The Good Morning Report – 9th of July

1. Rex Minerals (RXM) is getting taken over at $0.47 by a subsidiary of a giant Indonesian industrial known as the Salim Group….I’ve had a SPEC BUY on RXM for a while now….Great way to start the week for those that took the risk on it!

2. Reserve Bank of India bought 9 tons of GOLD in June – it’s largest purchase in 2 years.

3. Regis (RRL) finished the quarter with $295 million in cash and bullion (no debt)….That’s a pretty darn solid financial position for a company worth $1.3bn. BUY last sale $1.81

4. Citi is predicting the FED is going to aggressively start cutting interest rates in the US, beginning in September.

5. US air travel has now passed pre-covid levels to hit fresh record highs….I’m seeing some very conflicting data about the all important American consumer which accounts for about 70% of the economy; one minute it looks like the consumer is cooked and the next you see airport traffic is booming!

ASX 200 down 59 to 7763

The big news was the Indonesian industrial giant agreeing to takeover Rex (RXM) which owns one of Australia’s largest undeveloped copper deposits. The stock surged 53% on the news. Salim are paying $393 mil for the company or $0.47 per share….While I would have hoped to get much more, the fact the junior mining sector has been pretty much decimated (countless miners are down 70% to 95%) I think the RXM board is getting a fair price. I recommend taking profit and move the proceeds to a beaten up play like Chalice (CHN).

Giddy up!!….Let’s go SILVER!!

Bit of an ordinary session for us today.

  • ASX futures up 29 points
  • Bitcoin down 1.42% to $56,290
  • BHP in US down 1.9%
  • Newmont in US down 0.9%
  • URNM down 1.08%

Movements affecting our resource stocks today (USD)

  • Gold down 1.3% to $2364
  • Paper Silver down 2.16% to $31.05
  • Platinum down 3% to $1013
  • Palladium down 2.27% to $1016
  • Copper down 1.04% to $4.60
  • Brent Crude down 1.05% to $85.63
  • Iron ore down 1.5% to $108.75

Japan down 0.32%, Hong Kong off 1.55% and China dropped 0.93%

This is brilliant diplomacy from Modi as India needs Russian commodities for it’s economic development, plus with the WESTERN sanctions, the on-selling of Russian OIL to the EU has become a great earner!

Being in tight with Vlad and western leaders will pay great dividends for India over the coming years.

DOW down 31 points to 39,344

It was a fairly quiet session on Wall Street as traders wait for inflation data and a bunch of quarterly profit results from the big banks on Friday.

After the elections, both the UK and France will now take a turn further to the left which means even bigger government debt thanks to crazy and reckless spending plans. In the long run GOLD/SILVER will become even more valuable because precious metals can’t be created out of thin air like debt and digital money printing.

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July 9, 2024.
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