venezuelan brothers in new $4.5 billion laundering probe | Miami Herald
The Justice Department is building a new money-laundering case against two politically connected Venezuelan bankers with financial and real estate investments in South Florida who are suspected of stealing more than $4.5 billion from Venezuela’s socialist government, the Miami Herald has learned.
Pangea on Twitter
A Whole Lot of #Debt: $69 Trillion of World Debt in One #Infographic
Two decades ago, total government debt was estimated to sit at $20 trillion.
Since then, according to the latest figures by the IMF, the number has ballooned to $69.3 trillion with a debt to GDP ratio of 82% — the highest totals in human history.
Which countries owe the most money, and how do these figures compare?
The Regional Breakdown
Let’s start by looking at the continental level, to get an idea of how world debt is divided from a geographical perspective:
| Region | Debt to GDP | Gross Debt (Millions of USD) | % of Total World Debt |
|---|---|---|---|
| World | 81.8% | $69,298 | 100.0% |
| Asia and Pacific | 79.8% | $24,120 | 34.8% |
| North America | 100.4% | $23,710 | 34.2% |
| Europe | 74.2% | $16,225 | 23.4% |
| South America | 75.0% | $2,699 | 3.9% |
| Africa | 56.9% | $1,313 | 1.9% |
| Other | 37.1% | $1,231 | 1.8% |
In absolute terms, over 90% of global debt is concentrated in North America, Asia Pacific, and Europe — meanwhile, regions like Africa, South America, and other account for less than 10%.
This is not surprising, since advanced economies hold most of the world’s debt (about 75.4%), while emerging or developing economies hold the rest.
World Debt by Country
Now let’s look at individual countries, according to data released by the IMF in October 2019.
It’s worth mentioning that the following numbers are representative of 2018 data, and that for a tiny subset of countries (i.e. Syria) we used the latest available numbers as an estimate.
https://www.visualcapitalist.com/69-trillion-of-world-debt-in-one-infographic/
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Monday, November 25, 2019
Unauthorized @Uber drivers in #London conducted 14,000 trips using other drivers' accounts, using unregistered, uninsured vehicles
TfL said it found unauthorized drivers using the accounts of approved Uber drivers and picking up passengers using vehicles they weren't registered to drive.
The regulator said these fraudulent drivers had conducted 14,000 trips. All the trips were uninsured, and some of the unauthorized drivers had not been licensed at all by the regulator. In one instance, one fraudulent driver had had their license revoked.
TfL said it also found drivers who had been suspended from Uber's platform were still able to create an account and start driving again. It also identified cases in which drivers didn't have the right insurance in place.
The regulator added that Uber had taken steps to fix these issues but said it was "a concern that Uber's systems seem to have been comparatively easily manipulated."
"While we recognize Uber has made improvements, it is unacceptable that Uber has allowed passengers to get into minicabs with drivers who are potentially unlicensed and uninsured,"
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Wednesday, November 6, 2019
#Ion: The #FinancialData Group Taking on Bloomberg...and Tons of #Debt
In 1999, Andrea Pignataro followed in the footsteps of Michael Bloomberg: leaving the cut and thrust of bond trading at Salomon Brothers to build a financial data empire.
...
After completing a £1.5bn deal in 2018 for trading software maker Fidessa and the £1.4bn acquisition of a majority stake in financial news company Acuris earlier this year, Ion is now a mini-conglomerate that spans data and trade processing, and includes brands such as Dealogic and Mergermarket. Its combined enterprise value is about £7bn. Revenues last year were about £830m.
Read the whole story here: Ion: The Financial Data Group Taking on Bloomberg
Friday, October 18, 2019
Aleks Svetski,”#Bitcoin is all about #Money” with @APompliano
Very informative podcast with Aleks Svetski, Founder of Amber, on Anthony Pompliano's Off the Chain Podcast, on Bitcoin and how it's all about Money.
Why The Bitcoin Price Is Wrong.
https://podcasts.apple.com/us/podcast/off-the-chain/id1434060078?i=1000452270641
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Tuesday, October 15, 2019
Swiss Bank CBH Keeps Cropping Up in Venezuelan Corruption Cases - Bloomberg
CBH was at the heart of many of the scams.
Bloomberg finally reporting on CBH
Wednesday, October 2, 2019
#WeWork: At What Point Does #Malfeasance Become #Fraud? Neumann fired? My God, he got on the last helicopter out of Saigon…
Great interview with @ProfessorGalloway in the New Yorker on #WeWork's « triage »
« This is a distressed asset in free fall that is inarguably worth less than zero. Because all we have here is an entity burning $700 million a quarter. »
« The market is going to have to decide how thin the lines are between vision, bullshit, and fraud. »
« Adam Neumann fired? He was liberated. This guy just played this perfectly. Could you imagine what his life would be like right now? If he was still CEO? Showing up every day to an office where he had sold $750 million and everybody else was trying to figure out how they were going to pay the rent on the new apartment they had moved into because they thought they had $7 million in We stock? »
« Adam Neumann came in, smoked his own supply, and walked out with three-quarters of a billion dollars about the time that people in hazmat suits showed up. …So he and his family will literally have to go into hiding. There will be threats against his life. There's going to be so much anger here.»
