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ECB's insatiable appetite slowly shuts down Europe's bond market
By John Ainger
Bloomberg News
Wednesday, December 9, 2020
In Europe investors like Alessandro Tentori are starting to say their goodbyes to the region's bond market, worried that soon there may not be any place left for them.
Collapsing trading volumes are a worrying sign for the market's future, the chief investment officer for Axa Investment Managers wrote in a recent note to clients titled "Bye-Bye Bunds," a reference to the German bonds that serve as the benchmark for Europe.
... Dispatch continues below ...
VanGold Has Cleared the Pinguico Shaft to Adit Level 7
at El Pinguico Silver and Gold Project in Mexico
Company Announcement
Tuesday, December 8, 2020
VANCOUVER, British Columbia, Canada -- VanGold Mining Corp. announces that it has completed clearing the Pinguico shaft to adit Level 7 at its El Pinguico silver and gold project, located 7 kilometers south of Guanajuato, Mexico.
The company has cleared fallen rocks and debris to adit Level 7 to access this area of the El Pinguico mine. This shaft was one of three exterior shafts that were used historically at the mine prior to production, which ended in 1913.
VanGold Director Hernan Dorado Smith said: "The importance of having access to Level 7 from the Pinguico shaft cannot be overstated. This is the first time in decades that this area of the mine -- the highest-grade mine in the Guanajuato region when it was in production -- has been accessible for exploration and development. We are very excited about sampling the bottom of the underground stockpile to improve and verify our understanding of the overall grade of that material. We are equally excited to sample the remaining vein material left in support pillars at this location (including areas of the Colmillo Stope) when mining ceased in 1913." ...
... For the remainder of the announcement:
https://vangoldmining.com/news/newshome/56-2020-news/605-anoldasuccessfu...
The culprit? The European Central Bank, which this year has taken its purchases of debt to unprecedented levels. By the end of 2021 investors will be even more squeezed out.
The ECB is set to own around 43% of Germany's sovereign bond market by the end of next year and around two-fifths of Italian notes, according to Bloomberg Intelligence, up from around 30% and 25% respectively at the end of 2019. Trading volumes in bund futures have collapsed 62% since the ECB started buying bonds, according to Axa, while ranges -- the lifeblood of traders -- have nose-dived across Europe.
In both the safest and riskiest nations, this quarter's spread between the highest and lowest yields is the tightest it's been since at least the global financial crisis. ...
... Dispatch continues below ...
https://www.bloomberg.com/news/articles/2020-12-10/ecb-s-insatiable-appe...
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with great GATA-label wine
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Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
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-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
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