Sunday, August 26, 2012

China Producing More Than It Sells

China Confronts Mounting Piles of Unsold Goods

 After three decades of torrid growth, China is encountering an unfamiliar problem with its newly struggling economy: a huge buildup of unsold goods that is cluttering shop floors, clogging car dealerships and filling factory warehouses.

The glut of everything from steel and household appliances to cars and apartments is hampering China’s efforts to emerge from a sharp economic slowdown. It has also produced a series of price wars and has led manufacturers to redouble efforts to export what they cannot sell at home.

The severity of China’s inventory overhang has been carefully masked by the blocking or adjusting of economic data by the Chinese government — all part of an effort to prop up confidence in the economy among business managers and investors.

But the main nongovernment survey of manufacturers in China showed on Thursday that inventories of finished goods rose much faster in August than in any month since the survey began in April 2004. The previous record for rising inventories, according to the HSBC/Markit survey, had been set in June. May and July also showed increases.

“Across the manufacturing industries we look at, people were expecting more sales over the summer, and it just didn’t happen,” said Anne Stevenson-Yang, the research director for J Capital Research, an economic analysis firm in Hong Kong. With inventories extremely high and factories now cutting production, she added, “Things are kind of crawling to a halt.”

Problems in China give some economists nightmares in which, in the worst case, the United States and much of the world slip back into recession as the Chinese economy sputters, the European currency zone collapses and political gridlock paralyzes the United States.

China is the world’s second-largest economy and has been the largest engine of economic growth since the global financial crisis began in 2008. Economic weakness means that China is likely to buy fewer goods and services from abroad when the sovereign debt crisis in Europe is already hurting demand, raising the prospect of a global glut of goods and falling prices and weak production around the world.

Corporate hiring has slowed, and jobs are becoming less plentiful. Chinese exports, a mainstay of the economy for the last three decades, have almost stopped growing. Imports have also stalled, particularly for raw materials like iron ore for steel making, as industrialists have lost confidence that they will be able to sell if they keep factories running. Real estate prices have slid, although there have been hints that they might have bottomed out in July, and money has been leaving the country through legal and illegal channels.

Interviews with business owners and managers across a wide range of Chinese industries presented a picture of mounting stockpiles of unsold goods.

Business owners who manufacture or distribute products as varied as dehumidifiers, plastic tubing for ventilation systems, solar panels, bedsheets and steel beams for false ceilings said that sales had fallen over the last year and showed little sign of recovering.

“Sales are down 50 percent from last year, and inventory is piled high,” said To Liangjian, the owner of a wholesale company distributing picture frames and cups, as he paused while playing online poker in his deserted storefront here in southeastern China.

Wu Weiqing, the manager of a faucet and sink wholesaler, said that his sales dropped 30 percent in the last year and he has piled up extra merchandise. Yet the factory supplying him is still cranking out shiny kitchen fixtures at a fast pace.

“My supplier’s inventory is huge because he cannot cut production — he doesn’t want to miss out on sales when the demand comes back,” he said.

Part of the issue is that the Chinese government’s leaders have decided to put quality-of-life concerns ahead of maximizing economic growth when it comes to two of the country’s largest industries: housing and autos.

Premier Wen Jiabao has imposed a strict ban on purchases of second and subsequent homes, in the hope that discouraging real estate speculation will improve the affordability of homes. The ban has resulted in a steep decline in residential real estate prices, a sharp fall in housing construction and widespread job losses among construction workers.

At the same time, the municipal government in Guangzhou, one of China’s largest cities, has sharply reduced this summer the number of new car registrations it allows so as to reduce traffic congestion and air pollution.

Municipal officials from all over China have been flocking to Guangzhou to ask for details. Xi’an, the metropolis of northwestern China, has already announced this month that it will limit car registrations, although it has not settled on the details.

The Chinese auto industry has grown tenfold in the last decade to become the world’s largest, looking like a formidable challenger to Detroit. But now, the Chinese industry is starting to look more like Detroit in its dark days in the 1980s.

Inventories of unsold cars are soaring at dealerships across the nation, and the Chinese industry’s problems show every sign of growing worse, not better. So many auto factories have opened in China in the last two years that the industry is operating at only about 65 percent of capacity — far below the 80 percent usually needed for profitability.

Yet so many new factories are being built that, according to the Chinese government’s National Development and Reform Commission, the country’s auto manufacturing capacity is on track to increase again in the next three years by an amount equal to all the auto factories in Japan, or nearly all the auto factories in the United States.

“I worry that we’re going down the same road the U.S. went down, and it takes quite some time to fix that,” said Geoff Broderick, the general manager of Asian operations at J. D. Power & Associates, the global consulting firm.

Automakers in China have reported that the number of cars they sold at wholesale to dealers rose by nearly 600,000 units, or 9 percent, in the first half of this year compared to the same period last year.

Yet dealerships’ inventories of new cars rose 900,000 units, to 2.2 million, from the end of December to the end of June. While part of the increase is seasonal, auto analysts say that the data shows that retail sales are flat at best and most likely declining — a sharp reversal for an industry accustomed to double-digit annual growth.

“Inventory levels for us now are very, very high,” said Huang Yi, the chairman of Zhongsheng Group, China’s fifth-largest dealership chain. “If I hadn’t done special offers in the first half of this year, my inventory would be even higher.”

Manufacturers have largely refused to cut production, and are putting heavy pressure on dealers to accept delivery of cars under their franchise agreements even though many dealers are struggling to find places to park them or ways to finance their swelling inventories. This prompted the government-controlled China Automobile Dealers Association to issue a rare appeal to automakers earlier this month.

“We call on manufacturers to be highly concerned about dealer inventories, and to take timely and effective measures to actively digest inventory, especially taking into account the financial strain on distributors, as manufacturers have to provide the necessary financing support to help dealers ride out the storm,” the association said.

Officially, though, most of the inventory problems are a nonissue for the government.

The Public Security Bureau, for example, has halted the release of data about slumping car registrations. Data on the steel sector has been repeatedly revised this year after a new method showed a steeper downturn than the government had acknowledged. And while rows of empty apartment buildings line highways outside major cities all over China, the government has not released information about the number of empty apartments since 2008.

Yet businesspeople in a wide range of industries have little doubt that the Chinese economy is in trouble.

