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Liquidations Continue: Stocks, Dollar Slide, Precious Metals Pounded In Asia Trading
Markets are very active in the early Asian trading session (following the G-20-'s warnings over excess risk-taking). Precious metal liquidations continue with silver bearing the brunt (back below pre-Lehman levels) and gold down modestly. Stocks from China to US are all down notably too. The USD is weakening as EUR strengthens on the back of ECB comments about the possibility of no more stimulus and chatter that the PBOC may be selling USDs. Treasury yields are down (having retraced all FOMC losses). Iron Ore futures in Singapore just hit a record low below $80.
Treasuries have recovered all post-FOMC losses...
Precious metals continue to get smashed lower...
and here post FOMC....
To multi-year lows...
S&P Futures are down 9 points... and most of Asian stock markets are sliding (especially China)
And the USDollar is losing steam...
as EUR strength trickles back on the ECB's G-20 comments
and JPY strength is dragging carry lower...
And Chinese stocks are losing their luster despite China's efforts to pile its people into this bubble now that real estate has popped...
* * *
Something has changed...
Charts:Bloomberg
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so buy more PMs, hold or go fiat?
You know why silver is going to be hammered into oblivion ?
Because the greedy mineres are crushing everest-sized mountains every day in south america to produce BILLIONS of ouces of the stuff that the market is not moping up.
Those who claim the production cost of an oz of silver is around $17-19 are INSANE
clearly the miners can keep up this even if the price falls to $5 an ouce because they only have to switch to a lower grade of rice that they pay their pet slave south amercan workers with.
Its the nature of mines, I borrow money to start the dig at high prices and as price falls I have to dig faster to pay the bills. Producing more further drops the price.
Repeat.. until not able to pay bills.
Its built unto mining