• GoldCore
    05/01/2015 - 08:09
    JP Morgan’s massive silver buying brings to mind the Hunt Brothers' attempt to corner the silver market in the late 1970s. The Texas oil-tycoons tried to corner the silver market by accumulating a...

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Tyler Durden's picture

How The News Works - A Reminder





News - it's how they do propaganda these days... (and for that matter always).

 
Tyler Durden's picture

ISIS Breaches US Military Advisers' Iraqi Base





Just as we warned hours ago, it appears the capture of a nearby town was not the endgame and, as The Wall Street Journal reports, A group of Islamic State militants penetrated an Iraqi air base where U.S. military advisers are training Iraqi forces, the first time attackers have gotten beyond the outer perimeter of an Iraqi base being used by American trainers.

 
Tyler Durden's picture

German DAX Rises Above 11,000 For First Time After European GDP Surprises To Upside





Who would have thought all it takes for Eurozone Q4 GDP to print above expectations, even if by the smallest of possible margins - one which even the Chinese goalseek-o-tron bows its head down to in respect - which at 0.3% Q/Q was above the 0.2% expected and above Q3's 0.2%, was for Europe to admit it has finally succumbed to deflation. Oh, and for the ECB to admit the situation has never been more serious by launching Q€. Oh, and add the "estimated contribution" to GDP from hookers and drugs. Put all that together and on an annualized basis, the European economy grew by 1.4%. Whatever the reason, Q4 GDP was the best print since Q1, even as Germany blew not only consensus of 0.3%, but the highest GDP estimate of 0.6% out of the water when it reported that courtesy of a spike in spending, its economy grew by 0.7% in the fourth quarter, up from the near-recessionary 0.1% in Q3. That, together with QE and ZIRP now raging across the continent, was enough to push the DAX above 11,000 for the first time ever.

 
Tyler Durden's picture

Market Wrap: Whirlwind Manic-Depressive Session Sees Futures Slide Then Surge





So far it has been an overnight session which clearly forgot to take its lithium, with futures first tumbling after CNBC's "leak" that a Greek deal had been reached was refuted, only to surge subsequently on both the Riskbank's foray into NIRP and QE which crushed the Swedish currency and sent its stocks to recorder highs, and more importantly, on the latest ceasefire out of Minsk which has pushed Russian and European assets substantially higher. While only the most naive believe that any palpable end to Ukraine hostilities will emerge as a result of today's delay, expect for Greek headlines to return with a vengeance as today it is Tsipras' turn to speak at a summit of the 28 European Union leaders set to begin momentarily.

 
Tyler Durden's picture

Ukraine Ceasefire Deal Agreed After Negotiations All-Nighter; Doubts Remain About Its Implementation





It would have simply been too much to handle for Europe and the risk off algos if hours after the embarrassing failure of the emergency Eurogroup meeting in Brussels failed to reach any deal involving Greece, the Ukraine ceasefire negotiations in Minsk were also to fall apart. Again. Which is probably why after a marathon session lasting 17 hours, and following repeated trial balloons that a deal had and/or had not been reached, a short while ago all major media outlets were delighted to finally blast some Risk On news namely that leaders of France and Germany brokered a renewed deal to end Ukraine’s 10-month civil war in the separatist eastern region, which means that we have a Minsk-signed Ukraine ceasefire. Again.

 
Tyler Durden's picture

Jim Rogers On Opportunities In Russia & Other Hated Markets





"I’m optimistic about the future of Russia. I was optimistic before this war started in Ukraine, which was instigated by the US, of course. But in any case, I bought more Russia during the Crimea incident, and I’m looking to buy still more. Unfortunately, what’s happening is certainly not good for the United States. It’s driving Russia and Asia together, which means we’re going to suffer in the long run - the US and Europe. Another of the big four Chinese banks opened a branch in Moscow recently. The Iranians are getting closer to the Russians. People are starting to reexamine the propaganda that comes out of Washington. Even the Germans are starting to reassess the situation."

 
Pivotfarm's picture

The Greek Austerity Myth





Since the anti-austerity Syriza party's victory in Greece's recent general election, the “Greek problem" is again preoccupying markets and policymakers throughout Europe. Some fear a return to the uncertainty of 2012, when many thought that a Greek default and exit from the eurozone were imminent.

