Housekeeping: Good Morning. Michael Oliver Interview Sunday 2pm. Title piece in premium
“After this war is over, “money” will never be the same again…
Today
Discussion: Miners Good Bad and Not so Ugly
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Discussion: Miners Good Bad and Not so Ugly
RBC Mining Update- Floor Drop
GDX / GDXJ flows—deteriorating further?
Capital returns are an investor focus, but corporate actions are mixed.
Senior producer guidance fell short of consensus expectations
What is working ytd? Leverage to gold and avoiding operational slip-ups.
Mid-caps could have a brighter future if gold price strength continues.
Continues at Bottom…
MSA Technical Comments- Ceiling Raise
In his latest note sent last night he looks at the intermediate levels for signs of momentum proliferation; and he does see them. Specifically he sees a repeat of a momentum situation that corroborates this is a sideways situation that should resolve higher1.
News/Analysis:
Markets Recap:
US equities mostly retreated on Monday, weighed down by tech shares. Large caps bested small caps: S&P 500 (-0.50%) vs. Russell 2000 (-0.78%). MSCI Emerging Markets (EEM) and MSCI EAFE (EFA) dropped 1.54% and 0.06% respectively.
Market News:
“President Donald Trump said Monday that sweeping U.S. tariffs on imports from Canada and Mexico “will go forward” when a month long delay on their implementation expires next week... CNBC
“Apple, as it seeks relief from US President Donald Trump’s tariffs on goods imported from China, said that it will hire 20,000 new workers and produce AI servers in the US.Bloomberg- they played him before, if it happens again, hes part of the problem
“Starbucks said it would lay off 1,100 corporate employees and not fill hundreds of open roles, part of new Chief Executive Brian Niccol’s effort to streamline operations.Source: WSJ
Geopolitics/ Politics: Oil for Gold
If Gold is higher when this is done and oil is lower, then the die has been cast and the reset will begin2- see premium
Russia's Kremlin says President Putin is "okay" with European peacekeepers in Ukraine, refers to earlier statement that such a move would be unacceptable. When asked about a possible US-Russia rare earths deal, says the US needs rare earth minerals, and "Russia has a lot". Many steps need to be taken to restore trust between the US and Russia. When asked about the UN vote on Ukraine on Monday, says it sees the US taking a much more balanced stance. Says European stance on Ukraine may become more balanced as a result of contacts with the US.
US President Trump said he emphasised the importance of the critical minerals and rare earth deal with Ukraine in meeting with French President Macron, while Trump added that he is in serious discussions with Russian President Putin about ending the war and talks are proceeding very well. Trump also said he was talking with French President Macron about trade deals at the White House and will meet with Ukrainian President Zelensky either this week or next to sign a minerals deal. Trump later said he had great conversations including with Russia on ending the Ukraine war and the meeting with French President Macron is another step forward towards ending the war.
via Newssquawk
Data on Deck: GDP, PCE
MONDAY, FEB. 24 None scheduled
TUESDAY, FEB. 25 S&P Case-Shiller home price index (20 cities)
WEDNESDAY, FEB. 26 New home sales
THURSDAY, FEB. 27 GDP
FRIDAY, FEB. 28 PCE 2.4% 2.6%3
Final Market Check
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