It forms part of the FSB’s broader work on non-bank financial intermediation (NBFI) resilience and assesses structural risks in the repo (repurchase agreement) markets backed by government bonds—the dominant segment of the global repo market.
Market Size and Composition (as of end-2024)
Government bond-backed repo outstanding totaled approximately $16 trillion, representing roughly 80% of…
Analyse de marchéThe “return of Russian oil” refers to the U.S. Treasury’s series of short-term General Licenses (GL 133 issued March 5, followed by GL 134 on March 12 and updated GL 134A on March 19, 2026) that authorize the sale, delivery, and offloading of sanctioned Russian-origin crude oil and petroleum products already loaded on vessels. (ww.reuters.com)…
In a podcast discussion, Mike Maharrey of Money Metals interviewed Brian Lundin, President and CEO of Jefferson Financial, regarding factors influencing the gold and silver markets. Lundin argued that long-term monetary trends, rather than short-term geopolitical events, fundamentally drive metal prices.
While global conflicts like tensions involving Iran caused brief spikes in gold prices…
The US Treasury issued a temporary waiver on restrictions for certain stranded Russian oil shipments, announced around March 12-13, 2026, to address global supply disruptions amid escalating tensions with Iran.
This 30-day exemption allows countries to purchase and transport Russian crude and petroleum products that were loaded onto ships as of March 12, 2026, with…
Europe has hit a mathematical wall: the blockage of the Strait of Hormuz has removed 5 to 7 million barrels per day (b/d) from the market. Replacement by American Liquefied Natural Gas (LNG) cannot cover this deficit due to the physical limits of regasification capacities. Under these conditions, the return of Russian oil and gas…
The current outperformance of gold (XAU) and mining stocks over the rest of the market (especially technology) is not a temporary anomaly. It results from the "double commoditization" of AI and software, which is destroying the monetization model of intellectual capital. As intelligence becomes a cheap and widely available commodity, the physical resources needed to…
Historical Context: The Great Treasury Unwind
China's US Treasury holdings have undergone 'systematic liquidation' over 12+ years:
PeriodHoldings ($B)Δ vs PeakDriversMarket ImpactNov 2013 (Peak)$1,320—Accumulation phase: China recycles trade surplus into TreasuriesNone (buying)2014-2016$1,250-5.3%First diversification: Silk Road infrastructure, A-shares supportMinimal2017-2019$1,120-15.2%Trade War I: Trump tariffs, retaliation via Treasury sales10Y yield +50bp2020-2022$980-25.8%COVID, SWIFT weaponization fears (Russia precedent)Offset by…
A high-level Kremlin memo, dubbed the 'Dmitriev Package' after RDIF CEO Kirill Dmitriev, was leaked to Ukrainian and Western intelligence before being reported by Bloomberg.
Authenticity is scored highly due to multiple confirmations and the Kremlin's non-denial. The confidential document outlines seven key points for a potential geopolitical realignment between Russia and a hypothetical future…
On February 12, 2026, the publication of a Kremlin memorandum suggesting Russia might return to US dollar settlements triggered a severe, rapid sell-off in precious metals, with silver futures dropping 9.2% and gold shedding 2.53% within 47 minutes.
This event, classified by Steelldy risk engine as an extreme geopolitical repricing event (score 91/100), signaled…
Openbank de Banco Santander lance le trading de crypto-monnaies pour les clients particuliers en Allemagne, avec l’intention de s’étendre à l’Espagne, marquant un changement significatif alors que les banques traditionnelles adoptent les crypto-monnaies, soutenues par le règlement MiCA de l’UE qui a commencé à être appliqué intégralement en décembre 2024 pour uniformiser les marchés crypto.…