The Good Morning Report – 5th of June

1.Commodities are going through a correction phase at present. Copper, Silver, Zinc, Nickel, Palladium, Oil etc are all rolling over….China will continue to take full advantage of weaker pricing, while western investors focus on AI.

2. America’s FDIC reported that unrealized losses in the banking system jumped to $517bn with 63 banks on the brink of collapse….Kind of funny how the market couldn’t give two hoots.

3. There are a bunch of fund managers complaining about Roaring Kitty aka Keith Gill manipulating the market and want the government to save them….I have no sympathy for the short sellers that have been trying to drive Gamestop shares into the ground. Suck it up!!

4. Shipping giant Maersk has warned of congestion in Mediterranean and Asian ports due to the troubles in the Red Sea….This all adds to STAGFLATIONARY pressures.

5. Freight Index from China to Europe is now trading around all time highs.

ASX 200 down 23 points to 7737

The energy sector dragged the overall market lower after the tumble in OIL prices. Woodside (WDS) fell 1.79%, Santos (STO) dropped 2% and Beach (BPT) was off 2.3%.

Mexico elected a hard left President so it is little wonder stocks go thumped….I think her election is bullish for SILVER as mine supply will definitely take a hit. History shows that output of basically everything falls under these kind of socialist leaders.

“Thankyou Mexico, now everybody have a siesta and wait for the free stuff to arrive as promised!”

Going to be a really crappy day for us judging by the overnight scoreboard….I really need to find a new night watchman – someone like a Terry Alderman; he was always pretty solid! hahaha.

  • SPI is down 19 points
  • Bitcoin up 2.5% to $71,024
  • BHP in US down 2.4%
  • Newmont in US down 2.8%
  • URNM down 2.96%

Movements affecting our resource stocks today (USD)

  • Gold down 0.97% to $2346
  • Paper Silver down 3.6% to $29.66
  • Platinum down 2.4% to $997
  • Palladium down 0.56% to $921
  • Copper down 2.66% to $4.54
  • Brent Crude down 1% to $77.55
  • Iron ore down 2.1% to $107.20

Japan down 0.22%, China up 0.41% and Hong Kong added 0.22%

Indian shares tanked 5.74% as vote counting continues. While incumbent PM Modi is going to win a third term, early indicators are showing that he is unlikely to govern the country with a strong majority. The market doesn’t like the idea of having too many cooks in the kitchen, if you get my drift.

DOW up 140 points to 38,711

The market just laughed in the face of the FDIC report warning that 63 banks are on the verge of going bust as the unrealised losses pile up. Gold and Silver were sold off for good measure!

Germans down 1.09%, Brits off 0.37% and Frenchies dipped 0.75%

Miners and Banks were on the nose as money rotated into health care stocks…..The ECB meets later this week with the market expecting a rate cut.

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