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PMs Surge As Stocks Slumber On Dow's Lowest Range In 16 Months

Tyler Durden's picture





 

Following Friday's exuberance, US equity markets traded in an extraordinarily narrow range today (Dow's 41 points is lowest in 16 months) as S&P futures had the lowest non-holiday volume day of the year - despite plethora of Fed talking heads. Treasuries were no less un-vibrant with a 2bp range ending with the short-end very modestly higher in yield and long-end -1bps. The USD closed lower with its only sizable move driven by Bullard's dovish comments on inflation credibility; most notably US equities ignored JPY crosses efforts to ignite momentum. VIX was smashed lower at the close (back to inverted). The big movers on the day were in commodity-land. WTI dipped but Brent was slammed as the spread dropped notably to 6-week lows. Gold (and even more so Silver) were the big winners (relatively speaking) ending the day +1 and +2.2% respectively. Oh and TWTR went bull retard...

The Dow saw its smallest intraday range in 16 months...

 

Silver jumped over 2% on the day and gold lifted over $1240...

 

The crude complex was busy with WTI trading down but Brent hammered - narrowing the spread to $11.70

no matter how hard they tried - EURJPY coul dnot bring stocks higher this afternoon...

 

as FX markets were dominated by German macro data and the Bullard comments this afternoon...

 

And again - for clarity from the NFP print... some context

 

Charts: Bloomberg

Bonus Chart: TWTR... lol

 


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Mon, 12/09/2013 - 17:10 | Link to Comment HedgeAccordingly
HedgeAccordingly's picture

HAa.. well Greenspan really hit the timing right on Bitcoin.. http://hedge.ly/18iZ3rI   .. not so much his thoughts on QE. 

Mon, 12/09/2013 - 17:18 | Link to Comment CH1
CH1's picture

So, if gold and silver rise, will the Bitcoin haters stop hating?

Yeah, that's just a rhetorical question - the haters already have their emotions invested. Once that happens, very few have the guts to reverse course.

Mon, 12/09/2013 - 17:22 | Link to Comment whatsinaname
whatsinaname's picture

How are JPM, HSBC & Nova Scotia doing lately with their gold holdings ? 

Mon, 12/09/2013 - 17:43 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

As I mentioned on another thread, I just paid for some gold with Bitcoin.  Either I get it as they promise, or the Bearing becomes the laughingstock of the week here at Zero Hedge.

I will let you all know the truth.

Mon, 12/09/2013 - 17:52 | Link to Comment BigJim
BigJim's picture

PM's 'Surge', do they?

C'mon, Tyler(s), this isn't KWN.... is it?

Wake us up when Au is back above $1650 and AG > $28. Until then, your 'surges' are meaningless.

Mon, 12/09/2013 - 19:28 | Link to Comment Rubbish
Rubbish's picture

This will be a 3 1/2 month surge, enjoy the ride Jim.

Mon, 12/09/2013 - 21:18 | Link to Comment Nobody For President
Nobody For President's picture

Rest easy, Mr. Bearing - Ms Yellen is becoming the permanent laughingstock of the week on ZH.

Mon, 12/09/2013 - 17:22 | Link to Comment Toolshed
Toolshed's picture

Why is it that anyone who is not enamored with bitcoin is considered a bitcoin hater? I find babbling idiots annoying, but I don't hate them...........yes I do.

Mon, 12/09/2013 - 17:50 | Link to Comment OneTinSoldier66
OneTinSoldier66's picture

He didn't say anything at all about people that are neutral on bitcoin. He didn't call them bitcoin haters.

Mon, 12/09/2013 - 17:23 | Link to Comment lakecity55
lakecity55's picture

Where are the BTC haters?

Many are dubious of the 'currency,' it's a new concept.

I am a big PM guy, but I think the crypto currencies have a future. Right now they seem too volatile. Give it a while.

Mon, 12/09/2013 - 17:26 | Link to Comment TheCanadianAustrian
TheCanadianAustrian's picture

Bitcoin haters will only stop hating once it's as widely accepted as payment as Visa and Mastercard, and the volatility settles below 0.1% per day. If that ever happens, though, it's doubtful that one BTC is worth less than $1 million.

A price of $1 million would give the currency a market cap of at least $12 trillion. Not exactly ridiculous compared to other currencies.

Mon, 12/09/2013 - 17:40 | Link to Comment auric1234
auric1234's picture

I don't hold any VISA debt when paying with my credit card. I spend, and at the end of the month I clear the balance at zero interest because I happen to be solvent.

Yet, for some awkward reason you think this is supposed to work differently with BTC. You think every person in the world who pays with BTC is supposed to hold them.

How many USDs do you hold? You probably pay most things with USD-denominated debt, yet I think you haven't held a single USD in your whole life (FRNs are something else, can you see the difference?).

 

Mon, 12/09/2013 - 17:41 | Link to Comment Non Passaran
Non Passaran's picture

Won't happen.

Mon, 12/09/2013 - 17:23 | Link to Comment seek
seek's picture

Someday hopefully the haters will realize PMs and BTC share the same goals and different means.

BTC back to $875 after the slamdown. It's been interesting looking at the largest transactions in the blockchain the past few days -- it just makes the slamdown event stand out that much more.

