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Bretton Woods Three is a Process, Not an Event
Today:
Silver Collateral Update
Price action
Premium: Goldman on miners.
Yesterday’s Activity:
US equities rallied to new records on Thursday, one day after the Fed signaled it still expects to cut near-term rates 3 times this year.
Market Commentary:
Goldman on Copper Miners
Our analysis shows that a combination of new leaching technologies could boost the Top-5 copper miners BHP (BHP.AX Buy), Freeport, Codelco, Antofagasta, Glencore (Buy) production by a combined ~1Mtpa over the next decade. RIO (Buy) could benefit from implementing Nuton at Escondida (30% ownership).
Continues at bottom
Simon Hunt comment in video
Price Action
In November:
HSBC moved to consolidate precious metal trading under one roof in the third quarter, transferring all associated market risk, and part of its physical assets, from its US subsidiary to the non-ringfenced UK unit.
HSBC USA Inc sold around $900 million worth of physical inventory to HSBC Bank Plc during the quarter, part of a decision to refer all stateside precious metal financing and trading clients to the London desk going forward
Silver shows up in a Euro ETC in which they are custodian.
H/t Semper Vigilantes (@ SemperVigilant1)
Price Action
Gold- Round two /sovereign wealth fund buying may be starting.
Silver- foot on throat…slam silver to get gold unchanged.. diminishing returns
Miners- not bad at all right?
Oil-
BTC/ETH-
Stocks-up with metals down
Bonds-
Dollar-
Market News:
The U.S. accused Apple of monopolizing the smartphone market in a landmark antitrust lawsuit that threatens to disrupt the tech giant’s business model and how millions of consumers use their iPhones. Source: WSJ
"Shares in social media company Reddit leapt by almost half on its market debut.
"Apple and Alphabet’s Google are set to face full-blown European Union investigations into their compliance with a new law Source: Bloomberg
Nike will replace Adidas as the sponsor of the German national football team
GEOPOLITICS
Houthi official told Reuters they have provided assurances to China and Russia that their vessels will pass safely through the Red Sea.
Ballistic missiles were reportedly fired from Crimea towards Zaporizhzhia and explosions were heard.
EU is actively exploring how to work around an EU treaty clause prohibiting arms purchases from the union's budget amid efforts to increase financing for defence and Ukraine, according to FT.
China's embassy in the Philippines said the Taiwan question is not and should never become an issue between China and the Philippines
Some headlines via NewSquawk or DataTrek
Data on Deck:
MONDAY, MARCH 1810:00 am Home builder confidence indexTUESDAY, MARCH 198:30 am Housing startsWEDNESDAY, MARCH 202:00 pm FOMC interest-rate decision 2:30 pm Fed Chair Powell press conferenceTHURSDAY, MARCH 21 8:30 am Initial jobless claims, U.S. PMI 10:00 am U.S. LEI, Existing home salesFRIDAY, MARCH 22 None scheduled 2
Premium:
Goldman Sachs special report on Global metals and Mining including a list of companies they like
