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Tag Archives: Futures contract

$6 Billion Puke Sends Gold Plunging Below $1200 As Dollar Index, Bond Yields Spike

As Chinese Yuan collapses to fresh lows (USD Index spikes), and bond yields surge, this morning's durable goods data sparked an extended collapse in gold, crashing them below $1200 as over $6 billion of pressure flowed through futures. EUR down, Stocks down, Bonds down, Gold down...   Yuan just keeps crashing...   Bonds are dumped as USD soars...   Some context for this USD move...   Sending gold reeling... as 50,000 contracts are dumped   The gold liquidity...

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“What The F**k Was That?” Currency Traders Reeling Amid Sterling, Yen, Gold Chaos

Shortly after 0826ET, with Cable trading at 1.2400, 'someone' decided to back up the truck and buy Sterling with bond hands and feet, spiking the pair to 1.2499 (to the tick) in spot (and over 1.25 in futures). Given the total lack of catalyst for the move, one veteran FX trader exclaimed "what the fuck was that" though noted his lack of surprise at the move in the current chaotic environment. Notably, yen and gold moved at the same time suggesting a much bigger footprint....

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Trump Triumph Sparks Dow’s Best Week In 5 Years As Currencies Crash, Bonds Blow-Up, & Commodities Carnage

A Trump victory has seen the world sell commodities, sell bonds, sell credit, sell foreign exchange, sell gold, buy dollars and buy US banks.   Turmoil has rotated around the world's maket this week... Wednesday saw a developed market bond bloodbath, Thursday saw EM FX and bonds collapse, and Friday saw Commodities clubbed like a baby seal   And even in The Dow itself, just 4 stocks accounted for half the post-Trump gains (GS, CAT, JPM, HD)   The divergence between The...

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Gold Crashes To 5 Month Lows As ‘Someone’ Dumps Over $10 Billion (On A Bond Market Holiday)

Over 85,000 gold futures contracts (over $10 billion) just traded as gold plunged from $1260 to $1230 as US equity markets opened. This is the worst 7-day run for gold since November as Dec rate hikes were jawboned more likely.   Down 5 days in a row, today's crash has dumped the precious metal to its lowest price since June...   Of course, this makes perfect sense, as EM FX collapses, inflation expectations spike most in years, and Trump's debt-funded fiscal spending plan means...

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Copper Is Having It’s Best Week Ever As Chinese Speculators Run Amok (Again)

Update: Copper has plunged from a gain of over 7% into the red...   Copper has never, ever, risen at such a torid pace as this week. Blowing away any week's performance of the last 30 years, copper futures are up almost 20% as hopes for US President-Elect Trump's infrastructure spending extended its winning streak to an unprecedented 15 days in a row (up over 28%).   There is just one problem - just like we saw in Iron ore over the summer, speculation (reportedly from...

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Gartman Says Sell Everything: “Bear Markets Are Now Fully Engaged”

If there was one event that made us certain that Donald Trump would become the next US president, it was when none other than Dennis Gartman made a prediction on August 31: "the market is wise enough to know that Mr. Trump has no chance of becoming the next president and thus cannot and will not affect monetary and/or economic policy here in the U.S. or abroad." Fast forward three months to the first day under President Trump, when 24 hours after the same Dennis Gartman said he was unwinding...

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Copper Soars To 1 Year Highs – Up For A Record 12 Days In A Row

Despite lower Chinese imports (for the 7th month in a row) and surging supply, copper prices have just surged to 12-month highs, breaking through March stops in a technical move that has seen an unprecedented 12 days up in a row.   Following 9 straight down days, copper futures have now surged for 12 straight days to one year highs... The previous record streak of gains was 9 days (Dec 2004 and Sept 1991)   But as Bloomberg details, China, the world’s biggest producer and user of...

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Gold Loses $1300 As Stocks, Peso Soar After Comey Clears Clinton (Again)

The first reactions to Comey's re-bombshell were in currencies with the Mexican peso soaring back below 19/$ and USDJPY spiking to 104.00. Equity futures spiked on the open with Dow soaring 200 points back above 18000... It appears the rumors were correct on Friday...   Notably the initial spike down in USDMXN is being bought back a little for now...   USDJPY knee-jerked back above 104.00 (one week highs) as risk-on bets piled up...   Implicitly the yen carry move...

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