The Good Morning Report – 22nd November

5 Things that Grabbed my Attention

1. The Chinese are out securing COPPER supply....MMG just bought a big mine in Botswana for $US1.8bn. Got copper?

2. Bundesbank said the GERMAN economy will likely shrink again in Q4 - you wouldn't know it by looking at the DAX (Germany stock market)

3. Co-Founder of AirBnB, Joseph Gebbia dumped nearly half his shares a total value of $62.7 million....That would make me nervous if I was a shareholder. 

4. Our government is now forecasting 27% of new car sales will be EVs by 2030, down from 89%....(After reading Random Observation that 27% number may end up being wishful thinking).

5. Uranium continues to chug higher - now above US$80....URNM is in blue sky! HOLD

ASX Market Update

ASX 200 up 19 points to 7078

Our market pushed higher mostly thanks to the miners. Gold and copper miner Evolution (EVN) had some heavy volume going through it and closed 2.42% higher - going to be interesting to see if there was something in that. HOLD

Random Observation

I got sent this from a client the other day....What chance have EVs got in Australia with this kind of thing going on?

The Day Ahead

• Our SPI is down 6 points
• Bitcoin down 1.7% to $37,091

Movements affecting our resource stocks today (USD)

• BHP in the US up 1.2%
• Newmont up 2.75%
• Gold up 1.13% to $2002
• Paper Silver up 1.2% to $23.90
• Platinum up 1.9% to $945
• Copper down 0.2% to $3.80
• Brent Crude up 0.17% to $82.47
• Iron ore up 1.9% to $133.55

Asian Market Update

Japan down 0.1%, Hong Kong off 0.25%, China was FLAT

.@MMG_Limited has entered into a Share Purchase Agreement (SPA) to acquire #CuprousCapital, the parent company of the #Khoemacau #Copper Mine in #Botswana, in the #Kalahari Copper Belt, for an effective Enterprise Value of US$1,875 million https://t.co/2J43rM56lL pic.twitter.com/lNf8bcathb

— International Mining (@im_mining) November 21, 2023

On the ASX it was great to see Sandfire (SFR) add 5% and little specky Cobre (CBE) surge 46% on this news (both operate in the Kalahari copper belt).

Global Market Update

US Market

DOW down 62 points to $35,088

Big trouble at Binance - the CEO has quit after pleading guilty to money laundering. If you have any money with Bianance then I suggest you pull it out now....One by one these exchanges are crumbling just as BLACKROCK steps into the CRYPTO market - it's a dirty, cut throat world!

Binance to pay $4.3 billion in fines—WSJ

There’s no way Binance has that kind of cash without dipping into customer assets.

A year ago they couldn’t respond to whether they’d survive a $2.1 billion hit.

The countdown to insolvency has begun.pic.twitter.com/IrdPz6aNhL

— Nate Anderson (@NateHindenburg) November 21, 2023

European Markets

Germans FLAT, Brits dipped 0.19% and Frenchies fell 0.24%

This dude will likely get all sorts of awards and medals if inflation drops back to 2% despite him being part of the greatest wealth heist in history as the BOE cranked the money printer.

Exquisite timing!