Housekeeping: Good Morning.
“The Gold reset is a process, not an event”
Today
Discussion: Gold Funds Take Profits as Banks Absorb Losses
Premium: Capitulation or not?
Discussion: Funds Take Profits as Banks Absorb Losses
Funds are unwinding positions from a position of strength, taking profits while banks step in as buyers. The same banks that absorbed losses over the last two weeks are now locking in those losses by buying back.
News/Analysis:
Markets Recap:
NVDA Earnings- Q4 revenue topped estimates, as Data Centre revenue surged, driven by AI chip demand, though the rate of expansion is slowing. And while Q1 sales guidance was above expectations, gross margins are seen easing in Q1, leading to shares slipping about 1.5% by the end of the extended trading session, with investors left slightly underwhelmed, according to Bloomberg.
Market News: Revolution(ary)
Epstein Files- AG Pam Bondi Announces Thursday Release As 250 Victim Names Redacted Attorney General Pam Bondi announced on Wednesday evening that she's going to release DOJ files on dead pedophile Jeffrey Epstein.
Epstein, a financier and convicted sex offender was found dead in a New York jail cell while awaiting trial on sex trafficking charges. While his death was ruled a suicide, he was also good friends with the Clintons and several other high-profile figures such as Bill Gates, Britain's Prince Andrew, former Israeli Prime Minister Ehud Barak, former Barclays CEO Hollywood luminaries who had occasion to visit his island bordello - ZH
Bezos Rebrands- Jeff Bezos announced on Wednesday morning that the Post's opinion pages will be "writing every day in support and defense of two pillars: personal liberties and free markets," Bezos explains on X;
I’m writing to let you know about a change coming to our opinion pages. We are going to be writing every day in support and defense of two pillars: personal liberties and free markets. We’ll cover other topics too of course, but viewpoints opposing those pillars will be left to be published by others.
WaPo opinion editor David Shipley - noted leftist ideologue quit the paper rather than be compelled to present a more balanced view.
Why is this relevant to markets? Because it reveals the fragility in them.There will be a moment when this crushed confidence in government bleeds into stocks as 1/2 the nation has a crisis of confidence driving them down while metals are driven upward even.
Geopolitics/ Politics:
MIDDLE EAST
"Negotiations for the passage of the second phase will take place next week in Cairo or Doha", according to Al Jazeera
The bodies of four Israeli hostages have been transferred to Israel and a Hamas source stated that 97 Palestinian prisoners have been transferred to Egypt. Hamas also said it adheres to the Gaza ceasefire agreement and is ready for discussions on the second phase, while it added suggested the release of the remaining hostages depends on commitment to the ceasefire terms.
Russia's Kremlin says they think the process with the US can move forward with political will, welcome the fact that US President Trump is "willing to listen", no one expects quick and easy solutions with the US. No substantiative discussion yet on cooperation between Russian and US companies. Don't want to see global trade wars. Everything needs to be resolved in stages. Focused on trade with the BRICS.
European Council President Costa says member states must be prepared for a potential European contribution to the security guarantees for Ukraine and President Zelensky has been invited to the March 6th leaders summit.
via Newssquawk
Data on Deck: GDP, PCE
MONDAY, FEB. 24 None scheduled
TUESDAY, FEB. 25 S&P Case-Shiller home price index (20 cities)
WEDNESDAY, FEB. 26 New home sales
THURSDAY, FEB. 27 GDP
FRIDAY, FEB. 28 PCE 2.4% 2.6%1
Final Market Check-
Premium:
Selling Capitulation video section starts around 19 minute mark
