The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. In order to halt the mother of all bank runs across America, the FED, US Treasury & FDIC have set up a facility to cover ALL deposits in the event of bank failures...Also looks like interest rate rises are on the back burner!.....GOT GOLD, SILVER & PLATINUM in your SUPER??? If you don't and you would like to, click here and just write 'bullion' in the message and we will call you.
2. Authorities seized and shutdown Signature Bank....customers will get their deposits back...shareholders, bond holders get zero.
3. Over 1500 climate change tech companies banked with the now bust, Silicon Valley Bank (SVB).....I'm starting to wonder how the bank even lasted this long!
4. Last week two former Merrill Lynch traders were sentenced to one year in jail for manipulating GOLD,SILVER and PLATINUM futures....The only reason we currently have such a MEGA opportunity in metals is due to the blatant price suppression in the FUTURES markets by the BULLION BANKS.
5. YanCoal (YAL) goes Ex Dividend of 70c fully franked today....payment will hit bank accounts on the 28th of April....YAL has been a great earner so far - now up 37% since I first recommended it my report dated 2nd of Nov:
ASX Market Update
ASX 200 down 35 points to 7108
It was a pretty good session for us as FINANCIALS were sold off while RESOURCES and in particular GOLD miners were stronger....PPT fell 4.8% & CGF lost 3% while NCM added 2.9% and RRL put on 8.7%.
As I expected, that Four Corners report on the PERTH MINT was just more FAKE NEWS....
So it turns out the CHINA won't be sending back $9bn worth of GOLD Bars to Australia.....The PERTH MINT bars are legit.
#Defund the ABC!
The Day Ahead
Futures traders are pricing in that our market will get clobbered today, but should be a good day for us with METALS firmer!
- Our SPI is down 116 points
- Bitcoin up 14% to $24,359 (Looks like a whale is loading up)
Movements affecting our resource stocks today (USD)
- BHP in the US up 1.14%
- Gold up 2.7% to $1918
- Paper Silver up 6.7% to $21.88
- Platinum up 4.9% to $1009
- Copper down up 0.45% to $4.04
- Brent Crude down 2.8% to $80.43
- Iron ore up 1.8% to $131.80
Asian Market Update
Japan down 1.1%, China up 0.5% and Hong Kong rallied 1.9%
Xi Man has set his KPI's for China...Now its up to his loyal henchmen to ensure it happens;
⚡ China's PM Li Qiang: #China’s GDP growth target is now set at around 5%, which was determined after comprehensive consideration of various factors.
"On such a high base, achieving a growth target of around 5% is not an easy task and requires us to redouble our efforts." 🇨🇳
— CN Wire (@Sino_Market) March 13, 2023
Global Market Update
DOW 90 points to 31,819
With the FED likely to halt raising rates, US markets held up overnight....
Joe Biden went on TV and told the American people that the banking system is "SAFE" (surprised he didn't throw in the term "EFFECTIVE" as well!)....Meanwhile this was going on:
Germans fell 3%, Brits off 2.58% and Frenchies lost 2.9%
HSBC announced it bought the UK division of SVB for 1 pound - I think they made a stupid mistake that will cost shareholders millions....HSBC fell 4% on the news.
Meet the head of risk of SVB UK...Interest rate risk was not her priority, company videos and all sorts of posts show that being ULTRA WOKE was.
Key Market Summary