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6 Month Bill Auctions Comes At Record High Bid-To-Cover And Direct Take Down
$13.1 trillion in debt? Who cares - another $27 billion Bill auction, another couple of record metrics: this time the Bid To Cover, which came in at an all time high of 4.53x, indicated there was no shortage of willing investors hoping to park their cash for 6 months at a high rate of 0.21%. The BTC jump from last week's auction which was at 4.01x Bid To Cover is a good 50 bps, even though the final rate was 1 bp lower, compared to the June 1 0.22%. If you are wondering where the record demand came from, once again look no farther than the Direct Bidders, which took down a record for the 6 month Bill 15.33% of the total auction, double the prior year average of 8.5%. Also notable is the material jump in the indirect take down, which jumped from 29.4% to 43.35% in just one week. This auction was the preamble to this week's $70+ billion in coupon auctions, which begin tomorrow with the 3 Year Bond auction, to be followed by a 10 and 30 Year. Good thing the market is on a downtrend to guarantee absorption.
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Everyone is dumping euro bonds and jumping to US junk paper, so we can keep pumping this forever, no other "safe havens" in the world.
How the End Game for the US treasuries Bubble looks like? Where the money is going to go then?
I do not see any other "safe place" to jump
BTW. Barry R is calling for a softpatch before DOW 36K http://www.ritholtz.com/blog/2010/06/double-dip-or-just-a-soft-patch/
"Where the money is going to go then?
I do not see any other "safe place" to jump."
Sir Evelyn de Rothschild said it during an interview. He said "If you are safety conscience you hang on to your gold bars".
6:19 in this video
www.youtube.com/watch?v=7Fw1RMKWypo
Interesting that right on his page right after the "soft patch" article, he puts the graph with the latest bank closures compared to last year. The slope of this year's line is going to the moon and he doesn't say a word about it or connect the two. As Bugs would say of Elmer Fudd: "What a marroon."
27 in 90, 27 in 180 days... both with btc over 4
Why not increase our IMF participation from $100 billion to $500 billion???
Heck, we can float off the extra with ease......
Maybe the next 10-year auction will go off at 3.2%, 500% oversubscribed..
LOL.....
Wowzerr.
That's a lot of fluff...er....stuff...er....muff. Ah, forget it.
you may be searching for the term "artificial inflation". :)
Question?
how can i be down?????
We turn all that old worthless fiat money in for new shiny fiat paper money with more zeros on it.
I love being a zerohead!
Isn't this just a matter of pouring an alcoholic another drink to sober him up?
I have to wonder how many of those bids are phony, kinda like the gals' tits in the above photo.. Are these auctions any different than the NYSE?
They look real from here. :>)
I don't know CD. They look pretty badly airbrushed on my 21" monitor.
Mission accomplished (Friday's market crash)!