InformedTrades

Central banks are topping up their gold reserves, quadrupling their total purchases from the market in the last quarter as they seek to reduce their dependence on traditional reserve currencies

European Union Economic and Monetary Affairs Commissioner Olli Rehn said the EU may draft legislation on joint issuance of euro bonds and present it along with a report on the feasibility of common bonds. "The commission has offered to present a report to the European Parliament and the Council on the setting up of a system of common issuance of European sovereign bonds (euro securities) under joint and several liability," Rehn said in a written response dated Aug. 12 to a question from the parliament. "The report will, if appropriate, be accompanied by legislative proposals." He gave no timetable for the report or the potential draft legislation.

India's benchmark stock index completed the longest weekly losing streak since 2008 on concern the U.S. economy is faltering and Europe's debt crisis may spread, hurting corporate profits already threatened by inflation and rising interest rates.

Has Rep. Darrell Issa (R-CA) turned the House Oversight Committee into a bank lobbying firm with the power to subpoena and pressure government regulators? ThinkProgress has found that a Goldman Sachs vice president changed his name, then quietly went to work for Issa to coordinate his effort to thwart regulations that affect Goldman Sachs' bottom line.

Defense Minister Ehud Barak issued a statement regarding the attacks: "This is a serious terrorist attack in a number of locations. The event reflects the weakening of Egyptian control over Sinai and the expansion of the activity of terrorist forces.  The origin of these acts of terror is in Gaza and we will act against them in our full force and determination."

More than $1,000bn was laundered last year, the equivalent of nearly 2 per cent of global gross domestic product, according to United Nations estimates. Much of this comes from classic narcotics trafficking, but in recent years the counterfeit prescription drug markets in Asia are taking an ever-larger slice of the pie.

Earlier today technical analyst Chris Kimble sent me an email asking if I had an overlay of the Dow during the Panic of 1907 and the Financial Crisis of 2008. I didn't when I received his email, but I do now. The first chart is a nominal view of the two periods showing the percentage declines over time from their peaks in 1906 and 2007

Twenty years after the Soviet Union collapsed, Vladimir Putin, the Russian prime minister, may not, as is sometimes alleged, be trying to recreate it. But he is pursuing a different project - to build a "quasi-European Union" out of former Soviet states.

Hugo Chavez has ordered billions of dollars in cash and hundreds of tons of gold to be relocated. According to The Wall Street Journal, Venezuela will move the cash from Swiss and English banks to Russia, China, and Brazil while moving hundred of tons of bullion from abroad into its own central bank vaults.

President Barack Obama plans to ask Congress for billions of dollars in fresh spending to boost the economy and reduce unemployment, with a new focus on helping the long-term unemployed, an administration official said.

Some big news from the Merkozy press conference happening right now. French President Nicolas Sarkozy has expressed plans to introduce a "Tobin tax" in Europe: This means taxes on financial transactions, which is something the banks will hate. Obviously we need details, but this is not minor news if it's carried forth

For the first time ever, more of the corn crop may go into gas tanks than into the stomachs of cattle and poultry destined for kitchen tables.

A former senior analyst at Moody's has gone public with his story of how one of the country's most important rating agencies is corrupted to the core. The analyst, William J. Harrington, worked for Moody's for 11 years, from 1999 until his resignation last year.

"In the wake of yesterday's Malaysia Airlines crash and the start of ground operations by Israeli forces in Gaza, the world is again attuned to the various geopolitical hotspots where risk exists for major conflict to crop up. Deutsche Bank published the map below last Thursday laying out the three main areas of the globe where the risk of conflict escalation is particularly acute. " [center][img]http://static3.businessinsider.com/image/53c90ea5ecad04170b7ee562-840-579/db%20geo%20political%20hotspots.jpg[/img][/center]

"The Ruble was already losing ground on the back of US Sanctions but those losses accelerated markedly after the Malaysia Airliness jet crash news. This is the biggest drop in the Ruble since August 2011..." [center][img]http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2014/07/20140717_RUB1_0.jpg[/img][/center]