The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Newmont just declared force majeure over SILVER deliveries from its giant mine in Mexico....SILVER's fundamentals are sensational with falling supply and surging demand.
2. US regional banks are sliding again....these banks are loaded to the gills with commercial real estate exposure that is going pear shaped....I can't for the life of me see how a big crisis is avoided.
3. Just over 60% of available copper in LME warehouses is about to exit; only $246 mill worth or 30K tons remain....BUY WIRE
4. Winnebego which is listed in the US, reported a 52% decline in sales of its stowable RVs....the free spending party looks like its come to a grinding halt.
5. The Bill Gates backed Upside Foods just got approval to sell it's lab grown synthetic chicken meat......Full disclosure: I am an Anti-Lab Meater and have a BUY recommendation on Inghams (ING)!
ASX Market Update
ASX 200 down 96 points to 7099
Our market rolled over once again as investors start realizing economic conditions are deteriorating ....Unfortunately PRECIOUS METALS have also been dropping with this recent pullback so we haven't been able to buck the weaker trend - but on the brighter side - it's an opportunity to keep accumulating more cheap SILVER/PLATINUM in SUPER....none of us have enough exposure!!
Movie about the short squeeze in Gamestop....
You can’t make this $hit up. 🚀💰 Get invested in the insane true story that shocked the world. Watch the @DumbMoneyMovie trailer now! Coming exclusively to movie theaters September 22. pic.twitter.com/FnmGemKgCZ— Sony Pictures (@SonyPictures) June 22, 2023
The Day Ahead
- Our SPI is down 14 points
- Bitcoin up 1.5% to $30,662 (Saturday morning price)
Movements affecting our resource stocks today (USD)
- BHP in the US down 2.6%
- Newmont down 1.3%
- Gold up 0.3% to $1930
- Paper Silver FLAT @ $22.45
- Platinum down 0.64% to $920
- Copper down 2.13% to $3.80
- Brent Crude FLAT @ $74.19
- Iron ore down 0.2% to $110.25
Asian Market Update
Japan down 1.45%, China SHUT, Hong Kong dropped 1.7%
Property plays got touched up of Friday....
Shares of #Chinese #property developers slide in HK amid weakening market sentiment as the country's housing market remained sluggish in Junhttps://t.co/haGgRmRP6L https://t.co/hCK75mtsge pic.twitter.com/IOFBy0ctEg
— YUAN TALKS (@YuanTalks) June 23, 2023
Global Market Update
DOW down 219 points to 33,727
We saw a little bit of profit taking on Wall Street....Not surprising considering the NASDAQ has been on an 8 week winning streak......US regional banks were SOLD off again - I think it is only a matter of time before these banks are back on the front pages; I bet my bottom dollar more blowups are coming.
Brits down 0.54%, Germans off 1% and Frenchies fell 0.55%
Siemens Energy shares crashed 37% after announcing they found substantial failure rates of their wind turbines - with up to 30% being defective...and these guys are the second biggest player in the world!.....GREEN = SCAM = AVOID.
Check out the size of this crap that ends up in land fill....Even Blind Freddy could see there is nothing environmentally friendly about these monstrosities, but with the GLOBALISTS firmly in control of the world, we have little hope of stopping the rot.
Key Market Summary