The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. According to Bloomberg, the Russian Ministry of Finance is going to accumulate SILVER, PLATINUM & PALLADIUM to rebuild the nation’s precious metals repository called Gokhran. Back in 2012 they sold the lot….These metals are CHEAP with PLAT/PALL trading below average mining costs and SILVER not that far above. Copying the Russians will prove to be a very successful investment strategy – perhaps life changing for some of you.
2. New Japanese PM is an advocate of easy monetary policy – meaning he likes the idea of printing money and low interest rates.
3. Nvidia boss said AI is impossible without NUCLEAR power stations….The URANIUM story is a cracker. BUY PDN, BOE and URNM
4. At one point IRON ORE was up 12% in China yesterday and Coking COAL surged 10%…Surprised our bulk commodity miners didn’t rally much harder.
5. Former RBA governor Dr Phil Lowe who inadvertently got exposed giving inside information to Barrenjoey investment bankers at a private lunch, has just been handed a board seat at…..you guessed it – Barrenjoey!….The ESTABLISHMENT looks after it’s own.
ASX Market Update
ASX 200 up 57 points to 8269
Our market rallied to a fresh record high on the back of IRON ORE miners and ENERGY stocks after the Chinese markets went beserk…BHP put on 2.73%, RIO added 2.89% and WDS increased 3.45%.
Random Observation
Ian scratches below the surface….
The Day Ahead
- ASX futures down 51 points
- BHP in US was FLAT
- Newmont in US down 1.12%
- URNM in US down 2.28%
- Bitcoin down 3.79% to $63,438
Movements affecting our resource stocks today (USD)
- Gold down 0.62% to $2045
- Paper Silver down 1.39% to $31.37
- Platinum down 3.1% to $989
- Palladium down 2.87% to $994
- Copper down 1.17% to $4.54
- Brent Crude down 0.31% to $71.76
- Iron ore up 6.6% to $108.35
Asian Market Update
China skyrocketed 8%, Hong Kong put on 2.43% and Japan fell 4.8%
Last week, the Xi Man ordered the mother of all PUMPs and everyone fell into line….Imagine having that kind of power.
Global Market Update
US Market
DOW up 17 points to 42,330
Stocks initially fell then bounced back after Fed Reserve chairman Jerome Powell said: “This is not a committee that feels like it’s in a hurry to cut rates quickly.”….Precious Metals, however stayed in the red despite the news of Russian buying – the naked short sellers of SILVER/PLAT/PALL must have balls of steel!
European Markets
Germans down 0.76%, Brits off 1% and Frenchies fell 2%
Italian listed auto giant Stellantis tanked 14.7% after cutting it’s outlook due to increased competition from the Chinese.
Key Market Summary