“Inventory used to flow in and out,” said Mr. Wu, the faucet and sink sales manager. “Now, it just sits there, and there’s more of it.”
America's 15 Richest Members Of Congress

It's no secret that members of Congress are much more wealthy than the rest of the country. 
 The average net worth of a Senator is more than $14 million, and the average net worth of a member of the House of Representatives is nearly $6 million.

Thanks to analysis from The Hill, we've put together the richest of the rich, looking at the top 15 members of Congress and how they're worth.

We also look at how they made the money and — most of all — where they keep it.

We count them down from No. 15 to No. 1. All facts and figures come from The Hill's analysis.

#15: Rep. Rick Berg (R-ND) is worth $23.8 million.

#15: Rep. Rick Berg (R-ND) is worth
                                $23.8 million.

Berg owns lots of North Dakota farmland, where most of his money comes from, and also owns hundreds of thousands of dollars worth of cattle. 

#14: Rep. Diane Black (R-Tenn.) is worth $24.8 million.

#14: Rep. Diane Black (R-Tenn.) is
                                worth $24.8 million.

Black — a former nurse — is married to Dr. David Black, whose investments have been performing particularly well. The couple also owns lots of real estate. 

#13: Rep. Nancy Pelosi (D-Calif.) is worth $26.4 million.

#13: Rep. Nancy Pelosi (D-Calif.)
                                is worth $26.4 million.

Pelosi's husband, Paul, is an investor. He holds a stake in the United Football League and has investments in a wide array of companies. 

#12: Rep. Chellie Pingree (D-Maine) is worth at least $31.8 million.

#12: Rep. Chellie Pingree (D-Maine)
                                is worth at least $31.8 million.

Pingree shot up the list this year after he marriage to hedge fund manager Donald Sussman. Sussman has been described as a billionaire by some sources. 

#11: Rep. Vern Buchanan (R-Fla.) is worth $36.5 million.

#11: Rep. Vern Buchanan (R-Fla.) is
                                worth $36.5 million.

Buchanan made his money through a printing company franchise and a series of auto dealerships. 

#10: Rep. Jim Renacci (R-Ohio) is worth $36.7 million.

#10: Rep. Jim Renacci (R-Ohio) is
                                worth $36.7 million.

Renacci is a self-made millionaire who founded LTC Management Services prior to coming to Congress. He's also got assets in five mutual funds. 

#9: Sen. Dianne Feinstein (D-Calif.) is worth $47.2 million.

#9: Sen. Dianne Feinstein
                                (D-Calif.) is worth $47.2 million.

Feinstein is married to investment banker Richard Blum, who owns a huge and diversified portfolio.

#8: Sen. Frank Lautenberg (D-N.J.) is worth $56.9 million.

#8: Sen. Frank Lautenberg (D-N.J.)
                                is worth $56.9 million.

Lautenberg started Automated Data Processing, the massive payroll company, prior to taking a seat in the Senate. He also has a stake in that is worth quite a bit of money.

#7: Sen. Richard Blumenthal (D-Conn.) is worth $80.1 million.

#7: Sen. Richard Blumenthal
                                (D-Conn.) is worth $80.1 million.

Blumenthal is married to Cynthia Malkin, the daughter of real estate mogul Peter Malkin. The pair's stake in Malkin Holding became worth a lot more in 2011 and they share a number of trusts. 

#6: Sen. Jay Rockefeller (D-W. Va.) is worth $83.1 million.

#6: Sen. Jay Rockefeller (D-W. Va.)
                                is worth $83.1 million.

Rockefeller is the great-grandson of John D. Rockefeller, one of the richest men in history. Most of his money is derived from various trusts and investments. 

#5: Senator Mark Warner (D-Va.) is worth $85.9 million.

#5: Senator Mark Warner (D-Va.) is
                                worth $85.9 million.

Warner made his money as a broker for telecommunications contracts in the eighties. He was the founder and Managing Director of Columbia Capital and made a fortune as an early investor in Nextel prior to becoming the Governor of Virginia.  He's now got a diverse portfolio and has assets in a number of investment funds. 

#4. Rep. Jared Polis (D-Colo.) is worth $91.1 million.

#4. Rep. Jared Polis (D-Colo.) is
                                worth $91.1 million.

Polis started American Information Systems while at Princeton and later would go on to help launch websites like He's got a hugely diversified portfolio and is invested in many tech companies. 

#3: Rep. Darrell Issa (R-Calif.) is worth $140.6 million.

#3: Rep. Darrell Issa (R-Calif.) is
                                worth $140.6 million.

Issa made his money with Directed Electronics, a company that he founded. They are the largest manufacturer of car alarms, and it's Issa's voice you hear when "Please Step Away From The Vehicle" sounds off.  Issa's wealth plunged this year by $80 million. 

#2: Sen. John Kerry (D-Mass.) is worth $198.8 million.

#2: Sen. John Kerry (D-Mass.) is
                                worth $198.8 million.

Kerry's wealth increased by $5 million this year. Most of Kerry's money comes from his wife Theresa, an heiress to the Heinz Ketchup fortune.  Kerry also has a diverse portfolio and investments in multiple funds and land. 

#1: Rep. Michael McCaul (R-Texas) is worth $290.5 million.

#1: Rep. Michael McCaul (R-Texas)
                                is worth $290.5 million.

McCaul's father-in-law is the founder of Clear Channel Communications, the radio powerhouse company. Most of his wealth is tied up in family trusts and various partnerships. 
Canadian Real Estate - Bubble, Bubble, Toil & Trouble

It is almost four years after the global financial meltdown of 2008 and many parts of world are still trying to recover. Given the impact of the crisis, which rocked financial markets across the globe, it is shocking to many that Canada seems to be following many of the same lending trends as we saw in the United States in 2006. These trends were at the core of the subprime mortgage crisis, which led to the global recession of 2008.
In the year and a half leading up to the crash housing prices rapidly increased in the United States, with a corresponding increase in subprime lending. We are now seeing the same trends in Canada. When analyzing the Canadian housing market, housing prices increased almost 100% since 2000, with the average home in Canada costing roughly $348,000. This is almost double our U.S. counterparts.
Big banks have become stricter with lending policies, and have upped the stakes for those looking for mortgage financing. This has created a huge market for sub-prime lenders in the marketplace that didn’t exist before because more and more people who would have been approved five years ago are now being turned away. There is now a huge shift in the lending marketplace. Once small, Canada`s subprime mortgage industry is now booming. More and more Canadians with highly questionable credit are highly benefiting from the available financing.
The Canadian Government has been moving quite aggressively in attempts to cool down the Canadian housing market. As home prices are soaring there are fears that there is a bubble in the making. This is evident through the recent actions of Finance Minister Jim Flaherty who is now acting for a fourth time, reducing the maximum amortization period for government issued mortgages from 30 to 25 years. On top of this he is also lowering the amount of equity that can be borrowed against a property to 80% down from 85%.

