Less than a month ago we warned that the Chinese commodity bubble 2.0 was bursting as speculative volume had exploded relative to open interest and exchanges had begun (after unreal surges in prices) to crackdown on the speculation. The carnage continued and over the last few days has bloodbath'd even more as China warns that it will miss its growth targets.
Spot The Odd One Out…
- Zinc -22%
- Iron Ore -20%
- Steel Rebar -20%
- China Coking Coal -25%
- Copper -13%
- Bitcoin +18%
It appears as China housing bubble pops, commodity bubble pops, and credit-fueled growth bubble pops… there is only one place left for Chinese trend-followers to flee to – Bitcoin.
via http://ift.tt/2hskJy5 Tyler Durden