LINKS-ДАЙДЖЕСТ 06 марта 2012 г.
Неконтролируемый дефолт Греции приведет к убыткам в 1 трлн евро
Ирландия ждет референдума по Пакту стабильности ЕС
Депозиты ЕЦБ тянутся к 830 млрд евро
ВВП еврозоны в IV квартале сократился на 0,3%
Французы за контроль над национальными бюджетами
Швейцария приняла закон по раскрытию банковской тайны для США
Швейцария пытается обезопасить инвестиции в греческие облигации
Купите себе кусочек Корфу: Греция начала распродажу
Венизелос опроверг слухи о переносе срока свопа
Реформа Libor: на заре перемен мирового межбанка
Количество европейских мучеников растет
Some Observations On Recent Gold (And Silver) Volatility
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теперь англоязычные
Сильная волатильность в commodities является обычным явлением в годы, предшествующие наступлению максимумов.
You might think this kind of volatility is high – and it's true. Worse – or better, depending on how you see things – the volatility in the underlying commodity is magnified in the related company stocks. This is why Doug Casey calls mining stocks, especially the juniors, "the most volatile stocks on earth." But the thing is, metals volatility has been higher in the past, particularly during a mania.
Here's what I mean.
The following chart documents gold's daily price changes from 1976 through the end of 1980. Take a look at the jump in volatility in 1979-'80.
Волатильность была нормой в 1979 и особенно 1980-ом году. Колебания в 4% и более не были чем-то необычным.
Volatility became the norm in 1979 and especially 1980. Fluctuations of 4% or more were not uncommon.
Here's the same chart for silver. The metal's volatility during the 1979-'80 period became
extreme.
With $700 Billion In QE3 Already Priced In, Who Will Blink First?
ZH считает, что ключевым драйвером для риска в 2012 году станет соотношение между балансами федрезерва и ЕЦБ.
Something interesting happened when the ECB announced last week that its balance sheet was about to rise by €1 trillion gross, and hit a record €3 trillion net earlier today: the EURUSD barely budged. Why? Because as a reminder, the key driving relationship for relative risk performance of 2012 as we forecast back in December is the correlation of the Fed and the ECB's balance sheets, and the EURUSD, respectively, because while we may pretend that there is still alpha in this joke of a market, the truth is that in this new normal only beta matters (the more lever the better), and the only beta that matters is that generated by relative USD strength/weakness.
Рисунок показывает кросскорреляцию между ФРС/ЕЦБ активами и EURO/USD.
In this context, we bring back readers to the chart that may be the only one that matters: the cross-correlation of the Fed/ECB total assets, and the EURUSD spot, where the first thing that stands out is that the pair should be 1000 pips lower at least. And yet it isn't. The reason for that is that the FX market is actively expecting, despite all rhetoric otherwise, an injection from the Fed. What is convenient is that the chart allows us to calculate how much the expected QE3 will be: since the absolute value of the Fed/ECB size (currency invariant) is now 0.9685m or the lowest in history, the ratio would have to raise to 1.18 for EURUSD asset implied parity. Which means the Fed's balance sheet would have to increase by about $650-700 billion promptly.
Что будет, если ФРС не приступит через какое-то время к QE3? Наступит коллапс в риске.
Что будет в том случае, если случится массированный уход от риска, выражаемый в падении рынка акций? Будет QE3.
Кто моргнет раньше?
That's only what's priced in (paging Dick Fisher) courtesy of perpetually lax Fed monetary easing decisions in the past. What would happen if the Fed were to really not do QE3 any time soon is that not only would the market not ramp, but we would see a collapse in risk, with the S&P driven to nearly triple digits, which is where it was last time the EURUSD was around 1.20 back in the August 2011 lows. On the other hand, that kind of relative market drop (especially in crude) is precisely what the Fed will need to proceed with QE3. So: who will blink - the Fed or the market?
Will Fed Resort To Operation Twist 2 Instead Of QE3?
Преимущество операции «Твист» в том, что она не ведет к увеличению и так уже раздутого баланса ФРС, а уменьшение процентных ставок в долгосрочном секторе облигаций позитивно для таких секторов, как рынок недвижимости.
ECB Surpasses €3 Trillion, Still Most Undercapitalized Hedge Fund In The World
Баланс ЕЦБ составил 3 трлн. EURO. Это наиболее недокапитализированный хеджфонд в мире.
LTRO Stigma Surges As PSI Concern 'Stuns' Europe
Репутационные издержки ( стигма) растут по мере того, как растут опасения, что сдлека по PSI не «сростется».
Faber: "Middle East Will Go Up In Flames" ... "Have To Be In Precious Metals And Equities"
Известный инвестор Марк Фабер считает войну между Израилем и Ираном практически неизбежной. В ответ на это Бернанке ничего не останется, как печатать-печатать деньги. Деньги будут нужны, чтобы финансировать войну.
Swiss money manager and long term bear Marc Faber, aka "Dr Doom", says political risk in the Middle East has increased significantly with war between Iran and Israel “almost inevitable”, and precious metals and equities investments offer some safety. "Political risk was high six months ago and is higher now. I think sooner or later, the U.S. or Israel will strike Iran - it's almost inevitable," Faber, who publishes the widely read Gloom Boom and Doom Report, told Reuters on the sidelines of an investment conference. Brent crude traded near $123 per barrel in volatile trade on Tuesday on fears of a disruption in Iranian supplies. Israeli Prime Minister Benjamin Netanyahu showed no signs of backing away from possible military action against Iran following a Monday meeting with U.S. President Barack Obama. "Say war breaks out in the Middle East or anywhere else, (U.S. Federal Reserve chairman) Mr Bernanke will just print even more money -- they have no option...they haven't got the money to finance a war," said Faber. "You have to be in precious metals and equities ... most wars and most social unrest haven't destroyed corporations - they usually survive," he said. He said that Middle East markets had largely bottomed out, though regime changes from the Arab Spring revolutions were unlikely to be investor-friendly.
В такой момент следует быть в золоте и акциях. Большая часть войн и социальных беспорядков не ведут к разрушению корпораций – они обычно выживают.