More than $500B of Canada's estimated $1.1T housing market are considered to be high-risk mortgages. Recently Ottawa began increasing its scrutiny of the CMHC for allowing this level of high-risk mortgages to rise to the level that it’s at now.

The Conservative Government has started putting stops to banks using mortgages insured by the CHMC as collateral on covered bonds. In addition new legislation will be implemented to ensure that corporations will have to give more consideration to the broader implications of their decisions. Essentially the CHMC is being told that, for every mortgage they insure, they will have to put consideration into the potential risk that mortgage put on the full Canadian economy.

The CMHC has dramatically expanded use of insurance by banks for covered bonds. These securities are made up of a package of mortgages, which is partly due to the steep rise in CMHC`s mortgage portfolio according to Jim Flaherty, Canada's Finance Minister. CMHC has a legal limit of 600B for mortgage insurance which it is fast approaching. The $600B limit has already been raised twice since the end of 2007.

Another significant type of lending in Canada is Home Equity Lines of Credit (HELOCs). HELOCs are loans which are secured by the equity of a borrower’s home. These types of loans in Canada have increased almost 170% since 2001 (which is double the rate of increase on Canadian mortgages). In 2011 they accounted for approximately half of total Canadian consumer credit.

Why The US Economy Is Doing Better Than Everywhere Else In The World

With the latest batch of manufacturing data out, it couldn't be more clear that the US economy is outperforming the rest of the world.

As far as big economy's go, we're pretty much the world's last best hope.

But beyond the sheer numbers, a more interesting question might be: why is the US doing so good?

We'd point to a few reasons.

1. Excellent policy out of Washington DC.

No, really! Despite the utter dysfunction, the US has not (yet) succumbed to the global austerity wave, as fiscal policy has remained incredibly accommodative.

You can see that deficits compared to GDP have been extraordinarily high in recent years, meaning plenty of firepower.


Compare that to England (where David Cameron) came in with a mandate to cut spending, or the Eurozone where, well, you know... and you can't not conclude that US policy is stellar.

2. A balanced economy, not too dependent on exports.

Unlike China and other hot emerging markets, the US is not all that export reliant. Sure, we trade massively with the ret of the world, but as a country that does not rely on its trade surplus for growth (unlike China), weakening of demand in Europe

3. Housing.

This was at the center (or near the center) of the crash, but now it's coming back on virtually all measures.

At a time when other economic factors are proving to be impediments, this is a nice (and arguably surprising) shot in the arm.

There are other factors that make the US generally good (a good climate for business, silicon valley, etc.). But these are three trends that define the current landscape.

US Manufacturing Grows Faster Than Expected

        Trade Center Construction Worker Industrial Production
        Manufacturing Economy Building Contractor


Manufacturing in the U.S. expanded at a faster-than-anticipated clip in August but remained near recent lows hit earlier this summer, new data out of Markit Economics shows.

The key business activity index improved 50 basis points from the July print, hitting 51.9.

A reading above 50 indicates expansion.

New orders and output from the nation's factories jumped in the newest report, hitting 52.6 and 52.4, respectively.

"Reflective of the increase in new orders, backlogs of work rose for the first time in three months during August," Markit said in its statement. "Stocks of finished goods meanwhile were depleted, in contrast to the accumulation reported one month previously.

Employment in the manufacturing sector also rose during the month, but did so at a lower pace than in July.

Below, key output from the report:

Markit August Flash PMI

Markit August Flash PMI
Markit August Flash PMI

Markit August Flash PMI

With this fresh batch of Flash PMI numbers, it couldn't be more clear that the US economy is the strongest in the world.

The Chinese Flash PMI fell to a 9-month low.

Germany's Flash PMI came in at 45.1. That's a bit above the previous month, but still well below 50, meaning its in contraction.

The US on the other hand rose from 51.4 to 51.9, and lots of the internal numbers were good, including New Orders.

That's consistent with other data, which shows the US economy improving over the last month and a half. Included in that is solid housing data, improving initial claims, and a bounce-back in retail sales.

Probably our favorite chart to demonstrate the US' outperformance actually came from Japan.

It shows the year-over-year change in Japanese exports to China, the US and Europe.

Only the US is in positive territory.

imageThere's a lot not to like about the US economy (8.3% unemployment most prominently), and there's a decent chance that the weakness around the globe will continue to spill over onto our shores, but compared to the crap-show in the rest of the world, the US is doing alright.

Rich Folks In China Jumping Ship


That is not news. A survey did point this out more than a year ago, and survey after survey is pointing to the same conclusion. And they are going everywhere, sometimes to places that we have not heard of, like Prince Edward Island, not to mention other more popular destinations, like Vancouver, Australia, or… whatever…
One of the main reasons for their desire to leave is the safety and security of their wealth.
The BBC recently asked one rich entrepreneur in China why he sought residency right in Singapore. And it perfectly illustrates the point:
But he admits that for many of his wealthy friends it is a sense of insecurity which is leading them to ponder a life outside China.
“Most of them think I’ve got so much money here but one day maybe the government will change the policies and take it all back,” he says.

China’s rigid and opaque political system is perhaps one reason for the wealth-drain, particularly in a year in which there is due to be a changing of the guard at the very top of the Communist Party.
There are certainly lifestyle concerns too. Like Louie Huang the wealthy are often seeking cleaner air and a better education for their children. (something the damn American imperialist has plenty of)

Add to that the fears that China’s decade-long economic boom may be losing steam and it is perhaps not surprising that China’s rich are on the run.
In case you are not already familiar with Prof. Victor Shih’s theory about capital flight from China, enough capital outflow from China
(US$1 trillion or more) would cause huge liquidity problems in Chinese banking system,
and the wealthiest 1% of Chinese households would be enough to cause that shift of capital should they decided to leave the country, move the money away, or whatever. And that shift might be happening already (albeit rather slowly), as manifested in the slow but consistent money outflow away from China since late last year, which, as we said, is already tightening liquidity in the banking system, now necessitating multiple rounds of liquidity injection in China.


