Housekeeping: Good Morning.
“The Gold reset is a process, not an event”
Today:
Discussion: MSA Updates on Silver and GDX
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Discussion: MSA Updates on Silver and GDX
The following are excerpted from Michael Oliver’s 360 weekend report
Silver:
If we see daily momentum get back above Friday’s oscillator high and above the zero line/3-day avg., then bet that this daily (consolidation) process is over and upside will return. Short-term action will then get back in sync with larger factors. For Monday that means closing December Silver above $33.94.
Price has traded either side of $34 for six days now. Hardly a victory for short-sellers. And also, net for the week, silver was up 1.65% and gold up .65%.
NEM and GDX:
Of course, NEM constitutes 14.28% of GDX weightings. And so GDX suffered sharply on Thursday along with NEM . GDX closed down for the week 3.68%. Is that a signal of sector decline? Well, consider that silver and gold had a positive week and SIL (Global X Silver miners ETF) rose 2.8%. Context is important. Source: MSA
News/Analysis:
Equity Recap:
The Nasdaq Composite closed at a new record on Friday, led higher by Big Tech. Large caps bested small caps: S&P 500 (-0.03%) vs. Russell 2000 (-0.49%). MSCI Emerging Markets (EEM) and MSCI EAFE (EFA) slipped 0.09% and 0.34% respectively.
Market News: BigTech Earnings
"This week brings earnings reports from many of the big tech companies whose stocks have powered the market to records... Google parent Alphabet is scheduled to report Tuesday, followed on Wednesday by Microsoft and Facebook parent Meta Platforms. Apple and Amazon are on tap Thursday. Nvidia, the final member of the Magnificent Seven, reports Nov. 20." Source: WSJ
"Google is developing artificial intelligence that takes over a person's web browser to complete tasks such as gathering research, purchasing a product or booking a flight... The Information
"Large investment funds run by groups such as Fidelity and T Rowe Price are being forced to offload shares to avoid getting into trouble with US tax authorities, Source: FT
"The federal government is investigating [digital] currency company Tether for possible violations of sanctions and anti-money-laundering rules... : WSJ
Politics/Geopolitics: Everybody Pulls Out
"The vise-tight grip that China wields over the mining and refining of rare minerals, crucial ingredients of today’s most advanced technologies, is about to become even stronger. In a series of steps made in recent weeks, the Chinese government has made it considerably harder for foreign companies, particularly semiconductor manufacturers, to purchase the many rare earth metals and other minerals mined and refined mainly in China. Already, China produces almost all the world’s supply of these materials." Source: NYT
Japan’s ruling coalition lost its parliamentary majority in Sunday’s election in which the LDP and its junior coalition partner won 209 seats with all but 20 of the 465 seats accounted for, which is short of the 233 needed for a majority
Israel conducted a military strike on targets in Iran early on Saturday and the military said the retaliatory strike has been completed with the objectives achieved
Iran’s President said Iran is not seeking war but will respond appropriately to Israel’s attack, according to state media.
Israeli PM Netanyahu said the Israeli air force hit hard Iran’s ability to defend itself and its ability to produce missiles,
Israel's Channel 13 quoted military officials that stated they do not rule out that the Air Force will have to carry out another military operation in Iran
Israel expects that Iran would launch a counterattack against the Jewish state in response to its successful strike against Iranian military
Iran’s Foreign Minister said Iran has no limits in defending its territorial integrity, according to Tasnim.
US President Biden said he hopes the Israeli strikes against Iran are the end and it looks like Israel didn’t hit anything except military targets.
Israel conducted an airstrike that targeted some military sites in central and southern areas of Syria, according to Syrian state media.
Hezbollah urged residents of more than two dozen Israeli settlements to immediately evacuate and said these settlements have become bases for the Israeli military and are now legitimate targets
Russian President Putin said he hopes NATO heard his words about permitting Ukraine to fire Western long-range weapons at Russia and warned Russia will use a range of responses
NATO said a high-level delegation from South Korea will brief the North Atlantic Council on Monday regarding North Korean troop deployment to Russia.
Foreign and defence ministers from South Korea and the US will hold talks on October 31st.
US State Department approved the potential sale of radar turnkey systems to Taiwan for an estimated cost of USD 828mln
Data on Deck: PCE and NFP/Unemployment
MONDAY, OCT. 28 None scheduled
TUESDAY, OCT. 29 S&P Case-Shiller home price index
WEDNESDAY, OCT.30 Retail and Trade
THURSDAY, OCT. 31 PCE , Core PCE index Oct.
FRIDAY, NOV. 18:30 am U.S. employment report
*FINAL MARKET CHECK
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