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The Good Morning Report

Posted on May 9, 2023

The latest market news, commentary and strategy by Adrian Rowney 

5 Things that Grabbed my Attention

1. Major Chinese banks have set up platforms allowing customers to transfer savings to GOLD....Meanwhile we can't export GOLD fast enough in our thirst for fiat currency created by the stroke of a keyboard...Calling us STUPID would be the understatement of the century.

2. RBA's rate hike last week did nothing to dampen property auctions over the weekend....Rates are going much higher - don't believe those economists who are saying otherwise.

3. Jim Chalmers went easier than expected on OIL and GAS companies....Woodside (WDS) will take a bit of a hit, but Santos (STO) and Beach (BPT) will hardly be affected....all 3 stocks are a BUY - way more confident now this taxation issue is out of the way.

4. Lithium prices in China have now bounced around 30% from the low last month....Lithium miners should continue to push higher.

5. Warren Buffet on bankers at his annual meeting: "If  you  run  a  bank  and  screw  it  up  you're  still  a  rich  guy. The  country  clubs  don't  drop  you...the  world  goes  on, and  that  is  not  a  good  lesson."

ASX Market Update

ASX 200 up 57 points to 7277

I have been banging on a fair bit lately about rare earths miner Lynas (LYC) , so it was great to see it rally 12.8% after receiving a favorable ruling in Malaysia....Over the next six months or so, I am anticipating that LYC will go on to test its all time high of $11.39....RIO or BHP should really be making take over bid for it right now.

LYC also went on to say there are legal avenues to get it extended beyond 2024....By the looks of it, the Malaysian government doesn't want to get out of the rare earths business; it's far too lucrative for them.

Random Observation

Wouldn't want to be bearish OIL....

The Day Ahead

  • Our SPI is down 2 points
  • Bitcoin down 5% to $27,472

Movements affecting our resource stocks today (USD)

  • BHP in the US up 0.5%
  • Gold up 0.21% to $2029
  • Paper Silver down 0.5% to $25.80
  • Platinum up 1.47% to $1084
  • Copper up 1.14% to $3.93
  • Brent Crude up 2% to $76.82

Asian Market Update

Aussie lithium miners had a very strong session on the back of this...CXO rallied 6.7%, PLS added 4.5% and IGO put on 3.55% - Giddy up!!

Global Market Update

US Market

DOW down 51 points to 33,618

Definitely not surprised....

European Markets

Germans FLAT, BRITS shut, Frenchies added 0.11%

End this morning's report with a laugh!

Key Market Summary

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Without limiting the generality of the above paragraph no person, persons or organisation should invest monies or take action on the reliance of the material contained in this post, but instead should satisfy themselves independently (whether by expert advice or otherwise) of the appropriateness of any such action. Unless otherwise stated the information presented is not a recommendation to invest in any investments, securities or financial products.

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