Mkt Fag: 23 on the DOW close yesterday told ya and the NAS "up" lasted all of 2 minutes -LME to end Au/AG futures trading in July edition'''
>>16123934 pb see cap#2
Before we get to the 'action' THIS….below on the LME
"They" know the markets are hugely disconnected from reality and gonna take the humans out of this because this was the last bastion of face-to-face interaction in the metals trading arena (in any size).
LME to end gold and silver futures trading by July
The London Metal Exchange plans to end trading of gold and silver futures by July, citing low levels of trading activity, according to reports on Friday. The LME precious service, an initiative created by the LME, the World Gold Council and a group of leading industry players to introduce exchange-traded London precious metals products, is expected to be withdrawn on or about July 11, Bloomberg reported, citing a notice to LME members. Reuters had reported in October, citing three sources with direct knowledge of the matter, that a group of banks partnered with the LME to launch gold and silver futures in 2017 was preparing to abandon the project. Spot LME gold prices were last quoted at $1,946.20 an ounce on Thursday, while spot LME silver prices were at $24.55.
https://www.marketwatch.com/story/lme-to-end-gold-and-silver-futures-trading-by-july-reports-2022-04-22
They keep 'blaming' the drops on "muh Fed policy digestion"-all of this was known in mid February-what they were gonna do >>>/qrb/126758 pb and moar importantly what the bond markets told them to do. But they always need a reason…so that gets used..it's TOTAL BULLSHIT. It's like you always heard the excuse with Oil rising as "Oil workers in Nigeria on strike" or some bullshit like that. Always not what they say it is…ever'. And it can't be these huge liquidations in the NAS either..nope not THAT at all. They gonna have to do something to the VIX (CBOE Volatility Index) cause that got a spark up it's ass starting yesterday and continued climbing through out today with a brief pause in the overnight session from Thursdays close- see here https://''www.marketwatch.com/investing/index/vix
This is the worst start to a year for a '60/40 Stock/Bond' index since record began (worse then 2009 and 2020). Today was a bloodbath for stocks broadly with no divergence as all the majors tumbled over 2.5%. The Dow fell over 1000 points from high to low today- see above linky for the23on muh DOW close yesterday-they tell ya…. All the majors broke below critical technical support levels this week and all the majors are now underwater for April. Credit markets cracked wider this week and equity risk finally started to play catch up Key Point here-after the late March melt-up in equities that credit ignored. Commodities were broadly lower on the week with Silver and crude suffering most.
NAS opened up green and as mentioned in the title that lasted 2 minutes then the requisite selling began. DOW could not manage to open green but ohh did they try-got it to about 65 points below yesterdays close and 22 minutes in came a big chunk 8.79m and then they slow grind down like yesterday in all of them. Volume picked up in ALL indices towards the close. The SP500 managed to get withing 8 point lower of it's neckline (yesterdays close) on it's open and then saw the same thing at 9:52am EST with 43.65m being 'dropped' on it. NAS once again hazMajorliquidations going on and is being 'assisted by J-J-J Janet with the ESF imo….11:36am 1.44B..12:04pm 1.63B 12:08pm 1.66B..1:10pm 2.03B..1:12pm 2.05B..3:18pm..2.84b for the close of the big chunks. They were not as big as yesterday. You may wonder why these big transactions do not show up in the daily volume-because it would be well over the avgs…these are most likely done in the dark pools but have to be 'shown' because it involves equities in the NAS (and even calls and puts tied to the control of those shares) and that is why they keep showing up and then vanishing throughout the day-if you watch that chart long enough you'll see it too.
Bonds were dumped this week-see cap ZH cap #3 with the short-end utterly destroyed amid a massive bear flattening. The yield curve re-inverted this week (3s10s). The Dollar 0.55 +0.54% continued to surge higher this week (3rd weekly gain in a row)-see cap#4 to its highest since May 2020-and the Yen continues it's devaluation today and spiked up over 129 but ended at 128.54 0.14 +0.11% https://www.marketwatch.com/investing/currency/usdjpy?mod=mw_quote_switch
2-year Treasury yield rises to nearly 2.72%, adding to its highest level since December 2018
https://www.marketwatch.com/story/2-year-treasury-yield-rises-to-nearly-272-adding-to-its-highest-level-since-december-2018-2022-04-22
Metals got crushed again….with Ag getting the most…Surprise…NOT! Au lost $1950 level and Ag down to low $24 range -load it up if you can get it. It's a HUGE GIFT-take advantage of it
Gold/Silver ratio up again 79.892 +0.756 (+0.96%) and got over 80 earlier.
https://goldprice.com/gold-silver-ratio/
Some Headlines
see cap#5
Whispers Of Yuan Devaluation After Biggest Weekly Plunge Since 2015
The offshore yuan just suffered its biggest weekly loss since the surprise devaluation in August 2015, tumbling 2.1%; the onshore yuan is down 1.9% this week to 6.4899 per dollar. And while few are willing to admit that a sharp devaluation like the one in 2015 is possible - or inevitable - the realty is that the CNHJPY is right where it was when China devalued seven years ago. The PBOC set the Thursday reference rate for the Yuan 498 pips higher than the previous day, the largest single-day jump this year.
https://www.zerohedge.com/markets/whispers-yuan-devaluation-after-biggest-weekly-plunge-2015
Already had all the big banks come out say the same thing shortly after the CPI numbers were released so they are going to make sure it's done by decree…. >>>/qrb/133096 Did CPI just Peak?'
Yellen: Inflation May have Peaked
She said inflation may have peaked in the United States, but cautioned that prices may remain elevated "for a while longer."
https://www.calculatedriskblog.com/2022/04/yellen-inflation-may-have-peaked.html
and wayyyyy back in February…./s
>>>/qrb/126280 Inflation? not according to the NYFED- Inflation Expectations Unexpectedly Tumble For The First Time Since Oct 2020, According To The NY Fed-zh
https://finance.yahoo.com/quote/%5EIXIC
https://www.kitco.com/charts/livegold.html
https://www.kitco.com/charts/livesilver.html
https://www.zerohedge.com/markets/bondstock-bloodbath-leads-worst-start-year-record