205
49 Views

Trump Sparks "Sh*tshow" In Black-Gold As Bullion Demand Soars To 3-Year Highs

zerohedge News trump sparks shtshow black-gold bullion demand soars 3-year highs All https://www.zerohedge.com   Discuss    Share
Trump Sparks "Sh*tshow" In Black-Gold As Bullion Demand Soars To 3-Year Highs

Two things were "unprecedented" today... America's labor market collapse and global oil markets' surge in price.





Just shy of 10 million Americans have signed up for unemployment benefits in the last two weeks... quite an outlier historically...





Source: Bloomberg

Read More
>

For oil traders, it was the worst of times (biggest quarterly loss ever) and the best of times (today's manic jawboning and denials prompted the single-best daily gain for crude ever)...





All thanks to President Trump's apparent lying tweet of an imminent supply-cut deal. Saxo's Ole Hanson summed things up nicely as Trump triggered everyone's stops...




The 24.7% rise is the largest daily gain for WTI ever (and at one point Brent rose a stunning 47% intraday)...BUT let's put that in context...





Source: Bloomberg



US equity markets were volatile intraday,  but thanks to a late-day surge (seemingly triggered by the ventilator DPA) all ended green, led by S&P and Dow...





Futures show the chaos best though as the frightening labor data sparked a market puke into the cash open, which dip-buyer manically bought...





Despite the mixed picture in indices, the Virus-Fear trade is reaccelerating...





Source: Bloomberg



"Most Shorted" Stocks fell for the 5th day in a row...





Source: Bloomberg



Fun-durr-mentals...





Source: Bloomberg



High-yield bond algos triggered in Trump's oil deal comments... but that faded rapidly...





Treasury yields were marginally higher today pushing 30Y back to unchanged on the week...





Source: Bloomberg



10Y yields popped back above 60bps...





Source: Bloomberg



The Dollar drifted higher again today...





Source: Bloomberg



Cryptos spiked today (but fell back after that panic-buying) back into the green for the week...





Source: Bloomberg



Bitcoin spiked above $7200, back to 4-week highs...





Source: Bloomberg



Commodities were all higher on the day (despite dollar gains) with oil the outlier...





Source: Bloomberg



Gold spiked on the terrible jobless data (more helicopter money?)...





Notably, gold futures and spot have started to decouple once again (as physical shortages rear their ugly head again)...





Source: Bloomberg



Finally, Gold coins sold by the U.S. Mint were snapped up in March at the fastest pace in over three years as investors flocked to the haven metal amid the coronavirus pandemic.





Source: Bloomberg



As Bloomberg reports, by the end of the month, investors had purchased142,000 ounces of American Eagle coins, the most since late 2016. With so much retail demand, dealers are charging premiums for bullion -- and even offering to pay more than spot prices to clients willing to part with their gold bars and coins.




Tyler Durden

Thu, 04/02/2020 - 16:00
203
48 Views

Stocks Scream Higher On Greatest Short-Squeeze In History, Bonds & Bullion Shrug

zerohedge News stocks scream higher greatest short-squeeze history bonds bullion shrug All https://www.zerohedge.com   Discuss    Share
Stocks Scream Higher On Greatest Short-Squeeze In History, Bonds & Bullion Shrug

"Fear" is almost over according to the market's "Virus Fear" trade...





Source: Bloomberg



The Dow is up by almost 18% in the last 2 days - the biggest 2-day surge since March 1933...





Source: Bloomberg



And Dow futures are up a stunning 20% from the limit-down l

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ows on Sunday night...





But bonds ain't buying it...





Source: Bloomberg



So, with stocks roaring higher once again, this seemed appropriate...





"Most Shorted" stocks are up a stunning 21% in the last two days - the greatest short-squeeze in history...





Source: Bloomberg



Dow futures show the insane scale of today's moves best - a 1000 point surge into yesterday's close, a failed 1000 point surge overnight (on the "deal"), another failed 1000 point surge into and through the cash open, and then a 1500 points surge that held into the close...



BUT - Things "went a little bit slightly turbo" into the close as Bernie Sanders spoiled the party by threatening to hold up the vote on the bill...





Knocking stocks lower and sending Nasdaq red on the day...





