Gold futures saw a massive $1.5 billion liquidation in one minute yesterday which had all the hallmarks of a "non profit" liquidation - a large seller trying to manipulate gold futures lower rather than maximise profits.
China's corporate bond market, one of the fastest growing sources of cheap credit, did something in May it hasn't done in in six years: it shrank. And then there was the record contraction in banker's acceptance bills, a pseudo currency used by companies for payments that have been the subject of several instances of massive fraud. Hopes for a big credit push are again being dashed.
The UK EU referendum is suddenly totally dominant in financial markets. The increased focus comes as the leave campaign has gathered steam as 4 polls yesterday afternoon/evening put the 'leave' campaign ahead. As a result of the continued global scramble for safety, German 10Y bunds finally dropped below 0% for the first time ever, while global risk assets are red around the globe.
Hedge funds attracted a net $44 billion in assets globally last year, the smallest amount since 2012. As these increasingly desperate funds try to change that in 2016, one enormous target has been identified in Australia.
Global stocks, U.S. index futures are sharply lower pressured by fears of another day of record low bond yields, as investors start to worry about numerous risk catalysts in the coming weeks, from the Brexit vote to Fed meeting. The Dollar spot index rose for the second day in a row, pushing commodities lower for their first two-day decline since May 24, while WTI has dipped back under $50.
No one ever lost money betting on the Pentagon refraining from exceptionalist rhetoric. As expressed by neocon Carter, Pentagon rhetoric – faithful to its own estimation of China as the second biggest “existential threat” to the US (Russia is first) – revolves around the same themes; US military might and superiority is bound to last forever; we are the “main underwriter of Asian security” for, well, forever; and China better behave in the South China Sea – or else. So here’s an instant translation: we do a NATO in Asia; we control it; you will answer to us; and then we encircle you – and Russia – for good.
Stock whisperer Yellen said all the right things yesterday, when she sounded more optimistic than pessimistic on the economy but while the economy is "strong" it is most likely not strong enough to weather a rate hike in the immediate future. As a result, the S&P 500 climbed toward a record on Monday (and continued rising overnight) after Yellen said she expects to raise interest rates only gradually and held off from specifying any timeframe, a shift from her May 27 stance that a move was probable “in the coming months.” This was interpreted that both a June and July rate hike are now off the table, with September odds rising modestly.
While Facebook's stratospheric ascent to new record highs continues, storm clouds may be gathering for the $340 billion market cap company: according to a new study by marketing intelligence firm Across the board, people are spending less time on their Social Media apps. Using SimilarWeb data on Android apps, the company found that in almost all countries, time spent on the 4 leading Social Media apps is down, in many cases sharply. On Facebook, Snapchat, Instagram, and Twitter, Android users seem to be cutting down on their Social Media app usage time.
We recently re released our comprehensive silver interview with Jan Skoyles in which we discuss many of the key fundamentals alluded to by Rory Hall. Nothing has changed and arguably the fundamentals are even more bullish today than they were then.
A multi-part Zero Hedge series compiling the corruption and manipulation perpetrated by international Banks, Mozambique's governing officials, international investors, Sovereign Nations, and the IMF/World Bank.