中国贪腐问题日益恶化,加上政府透明度不足,经常出现真假难辨的传言。有香港媒体最近报导中国「80吨国库黄金储备下落不明」,虽然当局否 认,但许多中国网民还是怀疑。

有关部门负责人週三指出,「80吨国库黄金储备下落不明」的报导无中生有,纯属谣言。该负责人同 时表示,將保留对造谣、传谣者追究法律责任的权利。


80吨黄金储备下落不明」容易呢?还是证明「80吨黄金储备下落在这」容易呢?另一上海的网民则认 为,「这世上没有空穴来风」。更有广东的网民称,一般所谓的谣言往往就是事实。






中国共调整过3次黄金储备。其中,2001年和2003年,分別从394吨调整到500吨和600 吨。

从2003年开始逐步通过中国国內杂金提纯,以及国內市场交易等方式,陆续增持黄金总计达454吨,黄 金储备一举跃升至1054吨,在世界各国中排名第五。根据央行数据,截至今年的6月底,中国黄金储备仍维持在1054吨。
The 10 Countries With The Biggest Gold Reserves In The World

Gold prices are at a 3.5-month high. In fact, gold prices are expected to stay strong in the long-term since physical gold demand is rising and supply in the gold market is declining.

Moreover, gold prices are also being supported by central bank gold purchases

whether it is to diversify from their dollar and euro holdings, rebalance reserves, protect national wealth. In some cases to help internationalize their currency.
Central banks bought 157.5 tonnes of gold in the second quarter. That's up nearly 63 percent from Q1, and up 137.9 percent year-over-year.
We put together a list of the countries with the biggest official gold holdings as reported by the World Gold Council (WGC).  We also included the percent of their foreign reserves they have in gold.
Note: CBGA refers to the Central Bank Gold Agreements. The first Agreement (CBGA 1) ran from September 27, 1999 to September 26, 2004.  The second Agreement (CBGA 2) ran from September 27, 2004 to September 26, 2009. The third Agreement (CBGA 3) will run for five years from September 2009.

#10 India

#10 India

Official gold holdings:
557.7 tonnes
Percent of foreign reserves in gold:

The Reserve Bank of India is known to buy IMF gold and considers gold to be a safe investment, but rarely comments on its plans to buy gold.

#9 Netherlands

#9 Netherlands

Official gold holdings:
612.5 tonnes
Percent of foreign reserves in gold:

Back in 1999, the Netherlands announced under the Central Bank Gold Agreement (CBGA1) that it would sell 300 tonnes of gold during the five years, but only managed to sell 235 tonnes.

Under CBGA2 (2004/2005 –'08/'09) it said it would sell a total of 165 tones (which included the 65 tonnes left over from CBGA1), and it announced no sales under CBGA3 (from 2008/2009 – '13/'14).

#8 Japan

#8 Japan

Official gold holdings:
765.2 tonnes
Percent of foreign reserves in gold:

Japan's gold reserves were at just 6 tonnes in 1950, and its central bank registered its first serious jump in gold holdings in 1959, with purchases increasing by 169 tonnes from the previous year.
In 2011, the Bank of Japan sold gold to  pump ¥20 trillion into the economy to calm investors after the tsunami and nuclear disaster.

#7 Russia

#7 Russia

Official gold holdings:
918.0 tonnes
Percent of foreign reserves in gold:

Russia has been building its gold reserves since 2006 to diversify its Forex reserves, and to help build the ruble as an international reserve currency. Russia's gold reserves were valued at $48.7 billion at the end of July.

#6 Switzerland

#6 Switzerland

Official gold holdings:
1,040.1 tonnes
Percent of foreign reserves in gold:

In 1997 proposals were announced to sell a portion of the country's gold reserves because they were no longer considered to be "necessary for monetary policy purposes", according to the World Gold Council.

1,300 tonnes were considered to be surplus gold and the country began selling this in May 2000. 1,170 tonnes were sold under CBGA1, and 130 tones were sold under CBGA2. Switzerland has announced no plans to sell gold under CBGA 3.

#5 China

#5 China

Official gold holdings:
1,054.1 tonnes
Percent of foreign reserves in gold:

Gold still accounts for a very small percent of China's $3.2 trillion in foreign exchange reserves, compared with the international average of 10 percent.
Building up gold reserves will be crucial to China as it moves to internationalize its currency, and hopes to make it a reserve currency, according to the Financial Times.

#4 France

#4 France

Official gold holdings:
2,435.4 tonnes
Percent of foreign reserves in gold:

France sold 572 tonnes of gold under CBGA 2. And outside of the agreement France transferred about 17 tonnes to the Bank for International Settlements in late 2004 as part purchase of BIS shares. France announced no plans for sales of gold reserves under CBGA 3.

#3 Italy

#3 Italy

Official gold holdings:
2,451.8 tonnes
Percent of foreign reserves in gold:

Italy sold no gold under CBGA 1 or 2 and has announced no sales under CBGA3. But in 2011, Italian banks were looking to the Bank of Italy to buy gold and bolster their balance sheets ahead of stress tests.

#2 Germany

#2 Germany

Official gold holdings:
3,395.5 tonnes
Percent of foreign reserves in gold:

Germany sold gold under CBGA 1 and 2 for the purposes of minting commemorative gold coins. In the first year of CBGA3 (2008 - 2009), the Bundesbank sold approximately 6 tonnes, and it has sold 4.7 tonnes of gold since September 7, 2011.

Germany has refused to have its gold holdings boost the EFSF.

#1 United States

#1 United States

Official gold holdings:
8,133.5 tonnes
Percent of foreign reserves in gold:

The U.S. had its largest gold reserves in volume terms in 1952, when reserves totaled 20,663 tonnes. Holdings first fell below the 10K mark in 1968.

Gold Bulls Fight Back

It looks as though the Fed is prepared to feed the market's addiction to cheap money, which can be seen as favorable for Gold futures. If the Fed is successful in stimulating the economy, food inflation could be joined by inflation from other raw goods. Technically, it looks as though traders finally received their wish, as the market has broken out of the wedge that has been forming over the past several months.


Gold futures have rallied to their highest levels since early May after the FOMC Minutes left the door open for more stimulus from the Fed. The minutes indicate that "many members" of the committee believe that the Fed needs to be more accommodating unless the US recovery picks up again. More liquidity from the Fed can be construed as negative for the US Dollar and, as a result, likely bullish for Gold. Also, stimulating growth could spark inflation, which outside of food prices, has been relatively tame. According to Bloomberg, total Gold assets in ETFs/ETNs are up to 2,442.26 metric tons.

