The Good Morning Report – 19th of June

1. NVIDIA became the world’s largest company overnight as investors rotated money out of the other tech majors into it….I wonder when the market realizes that unlisted start ups, backed by Nvidia, are loading up on AI chips that are gathering dust?

2. RBA kept interest rates on HOLD @ 4.35%….Looks like Bullock’s mandate is to keep inflation ticking along.

3. Oil prices rose again despite growing talk that Biden is about to sell down more OIL from America’s strategic reserves in order to drive prices lower as the November election approaches.

4. Porsche shares are now down 40% over the past 12 months…..I remember when I saw a Porsche as a kid and went WOW – look at that amazing car. Now because they are so common, I wonder – do people even look twice?…I get the feeling the market is sniffing out brand damage due to over saturation, so a huge write down of goodwill could be on the cards.

5. Newly elected, Mexican President Claudia Sheinbaum is already planning to invest $13.6bn in renewables….What a shocker – all developing nations desperately need reliable base load power, not this intermittent crap.

ASX up 77 points to 7778

Most stocks finished in the green after the strong lead out of Wall Street, however Fortescue (FMG) fell 5.18% to $21.79 after an undisclosed fund manager sold about $1.1bn worth of stock via JP Morgan @ $21.60….Kind of ridiculous that no announcement to the ASX was made because it was clearly a price influencing bit of news.

Here is Joe talking about GOLD……it’s only a matter of time before the masses find out about SILVER…then PLATINUM and PALLADIUM.

  • SPI is down 13 points
  • Bitcoin down 3.6% to $64,544
  • BHP in US up 0.7%
  • Newmont in US up 2.15%
  • URNM in US up 3%

Movements affecting our resource stocks today (USD)

  • Gold up 0.66% to $2344
  • Paper Silver up 0.71% to $29.60
  • Platinum up 0.8% to $978
  • Palladium flat @ $891
  • Copper up 1% to $4.49
  • Brent Crude up 1.2% to $85.27
  • Iron ore up 1.3% to $106.40

Japan up 1%, Hong Kong off 0.11% and China up 0.48%

Shipping from China to Europe keeps making fresh highs….Houthis just bombed another boat in the Red Sea.

DOW up 56 points to 38,834

In stunning scenes, investors sold off big tech to buy more NVIDIA….I think this will end in tears and I certainly don’t have the stomach for the trade…. Can you believe punters are also buying the 3x leveraged NVIDIA ETF? Hahahaha – they could lose 100% in one session!

Germans up 0.35%, Brits added 0.6% and Frenchies up 0.76%

The board of UK stock broking giant have unanimously agreed to sell out to a private equity investor CVC for about 5 billion pounds. While CVC are buying it about 50% below it’s all time high I don’t think they are getting a bargain….Financials are so dangerous right now.

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