 
Tyler Durden's picture

Stocks Coiled In Anticipation Of Today's Eurogroup Meeting





The only question on traders' minds today, with the lack of any macro news out of the US (except for the DOE crude oil inventory update at 10:30am Eastern expecting a build of 3.5MM, down from 6.33MM last week, and the 10 Year bond auction at 1pm) is which Greek trip abroad is more important: that of FinMin Varoufakis to Belgium where he will enter the lion's den of Eurogroup finance ministers at 3:30pm GMT, or that of the foreign minister Kotzias who has already arrived in Moscow, and where we already got such blockbuster statements as:

LAVROV: RUSSIA WILL CONSIDER AID REQUESTS, IF GREECE MAKES THEM; KOTZIAS: GREECE IS WILLING TO MEDIATE BETWEEN EU, RUSSIA

Or perhaps both are critical, as what happens in Brussels will surely impact the outcome of the Greek trip to Russia?

 
Tyler Durden's picture

Schauble Shoots Down Stock Surge Catalyst, Says 6 Month Report Is "Wrong", Says If No New Programme "All Over"





When we reported about the latest trial balloon floated by the European commission, namely that Greece may be granted a 6 month extension, we said very clearly, because we knew precisely what was coming, that this report "has to be validated by other members of the European Commission as well as Merkel and the other Germans (and may well be refuted, considering this is Europe)" and "this is after all Europe, which means Eurozone ministers always float trial balloons headlines ahead of major meetings like the one tomorrow, gauge the market reaction, then quickly retract them. Well, the market test has been conducted."

Case in point: SCHAEUBLE: REPORT COMMISSION TO GRANT GREECE 6 MONTHS `WRONG'

No Europe, they are not laughing with you. Laughter aside, this of course, means that Greece now once again has full liberty to engage Russia and China as sources of funding right?

 
Tyler Durden's picture

After Greece Warns It May Get Funds From Russia Or China, Europe Said To Propose 6 Month Extension





Update: EUROPEAN COMMISSION SAYS THERE IS NO FORMAL PROPOSAL FOR GREECE BUT TALKS ARE INTENSIVE

* * *

Did Europe just fold? Moments ago Bloomberg blasted a headline which has to be validated (and may well be refuted considering this is Europe), which said that:

COMMISSION TO PROPOSE 6 MONTH EXTENSION FOR GREECE - SOURCES.

So did Greece just win the first round of its stand off with Brussels, and why? What emerged as the biggest point of leverage overnight was the following threat reported hours ago by Reuters, citing the Greek defense minister Kammenos, who essentially threatened to go to Russia and/or China if Europe decline to cooperate.

 
Tyler Durden's picture

Puerto Rico Is Not Greece, But Their Bonds Are Yielding Almost The Same





While PRexit is yet to hit the headlines, Puerto Rico bonds joined an illustrious club of ne'er-do-wells today with its 10Y yield spiking above 10%...

 
Tyler Durden's picture

Frontrunning: February 10





  • Greek defense minister says Greece has Plan B if EU rigid on deal (Reuters)
  • Germany rejects Greek claim for World War Two reparations (Reuters)
  • Greece to Seek $11.3 Billion in Financing to Avoid Funding Crunch (BBG)
  • Lazard Sees $113 Billion Greek Debt Cut as ‘Reasonable’ (BBG)
  • U.S. Navy Considers Setting Up Ship Base in Australia (BBG)
  • Dalio’s Bridgewater Fund Said to Rise 8.3% in January (BBG)
  • As U.S. Exits, China Takes On Afghanistan Role (WSJ)
  • EU money funds cut exposure to bank debt (FT)
  • China Inflation Drops to Five-Year Low in January (WSJ)
  • Oil-Price Rebound Predicted (WSJ)
 
Tyler Durden's picture

Market Wrap: Stocks Drift, Dollar Stronger, Oil Snaps Rally, Treasurys Slide On Microsoft Deal





So far it has been largely a repeat of the previous overnight session, where absent significant macro drivers, the attention again remains focused both on China, which reported some truly ugly inflation (with 0.8% Y/Y CPI the lowest since Lehman, just call it deflation net of the "goalseeking") data (which as usually is "good for stocks" pushing the SHCOMP 1.5% higher as it means even more easing), and on Greece, which has not made any major headlines in the past 24 hours as patience on both sides is growing thin ahead of the final "bluff" showdown between Greece and the Eurozone is imminent. The question as usual is who will have just a fraction more leverage in the final assessment - Greece has made its ask known, and it comes in the form of 10 billion euros in short-term "bridge" financing consisting of €8 billion increase in Bills issuance and €1.9 billion in ECB profits, as it tries to stave off a funding crunch, a proposal which will be presented on the Wednesday meeting of euro area finance ministers in Brussels. The question remains what Europe's countrbid, if any, will be. For the answer: stay tuned in 24 hours.

 
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