Technical Notes

Turning to the chart, we see the October Gold contract breaking out of the 3-4 month wedge formation to the upside. The measure of the move suggests that the Gold contract could attack the 1750 level. The next significant upside test comes in at the 1700 level. Currently, the RSI is overbought, which may cool buying pressure in the near-term.

        XPRESSO Newsletter Chart


关注中国官方消息的投资者很可能以为,全球第二大经济 体已经启动了规模巨大的刺激方案,以提振正在快速降温的经济增长。这样想是情有可原的。

仅在本周,天津和重庆就分别宣布计划,都表示将在未来几年向石化、汽车、电子及先进设备等大产业投资1.5万亿元人民币(合2360亿美 元)。中央政府也没闲着,周二宣布一项到2015年向节能减排领域投资2.4万亿元人民币的计划。过去两周里,中国地方政府还宣布了10多项 规模较小的投资计划。但是,若按表面数字计算,仅仅是上述三项举措,就已经超出了北京方面在2008年11月全球金融危机最严峻时期出台的4 万亿元人民币经济刺激方案。



熟悉相关规划的分析师、官员和经济学家表示,省级官员嘴里吐出的巨大数字,其实是对他们希望从境外、国有及民营企业乃至中央政府吸引到的投资 所作的乐观预测,而不是地方政府本身在未来几年计划支出的金额。

“你不能对这些表面数字太当真,因为它们都被地方政府夸大了,这些地方政府正在竞相宣布更大的数字,以吸引外资和中央政府投资,”野村证券 (Nomura)中国区首席经济学家张智威表示。



顶级官方智库之一中国社科院(Chinese Academy of Social Sciences)的副院长李扬表示:“这些资金将从何而来?目前一切都处于无序状态。”

近年来,中国地方政府的相当大一块财政收入,是依靠向商业房地产开发商出售土地来解决的。但是,2012年前7个月中国各地土地出售同比下降 近四分之一(这在很大程度上是政府遏制房地产价格飞涨的结果)。



汇丰(HSBC)昨日发布的采购经理指数预览值(flash PMI)显示,本月出口订单出现2009年首季(全球金融危机高峰时期)以来最大幅度的下降。




这些地方政府投资工具向国有银行借入逾10万亿元人民币资金,将其投入道路、住宅楼、公园和其它基础设施,其中有很多项目不符合经济规律,不 会产生足够的回报以偿还最初的贷款。


高盛(Goldman Sachs)经济学家宋玉表示:“我们仍对短期宏观前景持谨慎看法,因为不清楚官方会出台多少以内需为导向的放松政策,以及何时出台,而且在这些政策出台 后,不清楚它们是否足以抵消出口转弱和房地产市场收紧的影响。”

「凡是愚弱的國民, 即使體格如何健全,如何茁壯,也只能做毫無意義的示眾的材料和看,病死多少是不必以為不幸的。」—魯迅 〈吶喊‧自序〉1922年



早在兩年前,我曾嘗試整理過讀者對這書的評論,越看越多,當時已掃視過幾百個評論,10多萬字,當中不少甚具娛樂性。在過去兩年,這些評論看 來又見倍增,令人不勝披閱。


「以前有個姓鍾的人寫了本禁書,叫做《來生不做中國人》,當時笑他太偏激。而今看看現實,終於覺得是自己幼稚了。多少中國 人,被現實步步驅離心中的故土,蒼茫大地上只餘幾個鬼祟的、口角流涎的“五毛”冷笑相送,何其蒼涼 。」


  執筆時,日本政府已把中、港、澳三地保釣人士遣送出境,保釣船返回香港。這是一般人意料中的結局。如果日方祭出國內法起訴他們,對日本和中國雙方都沒有好 處。這次保釣人士突破日本海上保安廳艦艇重重攔截,登上釣魚台,有港方評論指是「起 了稍遏日本氣焰的效果」。

這個說法和我一向論調剛好相反。 我的看法是,任何中國民間人士以這個方式登陸釣魚台,其實達不到保釣目的,反而是把釣魚台推給日本。

   中日雙方都說釣魚台是已方領土,中方一直只停留在言文階段,實際行動是打壓民間保釣人士。日本當然也在言論、文宣方面做足工夫,例如1996年8月宣布實施2,000浬專屬經濟區,把釣魚台包括在內; 進入本世紀初,則以「強化領土管理」名目,以國家名義向釣魚台地主租借土地,發展到今天更提出集資購買。

    在外交方面,美國雖然擺姿態表示不選邊站,即沒有立場,並要求雙方以和平方式解決爭端。但這只是官腔,日本私底下已得到美國支持。大家都應該記得,2001年12月11日,美國國務院官員就表示,釣魚台如果受到攻擊,美國可能對日本提供支 持和援助。後來日本外務省官員多次宣稱:釣魚台如果受到攻擊,美國將依據《日美安全保障條約》採取防衛行動。這發展到現階段,就 是日美把日本保釣行動包括在聯合軍事演習中。

    不過,最能顯示釣魚台是在日本實際控制下的,並不是這些活動,更不是日本青年社的人去釣魚台建個小兒科、風吹就塌的燈塔、木旗、神社,而是日本武裝艦艇、 軍機圍著釣魚台不斷巡弋。若果他們只限於巡弋,毫無新聞價值,吸引不了世人眼球,也就不令人覺得這等於釣魚台是在日本實際控制中。唯有中方保釣人士登上釣魚台,被日方逮捕,鎖以手鐐繫以繩索帶走,才是送上一份轟動的證明,顯示釣 魚台的控制者是誰。除非情況倒轉過來,日本青年社成員、或某右翼政客登陸釣魚台,被中方逮捕,捉去北京或台北,那才顯示釣魚台是在中 方控制下,才有利於將來終局談判或國際法庭的裁決。所以,任何類似這次中港民間保釣的行動,主觀願望必定產生相反的客 觀效果。

    中共有一句話說得很對:「談判桌上不可能得到戰場上得不到的東西。」其實將來即使有談判或中日雙方願意把爭端擺上國際法庭,即使不是戰場上相持不下的緣 故,也是雙方實際國力比拚下的結果。中共為了「愛國教育」,不能不誇耀自己的武備; 日本則粉飾戰敗以來「不言兵」的國策,武力配備全在低調下進行。

