The Good Morning Report – 28th July

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. ECB increased interest rates by 0.25% to 4.25% - highest in more than 20 years.

2. 9% of registered SILVER left the COMEX vaults overnight...SILVER futures fell 2.8%. does that work - surging demand falling price!?!!

3. I cut this directly from Macquarie's (MQG) AGM notes: "1Q24 net profit contribution was substantially down on 1Q23, primarily due to lower investment-related income from green energy investments".......I predict this is the start of some serious pain with huge write downs on the way. All their renewable energy investments are propped up thanks to generous government subsidies - MQG can only leech off taxpayers around the world for so long and the clock is ticking in many countries....GREEN = SCAM = AVOID.....MQG fell 4.8% in the session.

4. It was a bugger seeing one of my little nickel picks, Panoramic Resources (PAN) bomb out by 40% after being forced to raise $40mil to fix a financial black hole left from the severe weather event that ripped through and damaged the mine and surrounding infrastructure....Existing shareholders will be offered a Share Purchase Plan @ 5c....SPEC BUY last sale $0.055.

5. NSW state government announced it wants to review the COAL royalty scheme. In other words they need more money to throw in the black hole that is renewable energy....A decision will be made by 1st of July 2024 on the royalties.

ASX Market Update

ASX 200 up 53 to 7455

Bit of a stinker of a session for a few of our stocks; Regis (RRL) fell 10% on a production downgrade and increasing costs, coal miners dipped on NSW royalty talks and Panoramic (PAN) was forced into a capitulation capital raising to plug a short term hole in its balance sheet.....Did have one bright spot though - good old Sandfire (SFR) rallied 9% after its quarterly.

Here is some more info on the PAN....

Existing shareholders have the right to buy up to 30K worth at 5c. The SPP will close on the 5th of September, but they can close it early. The prospectus will be sent out in early August.

Random Observation


The Day Ahead

  • Our SPI is down 36 points
  • Bitcoin down 0.6% to $29,147

Movements affecting our resource stocks today (USD)

  • BHP in the US down 1.2%
  • Newmont down 2.8%
  • Gold down 1.26% to 1944
  • Paper Silver down 2.8% to $24.26
  • Platinum down 3.1% to $941
  • Copper down 1.49% to $3.84
  • Brent Crude up 1.23% to $83.94
  • Iron ore down 3.6% to $109.20

Asian Market Update

Japan up 0.68%, Hong Kong added 1.41% and China dipped 0.2%

The Bank of Japan (BOJ) looks set to keep interest rates at an insane rate of minus 0.1%....I am still predicting the mother of all currency crisis' to hit which could easily turn out to be a "BLACK SWAN" event for global markets... As I have said for quite some time, Japanese investors need to be investing their savings in GOLD, SILVER and PLATINUM and not in YEN or BONDS.

Looks like a decent store of wealth to me!

Global Market Update

US Market

DOW down 238 points to 35,281

After 13 straight consecutive gains the DOW finally dropped as stronger than expected US economic growth data was released - quite often good news can be treated as bad by the market because it potentially means higher interest rates.

European Markets

Germans up 1.7%, Brits added 0.21% and Frenchies added 2.05%

European stocks jumped as Christine Lagarde announced another 0.25% interest rate hike...

SILVER falls on surging demand, EU stocks rally as financial liquidity drops....Don't mind me, I'm completely fine with it all!!!

Key Market Summary

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