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The Good Morning Report – 14th July

Posted on July 14, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. There is quite a bit of celebration around the world that inflation is now under control....but...I think these celebrations will be transitory or temporary in nature- a second wave of inflation, bought on by surging energy prices, is coming down the pipe.

2. Bank of Canada increased rates by 0.25% to 5% which is the highest in 22 years - they are really starting to stick the boot into the locals....The Canadian economy has been holding up on the back of the mining sector and record numbers of cashed up migrants pouring in (economic replacements).

3. Got copper?...."We're heading for a train wreck here," Friedland said at Bloomberg's New York headquarters. He's the founder of Ivanhoe Mines Ltd. and warned: "My fear is that when push finally comes to shove, copper prices might explode ten times". 

4. Kingsgate (KCN) has been having plenty of drilling success @ Chatree over the past few months - I would expect the mine life to extend well beyond the current 9 year plan....BUY last sale $1.46

5. Big time US TECH fund manager, Cathy Wood has added a URANIUM miner to her portfolio (buying a dirty miner would be like crossing over to the dark side for these kind of people!)....Going to be a BIG URANIUM BOOM.....Got any exposure????

ASX Market Update

ASX 200 up 111 points to 7246

Our market took off after the weaker than expected US inflation data that came out...Miners were the standout performers - NCM put on 3.72%,  RIO up 3% and EVN rallied 7.3%. 

Random Observation

OIL for GOLD not USD is the future....Looks like the Arabs are preparing nicely for the shift!

The Day Ahead

  • Our SPI is up 33 points
  • Bitcoin up 4.3% to $31,616

Movements affecting our resource stocks today (USD)

  • BHP in the US  up 2.6%
  • Newmont up 0.58%
  • Gold up 0.14% to $1964
  • Paper Silver up 3% to $25.04
  • Platinum up 2.77% to $983
  • Copper up 2.9% to $3.945
  • Brent Crude up 2% to $81.73

Asian Market Update

Japan up 1.49%, China added 1.26% and Hong Kong put on 2.6%

Chinese TECH loving life again now that the Xi Man has lifted the boot from their throats....

Global Market Update

US Market

DOW up 47 points to 34,395

Money poured into TECH again overnight which sent the NASDAQ to its highest level this year....TESLA put on 2.17% and Alphabet (Google parent) rallied 4.72%.

European Markets

Germans up 0.74%, Brits put on 0.32% and Frenchies added 0.5%

Watches of Switzerland was one of the top performers after rallying 11% - this is a sign the rich are still spending up big on luxury items.

Watches Mister?

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Without limiting the generality of the above paragraph no person, persons or organisation should invest monies or take action on the reliance of the material contained in this post, but instead should satisfy themselves independently (whether by expert advice or otherwise) of the appropriateness of any such action. Unless otherwise stated the information presented is not a recommendation to invest in any investments, securities or financial products.

This service, like all other financial services, is subject to market forces and unpredictable events that may adversely affect its future performance. Whilst all care has been taken in compiling information in this post, and is provided in good faith, it is not to be relied upon as a substitute for professional advice. The views expressed are commentary only and the writer accepts no responsibility for the accuracy, completeness or timeliness of the information.

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