    早在2001年9月5日,日本的《追求》刊登了一篇題為自衛隊引以為豪, 不為人知的七個世界第一》,羅列了掃雷技術、反潛作戰、飛行員及維護員訓練等素質比較,作出日本軍力不僅超過俄羅斯和中國,在很 多方面的實力還超過美國。事實上美國軍備的很多尖端技術配件,一直倚賴日本的供應。不過,我向來認為,中 共在對外軍事上的克制態度,不是因為他們愛好和平,而是今日他們死死抓權不放,絕對不是為了無產階級翻身解放,也不是「執政為民」,而是 「執政為錢」、「為人民幣服務」。任何違反這目的的行為,他們都會盡力避免。這就不是一般統治者會考慮的戰爭後果,而是一開仗未知勝負, 便已對他們各自家族龐大經濟利益產生負面影響。況且,即使他 們把聯手的美日打成一片廢墟,那也只是搬起石頭打自己的腳,因為美日都是他們海外存款基地,還是他們兒孫的入籍國

 Saudi Arabia Goes on the Offensive Against Iran


Saudi Arabia has gone on the offensive against Iran to protect its interests.  Their involvement in Syria is the first battle in what is going to be a long bloody conflict that will know no frontiers or limits.

Ongoing Disorders in the island kingdom of Bahrain since February of 2011 have set off alarm bells in Riyadh.  The Saudis are convinced that Iran is directing the protests and fear that the problems will spill over the twenty-five kilometer long COSWAY into  oil rich Al-Qatif, where The bulk of the two million Shia in the kingdom are concentrated.  So far, the Saudis have not had to deal with demonstrations a serious as those in Bahrain, but success in the island kingdom could encourage the protestors to become more violent.

Protecting the oil is the first concern of the government.  Oil is the sole source of the national wealth and it is managed by the state owned Saudi Aramco Corporation.  The monopoly of political power by the members of the Saud family means that all of the wealth of the kingdom is their personal property.  Saudi Arabia is a company country with the twenty-eight million citizens the responsibility of the Saud Family rulers.

The customary manner of dealing with a problem by the patriarchal regime is to bury it in money.  King Abdullah announced at the height of the Arab Spring that he was increasing the national budget by 130 billion dollars to be spent over the coming five years.  Government salaries and the minimum wage were raised.  New housing and other benefits are to be provided.  At the same time, he plans to expand the security forces by sixty thousand men.

While the Saudi king seeks to sooth the unrest among the general population by adding more government benefits, he will not grant any concessions to the eight percent of the population that is Shia. He takes seriously the warning by King Abdullah of Jordan back in 2004 of the danger of a Shia Crescent that would extend from the coast of Lebanon to Afghanistan.  Hezbollah in Lebanon, Assad in Syria, and the Shia controlled government of Iraq form the links in the chain.

When the Arab Spring reached Syria, the leaders in Riyadh were given the weapon to break the chain.  Appeals from tribal leaders under attack in Syria to kinsmen in the Gulf States for assistance could not be ignored.  The various blinks between the Gulf States in several Syrian tribes means that Saudi Arabia and its close ally Qatar have connections that include at least three million people out of the Syrian populations of twenty-three million.  To show how deep the bonds go, the leader of the Nijris Tribe in Syria is married to a woman from the Saud Family.

It is no wonder that Saudi Foreign Minister Prince Saud al-Faisal said in February that arming the Syrian rebels was an “excellent idea."  He was supported by Qatari Prime Minister Hamad bin Jassim al-Thani who said, "We should do whatever necessary to help [the Syrian opposition], including giving them weapons to defend themselves."  The intervention has the nature of a family and tribal issue that the prominent Saudi cleric Aidh al-Qarni has turned into a Sunni-Shia War by promoting Assad’s death.

The Saudis and their Qatar and United Arab Emirate allies have pledged one hundred million dollars to pay wages to the fighters.  Many of the officers of the Free Syrian Army are from tribes connected to the Gulf.  In effect, the payment of wages is paying members of associated tribes.

Here, the United States is not a welcomed partner, except as a supplier of arms.  Saudi Arabia sees the role of the United States limited to being a wall of steel to protect the oil wealth of the Kingdom and the Gulf States from Iranian aggression. In February of 1945, President Roosevelt at a meeting in Egypt with Abdel Aziz bin Saud, the founder of modern Saudi Arabia, pledged to defend the kingdom in exchange for a steady flow of oil.

Since those long ago days when the U.S. was establishing Pax Americana, the Saudis have lost their trust in the wisdom or the reliability of American policy makers.  The Saudis urged the U.S. not to invade Iraq in 2003 only to have them ignore Saudi interests in maintaining an Iraqi buffer zone against Iran.  The Saudis had asked the U.S. not to leave a Shia dominated government in Baghdad that would threaten the Northern frontier of the Kingdom, only to have the last American soldiers depart in December 2011.  With revolution sweeping across the Middle East, Washington abandoned President Mubarak of Egypt, Saudi Arabia’s favorite non royal leader in the region.

Worried by the possibility of Iranian sponsored insurrections among Shia in the Gulf States, the Saudis are asserting their power in the region while they have the advantage.  For thirty years, they have been engaged in a proxy war with the Islamic Republic of Iran.  Syria is to be the next battlefield, but here, there is a critical difference from what were minor skirmishes in Lebanon, Yemen, and elsewhere.  The Saudis with the aid of Qatar, and the UAE is striking at the core interests of Tehran; and they have through their tribal networks the advantage over an isolated Islamic Republic.

Tribal and kinship relations are being augmented by the infusion of the Salafi vision of Islam that is growing in the Gulf States.  Money from the Gulf States has gone into the development of religious centers to spread the fundamentalist belief.  A critical part of the ideology is to be anti-Shia.

Salafism in Saudi Arabia is promulgated by the Wahhabi School of Islam.  The Wahhabi movement began in the eighteenth century and promoted a return to the fundamentalism of the early followers of the Faith.

The Sauds incorporated the religious movement into their leadership of the tribes.  When the modern state of Saudi Arabia was formed, they were granted control of the educational system and much else in the society in exchange for the endorsement of the authoritarian rule.

When the Kingdom used its growing wealth in the 1970s to extend its interests far from the traditional territory in the battle against the atheistic Soviet Union, the Wahhabi clergy became missionaries in advancing their ideology through religious institutions to oppose the Soviets.  More than two hundred thousand jihadists were sent into Afghanistan to fight the Soviet forces and succeeded in driving them out.

