FT Alphaville - diminishing petrodollar flows. Quote:
Nigel Sillitoe, chief executive of financial services market intelligence company Insight Discovery, said fund managers estimate that Sama has pulled out $50bn-$70bn over the past six months.To me, the big question is how much money the Saudis had in gold miners. And for how long they'll continue to withdraw.
“The big question is when will they come back, because managers have been really quite reliant on Sama for business in recent years,” he said.
Since the third quarter of 2014, Sama’s reserves held in foreign securities have declined by $71bn, accounting for almost all of the $72.8bn reduction in overall overseas assets.
WSJ RTE - is wealth inequality hidden in tax havens? Probably, yeah, to the tune of at least $6 trillion. Why don't you figure out what that does to your classical model of the open economy, Dr. Mankiw? Hm? Wanna maybe address this in the next edition of your shitty macro textbook, maybe? No?
FT Alphaville - a history of leverage and the mining industry. The impending wipeout of Glencore has made it to the pages of the FT. Are we calling a bottom yet, or is this expected to continue for a while?
Mining.com - watch an excavator right a dump truck. This simply confirms that all mining people played with toy trucks as children, and just never grew out of it.
And yeah, when I was a kid my dad bought me a toy articulated grader. Kinda like this:
|but smaller of course|
But graders are fucking boring.