The Good Morning Report – 26th of June

1. China filled the Shanghai Futures Exchange (SFE) SILVER vault back up with alleviating concerns of a shortage…..The huge short squeeze in SILVER that I have been anticipating has been delayed. (Doesn’t mean I’ve turned bearish – buy the dips!)

2. Wholesale GAS prices in Sydney and Melbourne have spiked to $28/GJ Vs an average over the past year of about $12….Inflation is alive and well.

3. Jim Chalmers’ devious plan to tax unrealized gains in super accounts above $3mil is now dead in the water….Forcing successful investors to liquidate a big chunk of an asset just to pay tax was an insane and very greedy proposition.

4. Novo Nordisk the owner of top selling weight-loss drugs Wegovy and Ozempic, is spending $4.1bn on a new factory in the US to keep up with surging demand….Why do I get the feeling this is going to end in tears for millions down the track?

5. Paladin (PDN) is set to take over Canada’s Fission Uranium which is targeting to start URANIUM mining by 2029….I think it is a smart move by PDN to diversify and grow as it’s only producing mine at the moment is in Africa….PDN is a key holding in the URNM ETF.

ASX 200 up 105 points to 7838

Our market experienced broad based gains with banks, property and miners all getting some love from investors. WDS put on 3.67%, SGP added 2.9% and NAB closed 2% higher….PDN was one of few negative performers – it fell 5.14%. Generally, the company that makes the acquisition is the one that falls.

Remember back in 2022 when people were going crazy for make believe property?….I hope future historians label this COVID period as the ‘dumb ages‘.

Overnight score board not looking the may west for us….

  • SPI is down 29 points
  • Bitcoin up 3.4% to $61,829
  • BHP in US up 0.49%
  • Newmont in US down 1.6%
  • URNM in US down 1.08%

Movements affecting our resource stocks today (USD)

  • Gold down 0.54% to $2331
  • Paper Silver down 2% to $28.92
  • Platinum down 1.4% to $987
  • Palladium down 3.7% to $939
  • Copper down 1.49% to $4.37
  • Brent Crude FLAT @ $79.21
  • Iron ore up 1.3% to $134

Japan up 0.95%, China off 0.44% and Hong Kong added 0.25%

If I was running the show, I’d invite companies like GE Hitachi Nuclear , Mitsubishi, Rolls Royce etc to Australia to kick off the process…..We also have no shortage of capital with close to $4 trillion sitting in super and our banks would be frothing at the opportunity to lend long term on the right deals.

DOW down 299 points to 39,112

After a 3 day selloff the herd poured back into Nvidia sending the stock 6.78% higher. That one day move added about US$200bn to its market value which is more than what BHP is worth….Wild!

Germans down 0.81%, Brits off 0.41% and Frenchies down 0.58%

Airbus shares fell 9% after downgrading it’s outlook….

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