AAPL also did not help as reports came out that it may delay its 5G phone...





However, on the last two days, stocks are up strong...





Airlines, Cruise operators, and restaurants all soared massively today again...





Source: Bloomberg



Boeing was the most ridiculous of all stocks...





Source: Bloomberg



There's nothing like a government handout to make everything better! What a farce!



VIX and stocks have decoupled (are people seriously buying calls to lever-up into this rebound? Or is this hedgers?). VIX was unchanged today as stocks soared...





Source: Bloomberg



Treasury yields were mixed today - short-end bid (less than 5Y -2bps), long-end offered (30Y +2bps), belly flat but relative to stocks huge moves, bonds basically shrugged...





Source: Bloomberg



Starting at around 1400ET, someone decided to dump the long-bond hard...





Source: Bloomberg



US T-Bills have negative yields out to the end of the year...





Source: Bloomberg



Both HY and IG bonds rallied today (thogh HYG rolled over late on as LQD was bid into the close)...





Source: Bloomberg



Before we leave bond-land, it is worth pointing out that the number of bonds trading at a spread over 1,000 bps (the barometer of distress) neared 1,900 this week - the highest since 2009, data compiled by Bloomberg show. It was less than 300 at the start of March.





Source: Bloomberg



As Bloomberg noted, the spread on the entire junk bond index flipped above 1,000 bps on Friday, and strategists expect it to exceed 1,200 bps soon. In addition, there’s a whole world of grief in the $1 trillion leveraged-loan market, which is trading on average below 80 cents on the dollar, a level typically associated with distress.



But, HYG - the HY Bond ETF - has screamed higher today, back into a huge premium to underlying NAV...





Source: Bloomberg



The Dollar tumbled for the second day in a row (after 11 days straight up)...





Source: Bloomberg



Cryptos broadly slipped lower today...





Source: Bloomberg



Someone was bidding oil again during the US session...





Source: Bloomberg



Spot Gold and futures remain decoupled though the spread did compress from their extremes yesterday...





Source: Bloomberg



Palladium exploded higher today (though all PMs are notably higher since The Fed went "all-in")...





Source: Bloomberg



After surging Tuesday, Palladium futures in New York skyrocketed 26% Wednesday, the biggest gain in records dating back to 1986.



Finally, we've seen this all before... As Bloomberg details, historically expectations are low after a big rally. The 9.4% jump in the S&P 500 yesterday was the 10th largest in history. The benchmark S&P fell seven of the previous nine times with an average loss of 0.7%.





While the most intense sell-off may be behind us, there’s still room for the markets to fall. For one, the current drawdown is 34%. It is less than the peak-to-trough falls in the previous crises, including the 57% slump in 2008-2009, the 49% drop after the burst of the dot.com bubble and the 48% retreat during the 1973 oil crisis.



And for now, it appears the 1929 analog is holding up...





Source: Bloomberg



It’s certainly good news that the fiscal stimulus of more than $2 trillion is on the verge of getting passed in Congress. But the stimulus and various Fed actions are necessary but insufficient conditions for the market to bottom, and worse still, the dollar funding crisis is rapidly re-accelerating as month-end looms... having erased all of the 'improvement' offered by The Fed...





Source: Bloomberg



And don't forget - tomorrow is jobless claims and it's going to be a doozy!



If all of that doesn't scare you - this should - the sovereign credit risk of the USA is surging higher since helicopter money began to creep into reality...





Source: Bloomberg




Tyler Durden

Wed, 03/25/2020 - 16:03
248
27 Views

US Futures Crash Limit-Down, Bonds & Bullion Bid

zerohedge News futures crash limit-down bonds bullion All https://www.zerohedge.com   Discuss    Share
US Futures Crash Limit-Down, Bonds & Bullion Bid

Amid the usual last minute negotiations in Washington, spread markets suggested an ugly open for futures but FX trading in Asia was relatively subdued for once.



But, for now, no Congress agreement on stimulus means a lack of bids, so the US equity futures contract are limit-down 5%.



Dow futures opened down 950 points... limit-down...




Read More

S&P Futs trade limit-down at 2,174 (when Cash opens: 7% 2128, 13% 1989.50, 20% 1828.50)...