There is no longer a Soviet Union to confront.  Today, the enemy is the Islamic Republic of Iran with what is described by the Wahhabis as a heretical form of Islam and its involvement in the Shia communities across the region.  For thirteen centuries, the Shia have been kept under control.  With the hand of Iran in the form of the Qud Force reaching into restless communities that number as many as one hundred and six million people in what is the heart of the Middle East, the Saudis see a desperate need to crush the foe before it has the means to pull down the privileged position of the Saud Family and the families of the other Gulf State rulers.

The war begins in Syria where we can expect that a successor government to Assad will be declared soon in the Saudi controlled tribal areas even before Assad is defeated.  The territory is likely to adopt the more fundamentalist principals of the Salafists as it serves as a stepping stone to Iran Itself.  It promises to be a bloody protracted war that will recognize no frontier and will know no limits by all of the participants.

Paul Ryan Rapidly Losing the Aging Rocker Vote

          NY - MAY 22: TV Personality/Singer Dee Snider takes part in an
          Exclusive Panel Discussion as Celebrity Apprentice Contestants
          Reunite at CORE: club on May 22, 2012 in New York City. (Photo
          by Michael Loccisano/Getty Images)
Just days after being denounced by his favorite band, Dee Snider lashed out at Paul Ryan as well, writing on his blog, "I emphatically denounce Paul Ryan's use of my song 'Were Not Gonna Take It' as recorded by my band Twisted Sister. There is almost nothing on which I agree with Paul Ryan, except perhaps the use of the P90X." Look on the bright side, Paul. You and Snider were both inspired by the same late night infomercial.

Paul Ryan’s Favorite Band Would Rather Not Be

The most surprising detail to emerge about Paul Ryan since becoming Mitt Romney's running mate has nothing to do with his workout habits or his widow's peak. It's that his favorite band is Rage Against the Machine. Of course, Ryan has disavowed the band's lefty lyrics, saying he digs them only for their music. If it were up to guitarist Tom Morello, though, Ryan wouldn't dig them at all. In an op-ed for Rolling Stone today, Morello addressed his most famous new fan, or as he calls him, "the embodiment of the machine that our music has been raging against for two decades."
Ryan claims that he likes Rage's sound, but not the lyrics. Well, I don't care for Paul Ryan's sound or his lyrics. He can like whatever bands he wants, but his guiding vision of shifting revenue more radically to the one percent is antithetical to the message of Rage.
Don't mistake me, I clearly see that Ryan has a whole lotta "rage" in him: A rage against women, a rage against immigrants, a rage against workers, a rage against gays, a rage against the poor, a rage against the environment. Basically the only thing he's not raging against is the privileged elite he's groveling in front of for campaign contributions.
Morello's most savage jab comes when he compares Ryan to other men who famously misunderstood music — "Charles Manson loved the Beatles but didn't understand them. Governor Chris Christie loves Bruce Springsteen but doesn't understand him. And Paul Ryan is clueless about his favorite band, Rage Against the Machine" — and lumps him in with two groups with which he'd never willingly associate: psychopaths and fat guys.
“中国梦幻灭” 资深外籍人士逃离中国

内容摘要 据《经济学人》报导,一些久居中国的外籍人士已经决定要离开中国。虽然他们人数尚且不多,但是也引起了其他“老中国通”的关注。选择离开中国的不仅仅是外 国人,一部份中国人也正在逃离中国。很多已经采取了行动,而很多正在计划中。根据去年10月中国银行和胡润百富的研究报告,中国14%的亿万 富翁已经移民或向其他国家递交了入境文件,此外的46%打算近期移民。今年3月,北京一家报纸表示该研究可能还低估了中国的资产外流的现状。

据《经济学人》报导,一些久居中国的外籍人士已经决定要离开中国。虽然他们人数尚且不多,但是也引起了其他“老中国通”的关注。选择离开中国 的不仅仅是外国人,一部份中国人也正在逃离中国。很多已经采取了行动,而很多正在计划中。根据去年10月中国银行和胡润百富的研究报告,中国 14%的亿万富翁已经移民或向其他国家递交了入境文件,此外的46%打算近期移民。今年3月,北京一家报纸表示该研究可能还低估了中国的资产 外流的现状。

《经济学人》文章中指出,中国空气污染、食品安全、严重的腐败、摇摆不定的法律环境以及糟糕的教育系统也是外籍人士及一些中国亿万富翁选择逃 离的原因。在中国,一些用不法手段致富的人时刻担心着他们积累财富的内情被发现。很多中共高层也各自准备了应急计划,以备从随时可能发生的政 治动荡中脱身。“裸官”一词就是用于形容大量的中共党员及政府工作者把自己的家人和资产转至海外,以应对未来可能出现的最坏形势。

  曾在中国任教的媒体人卡斯特(Charles Custer)决定离开中国。他表示对中国缺乏新闻自由和法制的苦恼,更承认自己过去几年的经历不仅“使人心灰意冷”、“灵魂破碎”,而且“有时更令人恐 惧”。在他的博客文章中,他指出空气污染和食品安全也是他选择离开北京的主要原因,他写道“我喜欢唿吸(新鲜空气),也希望享受食物。”

  这些年来中国一直挣扎于城市日益恶化的空气污染,北京健康部官员公开承认在过去的10年中肺癌患者比例上升了60%。卡斯特表示,“在北 京抱怨空气质量可能已经是老生常谈了,(空气污染)太可怕了,每个人都知道这一点,但是只能学会忍受。”

  而另一位决定离开中国的是英国人基托(Mark Kitto),他在1986年来中国读书后就选择留在中国做一个商人。在博客中,他表示在中国生活了16年已经受够了。他选择离开的原因和大多数中国富翁 一样。他写道,“我担心家人唿吸的空气和吃的食物对我们身体造成伤害”,他补充说,“另一个离开中国的重要原因”就是给孩子一个良好的教育。

  基托的经历可能让其他在华的外国人深有同感,也就是对中国幻想的破灭。他写道,“我不再爱恋中国,从我的中国梦中清醒过来。”在过去的 16年中,基托发现中国改变了,透出“明显的商业气息”。他哀叹中国从前传统的家庭文化观演化成了注重“我”的个人主义文化,而且充斥着物质 主义和炫耀性的消费主义。

KCPO -  Bulls Gathering Strength - 8/27/2012


Now that price has closed solidly above its recent fractal high of 3007 and the top band, so we can expect the bulls after a rest, should go further from here. Both the Stochastic and MACD continue to climb upward with the Stochastic crosses its 50's signal line and MACD crossing its zero signal line. Both these are usually more reassuring for the bulls. The DMI also expanded with the ADX rising above its 20's signal line. And this is also adding strength to the bulls.

