Submitted by Dave Forrest via OilPrice.com,
China has been an unofficial price-setter for most metals over the past decade. And this week, the country became an official participant in setting prices for one of the world’s most important precious metals markets.
That’s the London Bullion Market silver price. Where one of China’s largest banks just became a member of an elite group of players that controls fluctuations in this key metal.
And so things are back to normal: following yesterday's unexpectedly poor 10 Year auction, which tailed notably while the bid to cover dipped despite it trading at the -3.00% fails rate in repo, moments ago the Treasury sold $12 billion in a 30Y reopening of Cusip RQ3, at a yield of 2.72%, stopping through the 2.731% When Issued by 1.1 bps, the most since mid-2015.
This was explainable considering the repo rate ahead of today's auction was a whopping -1.50%, which as the chart below shows, was the lowest on record.
The trend was your friend... until it came to an end...
and close up...
What happens next?
Submitted by David Stockman via Contra Corner blog,
The desperate suzerains of the Red Ponzi are incorrigible. There appears to be no insult to economic rationality that they will not attempt in order to perpetuate their power, privileges and rule.
So now comes the most preposterous gambit yet. Namely, a veritable tsunami of state handouts to foster, yes, capitalist entrepreneurs!
Submitted by Dwayne Purvis via OilPrice.com,
In the geopolitical and oligopolistic global oil market, purely financial supply and demand has often been a secondary force, acting when it is allowed to act. It is the strategic behavior of the producing titans, not their talk or the slow-motion supply-demand balance, which has the real power to move markets. That is the case in the last two years and remains the case in 2016.