Bond

GoldCore's picture

China’s Total Gold Holdings Much Higher - Owns Gold In SAFE and CIC





Many analysts believe the officially reported 1,660 tonnes to be an understatement given the enormous volumes of gold that have been passing through Hong Kong - and through Shanghai in more recent years - and the large amounts that have been produced and bought domestically.

It is important to remember that as we have long pointed out two other entities, besides the PBOC, have also been buying gold - the State Administration of Foreign Exchange (SAFE) and the China Investment Corporation (CIC).

 
Tyler Durden's picture

Futures Levitate After Greek Creditors Repay Themselves; Commodities Tumble To 13 Year Low





Today's action is so far an exact replica of Friday's zero-volume ES overnight levitation higher (even if Europe's derivatives market, the EUREX exchange, did break at the open for good measure leading to a delayed market open just to make sure nobody sells) with the "catalyst" today being the official Greek repayment to both the ECB and the IMF which will use up €6.8 billion of the €7.2 billion bridge loan the EU just handed over Athens so it can immediately repay its creditors. In other words, Greek creditors including the ECB, just repaid themselves once again. One thing which is not "one-time" or "non-recurring" is the total collapse in commodities, which after last night's precious metals flash crash has sent the Bloomberg commodity complex to a 13 year low.

 
Tyler Durden's picture

The Complete Guide To ETF Phantom Liquidity





How the intersection of Fed policy, the post-crisis regulatory regime, and illiquid markets turned ETFs into the new financial weapons of mass destruction.

 
Capitalist Exploits's picture

Can You Hear the Fat Lady Singing? - Part I





Why Greece is simply a symptom of a much larger problem

 
Tyler Durden's picture

Portugal’s Debts Are (Also) Unsustainable





Everyone seems to be focusing on Greece these days – a country so indebted that it needs even more loans to repay just a fraction of its gigantic credits. Clearly this is unsustainable and something has to give. Even the IMF agrees. But what about the other Southern European countries? Actually, Portugal’s financial situation is looking particularly shaky, and any hiccups could have serious cross-border repercussions from Madrid all the way to Berlin.

 
Tyler Durden's picture

Pension Shocker: Plans Face $2 Trillion Shortfall, Moody's Says





"Moody’s, which in 2013 began using a lower rate than governments do to calculate future liabilities, has estimated that the 25 largest U.S. public pensions alone have $2 trillion less than they need", Bloomberg reports.

 
Tyler Durden's picture

Was Greece Set Up To Fail?





What have the bailouts achieved? Well, the Greek economy is doing worse than ever, and the people are poorer than ever; and both have a lot more bad ‘news’ to come. The bailouts needed to be as big as they were to 1) successfully make the international banks ‘whole’ that had lent as much as they had into the Greek economy, 2) get the IMF involved, 3) and absolve the notorious -and cooperative- domestic oligarchy from any pain. And make all the usual suspects a lot more money in the process. It therefore doesn’t look at all unlikely that Greece was saddled with an artificially raised deficit, and that the intention behind that, all along, was to get the Troika ‘inside’ for the long run. So the country could be stripped of all its assets.

 
Tyler Durden's picture

The Bankruptcy Of The Planet Accelerates - 24 Nations Are Currently Facing A Debt Crisis





There has been so much attention on Greece in recent weeks, but the truth is that Greece represents only a very tiny fraction of an unprecedented global debt bomb which threatens to explode at any moment.  The only “solution” under our current system is to kick the can down the road for as long as we can until this colossal debt pyramid finally collapses in upon itself.

 
Tyler Durden's picture

Bonds Are Back: "There Is Too Much Complacency"





Investors are too myopically focused on expectations of a steep rise in bond yields and on using central bank stimulus to pile back into riskier assets. There is too much complacency.  We believe the upside potential for Treasuries prices for the balance of the year is once again being greatly underestimated. The long end should continue to perform well under various scenarios. If the Fed hikes in September or earlier, the back end should perform well.  If the Fed breaks its implicit promise to hike rates in September, its credibility would be damaged:  unless of course, it was due to a significant deterioration in the economic or political landscape.  Either outcome would likely benefit long Treasury security prices.

 
Marc To Market's picture

Dollar Bulls in Charge, but Stretched Technicals May Test Conviction





The dollar made new multi-year highs against the dollar-bloc and is bid against most major and em currncies.  Why?  

 
Tyler Durden's picture

Peru Sued By Illinois Firm For Unpaid Birdshit Bonds





As Bloomberg reports, "an old debt for Peru has come home to roost..."

 
GoldCore's picture

Global Precious Metal Roundtable – Greece, China, Manipulation, Interest Rates and Outlook





The latest ‘Global Precious Metal Roundtable’ was recorded Wednesday and featured Jordan Eliseo of ABC Bullion,  Bron Suchecki of the Perth Mint and Ron Stoeferle of Incrementum and Mark O’Byrne of GoldCore.

 
Tyler Durden's picture

The Curse Of The Euro: Money Corrupted, Democracy Busted





The preposterous Gong Show in Brussels over the weekend was the financial “Ben Tre” moment for the Euro and ECB. That is, it was the moment when the Germans - imitating the American military on that ghastly morning in February 1968 - set fire to the Eurozone in order to save it. In short, Greece will become an outright debtors’ colony and its government will function as page-boy legislators for the Troika occupiers. Needless to say, political and social upheaval will erupt when the full extent of the Tsipras surrender becomes evident, and the resulting political contagion will spread throughout the length and breadth of Europe as Greece implodes. In due course, the euro will collapse and the baleful Keynesian money printers’ regime in Frankfurt will be repudiated and dismantled. But not before European democracy has a brush with death, and European prosperity is extinguished for a generation.

 
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