The weekly chart is showing more positive signs as price stayed above the lower band and may go test the middle band by the coming week. The D+ has crossed its 20's signal line, though it is still below the D-, this can be taken as another initial buy signal. The MACD is still negative but it is trying to turn around and we may see a positive crossover by the coming week. So if you are trading by the weekly chart, buy when if price can break above last week high of 3069.

Looking at the long term chart, is the current up move cycle another major bull market ? I do not think so.  It may just be another one of those technical rebounds. But with divergence writing all over the short term and intermediate term charts, what the heck, it is going be another one of those roaring profitable trade. Just take it and leave it to the fundamentalists to debate and "explain" the market.
FKLI -  More Sightings Of The Bears In The Bushes - 8/27/2012


The market reopened last week after the long holiday and tried to make another push upward, but again it was not able to stay there. Both the Stochastic and MACD are negative , with price closed below the top band, I would sell this market when the Stochastic crosses down its 80's signal line by the coming week. The ADX continues to fall with DMI gap dwindling into a narrower range, both are pointing at a listless market.
But you should take note that with last week's high, the chart has formed another bearish divergence. The real action of massive selling may occur when the MACD crosses down its zero signal line.

The weekly chart remains almost the same as the previous week's. Price is able to maintain above the top band with a positive MACD and DMI. The ADX continues to rise, so that is lending some strength to the bulls. But it is still below the 20's, so its strength is doubted. I would continue to watch the top band as a support. Any breaking down below there should be considered as a signal to sell.

The market continues to drift higher without much conviction. The bearish early warning signs are already there. So if you are buying, keep stops tight. Even though I can see the bears lurking behind the bushes, still I would trade the long signals when they come on. But taking caution on those trades would be prudent.

Thursday, August 23, 2012

Instagram And Foursquare Photos From Stock Exchanges Around The World

BM&F Bovespa

If you watch CNBC or Bloomberg TV then you probably have a pretty good idea of what the New York Stock Exchange and the Nasdaq look like.  Or, maybe you were lucky enough to check them out in person at some point.  Anyway, chances are that you might not be as familiar with the Johannesburg Stock Exchange in South Africa or Tokyo Stock Exchange in Japan.

Fortunately, there are Foursquare and Instagram users all over the world who have snapped pictures of these exchanges from London to Mumbai and Frankfurt to Shanghai.

Now we're going to take a photo tour of exchanges around the world.

This is the facade of the Tokyo Stock Exchange. The TSE is the third largest stock exchange by market cap.

This is the facade of the Tokyo
                                Stock Exchange. The TSE is the third
                                largest stock exchange by market cap.
Foursquare user Masakazu O.

Here's a shot of the trading floor room inside the TSE. The trading floor closed in 1999 and now trades are done through computers.

Here's a shot of the trading floor
                                room inside the TSE. The trading floor
                                closed in 1999 and now trades are done
                                through computers.
Foursquare user Takaaki I.

A Foursquare user captured what appears to be a break room at the TSE. Check out those vending machines.

A Foursquare user captured what
                                appears to be a break room at the TSE.
                                Check out those vending machines.
Foursquare user yuki_air

This is the facade of the Shanghai Stock Exchange. Now let's head over to London...

This is the facade of the Shanghai
                                Stock Exchange. Now let's head over to
Foursquare user Victor W.

Here's the lobby of the London Stock Exchange.

Here's another awesome shot taken at the LSE.

Here's another awesome shot taken
                                at the LSE.
Foursquare user Raimonds_B

The BM&F Bovespa, which is in Brazil, is short for Bolsa de Valores, Mercadorias & Futuros de São Paulo.

The BM&F Bovespa, which is in
                                Brazil, is short for Bolsa de Valores,
                                Mercadorias & Futuros de São Paulo.
Foursquare User Paula C.

This Instagram user at the BM&F Bovespa took a picture during the London Olympics. You can a track event on the screen.

This Instagram user at the BM&F
                                Bovespa took a picture during the London
                                Olympics. You can a track event on the
Instagram user robertabotanico

We loved this shot of a trade panel at the BM&F Bovespa captured by an Instagram user.

We loved this shot of a trade panel
                                at the BM&F Bovespa captured by an
                                Instagram user.
Instagram user febenedetti

This was taken at the Australian Securities Exchange. It appears to be a map of the world's exchanges.

This was taken at the Australian
                                Securities Exchange. It appears to be a
                                map of the world's exchanges.
Foursquare user thepretrenda

Here's a cool Instagram shot of the Johannesburg Stock Exchange building.

Here's a cool Instagram shot of the
                                Johannesburg Stock Exchange building.
Instagram user Wellyao

And someone posing at the entrance.

And someone posing at the entrance.
Foursquare user Phillip Sinothi M.

Here's the Deutsche Börse in Frankfurt. Now let's hop over to Spain.

Here's the Deutsche Börse in
                                Frankfurt. Now let's hop over to Spain.
Instagram user Anacza

Here's the gorgeous Bolsa de Madrid (Madrid Stock Exchange). It's owned by Bolsas y Mercados Españoles.

Here's the gorgeous Bolsa de Madrid
                                (Madrid Stock Exchange). It's owned by
                                Bolsas y Mercados Españoles.
Foursquare user Javier V.

The inside of the Bolsa de Madrid is breathtaking.

The inside of the Bolsa de Madrid
                                is breathtaking.
Foursquare user Juan T.

Here's a close up of the floor in the Bolsa de Madrid.

Here's a close up of the floor in
                                the Bolsa de Madrid.
Foursquare user Juan Luis P.

This is the facade of the former Toronto Stock Exchange building. It's now inhabited by the Design Exchange--a non-profit design museum.

This is the facade of the former
                                Toronto Stock Exchange building. It's
                                now inhabited by the Design Exchange--a
                                non-profit design museum.
Foursquare user George M.

This is the SIX Swiss Exchange based in Zurich.

This is the SIX Swiss Exchange
                                based in Zurich.
Foursquare user Gregory C.

And here's the Bombay Stock Exchange located in Mumbai.

And here's the Bombay Stock
                                Exchange located in Mumbai.