The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Bank burning in Beirut....dominoes.
Beirut Banks Burn as Demonstrators Protest Cash Withdrawal Restrictions— EL-Ameen 🇳🇬🇳🇬🇳🇬 (@ElameenIam) February 18, 2023
Dozens of protesters smashed and burned several banks across Beirut, during riots over cash withdrawal restrictions in Lebanon. At least six banks were vandalized. pic.twitter.com/Iqmp3julCW
2. BHP reiterated its plans to sell off its remaining coking coal mines as it wants to focus on "future facing commodities".... The mainstream media, government, and the endless brigade of woke analysts, engineers, scientists, consultants etc are all in on the electrification SCAM so will never call out BHP's blatant propaganda....FACT is - without hard coking coal you don't get wind/solar and EVs - these things would be OVER.
3. The world's AUTO giants are now attending mining conferences for the first time ever.
4. Fruit grower/wholesaler Costa Group (CGC) is predicting a much better growing season and significantly improved labor availability....Could be a good year for CGC: BUY last sale $2.67
5. South Africa's energy grid is in ruin; the entire country is subjected to rolling blackouts....Crazy that PLATINUM is not surging in price. Not sure how much longer the paper shorts on the COMEX can keep it this low. BUY
ASX Market Update
ASX 200 down 15 points to 7336
It is blatantly obvious to me why BHP is playing the woke card by completely getting out of the hydrocarbon (fossil fuels) business...and it's the same reason Twiggy throws his GREEN agenda down our throats; it is all about keeping these mega IRON ORE profits out of the spot light and away from any new windfall tax. Just look - BHP digs up iron ore for $US18 and can now sell it for $128; what a bonanza it is and better margins than what most coal miners are getting...But do you hear government or their paid media shills calling to BAN IRON ORE mining like oil/gas/coal? Of course not!...Hydrocarbons are the bad guy while IRON ORE gets conveniently ignored by the climate cultists.
BHP is a BUY on any decent sell offs.
The cycle has started with shortages galore!!
Don't think EV companies are concerned about supply of battery metals, including #silver?— Jeff Clark (@TheGoldAdvisor) February 20, 2023
Attendees at BMO's "Mining" Conf next week will include, FOR THE FIRST TIME EVER, the following companies:
-Plus (note job titles): pic.twitter.com/OivvUVMGbr
The Day Ahead
Reporting today: CRN, DMP, EML, FLT, RIO, STO, WOW
- Our SPI is down 41 points
- Bitcoin down 1% to $24,577
Movements affecting our resource stocks today (USD)
- BHP in the US was down 0.5%
- Gold down 0.34% to $1844
- Paper Silver up 0.6% to $21.86
- Copper up 2.6% to $4.21
- Brent Crude down 1.34% to $82.95
- Iron ore up 1.2% to $130.51
Asian Market Update
Japan down 0.21%, Hong Kong off 1.7%, China up 0.49%
It's all coming together perfectly....KEEP ACCUMULATING SILVER!!
Today, Feb.20, the silver inventory of Shanghai Futures Exchange was withdrawal by 19 tons! The vault silver is continuing to decline. pic.twitter.com/haC20Qy1jD
— Bai Xiaojun (@oriental_ghost) February 20, 2023
Global Market Update
DOW down 642 points to 33,183 (half hour to go)
US stocks and bonds were sold off overnight....Market is getting nervy after giant retail hardware mob Home Depot (HD) delivered earnings that came in lower than expected. HD shares fell 6.64%.
Brits down 0.46%, Germans off 0.52% and Frenchies fell 0.37%
The media/climate cultists have been gas lighting us for years that Venice was going underwater due to global warming causing icebergs to melt....Now look!
Pictures show stranded water taxis and gondolas lying around in the near dry canals of Venice.
Severe low tides in recent days are threatening the levels of Venice’s 150 canals https://t.co/jRDxeXEZWd
— Bloomberg (@business) February 21, 2023
Key Market Summary