Housekeeping: Good Morning.
Yesterday on GoldFix an overview of The new CITI report on Gold (more on that at bottom) was given for 2024. It was also discussed in yesterday’s exclusive interview with Chris Marcus on Arcadia in context of BRICS Gold monetization plans.1
This morning CNBC is running a story based on that report after we broke the item. Later this morning we will be sending our detailed analysis of that report including charts, commmentary, and several report excerpts coming up.
Look for the complete breakdown and analysis later this morning.
All else equal, we think the next $200/oz move for gold is likely to be higher as opposed to lower from current spot. Though a low probability outcome, in various wildcard scenarios we could even see gold try to test $3,000/oz in the next 18m.
-CITI Analysis
Contents
Current Prices
Yesterday’s Activity
Data Due
News
Markets/Metals Commentary
Attached: CNBC coverage, select slides
Yesterday’s Activity:
China reopens but US closed
Precious Metals- China buys gold, US doesnt buy Silver
Oil- narrow range
US equities- slightly higher
Bonds- closed for the holiday
DX- slightly weaker
Crypto- sideways and sold
Week’s Data:
MONDAY, FEB. 19 None scheduled, President's Day holidayTUESDAY, FEB. 20 10:00 am U.S. leading economic indicators Jan. -0.1%
WEDNESDAY, FEB. 21 2:00 pm Minutes of Fed's January FOMC meeting
THURSDAY, FEB. 22 Jobless claims, PMI Feb.
FRIDAY, FEB. 23 None scheduled
Full calendar2
News:
News Links
NOTABLE HEADLINES
Gold at $3,000 and oil at $100 by 2025? Citi analysts don’t rule it out
Capital One (COF) is to acquire Discover Financial Services (DFS) in all stock transaction valued at USD 35.3bln in which Discover shareholders will receive 1.0192 Capital One shares for each Discover share.
China lowers mortgage rate
GEOPOLITICS
Yemen’s Houthis said they attacked two US ships in the Gulf of Aden, while they also confirmed that they attacked a UK ship over the weekend which resulted in its sinking.
IAEA Chief said Iran continues to enrich uranium just short of weapons-grade level, according to Reuters.
OTHER
Ukrainian President Zelensky said the front-line situation is extremely difficult where Russian troops are concentrated and that Russia is exploiting delays in aid
China’s military said it organised front-line naval and air forces to closely monitor the Philippines' 'joint air patrol' with foreign countries in the South China Sea on Monday,
More here3
Some headlines via NewSquawk
Markets/Metals Commentary (Charts):
Gold-
Silver- the cycle may restart
Oil
Stocks
BTC/ETH
Bonds