I'm sure it's just a matter of days or weeks before the next slamdowns -- for both gold and bitcoin -- happen again. TPTB do not want you to be free.

Mon, 12/09/2013 - 20:38 | Link to Comment disabledvet
disabledvet's picture

bonds...backed by gold...paying six percent. that's paper that's worth something. bitcoin? meh...as you long you call it money then i guess it's okay. don't call it payment though. "fraudelent conveyance" or "wire fraud" perhaps.

Mon, 12/09/2013 - 17:27 | Link to Comment greatbeard
greatbeard's picture

>> will the Bitcoin haters stop hating?

Putting a muzzle on phonestar so he doesn't hijack and dominate every thread on here would go a long way towards easing tensions. 

Mon, 12/09/2013 - 17:38 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

its not that I hate invisible coins but much like the FED, I just dont trust them

Mon, 12/09/2013 - 17:14 | Link to Comment Derf Scratch
Derf Scratch's picture

Alot of stuff was "slammed", "hammered" and "blasted" today according to ZH, very dramatic stuff... might need new adjectives when the real thing happens...

Mon, 12/09/2013 - 17:20 | Link to Comment Toolshed
Toolshed's picture

Adjectives.......no. Expletives......yes.

Mon, 12/09/2013 - 17:19 | Link to Comment DavidC
DavidC's picture

Look at the NASDAQ, that went up nearly 1/2%.

DavidC

Mon, 12/09/2013 - 17:21 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

LOL^QE

Good one, Tyler.

Mon, 12/09/2013 - 17:25 | Link to Comment NoDebt
NoDebt's picture

.... And in other news, Putin just dissolved Russia's primary news agency, RIA Novosti, to be replaced with a purely pro-government (read: Pro-Putin) propoganda ministry.

You can almost hear Obama scribbling notes furiously as he learns from one far more adept than himself (and far less lazy), but sharing the same aspirations.

Mon, 12/09/2013 - 20:10 | Link to Comment lakecity55
lakecity55's picture

Vlad is jealous that Backdoor has a soviet-era press at his command.

"He is not even Russian! I must show him who can control the Press!!"

Mon, 12/09/2013 - 17:21 | Link to Comment Al Huxley
Al Huxley's picture

Miners didn't follow, so expect a big beat-down overnight, followed by the traditional 8:00am 'fuck, somebody take these 30000 contracts off my hands NOW!' non-manipulative dump at 8:00am tomorrow.

Mon, 12/09/2013 - 17:41 | Link to Comment SmallerGovNow2
SmallerGovNow2's picture

Read my mind and beat me to it Al...

Mon, 12/09/2013 - 18:02 | Link to Comment Derf Scratch
Derf Scratch's picture

Sadly most will be slaving away at declining real wage jobs or shopping for the latest centrifugal bumble-puppy, and will miss the chance to buy pm's or do any thing else productive...

Mon, 12/09/2013 - 19:13 | Link to Comment samcontrol
samcontrol's picture

maybe you look at the wrong miners.
i,ll bet you an elephant against a banana , no take down tomorrow.

Mon, 12/09/2013 - 17:24 | Link to Comment Yen Cross
Yen Cross's picture

   The usd is being pummeled to boost q-4 overseas earnings, and GDP to narrow the deficite(fom that huge inventory build in the GDP print last week) when numbers roll out in January. Treasuries were back down over 1% in yield and the usd sold off again, yet the usd/jpy was still bid. What a farce these markets are. Oil closed down slightly as well.

Mon, 12/09/2013 - 17:27 | Link to Comment auric1234
auric1234's picture

OT: RockStar Resources will provide funding to Timberline (TLR)

http://www.bloomberg.com/article/2013-12-05/avUaEDKOrTaM.html

Anybody know these guys? It seems this company's purpose is to provide funding for gold mining projects. Some kind of replacement for the bullion banks' hedge-or-else arm twisting?

I had a peak at their website, it does look promising:

http://www.rockstarresources.net/Exploration-Projects-Mining-Projects-Co...

 

Mon, 12/09/2013 - 17:34 | Link to Comment Non Passaran
Non Passaran's picture

Yet another streaming co it seems

Mon, 12/09/2013 - 17:48 | Link to Comment auric1234
auric1234's picture

Streaming?

 

Mon, 12/09/2013 - 17:28 | Link to Comment Frank N. Beans
Frank N. Beans's picture

gosh, 2 percent! 

Mon, 12/09/2013 - 17:52 | Link to Comment assistedliving
assistedliving's picture

is silver edible?  im down to catfood.  canary is next

Mon, 12/09/2013 - 17:58 | Link to Comment Al Huxley
Al Huxley's picture

Why don't you just buy some tech stocks and live off the capital gains?  Thats what the FED wants you to do.

Mon, 12/09/2013 - 19:04 | Link to Comment new game
new game's picture

thats it twitter for diner and side of goog. don't forget the apple a day thingy...

Mon, 12/09/2013 - 19:14 | Link to Comment samcontrol
samcontrol's picture

how the. fuck did you get into this situation ?
you must of made some really bad choices.

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