Gold popped back above $1500...





Treasuries are bid, extending their yield collapse from Friday...





10Y Kiwi paper yields crashed after RBNZ announced an emergency QE...





WTI has plunged to a $20 handle...





All a big  replay - perhaps - of the failed TARP vote from 2008...



The short gamma clearout via quad witching would help calm markets, they said.




Tyler Durden

Sun, 03/22/2020 - 18:03
249
37 Views

Bonds, Bitcoin, & Bullion Bid As 'Quarantative Easing' Hopes Send Stocks Soaring

zerohedge News bonds bitcoin bullion quarantative easing hopes send stocks soaring All https://www.zerohedge.com   Discuss    Share
Bonds, Bitcoin, & Bullion Bid As 'Quarantative Easing' Hopes Send Stocks Soaring

Deaths (and Cases) from the Covid-19 virus exploded higher this week...





And so did global stocks...





As hope for renewed liquidity has maintained stocks...





Source: Bloomberg



Spot The Odd One Out!



An

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d while stocks surged, bonds, commodities, yuan, and cryptos are all ignoring the equity market's "risk-on" panic-bid...





Source: Bloomberg



"It's a mad mad world"...





Chinese stock market indices were all higher on the week but have largely gone nowhere for the last three days...





Source: Bloomberg



European markets were all higher on the week (despite a total bloodbath in economic data)...





Source: Bloomberg



US market were mostly higher with Trannies the laggards and Nasdaq the major winners...





Source: Bloomberg



Today's closing ramp saw machines lift the dow back to its VWAP...





 



 



Source: Bloomberg



Defensive stocks outperformed cyclicals this week...





Source: Bloomberg



Treasury yields tumbled today as the long bond was bid back to green on the week...





Source: Bloomberg



30Y ended the week where it started, not buying the hype from stocks...





Source: Bloomberg



The yield curve is stuck right at the inversion line...





Source: Bloomberg



The dollar was flat on the week (after its biggest weekly rise since Aug 2018 last week)





Source: Bloomberg



Cryptos exploded higher this week...





Source: Bloomberg



Bitcoin holding firm above $10,000...





Source: Bloomberg



And Ethereum surged back above $275 - to its highest in 7 months...





Source: Bloomberg



And while crude surged on the week (OPEC hopes), gold was also safe-haven bid...





Source: Bloomberg



Gold was strong this week...





And while oil was also positive, it is once again struggling at resistance...





 



As global negative-yielding debt resurges once again on virus fears, so the relative attractiveness of gold and crypto are renewed...





Source: Bloomberg



Finally, this is just funny shit...





Source: Bloomberg



And Global shipping data and Dr.Copper both think it's about to hit the fan and is not pricing in any v-shaped recovery anytime soon...





Source: Bloomberg



And for anyone who still thinks China has it all under control!!!






Tyler Durden

Fri, 02/14/2020 - 16:01
231
35 Views

Corona-Contagion Crashes Commodity/Stock Markets Worldwide, Bonds & Bullion Bid

zerohedge News corona-contagion crashes commoditystock markets worldwide bonds bullion All https://www.zerohedge.com   Discuss    Share
Corona-Contagion Crashes Commodity/Stock Markets Worldwide, Bonds & Bullion Bid

As @GreekFire32 correctly mocked:




"Of all the fundamental catalysts like sliding economic growth, inflation, earnings, cash flow... the bears had to wait for a virus from humans eating bat soup to get a 1% sell-off "




A black bat or black cat spoiled the party..

Read More
.




Doesn't look so bad...




"probably nothing..."



For a sense of the damage (or perhaps more of the calm we have encountered in the last few months)...




  • Shanghai Comp's worst week in 8 months




  • S&P 500's worst week in 5 months




  • "Most Shorted" stocks had their biggest weekly drop in 4 months




  • France's CAC 40 worst week in almost 4 months




  • VIX's biggest weekly spike in almost 6 months




  • HY Bond Prices worst week in almost 5 months




  • Treasury yields biggest weekly drop in 4 months




  • Yield curve's biggest weekly flattening in 2 months




  • USD's best week in 2 months




  • Yuan's worst week in 4 months




  • Copper's worst week in over 5 years




  • Oil's biggest weekly drop in 8 months




  • Gold's 6th weekly rise in last 7 weeks



China ended notably weaker this week (China closed on Friday for lunar new year celebration)...





