• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

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Tyler Durden's picture

$14 Billion In Junk Bond Defaults Push April Total To Highest Since 2014





Following yesterday's bankruptcy of Peabody Energy and today's Chapter 11 filing of XXI Energy, defaults among American junk bonds just topped $14 billion in April, the highest monthly volume in two years according to Fitch calculations, and that is only for the first two weeks. April's surge in bankruptcy filings is not unexpected: according to JPM's default tracker, the number of bankruptcies was on a tear in both the month of March and the first quarter.

 
Reggie Middleton's picture

A Take On How Negative Interest Rates Hurt Banks That You Will Not See Anywhere Else





Negative rates on savings accts., life insurers & banks suffering as central bankers push NIRP/QE, increasing FICC risk. So, what's now more stable than Brazilian real & gold & close to the yen & euro? Hint: Technology will put an end to this nonsense.

 
Tyler Durden's picture

After Trump, The Deluge - What's Next For The GOP?





Whatever the outcome in NY and PA, Trump and his closest remaining rival, Senator Ted Cruz, are likely to enter the Republican National Convention in July short of the number of state delegates they need to win the nomination outright. In the meantime, who knows what games party officials will play with the rules to deny the voter-chosen favorite the nomination? One longtime party player has already signaled that Cruz will be discarded once he stops Trump. So then what will party leaders do?

 
Tyler Durden's picture

More Energy Defaults: Energy XXI Files Chapter 11; Gulf Keystone Delays Bond Payment





Following yesterday's historic bankruptcy of the world's largest coal miner Peabody Energy, the defaults continue hot and heavy overnight when first Energy XXI, which had already warned it would unlikely make its bond payments, filed for a prepack Chapter 11, and then Gulf Keystone announced it would delay a bond payment.

 
Tyler Durden's picture

SunEdison Investigates Self - Finds No Wrongdoing (Kinda); Defaults On Convertible Bond, Stock Soars 75%





'Nothing to see here, move along' is the message from embattled once-hedge-fund-darling SunEdison following its Valeant-esque self-investigation. Despite finding 'wrongdoing'   by a former employee in talks over a failed acquisition and that its own executives fostered an "overly optimistic culture," SUNE officials found no misstatements in financial statements. The stocks is 75% higher in the pre-market on this 'good' news (remember BTU?). However, despite the kinda sorta wrongdoing, Bloomberg reports the renewable-energy company already teetering on the brink of bankruptcy, missed a bond payment this month.

 
Tyler Durden's picture

"Feeding The Monster" - The Complete Bear Case, In Charts





In Greek mythology there was a monster called Cerberus, the hound of Hades, a monstrous multi-headed dog who guarded the gates of the underworld, preventing the dead from leaving. Today central banks have taken on the role of feeding our own modern version of Cerberus to keep all the troubles away. This hound of Hades has 3 heads that are named debt, deflation and demographics. Together they make a deadly combination that will result in a massive reset of asset prices...and central bankers are running out of food to feed the monster.

 
Tyler Durden's picture

Why Aren't We Talking About A Four-Candidate Race For The Presidency?





The American public deserves the opportunity to vote for Sanders, Trump, and whatever hacks the two elitist war parties select.

 
Tyler Durden's picture

Peabody, World's Largest Coal Producer Files Bankruptcy; 8,300 Jobs In Jeopardy





In a historic event, one which is perhaps the lowlight of the sad demise of the US coal industry, U.S. coal giant Peabody Energy, the largest U.S. coal producer which employs 8,300 workers, filed for bankruptcy on Wednesday, the most powerful convulsion yet in an industry that’s enduring the worst slump in decades.

 
Tyler Durden's picture

It Begins: Obama Forgives Student Debt Of 400,000 Americans





Joining the ranks of "broke lawyers" who can cancel their student debt, "Americans with disabilities have a right to student loan relief,” now according to Ted Mitchell, the undersecretary of education, said in a statement. Almost 400,000 student loan borrowers will now have an easier path to a debt bailout as Obama primes the populist voting pump just in time for the elections.

 
Tyler Durden's picture

Dear Dallas Fed, Any Comment?





"In September, regulators from the OCC, the Federal Reserve and the Federal Deposit Insurance Corp. met with dozens of energy bankers at Wells Fargo’s office in Houston...  Regulators pushed lenders to focus instead on a borrower’s ability to make enough money to repay the loan, according to the person familiar with the discussions."

 
Tyler Durden's picture

Frontrunning: April 13





  • China trade surprise gives stocks a lift (Reuters)
  • JPMorgan profit hurt by drop in investment banking revenue (Reuters)
  • About 40,000 Verizon workers launch strike (Reuters)
  • Regulators Set to Reject Some Big Banks’ ‘Living Wills’ (WSJ)
  • More Startups Are Getting Lower Valuations Than Joining the Billion-Dollar Club (BBG)
  • Closures and court cases leave Turkey's media increasingly muzzled (Reuters)
 
Tyler Durden's picture

Futures Jump On Chinese Trade Data; Oil Declines; Global Stocks Turn Green For 2016





With oil losing some of its euphoric oomph overnight, following the API report of a surge in US oil inventories, and a subsequent report that Iran's oil minister would skip the Doha OPEC meeting altogether, the global stock rally needed another catalyst to maintain the levitation. It got that courtesy of the return of USDJPY levitation, which has pushed the pair back above 109, the highest in over a week, as well as a boost in sentiment from the previously reported Chinese trade data where exports rose the most in over a year, however much of the bounce was due to a favorable base effect from last year's decline. Additionally, as RBC reported, the 116.5% y/y increase in China’s reported March imports from HK likely reflects the growing trend of "over-invoicing", which is merely another form of capital outflow.

 
Tyler Durden's picture

SocGen: "Now We Know Why The Fed Desperately Wants To Avoid A Drop In Equity Markets"





"The catalyst for a balance sheet crisis is rarely the affordability of interest rates, so a 25bp rise in Fed rates is neither here nor there. Credit market risk is about assessing the likelihood of getting your money back. As such asset prices (i.e. equity markets) and asset price risk (i.e. equity volatility) are far bigger concerns. So all you need for a balance sheet crisis is declining equity markets, a phenomenon the Fed appears desperate to avoid. Now we know why."

 
Phoenix Capital Research's picture

Japan Leads Global Central Banks to the End Game





Japan is at the forefront for Keynesian monetary madness. Now even ex-IMF officials are admitting it has entered the End Game

 
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