Housekeeping: Good Morning. Longs with profits should be careful the next 2 weeks.
When you have eliminated the impossible, whatever remains, however improbable, must be the truth.
-Sir Arthur Conan Doyle on Central Bank Gold Buying
Today:
Credit Agricole on Central Bank Buying
Premium: World Gold Council
Yesterday’s Activity:
US equities declined on Friday, weighed down by tech shares
Market Commentary:
**Full reports attached at bottom
Price Action
Gold- sideways is bullish
Silver- Tightness begins
Miners-
Oil-
BTC/ETH- Monday Frontrunning
Stocks-
Bonds-
Dollar-
Market News:
BTFP is slated to end today. But so far, there seems to be no panic aside from the ramp up in Gold last week which is a hedge for banking problems
"Nonfarm payrolls increased by 275,000 for the month while the jobless rate moved higher to 3.9%." Source: CNBC
"The US has widened its productivity lead over Europe, sparking fears in the EU that it faces a “competitiveness crisis” as policymakers call for greater public and private investment. Source: FT
"Reddit and its investors are seeking to raise as much as $748 million in what would be one of the biggest initial public offerings so far this year... Source: Bloomberg
"Legislation that would ban TikTok in the U.S. or force its sale is hurtling toward a vote in the House following months of behind-the-scenes efforts on Capitol Hill. Source: WSJ
"Restaurants like San Diego-based Cali BBQ are experimenting with a form of the dynamic pricing long used by airlines, hotels and ride-hailing services. Technology providers are pitching services that enable restaurants to change prices weekly or monthly, increasing or slashing the cost of a taco or sandwich between a few quarters to several dollars, depending on demand and sales patterns. The small changes can add up for restaurants seeking more sales, though operators must weigh the potential gains with the risk of upsetting inflation-weary consumers." Source: WSJ
GEOPOLITICS
US President Biden said it is always possible that there could be a Gaza ceasefire before Ramadan and he was not giving up, while he said he believes Israeli PM Netanyahu is “hurting Israel more than helping Israel”
Israeli PM Netanyahu said he intends to push ahead with an invasion of Rafah and insisted his priority is to prevent another terror attack like the October 7th Hamas raid
Some headlines via NewSquawk or DataTrek
Data on Deck:
MONDAY, MAR 11 None scheduled - BTFP outlook
TUESDAY, MAR 12 CPI Feb.
WEDNESDAY, MAR 13 None scheduled
THURSDAY, MAR 14 U.S. retail sales, PPI Feb.
FRIDAY, MAR 15 8:30 am Empire State manufacturing survey 1
