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The Good Morning Report 10th of July 2023

Posted on July 10, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Bonds have been getting clobbered...The yield on the 2 year US treasury hit a 16 year high of 5.12%. (yield rises as bond prices fall)

2. Funds are racing out the door at Magellan (MFG) - $2.1 billion left in June alone....Going ultra WOKE was never going to work.

3. Xi Man is banning the export of gallium and germanium. These two critical, rare metals are needed to make semiconductors.

4. Congressman Kevin Hearn bought $6 million worth of mining and energy stocks over the past year. He also sits on the House Subcommittee on Energy and Mineral Resources....Do really think these kinds of people throw good money after bad?

5. Last week Paine Schwartz lobbed a $3.50 takeover bid for Costa Group (CGC) - would be a shame to see it go for that considering labour shortages are no longer an issue and harvesting is strong.

Below is from my Good Morning Report 16th of May 2023....

ASX Market Update

ASX 200 down 121 points to 7042

We are currently going through a bit of a correction in our market with more selling pressure on Friday. Households and corporate margins are getting squeezed as the cost of money increases, so the pullback in equities is definitely not surprising....For the life of me - I can't see the global financial system being able to cope with high interest rates. Just think - there is over US$2 TRILLION worth of derivatives sloshing around!

Random Observation

The big appeal of BITCOIN has always been that only 21 million coins can ever be mined....but.... Blackrock now lists one of the risk factors as the 21 million cap could be changed via a hard fork....That means there could end up being billions of bitcoins on issue one day - YIKES!! 

The Day Ahead

  • Our SPI is up 25 points
  • Bitcoin FLAT @ $30,318 (Saturday morning price)

Movements affecting our resource stocks today (USD)

  • BHP in the US up 0.4%
  • Newmont up 1.6%
  • Gold up 0.79% to $1930
  • Paper Silver up 1.73% to $23.28
  • Platinum up 0.77% to $916
  • Copper up 1.26% to $3.78
  • Brent Crude up 2.6% to $78.47

Asian Market Update

Japan down 1.17%, China off 0.28% and Hong Kong dropped 0.9%

US Treasury Secretary Janet Yellen is visiting China in what looks like a very desperate attempt to stop the Xi Man from the continued SELLDOWN of US government bonds and pivot to buying.

Janet would have a bigger chance winning the jackpot on her favorite one arm bandit than getting the Xi Man to fund the US Government again.

Global Market Update

US Market

DOW down 187 points to 33,734

Stocks and bonds SOLD off while money moved into GOLD, SILVER,  OIL and COPPER....I could get used to that kind of price action - quite easily!!

European Markets

Germans up 0.48%, Brits dipped 0.32% and Frenchies added 0.42%

As I've been saying for years, the equation is very simple...GREEN = SCAM.

How are we allowing our political elites to copy the energy model from the UK when it is a complete and utter failure - not only from an economic perspective but an environmental one as well. DISGRACE.

Key Market Summary

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