The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. PMGOLD made a fresh record high - go you good thing!!!...And guess what? I think there is oodles more upside, so those with no exposure haven't missed the boat (it's still tied up in the harbour along with SILVER & PLATINUM).
2. Considering GOLD has never failed as a store of wealth in all of human history, it's APPALLING that most Aussies can't nominate a certain percentage of their SUPER they want to chuck in it. @SuperEquity we definitely give you that option. To find out more click here.
3. Quote from the Aramco CEO (giant Saudi OIL company) "the reality we are seeing today is that [oil] demand growth is still significant."....No need to overthink this friends - WDS, STO & BPT are must haves.
4. Star Group (SGR) is now trading below it's heavily dilutive, capital raise price of 60c.....What a train wreck. So glad I've had a long standing AVOID on it.
5. One little bugger that I didn't AVOID has been Alumina (AWC) - but I could see ALUMINUM prices stage a huge comeback so I'm not giving up on the stock. BUY last sale $0.77
ASX Market Update
ASX 200 down 42 points to 6812
I could seriously get used to trading sessions like that one - the market was selling off, while we were going up!! Our BIG 3 PRECIOUS METAL ETFs were doing the business - PMGOLD added 2.56% ETPMAG put on 1.8% and ETPMPT rallied 2.9%.
If the WESTERN world is entering an era of economic STAGFLATION then PRECIOUS METALS will be where it's at.
I kid you not, the RESOURCE WARS are going to get serious in the future. We are already seeing countries such as Indonesia, China, Myanmar, Malaysia and Russia place export restrictions on some critical metals. Therefore, I have added the BETA SHARES XMET ETF to my little black book of BUYS.... The fund is made up of a diversified portfolio of high quality producers of all sorts of goodies:
Just two of the top 10 holdings are listed on the ASX, so you get exposures to miners on different exchanges that would normally be a bit of a hassle picking up (I don't run a night desk: sorry!)
And another good thing about XMET - it is currently trading around it's 52 week low - down 20%. BUY last $7.17
The Day Ahead
- Our SPI is up 10 points
- Bitcoin down 2% to $33,995
Movements affecting our resource stocks today (USD)
- BHP in the US up 0.09%
- Newmont up 1.96%
- Gold FLAT @ $1995
- Paper Silver down 0.2% to $22.94
- Platinum down 0.1% to $9.11
- Copper up 0.11% to $3.59
- Brent Crude down 1.9% to $88.41
- Iron ore down 0.8% to $116.30
Asian Market Update
Japan down 2.14%, China up 0.48% and Hong Kong off 0.24%
Bit of corporate action in the world of EVs....
Chinese EV maker #Leapmotor opened over 11% higher in HK after it announced HK$8.5 bn investment from Stellantis at 19% premium.
The shares are now slumping more than 13%.https://t.co/haGgRmRP6L pic.twitter.com/sa5UcfKrul
— YUAN TALKS (@YuanTalks) October 26, 2023
For those that don't know - Stellantis is the owner of these car companies:
Global Market Update
DOW down 251 points to 32,784
The NASDAQ is officially in the 'correction' zone as it has now fallen 10% from its July high. Earnings from some of the TECH behemoths haven't lived up to expectations.
Germans off 1%, Brits down 0.8% and Frenchies fell 0.38%
Chris Bowen is going full steam ahead with these useless wind turbines in Australia....GREEN = SCAM = AVOID
WTF? It looks like there aren't that many winners in the green energy transition. Siemens Energy falls as much as >30% to a fresh All-Time Low as the wind turbine firm seeks state guarantees. Wind-turbine unit stopped taking orders for certain platforms. Net losses, cash flows… pic.twitter.com/WhPhaW7s6s
— Holger Zschaepitz (@Schuldensuehner) October 26, 2023
The brainwashing from the establishment is so extreme that kids actually think these environmentally intrusive things are saving the planet.
Key Market Summary