Housekeeping: Good Morning.
Bretton Woods Three is a Process, Not an Event
Today:
All About Gold Beans
Yesterday’s Activity:
US equities advanced on Monday amid a Big Tech rally and ahead of the Federal Reserve's two-day monetary policy meeting starting tomorrow.
Market Commentary:
(Bloomberg Excerpt) With China’s deflation at its worst in 15 years, a volatile stock market and bank interest rates too low for her liking, 18-year-old Tina Hong is placing her financial security in gold beans.
Weighing as little as one gram, the beans — and other forms of gold jewelry — are increasingly viewed as the safest investment bet for young Chinese in an era of economic uncertainty. It’s part of a larger consumer trend for all things gold — from bullion to beans and bracelets — that has gripped the mainland.
“It’s basically impossible to lose money from buying gold,” reasoned Hong, a college freshman studying computer science in Fujian province who in January began buying gold beans because of their relatively low cost of about 600 yuan ($83) per gram. She has more than two grams of the beans and will continue buying them as long as costs are lower than international gold prices, she said.
More at bottom
Price Action
Gold-
Silver-
Miners-
Oil-
BTC/ETH-
Stocks-
Bonds-
Dollar- ditto
Market News:
BoJ carried out a widely telegraphed and dovish exit from NIRP, YCC and ETF/J-REIT buying..1
"Apple is in talks to build Google’s Gemini artificial intelligence engine into the iPhone. Source: Bloomberg
"Nvidia on Monday announced a new generation of artificial intelligence chips and software for running AI models.Source: CNBC
GEOPOLITICS
Israeli PM Netanyahu said he spoke with Biden about achieving goals in the Gaza war while providing needed humanitarian aid
Israeli officials said PM Netanyahu narrowed the mandate of the negotiating delegation and set red lines for what they can accept, according to Axios.- significant?
US military said it destroyed seven anti-ship missiles and three unmanned aerial vehicles in Houthi-controlled areas of Yemen
The EU drafted a law to send Russian Central Bank profits to Ukraine
Some headlines via NewSquawk or DataTrek
Data on Deck:
MONDAY, MARCH 1810:00 am Home builder confidence indexTUESDAY, MARCH 19 8:30 am Housing starts
WEDNESDAY, MARCH 20 2:00 pm FOMC interest-rate decision 2:30 pm Fed Chair Powell press conference
THURSDAY, MARCH 21 8:30 am Initial jobless claims, U.S. PMI 10:00 am U.S. LEI, Existing home sales
FRIDAY, MARCH 22 None scheduled 2
Premium Analysis
Fundamentally
Geopolitically
West Counter-Attack
Noteworthy Risks
Biggest Picture: Mercantilism Rules
The GS Trading Desk Comment