Source: Bloomberg



Mixed picture in Europe this week with Germany clinging to gains while France and Spain tumbled...





Source: Bloomberg



US Equity majors were all down on the week, unable to hold the hope-filled gains...Nasdaq ended its 6-weekly gain in a row (and AAPL broke its 9 week streak)





Source: Bloomberg



Two big buy programs in the last hour did their best to lift stocks...





Source: Bloomberg



Flu-makers shot higher on the week...





Source: Bloomberg



Boeing rescued The Dow from its worst levels after the machines read FAA comments as extremely positive...





Source: Bloomberg



Managing to magically lift The Dow back above the crucial 29k level (but couldn't hold it)...





So to clarify - The Dow rebounds on hopes that a plane which is designed by clowns, who are in turn supervised by monkeys, will fly again.


And the S&P desperately tried to get back to 3300 (but couldn't hold it)...





Where 'peak' gamma is...





"Most Shorted" stocks plunged this week





Source: Bloomberg



Defensive dominated the week's price action, despite every effort to levitate cyclicals...





Source: Bloomberg



As Dow Earnings expectations plunge...





Source: Bloomberg



VIX touched 16.00 intraday before fading...





The divergence between stocks and bond yields failed to narrow as while stocks fell, bond yields plunged...





Source: Bloomberg



Meanwhile, credit markets are getting clubbed like a baby seal...





Source: Bloomberg



Overall, an ugly week for credit and equity protection markets...





Source: Bloomberg



Treasury yields plunged their most in 4 months this week...





Source: Bloomberg



30Y Yields broke to its lowest yield since Oct 10th...





Source: Bloomberg



Yield curve flattened dramatically this week...





Source: Bloomberg



The Dollar surged to key December resistance, up 3 weeks in a row...





Source: Bloomberg



Yuan plunged on the week...





Source: Bloomberg



A big bounce back in crypto today rescued the week but there was red across the board still...





Source: Bloomberg



Commodities were wildly mixed this week with PMs bid as copper and crude crashed...





Source: Bloomberg



WTI crude futs tumbled to a $53 handle intraday today, lowest in 3 months...





And as black gold plunged, the yellow metal spiked...





This was Copper's worst week since Nov 2014...





Source: Bloomberg



Finally, it seems the markets hate Liz Warren and don't think Bernie stands a chance...





Source: Bloomberg



And, as a gentle reminder, everyone and their pet (edible) bat is all-in...





Here's to the weekend...






Tyler Durden

Fri, 01/24/2020 - 16:01


Tags

Business Finance

216
87 Views

Bitcoin & Bullion Bid As Stocks & Bonds Skid

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Bitcoin & Bullion Bid As Stocks & Bonds Skid

Overheard as stocks soared last year...





Because fun-durr-mentals...





Source: Bloomberg



China rallied overnight (led by small cap tech again)...





Source: Bloomberg



European markets were more mixed today (Spain lower)





So

Read More
urce: Bloomberg



In the US, Dow Transports outperformed with Nasdaq clinging to unch as Dow, Small Caps, and S&P slipped lower (and in a mirror of yesterday's close, stocks were weaker into the bell)...





 



AAPL has been stuck around $300 for the last few days as the AAPL vol decoupling may have gone too far...





Source: Bloomberg



Tesla was turbocharged again - tagging $470 record highs...





Source: Bloomberg



Pushing the TSLA market cap ever closer to VW's...





Source: Bloomberg



Equity and credit protection has started to recouple a little...





Source: Bloomberg



Treasury yields were marginally higher on the day (long-end underperformed: 2Y unch, 30Y +2bps)...





Source: Bloomberg



30Y Yields extended their bounce off support...





Source: Bloomberg



The Dollar surged intraday, tagged Friday's highs and faded back lower (up on the day though)...





Source: Bloomberg



Cryptos extended their post-Soleimani gains...





Source: Bloomberg



With Bitcoin spiking above $8100...





Source: Bloomberg



Silver outperformed today as crude slipped lower...





Source: Bloomberg



Gold was up on the day





But silver outperformed...





