Wednesday Rundown | Pan Am Silver
Biden SOTU and how markets reacted
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Market Rundown
Good Morning: Most behavior is logical given typical post SOTU behavior. Oil, however is not. The dollar is up again. Bonds are a little weaker. Stocks are up, gold and Silver are down. Crude oil is well above yesterday’s highs. Bitcoin is a little lower. Grains are mixed, but wheat is again up. Oil is a different story.
Nancy on the phone with her Commodity Broker?
Oil started re-igniting during the SOTU speech. Perhaps this was a reaction to the lack of overt statement by Biden that we would increase domestic production. He didn’t come out and say “Drill Baby Drill” maybe oil voiced it’s lack of confidence in a plan.
Short of that official announcement, the White House is now encouraging U.S. drillers to produce more crude. The White House had received a lot of pushback for not tapping , U.S. shale, what many see as a partial solution to the headache that is high oil prices.
Post: Pan Am Silver Bank Report
Removing Morococha from model and lowering PO by 7% Pan American (PAAS) reported weak Q4’21 results and 2022 guidance. After a challenging 2021 with two guidance downgrades, the announced closure of Morococha, with a 10-year mine life, is disappointing.
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