The Good Morning Report – 12th March

1. US government debt is going up $1 TRILLION every 100 days….Debt is spiraling out of control.

2. Fed Chair Jerome Powell has warned about bank failures….Funny how his comments have been glossed over by the market…AVOID FINANCIALS – our BANKS won’t be immune to the coming financial crisis.

3. I’ve been holding out for quite a while on this one, but after falling 65% from its high back in 2022, I am now adding the PALLADIUM physically backed ETF (ETPMPD) to my BUY list….The metal is mostly trading below mining cost.

4. WESTERN investors have responded to the GOLD rush in CHINA by dumping GOLD ETFs and pumping cryptos and AI! Incredible to watch.

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5. The CEO of NEWMONT (NEM) thinks there is a generational opportunity to buy in….GOLD now trading at record highs in every currency on earth while NEM shares have dropped around 58% from its high – So I would agree with him.

ASX 200 down 140 points to 7704

Our market took a decent old whacking on the back of weaker iron ore prices. BHP lost 2.5% while RIO and FMG dropped 3.5%. Banks were also on the nose after a pretty strong start to the year. CBA dipped 2.7% and WBC fell 3.18%….On the positive it was great to see PMGOLD hit a fresh record high of $32.89 and it makes me think that it’s only a matter of time before frenzied buying action hits some of our GOLD miners.

Great insight from former UK PM Liz Truss about who runs the show….Little wonder she was pushed a side in record time.

The Day Ahead

  • SPI is up 4 points
  • Bitcoin up 4.6% to $72,613 (record high)
  • BHP in US down 2.05%
  • Newmont in US up 3.67%
  • RIO in London down 1.3%

Movements affecting our resource stocks today (USD)

  • Gold up 0.12% to $2188
  • Paper Silver up 0.46% to $24.67
  • Platinum up 3% to $942
  • Copper up 1% to $3.92
  • Brent Crude up 0.39% to $82.40
  • Iron ore down 6.8% to $107.35

Japan down 2.19%, Hong Kong up 1.43% and China added 0.74%

Japanese stocks copped a bit of a touchup on news that the Bank of Japan may end its negative interest rate policy. I think you would have to be an absolute mug to buy Japanese government bonds right now as the risk of STAGFLATION spreading across it’s economy is growing….In a STAGFLATIONARY environment these BONDS will get crushed. Just think about this – why would you lend a struggling government $100 for say 10 years and only get back that same $100 (plus some small interest payments along the way) which is likely to end up losing significant purchasing power? You wouldn’t which is why the market dumps bonds when STAGFLATION hits.

I’m baffled to to why the Japanese are such massive savers in fiat currency and haven’t parked significant chunks of their wealth in GOLD while the BOJ has been running an extremely low or negative interest rate policy for years….Money in the bank has gone nowhere for Japanese savers, while GOLD just keeps going up and will continue to do so Vs the YEN.

DOW up 46 points to 38,769

I can’t believe the market is currently ignoring the collapse of the commercial real estate market in the US….It’s just assumed that the FEDERAL RESERVE will provide an unlimited source of cheap or free credit to the big WALL STREET banks which will swallow up the regionals as they go pear shaped and everything will be A-OK!….Unfortunately we don’t live in a land of unicorns and fairies – so PAIN IS COMING.

Germans down 0.38%, Brits added 0.12% and Frenchies dipped 0.1%

Fairly quiet session in Europe overnight. Seems traders are on the sidelines while they await key inflation data from the US which will come out Wednesday morning our time.


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