The Good Morning Report – 15th November

The latest market news, commentary and strategy by Adrian Rowney 



5 Things that Grabbed my Attention

1. US inflation came in at a lower than expected 3.2% - markets took off on hope the FED is done hiking rates.

2. One of the Beach (BPT) directors just bought more shares....follow the money: BUY

3. Great seeing the URANIUM price hit a 15 year high of US$75/lb.....URNM the uranium ETF that I have been banging on about is now up over 50% since May.

4. I think Macquarie Bank (MQG) is going to make some huge writedowns on it's green energy portfolio. AVOID

5. The EU which is completely reliant on China for all sorts of critical minerals, is formally ramping up efforts to become more self sufficient....I really like the look of XMET which is an ETF made up the world's best critical mineral miners. BUY last $6.77

ASX Market Update

ASX 200 up 57 points to 7006

We had a stronger session on the market as money found it's way into miners and industrials. It feels like Aussie investors are getting a bit more comfortable with the Chinese economy these days.. after all...the Xi Man has been pumping stimulus into the old girl!..hahaaha that came our wrong, but you know what I'm getting at....BPT rallied 5.67%, CRN added 4.3% and MIN put on 3.1%

Random Observation

RBA is not done hiking rates....

The Day Ahead

  • Our SPI is up 88 points
  • Bitcoin down 3.8% to $35,385

Movements affecting our resource stocks today (USD)

  • BHP in the US up 3.98%
  • Newmont up 5.69%
  • Gold up 0.92% to $1968
  • Paper Silver up 3.74% to $23.19
  • Platinum up 3.39% to $892
  • Copper up 0.42%  to $3.68
  • Brent Crude FLAT @ $82.48
  • Iron ore up 0.2% to $128.45

Asian Market Update

Japan up 0.34%, China up 0.31% and Hong Kong dipped 0.17%

SILVER is currently in deficit - meaning not enough supply is being produced from mines and recyclers to meet demand. According to the SILVER INSTITUTE there was a deficit of 237 million ounces in 2022. Therefore above ground stocks of SILVER are being drained which is great news for us as it will eventually lead to prices exploding higher....You're going to kick yourself if you're not on board.

Global Market Update

US Market

DOW up 489 points to 34,827

Worth noting that Burry bought short exposure with a notional value of US$1.6bn via the options market - so perhaps he initially spent about $US20 or $30 mil. Therefore he lost millions, not hundreds of millions on the trade.

European Markets

Germans up 1.76%, Brits added 0.2% and Frenchies put on 1.39%

European stocks rallied strongly after the lower than expected inflation numbers out of the US. Miners were among the best performers - Glencore added 4.5% and RIO put on 3.5%. 

Key Market Summary

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