Markets: Why 2024 is Year of The Gold

Housekeeping: Good Morning.

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Today:

• Open Interest versus Price

• What Happened in March of 2020

• Why 2024 is the Year of the Gold

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Contents

1. Current Prices

2. Yesterday’s Activity

3. Data Due

4. News

5. Markets/Metals Commentary:

6. Premium:

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Yesterday’s Activity:

Comment: US equities retreated on Wednesday ahead of the Federal Reserve's favored inflation reading PCE

• Precious Metals-

• Oil/NG-

• US equities-

• Bonds-

• DX-

• BTC/ETH-

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Week’s Data:

• MONDAY, FEB. 26 New home sales

• TUESDAY, FEB. 27 Durable-goods orders

• WEDNESDAY, FEB. 28 GDP (first revision)

• THURSDAY, FEB. 29 PCE index consensus= 0.4%MoM

• FRIDAY, MAR 1 S&P U.S. manufacturing PMI

Full calendar¹

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News:

Top MSM News Links Here

NOTABLE HEADLINES

• Top congressional leaders unveiled a deal Wednesday to keep the federal government fully operating beyond Friday, when funding is scheduled to lapse for some agencies. Leaders said they will hold a vote on a stopgap bill this week to avoid any lapse in government funding, followed by votes next month on full-year spending bills."

• “We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe.”

  -Coinbase during the spike higher.

• Revenge of the ICE- You can get $40,000 off a 2023 Toyota Mirai, a fuel-cell vehicle that retails for $52,000. When you factor in the $15,000 in free hydrogen over six years and the available 0% interest loan, Toyota is essentially paying people $3,000 to take the car off its hands. Toyota’s discount comes on the heels of Shell’s announcement three weeks ago that it’s closing its hydrogen filling stations in California."

• More²

GEOPOLITICS

• Italy's Finance Minister discussed with US Treasury Secretary Yellen a path to use frozen Russian assets to compensate Ukraine for war damage

• Japan's top currency diplomat Kanda said using frozen Russian assets for Ukraine must be based on international law and he thinks EU's proposal is along those lines

• Feet Held to the Fire: Eight EU countries called for new sanctions on Russia over Navalny's death.- signed by Czech Republic, Estonia, Finland, Lithuania Latvia, Poland, Sweden and Romania.

• More³

Some headlines via NewSquawk or DataTrek

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Markets/Metals Commentary (Charts):

Comment: This is where the market changed

• Gold- sideways is bullish for CTA flows

• Silver- max shorts

• Oil- sideways is bearish

• Stocks-

• BTC/ETH- no topside yet

• Bonds-

Zen Moment:

*** Holding Place***

Premium Attached:

• ***Bank Trading Desk: Immigration & inflation are bigger electoral problems

• MUFG Commodity weekly