It is the 21st of November 2017

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Goldman Discovers Something Odd: Stock Moves Are Increasing Even As Index Moves Are Decreasing

One wouldn't know it by looking at the moves in equity indexes, but this earnings season has been unusually volatile for stocks, which however has yet to translate into bigger moves at the macro level. That is the bizarre observation made by Goldman's derivatives strategist John Marshall (whose team grew by one when ex-Deutsche Banker Rocky Fishman joined recently).

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Gold Coins and Bars Saw Demand Rise 17% to 222T in Q3

- Gold coins and bars saw demand rise 17% to 222t in Q3, driven largely by China
- Chinese investors bought price dips, notching up fourth consecutive quarter of growth
- Jewellery, ETF demand fell while gold coins and bars saw increased demand 
- Central banks bought a robust 111t of gold bullion bars (+25% y-o-y)
- Russia, Turkey & Kazakhstan account for 90% of 111t of central bank demand
- Turkey increased gold purchases and saw broad based physical gold demand
- Gold demand in Q3 at eight-year low as ETF inflows slowed sharply 
- Gold demand saw 9% year-on-year (y-o-y) drop in to 915 tonnes (t)
- Total global gold supply fell 2% in Q3

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"You Get Nothing" - World's Largest Insurer Warns US Stocks Offer "No Returns" For The Next Decade

There will be "almost no prospective returns" from U.S. stocks over the next decade because the market is fully valued following years of gains, according to the global strategist at Allianz Global Investors, which manages $569 billion.

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