Housekeeping: Good Morning.
Bretton Woods Three is a Process, Not an Event
Today:
Why did Gold and Silver go up, The irony of a Silver Squeeze
Premium: Very important take from a bank
Yesterday’s Activity:
US equities mostly fell on Wednesday, weighed down by tech shares. PPI is today
Market Commentary:
Rate cut fallacy, Why Gold and Silver Rallied, Japan may be the trigger
The irony of what may be triggering this silver rally
Via Bob Coleman
Gold and Silver did not rally because of Fed cut expectations
They rallied because Real yields have dropped and macro funds decided now was the time to get long
They have increased in correlation with the Yen, implying this is based on Japan’s possible next move to strengthen the yen by letting rates rise.
This would be bearish for the USD if it happened
Price Action
Gold- dips were bought
Silver- SLV shorts are panicking
Miners- time to like them is here
Oil- keeps on
BTC/ETH- spoof to buy
Stocks- relentless
Bonds- strong.. but reals are dropping
Dollar- watch the yen
Market News:
"The House voted overwhelmingly to approve a bill on Wednesday that would ban TikTok from operating in the U.S. or force a sale, setting the stage for a final showdown in the Senate, where lawmakers signaled a more cautious approach on the legislation." Source: WSJ- Trojan horse
Waymo will begin offering a robotaxi service to the public in Los Angeles this week and in Austin by the end of the year.- Tesla
BoJ will discuss whether to end its negative interest rate policy as pay hikes by major companies bring the central bank's 2% price stability target within reach. Furthermore, with more BoJ policymakers embracing the idea, the decision is seen coming down to the results of Japan's annual wage negotiations
GEOPOLITICS
US reportedly held secret talks with Iran over the Red Sea attacks with indirect negotiations in Oman aimed to end strikes against shipping by Tehran-backed Houthis, according to FT.
Taiwan and China authorities both dispatched teams to join a rescue mission after a Chinese fishing boat capsized near Taiwan-controlled Kinmen Islands on Thursday morning, according to Taiwanese press.
Philippines President Marcos and US Secretary of State Blinken to meet on March 19th to discuss cooperation and security matters, while Marcos vowed to defend maritime rights in the face of a 'more active attempt by China to annex some territories'.
Some headlines via NewSquawk or DataTrek
Data on Deck:
MONDAY, MAR 11 None scheduled - BTFP outlookTUESDAY, MAR 12 CPI Feb.WEDNESDAY, MAR 13 None scheduledTHURSDAY, MAR 14 U.S. retail sales, PPI Feb.
FRIDAY, MAR 15 8:30 am Empire State manufacturing survey
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GS gets real on Gold
