Housekeeping: Good Morning.
Gold Revaluation is a process and an event
Today:
Premium: BOA Precious Metals Weekly
Commentary: Why does India Wants [More] of the Gold ?
Session Recap:
US equities mostly rose on Friday after the Federal Reserve's preferred inflation measure came in around forecasts.
Premium Markets: Indian Gold, Miner Analysis
Indian Gold:
First India repatriated a chunk of its Gold from England… Now this
The RBI has ramped up its gold purchases significantly. In just the first four months of 2024, the RBI bought one and a half times the gold it acquired in the entire previous year. This aggressive buying is partly due to a decline in confidence in dollar assets among central banks globally.
In FY24, the RBI added 27.47 tonnes of gold to its reserves, increasing the total from 794.63 tonnes the previous year.
More at bottom…
The BOA Report:
BOA’s Update from the MM&S Conference report includes:
Spotlight on Indian gold demand, Miner rating changes, a slew of intriguing Slides for Key Themes, analyst ratings and comments, 29 presentation slides from key companies, and much more
The BOA Precious Metals Report Summary
Bullish Gold Outlook: Wheaton Precious Metals and other firms maintain a positive outlook on gold due to its value retention and diversification benefits.
Copper Prospects: Mixed attitudes towards copper, with some firms expanding production and others divesting from copper assets.
Indian Gold Demand: Strong central bank and consumer demand in India, with a temporary expected slowdown.
Much More at bottom…
Market News:
Red State Hockey Coup: In recent years, the NHL has raised its salary cap at a lower rate than previous seasons, despite player salaries continuing to grow at a faster clip. That has conferred a small but significant advantage on teams from places with little to no personal income tax.
"With restaurant sales down, Burger King, McDonald’s, and Wendy’s are all responding to price-weary consumers with value menus.Source: CNBC- Hegelian dialectic
"OPEC+ on Sunday agreed to extend all production curbs into next year, a deal that likely signals oil prices will remain elevated through the U.S. presidential election. Source: WSJ
"Elon Musk and Jamie Dimon have been patching things up." Source: WSJ- best work with the best.. China a factor
Geopolitics:
ISRAEL-HAMAS
Closer to a deal, but less wiggle room now and legal parsing enters the chat
Israeli PM aide confirmed on Sunday that Israel had accepted a framework deal for winding down the Gaza war being advanced by US President Biden, according to Reuters.
Israel PM Netanyahu's office reportedly conveyed to Ben Gvir a message that contrary to President Biden's words, there is no clause in the draft agreement that includes stopping the war, and that the other clauses will not constitute a "surrender deal.
Airstrikes said to hit a copper factory in Aleppo, Syria, according to Times of Israel; , according to Al-Arabiya
Chinese Defence Minister, at the Shangri-La dialogue, said China will take resolute actions to curb Taiwan's independence
Taiwan government reiterated Taiwan has never been a part of the People's Republic of China
Some headlines via NewSquawk or DataTrek
Data on Deck: Unemployment
MONDAY, 9:45 am S&P flash U.S. manufacturing PMI May 50.7 50.9
TUESDAY, JUNE 4 10:00 am Factory orders April 0.7% 1.6%
WEDNESDAY, JUNE 5 8:15 am ADP employment May 179,000 192,000 10:00 S&P flash U.S. services PMI May 54.7 54.8
THURSDAY, JUNE 6 8:30 am Initial jobless claims June 1 216,000 219,000
FRIDAY, JUNE 7 U.S. employment report May 178,000 175,000 8:30 am U.S. unemployment rate May 3.9%1
Premium:
BOA Precious Metals Weekly
***DO NOT SHARE THIS***
