Housekeeping: Good Morning.
[ EDIT- Gold/Silver CTAs are not market drivers here. They are market followers. Look for them to put positions on in trend direction if one begins. They will not act unless the market is moved by a different player right now.- VBL]
MSA’s assessment is that gold is paused and silver capped now—waiting for the start of some river-flow of capital from the front end of the U.S. stock market. The feverish belief in the forever bull in stocks has fully returned, regardless of how obvious the extremely narrow nature of the stock market’s advance is. So while the S&P 500 and NDX have pushed themselves several percent above their prior highs, gold is stalled.
-Michael Oliver’s MSA report
Contents
Current Prices
Yesterday’s Activity
Data Due
News
Markets/Metals Commentary
Market Gameplan
Attached: BOA CTA Analysis, and MSA Gold Excerpt
Yesterday’s Activity:
Bank Fears are Back
Precious Metals- Gold and Silver divergence
Oil- strong in a small range
US equities- New ATHs again
Bonds- whippy and weaker
DX- non event
Crypto- another strong showing
Week’s Data:
MONDAY, FEB. 12 speakers and Monthly U.S. federal budget Jan
TUESDAY, FEB. 13 8:30 am CPI Day
WEDNESDAY, FEB. 14 Fed Speakers
THURSDAY, FEB. 15 Jobless claims, Retail sales,
FRIDAY, FEB. 16Housing starts, Producer price index, Consumer sentiment
Full calendar1
News:
News Links here
NOTABLE HEADLINES
US senior administration official said as someone who works closely with President Biden, the Special Counsel’s claims about Biden’s memory are completely ridiculous.
US Defense Secretary Austin has transferred duties to Deputy Secretary during treatment in hospital, according to the Pentagon.
US Senate voted 67-28 to advance a foreign aid bill that puts legislation for a USD 95bln aid package for Ukraine, Israel and the Indo-Pacific on track for a vote on final passage later this week,
GEOPOLITICS
US senior official said real progress was made over the last few weeks on a framework deal for the release of hostages and ‘it’s pretty much there’
Hamas said any Israeli ground offensive in Rafah would blow up exchange talks2
Some headlines via NewSquawk
Market Gameplan (Charts):
Someone is masterfully trading the gold silver ratio
Gold- $2061/2089
Silver- 22.72/ 23.22
Oil-
Stocks-
BTC/ETH-
Bonds -