Almost erasing all of Gold's relative outperformance YTD...





Source: Bloomberg



As risk premia was wrung out of Oil somewhat today...





 



Finally, as US-Iran tensions escalate, it is cyber-security that is getting a war premium as oil fades...





Source: Bloomberg



And The Baltic Dry (global freight) index is utterly collapsing...





Source: Bloomberg




Tyler Durden

Tue, 01/07/2020 - 16:00


Tags

Business Finance
Technology Internet

214
80 Views

Stocks Shrug Off World War 3 Risk, But Bonds, Bullion, & Bitcoin Surge To Start The Year

zerohedge News stocks shrug world risk bonds bullion bitcoin surge start year All https://www.zerohedge.com   Discuss    Share
Stocks Shrug Off World War 3 Risk, But Bonds, Bullion, & Bitcoin Surge To Start The Year

World War 3 worries? Meh, we've got The Fed to handle that shit!!





Weakness in early going in stocks - due to the potential for global war after Soleimani's killing - were nothing but an opportunity to buy the f**king dip once again today...(as the machines used VWAP as support)...




Read More
>

As the market immediately priced in a Fed rate-cut to save the world...





Source: Bloomberg



Oil prices spiked but ended only around 3% higher on the day...





Of course, defense stocks soared...





Source: Bloomberg



But bonds and bullion were bid as safe-havens...





On the week, only Nasdaq is notably higher...





And since the start of 2020, only Small Caps are red...





VIX and stocks remain decoupled...





Source: Bloomberg



Credit markets widened notably today, relatively more than equity protection...





Source: Bloomberg



Treasury yields collapsed since the start of 2020 with 30Y yields down 13bps...





Source: Bloomberg



The 30Y Yield dropped to 4-week lows...





Source: Bloomberg



The yield curve flattened dramatically...





Source: Bloomberg



The dollar rallied for the second day in a row (despite some volatility today)...





Source: Bloomberg



Cryptos were notably bid today following the Soleimani killing...





Source: Bloomberg



After another drop below $7k, Bitcoin surged today...





Source: Bloomberg



Copper tumbled today as gold and oil rallied...





Source: Bloomberg



Gold topped $1550 - back to its highest in 4 months...





And as Bloomberg reports, heightened Middle East tensions are boosting bets on further gains for gold as a haven asset. Volatility in call options giving holders the right to buy futures at a pre-set price reached the highest in almost three months against puts, which provide the right to sell the metal.





The skew shows that investors are increasingly bullish on bullion, even with prices already near a six-year high in the wake of the U.S. air strike that killed a top Iranian commander.



Source: Bloomberg



Finally, US macro data is negative and disappointing notably (today's ISM at 10 year lows) with stocks just shy of record highs...





Source: Bloomberg



And some remember what happened last time...





Source: Bloomberg



 




Tyler Durden

Fri, 01/03/2020 - 16:01


Tags

Business Finance

214
110 Views

Boxing Day Bid For Bitcoin, Bonds, & Bullion As Nasdaq Soars

zerohedge News boxing bitcoin bonds bullion nasdaq soars All https://www.zerohedge.com   Discuss    Share
Boxing Day Bid For Bitcoin, Bonds, & Bullion As Nasdaq Soars

With most of Europe closed, celebrating Boxing Day...





US Small Caps lagged today as Nasdaq was the day's big winner (again)





 



Nasdaq completed its 11th consecutive rally day today - the longest such streak since July 2009...





Breaking above 9,0

Read More
00 for the first time ever (up 18 of the last 23 days)...





Source: Bloomberg



As Nasdaq dipped back towards 9,000 in the last few minutes, AAPL was ramped once again to rescue it with 'ye olde 330 Ramp'...





The Nasdaq is back to pre-dotcom-crash levels relative to the S&P 500...





Source: Bloomberg



US Cyclicals outperformed today...





Source: Bloomberg



Shorts were squeezed out of the gate but faded the rest of the day, having run out of ammo to support Small Caps...





Source: Bloomberg



Chinese stocks were higher overnight, extending gains from Xmas Day...





Source: Bloomberg



Bonds were bid today after a strong auction...





Source: Bloomberg



And 10Y yield was back below 1.90...





