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Crude & Copper Are Crumbling
WTI Crude prices are back below $48 having tumbled in the last few minutes. Copper prices are also sliding notably (as gold and silver slip). No immediate catalyst aside from delayed reaction from last night's slow and sure realization by The IMF that all is not well will global growth.
Crude slammed lower...
And copper following...
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Listen to Dr. Copper, folks. He is right ,most of the times. Even when he talks Chinese, like in the last years
If I learned anything about China in the last few years it's that copper CAN be manipulated. Especially when it's stockpiled, warehoused and used as infinitely rehypothecatable collateral for taking out loans.
IMF: "All's not right with the world."
Knukles: "All's not right with the IMF."
+1 and China has a huge sovereign debt mountain that has not surfaced the collective mind of the markets, yet
The invisible hand of the market has been defending 2.400 on CU quite hard. Wake me when we break below that.
Just wait till the opening bell! You will see the miraculous rebound in oil, a sell off in precious, spy will move 25 pts in one algo spasm...Because all is well in the land of Unicorns and Fairy dust.
I think Dr. Copper is a great indicator that cuts through the bull shit. But with Goldman Sachs cornering the Aluminum market, do you think this indicator will have false signals based on global collusion of supplies?
To the best of my knowledge copper doesnt conduct hopium, and that is all that is powering everything right now... One false move somewhere and the wheels are going to come off in a big way....
Already have behind the curtain.$22tn in oil derivatives plus how many CHF ones ?
Nothing conducts better than silver.
I think I would have said, "one real move somewhere and the wheels are going to come off in a big way..."
Come on, everyone knows it's due to the weather!
Baker Hughes expects to lay off up to 7000.
So is the French Company Schlumberger..9,000 for them
For the fourth quarter ended Dec. 31, Baker Hughes reported a profit of $663 million, or $1.52 a share, up from $248 million, or 56 cents a share, a year earlier. Excluding a gain on deconsolidation of a join venture, adjusted per-share earnings were $1.44.
pop
No jobs. No way to save. The End.
All the good jobs were gone, now they are long gone.
Start building barstools.
The ghost of Ross Perot. That little big eared freak was right.
Gold, Bitchezz....Keep stacking!
But...but....Droughie QE miracle comin!
another festivus miracle
I think we are starting to see the end of the paper investing....Countries want their real gold in hand.....and the paper market for oil is falling apart...maybe we will be back to a real market in the next few years...no options nor derivitives....so I hope
Hope so, too.
Gamblers --> play in the casino or in private or OTC (and NO BAILOUT. EVER!!!)
Investors --> to the markets
OK - this is my theory. JCB + FED down gold and yen, China reacts by dumping oil. They need to do this to stop the yen from getting too weak, and threatening the yuan peg with the dollar, and their hope to bring the US dollar reserve status to a final end. Just a theory, but I am not sure why no-one has meantioned it.
Except China is importing like a mad man and shoring up alternative supply routes.
http://www.bloomberg.com/news/2015-01-14/record-oil-imports-take-china-c...
http://www.reuters.com/article/2015/01/20/petrochina-myanmar-oil-idUSL3N...
Of course they are importing it like mad. If they are helping bring it down, they know it will eventually also go up.
Sorry, I mean dumping futures, not the real sticky stuff. China has learnt well from Goldman's stance on gold, and they are doing it to oil.
So you work hard save, buy gold, buy stocks, rrsp's, then the market collapses, banks raise interest rates, gold plummets,stocks crash and your rrsp disentegrates. You struggle to keep your house, spend your savings remain unemployed. There is no way to pre
You missed one important step.
carry no debt (i.e. pay it off before you do any other "saving")
If you have no debt and all of your scenario happens you are sitting as pretty as you can.
Lady Lagarde's promise to do a belly dance to convince the US congress now looks like a remote possibility.
Should we all clap ?
falak, there is nothing Christine can do to convince the US Congress about a reform of the IMF. literally nothing. it's a classic political impasse fuelled by too much rah-rah propaganda
for all purposes the Republican party has painted itself in a corner, when it comes to the IMF. and is happy about it. their choice, I'd say
the result, eventually, is a proliferation of IMF-like orgs. first a Chinese, and then possibly even a second, european-only institution
Or not. More likely is a complete disentegration of all $IMF-type institutions in favor of a distinct separation between exchange and savings mechanisms with occasional trade/book-balancing to be done using CB gold reserves. Simple yet extremely powerful and reduced opportunities to behave irresponsibly with the 'people's' wealth.
and who restructures sovereign debt, the main role of the IMF? lots of megabanks depend on that. to the point that they should build up their own IMF
it all goes back to the role of the megabanks. are they the capital ships of financial power or just... facilities? Jamie Dimon pleads for the first role
If you look at the composition of the clubs on both sides of the Atlantic, there isn't a single person that could stand up and say the right thing. It's no longer a question of will we get another dumb statement, it's just a question of who will say it.
oops, I just repeated myself.
Copper isn't worth crap unless there is continuous demand for it. No wonder they used it for years to mint coins. Now the cheapskates don't even use copper for that, proof that your coins as well as your paper are totally worthless.
And your shitcoins are worth what when that monstrosity in Bluffdale UT goes after them ?
I'm pretty confidant my lead and brass coins will be just fine.
Copper stockpiles worldwide are very high. Producers will be forced to cut back or close. 90% of silver production is at stake along with 15% of gold. I expect copper to continue dropping in price till congress declares copper as strategic to the US economy.
World War is coming.
The writing is on the wall, motherfuckers.
Hedge Accordingly.
But you can buy a 100 million dollar condo in NYC...or pay up the wazoo for ART......when are those bubbles going to crash
The collapse we have been expecting is here and accelerating. Stay debt free.
Someday the events of 1995 to 2025 may make a good 2 hour movie, living it real time is like watching a train wreck frsme by frame.
FEAR mongering....
Claude cooper from cleveland wont like this at all
not long now, and them copper producers that beef up their balances with the by-product gold will become primary gold producers and copper as a side product. it will happen.
Knowing the various costs of production for regions/companies is more important than the latest ticker price tag. The reported #'s were inflated especially on this site. The price will go to around $25-30 temporarily before rebounding to mid 40's again. And then slowly back up over time. Supply disruptions will kick in over next 9 months or so.
Im long Miller High Life and short Houston muni's
Crude and copper are on sale! Get your WW3 at 50% off!