Silver's Bend and Snap

BRICS is Making Real Progress

VBL

May 29, 2024

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Housekeeping: Good Morning.

BW3 is a process, not an event.

Today:

Premium: MUFG on Asian Commodities
Commentary: BRICS is Making Real Progress, Bend and Snap,

Session Recap:

The combination of rising consumer confidence, hawkish Fed commentary, weak Treasury auction results, and increasing oil prices contributed to a notable rise in sovereign bond yields.

Premium Markets:

1-BRICS to Launch SWIFT Alternative

Key Phrase
According to the organizing committee of the forum, a resolution will be adopted on new payment, settlement, and emission activities of the countries of the association. Source

2- It’s Called the Bend and Snap…

Gold: Below 2333 could air gap to 2285
Silver: above 32.40 implies 34.50 Bend and Snap
No ease until September earliest.. likely none at all
The Nvdia crash scenario- does gold go up or down

Market News:

"Elon Musk's AI startup — xAI — announced that it has raised $6 billion in one of the largest venture capital funding rounds of all time. Why it matters: This could help Musk begin to catch up with ChatGPT maker OpenAI, which he co-founded Source: Axios

"The US stock market is finally as fast as it was about a hundred years ago. That was the last time share trades in New York settled in a single day, as they will from Tuesday under new Securities and Exchange Commission rules. Source: Bloomberg

"Toyota has unveiled plans for a new generation of internal combustion engines, betting on a continued need for older technologies even as car buyers shift towards Tesla and other electric-vehicle makers Source: FT

Geopolitics:

"Israeli forces have now pushed deeper inside Rafah, mostly along the Philadelphi Corridor, and are operating in the Tal Zaroub area. This means Israel controls almost the entirety of the Philadelphi Corridor", according to journalist Horowitz.
China's Taiwan Affairs Office said a difference in systems is not an impediment to "reunification" with Taiwan, while it added that as long as Taiwan independence provocations continue, China military's actions will too.- commentary on that later today
French President Macron said Ukraine should be allowed to hit military targets in Russia, according to FT.- death sentence for Ukraine
North Korean leader Kim Jong Un said owning spy satellites will help the country's self-defence capabilities against US military provocation - rocket boy
Polish PM Tusk says Poland will reintroduce a buffer zone at the border with Belarus at the beginning of next week; Polish Defence Minister says ready to increase army presence on border with Belarus- Nato not enough

Some headlines via NewSquawk or DataTrek