The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Australia is becoming a much higher risk destination for mining investment….In the past few days, 2 potential mines owned by Regis (RRL) and Silver Mines (SVL) have suffered major setbacks in the approval process.
2. Environment Minister Tanya Plibersek is forcing Regis (RRL) to write off it’s previously approved McPhillamys GOLD project in NSW….She declared (all of a sudden) that part of the site was spiritually significant to the Wiradjuri people – what a con.
3. Silver Mines (SVL), which originally won a court case against a special interest group over a electricity transmission line, just lost in the court of appeals which sent the stock tanking on Friday….Our judiciary is a lucky dip for these kind of cases….SPEC BUY last sale $0.08
4. The ASX miners that are already producing should technically become more far more valuable as the approvals process to get a mine started is completely stuffed.
5. A2 Milk (A2M) shares are back in the BUY zone after tanking 18%….It’s profit result was solid and the company is guiding to mid-single digit revenue growth for FY25. A2M is in an incredibly strong financial position with almost $1bn cash on the balance sheet….I wouldn’t be surprised to see a giant like Nestle come along and scoop it up on the cheap; BUY last sale $5.70
ASX Market Update
ASX 200 up 9 points to 7980
Regis (RRL) shares only closed 2% lower after declaring it’s McPhillamys project would be unfeasible due to Tanya’s dodgy decision….I guess the market wasn’t placing much value on the project at all. HOLD
Check out the con….WTF?!??
I wonder, is it all ‘confidential‘ because the grifters are conjuring up some BS Aboriginal story in order to shakedown RRL shareholders for more money?….For 12 years RRL have been working on it – then the rug pull.
Hey Tanya, look closely under that tree…..It could be evidence of an ancient and advanced Aboriginal civilization. Fortunately RRL has been mowing around it!!
Random Observation
The importance of GOLD is becoming obvious….
The Day Ahead
- ASX futures up 49 points
- Bitcoin down 1.17%
- BHP in US up 1.35%
- Newmont in US up 1.95%
- URNM in US down 1.7%
Movements affecting our resource stocks today (USD)
- Gold up 0.21% to $2543
- Paper Silver up 1.96% to $29.41
- Platinum up 0.41% to $966
- Palladium down 2.4% to $921
- Copper up 1.21% to $4.19%
- Brent Crude down 2.43% to $77.74
- Iron ore up 3.3% to $95
Asian Market Update
Japan down 1.77%, Hong Kong up 0.8% and China added 0.49%
The de-industrialization of German continues…
“We ruv our German frens.”
Global Market Update
US Market
DOW up 236 points to 40,896
US stocks rallied for the 8th consecutive session as traders pile into the market without a care in the world. The FEAR Index (VIX) has now fallen to a reading of 14.55 – down an incredible 77% from the recent peak of anxiety.
European Markets
Germans up 0.54%, Brits added 0.55% and Frenchies added 0.7%
Mining stocks were at the top of the pack in Europe….Glencore rallied 2.8% and Rio Tinto in London put on 1.74%
Key Market Summary
