Housekeeping: Good Morning. Discussion with Chris Marcus at 1 p.m. about what the BRICS are up to in their quest for dollar independence. Tune in for that. That video will also be posted here, all access tomorrow.
Michael Oliver’s MSA Report has an important technical divergence in Gold and Silver worth looking into that should resolve with the whole complex trading higher over the next few months if it plays out as he sees. We touch on that here.
Finally, and significantly, we just received a Bullion bank’s gold report that frankly was surprising in its tactical insights and price outlook. We will touch on that here as a preview for a full analysis tomorrow.
The Sunday Founders Discussion will be emailed today. Some advanced discussion on Gold options flows
Israeli PM Netanyahu said Hamas's demands in negotiations are delusional and they will keep fighting until their goals are achieved.
Contents
Current Prices
Yesterday’s Activity
Data Due
News
Markets/Metals Commentary
Attached:
Yesterday’s Activity:
Precious Metals- Gold rallied bolstered by Silver which ripped higher on CTA short covering above a significant technical level for some
Oil- Strong, not surprising given the ME developments
US equities- undid all of Thursday’s gains.. cracks in the Tech sector
Bonds- started very weak, but recovered even as stocks weakened.
DX- started strong, finished weak. not a driver of PMs
Crypto- Friday strong but not parabolic after Thursdays massive recovery. Might be a little tired here. Stock types may be weighing on it a tad.
Week’s Data:
MONDAY, FEB. 19 None scheduled, President's Day holiday
TUESDAY, 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 calendar1
News:
News Links HERE
NOTABLE HEADLINES
Fed's Daly (voter) said on Friday there is more work to do on inflation and "remarkable progress" on inflation is not victory, while she added the Fed needs to resist the temptation to act quickly when patience is needed. Daly said none of the recent data was surprising and are within bounds of recent volatility,
WSJ Timiraos wrote on Friday that "The core PCE index in January is likely to have risen 0.4%, the largest increase in a year, according to the forecasters who translate the CPI and PPI into the PCE. That would hold the 12-month rate steady at 2.9%".
GEOPOLITICS
Israeli PM Netanyahu said Hamas's demands in negotiations are delusional and they will keep fighting until their goals are achieved.
Israel's cabinet unanimously approved a motion rejecting international calls for a permanent settlement with the Palestinians including the unilateral recognition of a Palestinian state, according to FT.
More below2
Some headlines via NewSquawk
Markets/Metals Commentary (Charts):
Gold-
Silver-
Oil
Stocks
BTC/ETH
Bonds
Attached:
MSA Silver Excerpt
