The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. A third PRECIOUS METALS trader from JP Morgan was just sentenced to 6 months in jail for manipulating the market....WAKE UP mining executives - the COMEX is a SCAM!! 

2. Reports are coming through of strong demand out of India for our MET COAL (needed to make steel)...Prices are firmly above US$300 per ton....BUY SMR,YAL&CRN 

3. Newmont has won approval from the FIRB to takeover Newcrest (NCM)...Shareholders in NCM will automatically receive NEM shares (tradable on the ASX) when the deal gets fully executed in November....I rate NCM as a BUY

4. The Canadian Mortgage and Housing Corporation are saying that 24% of mortgage holders are struggling to cover their monthly payments....This doesn't end well.

5. US government debt just clocked over $33 TRILLION....A whopping $1 TRILLION has been added over the past 3 months alone...This also doesn't end well!...BUY GOLD/SILVER/PLATINUM

ASX Market Update

ASX 200 down 33 points to 7196

MET COAL stocks were among the best performers as the market starts cottoning on that India is going to need endless boat loads of our good stuff in order to make steel for the next stage of their economic development. SMR put on 4.5% and CRN added 3.62%....We should be seeing YAL rally harder (it closed 2.5% higher) but investors are bizarrely worried about them buying BHPs tier 1 coal mines that are up for sale.

Random Observation

Inflation is relentless for the working poor...

The Day Ahead

  • Our SPI is down 9 points
  • Bitcoin up 1.8% to $27,161

Movements affecting our resource stocks today (USD)

  • BHP in the US down 0.8%
  • Newmont down 0.28%
  • Gold FLAT @ $1952
  • Paper Silver FLAT @ $23.48
  • Platinum up 1% to $948
  • Copper down 0.71% to $3.75
  • Brent Crude FLAT @ $94.42
  • Iron ore down 1% to $120.45

Asian Market Update

Japan down 0.87%, China FLAT, Hong Kong up 0.37%

While MET COAL, OIL, URANIUM and IRON ORE has been pushing higher of late - LITHIUM has been on the nose.

Global Market Update

US Market

DOW down 134 points to 34,483 (half hour to go)

The online grocery delivery company Instacart had a very successful IPO after it rallied around 40%. Instacart doesn't own distribution centers but has contractors pick groceries from giant chains such as Kroger and Costco....I wouldn't be a buyer of the stock as Walmart is going to eat them alive in the future.

European Markets

Germans off 0.4%, Brits and Frogs were FLAT

Europe was fairly quiet overnight as the FED kicked off it's two day meeting. While traders are pricing in a ZERO chance of rate hike, it is the commentary from Jay Powell that will move global markets.

Key Market Summary

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September 21, 2023.
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