In this report, I cover the early market action from London on Thursday, November 7th, 2019. I look briefly at the precious metals, the stock market, the dollar, the bond market and the price of WTI and Brent crude oil.
Today I look at the derivatives and repo market and how they are intertwined. In my opinion, the recent problems in the repo market are a sign that leverage in the derivatives market is out of control.
I will go over the different kinds of derivatives and why derivatives have become so important for the financial system as this market is used to maintain a false demand for all the credit that has been created out of thin air since the closing of the gold window by President Nixon back in 1971.
My conclusion is that it will be the derivatives market that will bring down the house of cards as it is what keeps the house of cards intact for now.
OCC.gov quarterly derivatives report: https://www.occ.gov/publications-and-...
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