Source: Bloomberg



And Bullion extended its recent gains...





Gold is also having a banner year, up almost 18% in 2019 so far...





Source: Bloomberg



Bitcoin spiked today after resting for Christmas Day...





Source: Bloomberg



The dollar slipped lower today, back in the red YTD...





Source: Bloomberg



Finally, "Extreme Greed" went to 11 today (well a new cycle high of 93)...





"probably nothing"




Tyler Durden

Thu, 12/26/2019 - 16:00


Tags

Business Finance

200
108 Views

Bank Stocks Bounce Hard On QE4 Hints But Bonds & Bullion Rebuff Powell Promise

zerohedge News bank stocks bounce hard hints bonds bullion rebuff powell promise All https://www.zerohedge.com   Discuss    Share
Bank Stocks Bounce Hard On QE4 Hints But Bonds & Bullion Rebuff Powell Promise

After two days of liquidity issues in the repo market, prompting the biggest Fed response in over a decade, Jay Powell proudly proclaimed that there was nothing to see here, move along...







The market wasn't buying it...





Until of course, Powell suddenly got the tap on the shoulder and promised "m

Read More
oar":




“It is certainly possible that we’ll need to resume the organic growth of the balance sheet sooner than we thought.”




In other words - QE is coming, just not yet... and stocks rebounded excitedly...





By the end of the day, stocks had pushed back up to the highs of the day... (but gold, bonds and the dollar shurgged off the QE4 hint)...





 



S&P and Nasdaq did their best to scramble back to unchanged on the week...





S&P 500 algos were all about 3,000 once again...





 



Banks were the big gainers on the day as rates surged...





Source: Bloomberg



Very mixed picture across the curve today with yields rising after The Fed but on the day, the long end was lower in yield (30Y -3bps) and short-end higher (+3bps)...





Source: Bloomberg



The 2Y Yield spiked back top unchanged on the week (ignoring the QE4 hints)...





Source: Bloomberg



30Y yields rose very modestly on The Fed but ended lower on the day (again ignoring Powell's QE4 hints)





Source: Bloomberg



The yield curve flattened notably - policy errorishly...





Source: Bloomberg



The dollar spiked - on the relatively hawkish Fed statement - ignoring his more dovish promises...





Source: Bloomberg



Cryptos were mixed again with Bitcoin flat but Altcoins gaining ground





Source: Bloomberg



In commodityland, everything was lower (stronger dollar) with WTI worst (surprise build and reduction in war rhetoric) and gold actually outperformed...but on the week copper is weakest





Source: Bloomberg



Gold was monkeyhammered lower - erasing the post-Saudi-bombing gains, before bouncing...





Source: Bloomberg



Silver rebounded more aggressively...





Source: Bloomberg



 



Finally, to circle back to where we started, The Fed has totally lost control over its rate transmission process - we will have to see if the IOER cut today and Powell's promise of 'moar' will make any difference...The effective fed funds rate printed outside of the central bank’s target band Tuesday for the first time since the financial crisis.





Source: Bloomberg



Additionally, we note that the market is now pricing in less than one more rate cut for the rest of the year...





Source: Bloomberg




Tyler Durden

Wed, 09/18/2019 - 16:00
220
124 Views

Bitcoin Is A Truth Machine, Says Gold Bullion International Co-Founder

zerohedge News bitcoin truth machine says gold bullion international co-founder All https://www.zerohedge.com   Discuss    Share
Bitcoin Is A Truth Machine, Says Gold Bullion International Co-Founder

Authored by Adrian Zmudzinksi via CoinTelegraph.com,



Gold Bullion International co-founder Dan Tapiero analyzed Bitcoin’s value as a truth machine.





image courtesy of CopinTelegraph



Tapero made his regards during an interview with business news outlet AlphaWeek published on S

Read More
ept. 10. He said:




“What it is is an invention, and I think it should be referred to as an invention rather than all the other things. It’s a, you know, what it really is […] It’s a truth machine. [...] It’s a way to eradicate all fraud or lying by human beings.




