The latest market news, commentary and strategy by Adrian Rowney
5 Things that Grabbed my Attention
1. Oh goody gum drops, something to look forward to!
“Not YET” 😶 pic.twitter.com/XgcVlThlsP— Sir Doge of the Coin ⚔️ (@dogeofficialceo) June 6, 2023
2. Chinese copper imports hit a monthly record....BUY WIRE.
3. Only a matter of time before these commercial real estate blowups in the US cause another banking crisis....See Random Observation.
4. There is talk of deals in MET COAL being done at US$290 a ton....A shipment was sold at US$246 the other day....Let's see what comes out in the wash - but pricing is looking very good all of a sudden!....BUY SMR - it is CHEAP.
5. SEC is freezing all of Binance's US assets....You wouldn't want to have money on their platform or with Coinbase....heck...why even take the risk with crypto? Just buy PHYSICALLY BACKED PRECIOUS METAL ETFs and sleep like a baby!
ASX Market Update
ASX down 11 points to 7118
Beach (BPT) was one of the worst performers falling 8% to $1.305 after announcing drilling at one of its prospects came up with NADA; it's rig will now move on to another spot....As BPT is an existing producer in a strong financial position, I will maintain a BUY.
The financial system is not going to cope with these continued blowups.....
The 1,921 Room Hilton Union Square Hotel in San Francisco Was Just Abandoned@Gary_Brode @menlobear @tyillc— Mike "Mish" Shedlock (@MishGEA) June 6, 2023
One of the largest hotels in US was forfeited by owner to the lender.https://t.co/XShUd4jEAa pic.twitter.com/oWPxrtV4e9
The Day Ahead
- Our SPI is down 11 points
- Bitcoin down 1% to $26,452
Movements affecting our resource stocks today (USD)
- BHP in the US was FLAT
- Newmont down 0.32%
- Gold down 1.19% to $1958
- Paper Silver down 0.44% to $23.56
- Platinum down 1.3% to $1024
- Copper down 0.34% to $3.75
- Brent Crude up 0.81% to $76.81
- Iron ore up 0.46% to $109
Asian Market Update
Japan down 1.82%, China was FLAT and Hong Kong put on 0.89%
No flies on the Xi Man as Chinese COPPER imports ramped up to a monthly record high and this comes at a time when production from the world's largest copper miner hit a 25 year low....Too good Xi Man, plus backing the truck in while prices are LOW!
— CN Wire (@Sino_Market) June 7, 2023
Global Market Update
DOW up 92 points to 33,665
Profit takers moved in on AI exposed stocks with both Nvidia and Microsoft falling over 3%. The NASDAQ closed 1.29% lower.
Germans down 0.2%, Brits and Frenchies were FLAT
GOLD in Turkish Lira surged 6.6% overnight to another fresh record high and is now up 614% over the past 5 years....GOLD = STORE of WEALTH.
This data shows why central banks in the EAST are buying GOLD in record volumes.
Key Market Summary