What about « JPMorgan and Goldman Sachs? These guys were about to collect $130 million in fees and then prop up some equity analysts to tell their private-wealth managers in the marketplace that this thing was $40 billion to $60 billion. And according to Goldman, it was worth $60 billion to $90 billion! What does that say about them? »
« What happens to the New York and Chicago commercial-real-estate markets where WeWork was the biggest and the second-biggest tenants? »
« The real toll is that there's somewhere between 5,000 and 15,000 WeWork employees who took a job and a big part of their compensation — the reason they took these jobs was because of equity value. And it's impossible not to count your money 30 days out from an IPO…
« We're probably talking about several thousand people who were going to be millionaires. Now most of them are probably thinking that in the next 30 days there's a one-in-two chance I don't have health insurance. »
« Adam Neumann fired? My God, he got on the last helicopter out of Saigon. »
Read the whole article in the New Yorker Magazine:
Tuesday, October 1, 2019
Potential #WeWork #Bankruptcy Would Mean A Rude Awakening for Commercial #RealEstate Sector
It all seems like fun and games, until someone really gets hurt....
The WeWork fiasco is just getting started. The commercial real estate CRE sector in cities like NY & London may be In for a rude awakening. The mismatch between WeWork's lease commitments and actual spaced leased out, is 12X
This from zerohedge:
as part of its tremendous growth, by the end of 2019 WeWork will have not only burned $6 billion since 2016, but will have accrued $47 billion of future rent payments due in the form of lease liabilities. On average it leases its buildings for 15 years. Yet as Bloomberg reported previously, its tenants are committed to paying only $4 billion, and on average have leases for 15 months.
in short, a WeWork solvency crisis (read: bankruptcy) would send a shockwave across the US Commercial Real Estate market. Correction, it would send a shockwave across the global commercial real estate market. The reason is that with over $47 billion in lease liabilities, WeWork is already one of the world's largest lessees, trailing only oil exploration giants Petrobras and Sinpec, an astonishing feat for the flexible office space provider "which was founded less than a decade ago, bleeds cash, and doesn't plan to become profitable any time soon."
And then there is the not so subtle fact that WeWork is already the single biggest tenant in New York City, as well as Chicago, Denver and central London.
Said otherwise, a WeWork insolvency would send the Commercial Real Estate market in New York, London, and most major metropolises into a tailspin.
See the whole article here: https://www.zerohedge.com/economics/here-are-billions-loans-exposed-potential-wework-bankruptcy
Wednesday, September 25, 2019
#FamilyOffices Stockpiling Cash as Recession Fears Grow
- About 42% of family offices say they're raising cash reserves
Majority surveyed by UBS expect a global recession by 2020
- Family offices are also increasingly focused on a different kind of potential disruption: succession planning. This year, 54% of those surveyed said they have a succession plan in place, up from 43% last year.
Thursday, September 19, 2019
Eric #Sprott’s Investment Spree in #Gold & #Silver #JuniorMining Co.’s Continues
Oreninc published an update to Eric Sprott’s investment spree in the junior mining space.
He’s invested another C$69.3 million in August and September to bump his total to $176.7 million.
“Since Oreninc first wrote about his investment blitz at the end of July Sprott has since invested $20.1 million in Jaguar Mining, $12.0 million in Chesapeake Gold, $6 million in Amarillo Gold, $5.0 million in Kootenay Silver as well as investments in Benchmark Metals, Freegold Ventures, Aftermath Silver, Stroud Resources, Kore Mining, Excellon Resources, Dolly Varden Silver, Pure Nickel, Stuhini Exploration, American Creek Resources and Teuton Resources.
“While the majority of his investments are in gold juniors, with the silver price starting to show signs of life, Sprott has invested in five silver juniors since the start of August and ten since May, as well as two nickel companies”
See the piece on :: Oreninc ::
Tuesday, September 17, 2019
In Q2, 24% of all the $$ raised by #JuniorMining Co’s—and more than 80% raised by #Gold co’s—came from Eric #Sprott!!
Eric Sprott's been quite active investing in #Mining companies this year. In Q2 alone, he has deployed +C$139 MILLION.
In Q2 2019, his investments represented 24% of all the money raised by Junior Mining Companies, and +83% of all Gold Mining Companies' financings.
Here are his latest investments.
Friday, September 13, 2019
85% of the Global #Bitcoins Supply Has Already Been Mined
As of August 2019, 10 years after its "Genesis", 85% of the Bitcoin supply is already in circulation. More specifically, there are only 3.15 million Bitcoins left to mine until sometime during the year 2140, when we're expected to be close to reaching the currency's 21 million coins limit.
The current reward for mining is 12.5 Bitcoins per block. But, when the next halving happens on the expected date of May 22, 2020, the incentive will become 6.25 Bitcoins per block created.
Analysts believe that the May 2020 halving event will cause a Bitcoin price bump. (The halving is in place to control inflation. A central bank, a government entity or an individual cannot choose to make more Bitcoins when the supply gets too low. This reality makes Bitcoin a deflationary currency.)
Sene the whole article here:
Pangea on Medium https://link.medium.com/r8SlNaAcXZ
Monday, September 9, 2019
#Trafigura lawsuit on #Nyrstar shows what everyone knew was true, but didn’t have any proof
- Contracts "confirmed our main suspicion, which was that Trafigura was in a position to exploit or make an abuse of its economic control," said Laurent Arnauts, a lawyer who said he's representing about 100 Nyrstar investors.
- Top issues raised by the shareholders' group relate to Contracts that allowed Trafigura to buy finished metal at a significant discount to prevailing spot-market rates and certain clauses the shareholders say give it preference and appear to have put Trafigura at an uncommon advantage
-In Trafigura's Supply Deal for Concentrates, Nyrstar accepted processing fees of $24, far below prevailing industry rates of $147/ton in 2018, putting operating margins under strain, according to an analysis by Kris Vansanten, a shareholder and founder of Quanteus Group.
See the whole piece here from Andy Hoffmann on Bloomberg:
Trafigura Accused of Throttling Nyrstar With Lopsided Deals
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