The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. The Biden Administration has continued to SELL crude oil from its Strategic Reserve which has fallen to the lowest level since 1983....Pure madness.
2. SILVER up again...Yes it has had a good run lately and I don't know if this is the start of something big, but $26 SILVER is around 50% LOWER than the 1980 high!....KEEP ACCUMULATING!!!
3. NAB shares dropped 6.41% after reporting it half yearly profit....The bank did make a very healthy $4bn, but NO...it is not a BUY - the global banking crisis is still in its infancy!
4. Can you believe Dr Phil of the RBA has the audacity to lecture Aussies about the need to pick up productivity?....This is while he works for the government (the most wasteful sector of the economy), he created rampant inflation after printing $300bn (thus stealing our savings and eroding the purchasing power of our money) and he rigs the bond market while having lunches with investment bankers to give them the inside scoop.....Want to see productivity explode higher? Simple...slice the size of government in half and take the short term pain for the long term gain.
Will you look at this crap....
5. US Treasury is planning on buying back US government bonds....HAHAHA...with what money!?! They are running a $2 TRILLION deficit....The WRITING IS ON THE WALL!!
ASX Market Update
ASX 200 down 4 points to 7193
Our market finished FLAT for the session as strength in resources was countered by heavy selling in banks - exactly what we want to see!!....EVN rallied 7.2%, LYC put on 2.38% and BHP added 1.6%.... meanwhile NAB fell 6.4%, WBC lost 4.1% and CBA dropped 2.57%....Kind of crazy that investors are willing to pay 17 times earnings for CBA with bugger all growth forecast, when you can pick up BHP for 8 times earnings.... Each to their own I guess.
I cut the below 2 charts from the recent Victory Metals (VTM) presso....
The names of these 6 rare earths elements are tongue twisters!
The Day Ahead
- Our SPI is down 31 points
- Bitcoin up 1.6% to $28,851
Movements affecting our resource stocks today (USD)
- BHP in the US was FLAT
- Gold up 1% to $2058
- Paper Silver up 2.6% to $26.35
- Platinum down 0.68% to $1054
- Copper up 0.33% to $3.85
- Brent Crude up 0.29% to $72.54
- Iron ore down 2.4% to $98.85
Asian Market Update
Japan up 0.12%, Hong Kong rallied 1.27% and China put on 0.82%
Wow...The below is so true;
# On a side note - the FAKE NEWS MEDIA were quick to tell us that VLAD was behind the drone strikes on the Kremlin, but all indicators point towards the CIA - and as per the above, the Yanks NEED war in order to keep the PONZI USD going....FOLLOW THE MONEY!!
Global Market Update
DOW down 286 points to 33,127
Regional banks got rinsed - PacWest Bancorp crashed another 50%....It was only yesterday that Jerome Powell told the market the banking sector was on a solid footing!...The GLOBALISTS scumbags only know how to BULLSHIT.
Germans down 0.51%, Brits off by 1.1% and Frenchies fell 0.85%
Raising rates into a banking crisis...get your popcorn!
— European Central Bank (@ecb) May 4, 2023
Key Market Summary