Monetary Metals's picture

Gold Price Drop of 6 Nov: Drilling Down

The cobasis briefly peaked around 11% (from around 0.5% previously).

Monetary Metals's picture

A 14 Handle on Silver. Again. 8 Nov, 2015

Last week, we asked if silver would have a 14 handle again. This week, the market answered yes we can! How did we know? By looking at supply and demand.

Tyler Durden's picture

The Dire Societal Consequences Of Stability-Obsessed Keynesians

We will be the first to admit that yield curve inversion is not the only factor causing recessions, but through the credit channel it can be an important contributor. Depending on the importance of the credit channel, the Federal Reserve, by pegging the short term rate at zero, have essentially removed one recessionary market mechanism that used to efficiently clear excesses within the financial system. While stability obsessed Keynesians on a quest to the permanent boom regard this as a positive development, the rest of us obviously understand that false stability breeds instability.


Sprott Money's picture

The Cost of Physical Gold vs. Futures

If you’re sophisticated and have a bit of luck, you could end holding your gold exposure at zero or even make a profit.

Monetary Metals's picture

And Then There Was None (Backwardation) 18 Oct, 2015

The dollar dropped about half a milligram gold, and 50mg silver.

But who wants to read about the universal currency falling, failing? Few people are so barbarous as to think of the dollar’s value as being priced in terms a monetary metal.

Tyler Durden's picture

Why The Market Is Poised For A Rebound: Gartman Says "Bear Market" Will Take S&P To 1420-1550

Forget China, Volkswagen, Glencore, Noble, and pretty much everything else. The only catalyst that matters for today's price action has just been revealed. Earlier today, Dennis Gartman, whose flop-flip-flop-flipping calls on stocks, commodities and everything else have become a blur, just went mega bearish, and is predicting that the S&P has some 400 points of imminent downside.

Monetary Metals's picture

Price Moves and Term Structures 20 Sep, 2015

Don't trade yesterday’s news. There was backwardation. However, it's a sensitive indicator and you need an updated picture before buying after a sizeable price move.

Tyler Durden's picture

VIX Has Not Done This Since The USA Was Downgraded

The VIX term structure has been inverted (spot higher than 3rd futures) for 17 days - that is the longest period of backwardation since August 2011, when uncertainty soared around the USA credit rating downgrade. In fact, much of the VIX term structure is higher today than it was at the peak of the crisis on Black Monday as both government shutdown and Fed rate hike fears dominate the forward curve...

Tyler Durden's picture

The Petroyuan Cometh: Launch Of Renminbi-Denominated Oil Futures Contract Imminent

"One-by-one, the oil-majors will start to participate, then others will follow. While it might take some time to establish itself due to choppy markets and regulatory hurdles as well as the fact that it would introduce a foreign exchange element to crude futures, it is overdue for a Chinese contract to established."

Tyler Durden's picture

Anyone Who Believes The COMEX Numbers Is Very Naive (They Are Much Worse!)

Following our detailing the Comex gold futures to deliverable physical gold ratio that is now north of 200:1, several correspondents noted that "they are probably bluffing...based on JPMorgan's previous lies, the real number is likely significantly higher than 200:1." History tells us that all Ponzi schemes and market interventions fail, and it appears we are on the cusp of a massive failure in the scheme to cover up the truth about the precious metals market.

Tyler Durden's picture

This Has Never Happened To VIX Before

Amid the carnage and chaos of the last two weeks, one thing has become crystal clear - the effect of massive one-way bets on 'everything', predicated on the omnipotence of central bankers, has left a market (stocks, bonds, FX, commodities) bereft of fundamental linkages and instead driven entirely by technicals (flows, forced unwinds, systematic gamma). While many 'records' were broken in terms of velocity of moves, it is the VIX complex that seems to have suffered most, and as the following chart shows, positioning is now at an extreme in both stocks, vol, and bonds once again.

Tyler Durden's picture

The Market's "Other" Panic Indicator Just Went Off The Charts

With indicators from macro-fundamentals (e.g. retail sales, core capex, inventory-to-sales) to market-oriented measures (VIX levels and backwardation, HY credit spreads, commodity prices) all flashing various colors of dead canary in the coal-mine red, we thought today's colossal spike in the Arms (TRIN) Index was a notable addition.

Tyler Durden's picture

VIX ETFs Are In Crisis Mode

That's what happens Larry when there are 64 million shares short and only 52.3 million shares outstanding...

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