The Good Morning Report

The latest market news, commentary and strategy by Adrian Rowney 

 

5 Things that Grabbed my Attention

1. Perfect...Silver, Copper, Nickel, Tin & Platinum miners should start behaving like the soup Nazi as well!

2. Bank of Poland cut interest rates by 0.75% to 6% despite inflation running @ 10%.

3. China has banned all government officials from using APPLE iPhones....I doubt the average Chinese person is going to feel too comfortable walking around with an iPhone now....Got to be brave buying APPLE shares on its massive current PE of 30 times....If Warren Buffet decides to take some profit then look out!

4. According to the World Gold Council, central banks continued to BUY GOLD in July with 55 tons added.

5. ETPMAG has failed to break through the mid $35 resistance level for maybe the 10th time...for those younger clients of ours, you should be breathing a sigh of relief as it allows more time to accumulate; buying SILVER is your way out of the rat race - everyone should be aiming to get to a minimum of $50K worth as this new economic era ,characterized by STAGFLATION, will be brutal (but a joy for those that are prepared!).

ASX Market Update

ASX 200 down 86 points to 7171

Our market copped a decent touch up...SuperCheap (SUL) was the worst performer in the top 200 after falling 7.5% - no real surprise seeing retailers roll over....BHP fell 5.18% -but it also went ex dividend of $1.25 fully franked and Qantas (QAN) dipped 2.28% as major shareholders start pushing back against the big fat cheque that the board is about to cut for the outgoing CEO.

"Listen closely Allan, we are getting you out late tonight from Richmond RAAF base. Chairman Goyder has already wired the $24mil to Cayman's account to tie you over for a while. I'm skipping town too.. the heat is on us my friend...the natives want blood".

Random Observation

Someone showed me this....Looks like the RBA should increase rates by 5% at the next meeting - CLOWN WORLD!!

The new owner of this place will also have to fork over about $477K in protection money to the mafia...

The Day Ahead

  • Our SPI is up 2 points
  • Bitcoin up 0.7% to $25,876

Movements affecting our resource stocks today (USD)

  • BHP in the US down 2.6%
  • Newmont down 0.36%
  • Gold FLAT @ $1943
  • Paper Silver down 1.1% to $23.25
  • Platinum down 0.5% to $910
  • Copper down 0.5%% to $3.76
  • Brent Crude down 0.63% to $90.02
  • Iron ore down 2.1% to $113

Asian Market Update

China down 1.13%, Hong Kong fell 1.3% and Japan off 0.75%

These Chinese property stocks are running hot.....Still miles off their highs though, as most were originally slammed by 70% to 90%.

Global Market Update

US Market

DOW up 57 points to 34,500

The DOW steadied overnight after a few days of selling, but the TECH heavy NASDAQ rolled over again....APPLE shares fell 2.9% as the CCP banned government officials from using iPhones. 

European Markets

Germans down 0.14%, Brits up 0.21%, Frenchies FLAT

'Sorry peasants if you can't afford insurance anymore - we have some huge losses we need to make up for with our disastrous bond portfolios!'

Key Market Summary

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July 9, 2024.
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