OTC

Why A Bitcoin ETF May Not Be Coming Any Time Soon

When it comes to the future of bitcoin, the "holy grail" has emerged as becoming the first to have a bitcoin ETF approved by the SEC. Unfortunately for the bitcoin faithful, one may not be coming any time soon.

"Metals Traders On Red Alert" - Chinese Commodity Bubble 2.0 Just Imploded

Industrial metals commodity prices plunged by the most since March in the last 2 days as China’s exchanges (once again) clamped down on speculation by tightening trading rules. As Bloomberg reports, for the second time this year, trading has exploded on the nation’s exchanges, pushing prices of everything from zinc to coal to multi-year highs and sending authorities scrambling to deflate the bubble before it bursts.

Indian Currency Crashes To Record Low As Cash Exchange Of Old Notes Suspended

It appears the social unrest, economic collapse, and currency crisis sparked by Indian PM Modi's decision to demonetize "corrupt" high-denomination bank-notes was not enough. As the Rupee crashed to a record low overnight, officials announced a suspension of the exchange of 'old notes' as of tomorrow to, in their words, "encourage people to deposit old notes in their bank accounts."

WTI Surges Above $51 After Unexpected Crude Inventory Draw

Seasonally, expectations are for continued builds in inventories (following last week's biggest build in 6 months) but API reported a massive 3.8mm drawdown (against 2.1mm build expectations) sending WTI prices soaring. Distillates also saw a notable draw as Gasoline built modestly. Cushing saw the biggest draw since Feb 2014.