Bitcoin is a reward for network maintenance

He also noted that the system is now ten years old and has a good track record, all of which contributes to his will to ask “what is a security platform like that, with that track record,” worth. In the end, he concluded:




“Bitcoin, really, is just the reward that miners get for guaranteeing the security of the framework of the network, that’s what it is. ”




BTC is worth hundreds of billions of dollars

Tapero also asked what it would cost for a company to develop such a system. He said that he believes it would cost hundreds of billions of dollars, touching on the number of work hours dedicated to the development and maintenance of Bitcoin and its ecosystem. 



He also added:




“Could a company even develop that? You know, maybe Satoshi realized it can only be developed slowly over time in a decentralized way.”




As Cointelegraph reported earlier today, Blockstream CEO said that Bitcoin is reverting to its historical 90%+ market dominance at altcoins’ expense.




Tyler Durden

Tue, 09/10/2019 - 14:09


Tags

Business Finance

240
125 Views

Bonds, Bitcoin, & Bullion Bid As Manufacturing Slump Sparks Stocks, Commodities Dump

zerohedge News bonds bitcoin bullion manufacturing slump sparks stocks commodities dump All https://www.zerohedge.com   Discuss    Share

Global Manufacturing massacre catches up to 'Murica and stocks and bond yields tumble (after markets were seemingly surprised that Trump and Xi shot tariffs at each other - as they said they would - over the weekend)...





China was largely flat overnight, after a strong Monday...





Source: Bloomberg



Europe slipped into the red overnight with only Italy holding Monday's gains...





Source: Bloomberg



 



On the day, all U

Read More
S major indices were red (with Small Caps and Trannies underperforming)...





NOTE - the initial down opening was weakness from trade headlines and the second leg down was the ISM manufacturing contraction.



 



Stocks have erased all of last week's "fake" phone call with China spike and are back in the red from Trump's tariff tantrum





 



All the major US equity indices are back below their 100DMAs (Small Caps < 200DMA)...





 



A Quintuple Top?





Cyclicals dominated the market moves today...





Source: Bloomberg



The market implied odds of a US-China trade deal have tumbled back towards zero...





Source: Bloomberg



Are bonds and stocks starting to recouple?





Source: Bloomberg



Treasury yields tumbled on the day (with the short-end outperforming)...





Source: Bloomberg



30Y Yields briefly topped 2.00% overnight but rejected that quickly to end the day notably lower...





Source: Bloomberg



The yield curve (2s10s) steepened back out of inversion (but of course 3m10Y - the more accurate indicator - remains dramatically inverted)...





Source: Bloomberg



After 6 straight days higher, the dollar index slipped lower today...





Source: Bloomberg



Yuan rallied inatrday, erasing last night's tumble...





Source: Bloomberg



EUR rallied after ECB's Mueller said there was no strong case to resume bond-buying...





Source: Bloomberg



Cable tumbled overnight (below $1.20 for first time since 2017) then rallied back into the green as BoJo lost his govt majority on Lee's defection...





Source: Bloomberg



Cryptos rallied today, extending yesterday's gains, helped by news that a Bitcoin ETF is finally coming...





Source: Bloomberg



With Bitcoin spiking back up to almost $10,800...





Source: Bloomberg



Very mixed picture in commodity-land as crude and copper dropped and PMs popped (led by Silver)...





Source: Bloomberg



Spot gold prices spiked up to $1550...





Source: Bloomberg



But it was silver that really exploded (2nd biggest spike since July 2016, Brexit vote)...





Source: Bloomberg



Crashing the gold/silver ration back to its lowest since Aug 2018...





Source: Bloomberg



WTI Crude plunged 3% intraday, back below $54, will it pull back into the recent range?





 



Finally, we note that it's not like the ISM Manufacturing signal should have been unexpected as Trucking indicators and Treasury yields have been signaling this was imminent for weeks...





Source: Bloomberg



And as Bloomberg's Eddie van der Walt notes, the copper/gold ratio is extending the year's declines, turning its back on the Trump-trade era and now focusing lingering economic risks, with 2016 lows coming into play.





Source: Bloomberg



It now takes only 3.6 ounces of gold to buy a ton of copper, that's down from more than 5 ounces earlier this year. Changes in the ratio between the two metals are a useful barometer of investor risk appetite, as the one acts as a haven and the other is an input into industrial applications.


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