When Will The ECB Run Out Of German Bunds To Buy: Here Is The Math

If the ECB were to reduce the pace of QE to €40bn per month starting in January, it should not run out of German government bonds to purchase until early 2019. On the other hand, if it keeps the current pace of QE, it will run out of paper in late 2018, and even with a downward revised €40bn monthly total, the ECB will have almost no German bonds left to buy in 2019.

The Elites Are Privately Warning About A Crash

"...demand for secure vaulting space in major financial centers like London and Frankfurt is soaring. There are plenty of bank safe deposit boxes in those cities, but investors are insisting on non-bank vaults because investors understand that the banks cannot be trusted in a panic"

When Do We Know These Are Delusional Markets

Signs of complacency and disconnect from fundamentals abound. So to sanity check, it may still be helpful to periodically remind ourselves of a few recent ones. Here, in no particular order, are seven of the most glaring signs.

Bonds Battered Ahead Of Fed - 30Y Yield Back Above 2.90%

In its ubiquitous manner, traders are selling bonds ahead of tomorrow's 'nothingburger' from The Fed. While no rate move is expected, more color on balance sheet normalization is perhaps spooking bonds a bit as the long-end yields are up 7bps, back above 2.90%...

Intel Vets Challenge "Russia Hack" Evidence

In a memo to President Trump, a group of former U.S. intelligence officers, including NSA specialists, cite new forensic studies to challenge the claim of the key Jan. 6 'assessment' that Russia 'hacked' Democratic emails last year.

Cryptocurrencies Are Crashing Again

The largest cryptocurrencies are under presure again today - Bitcoin, Ethereum down around 10% - as it seems some anxiety remains ahead of the August 1st scaling decision deadline, chatter about Russian Bitcoin viruses, and a new report from BofA has raised more questions than answers about the future of virtual currencies.

Greece Sells €3 Billion In Bonds In 2x Oversubscribed Offering

Greece has once again returned to the bond market, if far less triumphantly, by selling another €3 billion in 5 year paper which however was "only" 2x oversubscribed, with indications from Bloomberg that there was only €6.5 billion in demand for the "high yielding" paper. And speaking of yield, it came in lower than 3 years ago, pricing at 4.625% with a coupon of 4.375%.

US Navy Patrol Ship Fires Warning Shots At Iranian Vessel

One day after a US spy plane had to take "evasive action" after a Chinese fighter jet showed off its Top Gun skills and appeared 90 meters in front of the interloper, a US Navy ship fired warning shots toward an Iranian vessel near the northern Arabian Gulf on Tuesday after the vessel came within 150 yards.

Conference Board Consumer Confidence Soars To 2nd Highest Since 2000

Second only to March's highs, The Conference Board's Consumer Confidence printed at its highest level since the year 2000 (ironic given where Nasdaq is trading). Despite a tumble in 'hard' data, and a plunge in Bloomberg's economic expectations, it appears record high stocks are working to pump Americans up.

Daily Trading Volume In Bitcoin Surpasses GLD

Daily trading volumes for bitcoin were $400mn in 2012 and have now moved up to about $2bn a day at present which means that - at current BTC prices - the total ADV of BTC traded is higher than that of GLD.