The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Registered SILVER bullion backing COMEX FUTURES is down to just 28 million ounces or about $672 million worth...If I was a billionaire I would take the lot!!
2. Over the past month LITHIUM has rallied 67%....some wild swings!
3. Bank of Queensland (BOQ) has fallen foul of both APRA and AUSTRAC so is being forced to do all sorts of remedial work to get its systems up to scratch. AVOID - it is not a bargain despite falling over 40% since 2021.
4. In the past 3 months Sydney house prices are up 4.5%...Interest rates are definitely going higher this year.
5. Newmont rallied 5% on Wall Street so should be a good session for Newcrest (NCM) - BUY......As NCM and NEWMONT are merging, both shares should move in similar fashion, plus or minus currency moves.
ASX Market Update
ASX 200 up 21 points to 7112
Didn't seem to be much conviction from investors as our market only managed to claw back a bit of the previous sessions losses...GOLD miners (up 2.7%) were the best performers followed by HEALTHCARE...Sonic Healthcare (SHL) put on 0.97% and Ramsay (RHC) added 0.85% - both are a BUY in my little black book.
Brazilian President Luiz Inacio Lula da Silva has called for the establishment of a common currency for the South American region to reduce reliance on the US dollar.https://t.co/IOp5PUVI86— Spriter (@Spriter99880) May 31, 2023
Easier said than done in South America where INFLATION is off the charts in countries like Argentina and Venezuela....I think a common currency would have to be backed by metals.
The Day Ahead
- Our SPI is up 45 points
- Bitcoin down 0.7% to $26,851
Movements affecting our resource stocks today (USD)
- BHP in the US up 2.7%
- Newmont up 5%
- Gold up 0.67% to $1995
- Paper Silver up 1.7% to $23.99
- Platinum up 1% to $1009
- Copper up 2% to $3.71
- Brent Crude up 2.4% to $74.36
Asian Market Update
Japan up 0.84%, Hong Kong FLAT and China added 0.39%
Xi Man will be like - "whose your daddy!"
#Remember - this SOLAR BOOM is going to trigger the GREAT SILVER BOOM!
Global Market Update
DOW up 153 points to 33,061
Let's hope this dude is right!!
+5% days in Newmont $NEM are exceptionally rare, but when they occur they have had a tendency to mark major bullish turning points.
— CEO Technician (@CEOTechnician) June 1, 2023
Germans up 1.21%, Brits added 0.59% and Frenchies put on 1.28%
The renewables clown show is on full display in the UK....when the sun shines and the wind blows too much electricity is generated so distributors are forced to PAY other countries to take the surplus...but when the wind doesn't blow and the sun stops shining, wholesale electricity prices go through the roof....What a mess - renewables not only trash the environment, but cause grid chaos....I can't believe we are copying this disastrous model - the establishment truly hates us.
Key Market Summary