Gold

2

Stocks dodge the building China bond syndrome

Chinese bonds are bid a little today: And Dalian is flat: Under the surface, trouble still lurks, via Bloomie: Here’s another Chinese financial practice that’s prompting high-decibel warnings. So-called entrusted bond holdings are a way for financial institutions to skirt rules on using borrowed money to invest in bonds. How? By getting a third party

4

Big Iron sees light of hope in rising Chinese bond-fire

The Chinese bond-fire is rising again today and it is clearly a mini-crisis that could develop swiftly: Dalian is working it out: But not Big Iron. It sees hope in that fire! BHP is 1.3%, RIO 1.4%, FMG 1% and WHC 3%: Minor falls and broker upgrades must mean buy! Big Gas is fading too: Big

0

Dirt dumped, banks bought

Dalian has opened under pressure again: As Chinese bonds keep selling: And authorities are warning that liquidity will remain tight through the Q1 lending season: Tight liquidity in the interbank market is expected to continue until early February It recommends monetary authorities take steps to prevent the situation from getting worse Liquidity is forecast to get

5

Dirt high-flyers tumble as banks rock the AAA

Big Iron has bifurcated today. Dalian is down a little more from overnight: As Chinese bonds continue to get absolutely flogged: And CNY to fall: BHP is 1.1%, RIO 1.2%, FMG -3.3% and WHC -2%: The high flyers look very vulnerable as the bulks keep falling. Big Gas is firm: Big Gold mixed: Big Debt

3

Big Dirt hit again as China yields rocket

Dalian is unchanged today but my sense is that the bubble is in a spot of bother as liquidity issues spread: Chinese yields are moon-shotting again today: Caixin is downright gloomy: China’s central bank stepped in to urge major commercial banks to lend to non-bank financial institutions on Thursday afternoon after many suspended interbank operations

14

What’s killing gold?

From MarketWatch: If you have been puzzled about the crash in gold prices after Donald Trump’s election, you are in the company of almost every analyst and media outlet in the western world. …India’s Modi has directed that 500 and 1000 rupee notes be banned. These notes represent 20% of the cash value in circulation

0

Yuan craters again, dirt soars some more

The CNY fixing has fallen to another new low today: And the response in markets is predictable with iron ore once again limit up! Interestingly, this week has seen iron ore overtake coking coal as Banana Man’s favoured roulette wheel, for whatever reason. Big Iron is off to the casino too with BHP 2.8%, RIO 2.4%,