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Commodity Carnage Continues Amid Fears Of Glencore Liquidation
Despite a relatively unchanged US Dollar, commodities across the board are under significant (and seemingly coordinated) pressure this morning. It appears that the key selling began as Europe opened and the carnage in massive commodity group Glencore began to materialize. Glencore CDS is now above 700bps (up 154bps today) and stocks down almost 30% today...
Commodities being sold systemically despite a lack of FX-driven impact...
And even more worrying, Bank counterparty risk is re-soaring...
Charts: Bloomberg
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Crude is not in carnage. Seems range bound to me this morning like it has been for a while. When we hit $50 or the $39 handle again then we can say carnage. Until then just crude being crude driven by HFT's.
Don't forget, Tweedledee speaks in a few. Can make it all seem awesome again with a few words.
But is that supposed to explain another 3AM dunp of naked PM shorts on Globex? Sorry, that doesn't work for me and their blatancy is becoming absurd. But then, this is all "The theatre of the absurd"?
Sorry my comment doesnt work for you. You are trying to make sense with what we call markets today. That is when you just fucked up.
Yup, nothing makes sense anymore...."Markets"??
I actually wasn't refering to your comment but the original article.
Ohhh. That's why gold and silver are down. They're overpriced commodities like copper. Please feel free to downarrow if you think I'm serious.
The magicians act is wearing thin, but the crowd hasn't stormed the stage.
When it gets to zero let me know and I'll send a UPS call tag.
OK but I'll send you my nickels. The shipping will be more than they're worth.
Are you saying that silver has no commercial or industrial application? LMFAO!!! Not the sharpest tool in the shed are you?
As a producer of real products, I love it when my input costs go down.
"They're overpriced"
Can you tell my LCS that - he just put the price up.
With 1 BAZZILION ouces mined every year you bet silver is OVERPRICED !
When this gigantic trillion ton rock per ouce crushers go down then maybe there will be a shortage of the stuff and prices can go up... give it 10 years
We have seen these phenomena before. There is only one word to accurately describe the situation - DEPRESSION.
For anyone who actually enjoys real work and is a skilled craftsman, life is just fine. The only depressed fuckers I see are those useless overcompensated bankers/financiers stuck between the computer/printer and the producer/consumer in the real economy. Fuck em.
Get long sharecropping and guillotines, beat the rush.
Commodities going down further. Sheezus, Goldman may be right. GLEN's credit rating getting downgraded to junk to get the 'no one saw it coming' collateral chain implosion may be imminent.
Cargill will own Glencore before this is all done.............
Yeah...and China will own Cargill.
Cargill is too smart to own Glencore. It's a private Company and doesn't need to play the Wall Street games.
Ah who needs commodities, just like "money" can't we just print anything out of thin air...
/s
Fuck the useless paper-pushers already, Time for everyone to actually work for a living again.
Fuck em. take their motherfucking heads and let's move on already.
banker skull coffee table, now on etsy!
Dear powers that be,
Please feel free to hammer precious metals until your heart's content, because lower prices mean I can buy moar. If you want to let the market take over, that's okay, too, because my stack will preserve and may even increase my purchasing power.
Fuck you, too, and have a nice day.
Toodles!
Greg
Copper need to drop another 60-80%. Considering how much mining has exploded, and the downturn in actually using it, it probably doesn't have a firm bottom anywhere. Wall street still has not given up on it yet, which the first sign to run away screaming. If it was priced like silver, Glencore would have died long ago. It is that over priced. 20 million tons of that crap piling up every year.
The "safety" of the currency of the largest debtor nation on the planet is soaring because of what reason? Because it is "less bad" than everyone else? No. It's because the U.S. code-writers and hackers are better than everyone else. The only asset class that has NO counterparty risk is found in the precious metals complex.
Somebody's trading on ZH advice to take out Glencore?