OVERNIGHT MARKETS: Silver Spikes, Stocks Rally, Terrorism Claims 36 Lives

 

 

OVERNIGHT RECAP (all prices AO 6:20Aam ET)

 

Headlines

  • SILVER TAKES THE LEAD (CHART BELOW)
  • UK STOCKS ERASE ALMOST ALL BREXIT LOSSES- like it never happened. Central banker magic.
  • FED DONE HIKING UNTIL 2018 (CHART BELOW)- BBERG- consider the can kicked another 2 years
  • INVESTORS WAGER CENTRAL BANKS WILL RIDE TO RESCUE WITH MORE STIMULUS- BBERG- yes, they really said that
  • PBOC INTERVENES IN MARKET FOR STABILITY- china must "stealthily"devaue in wake of brexit
  • CHINA GOLD IMPORTS AT HIGHEST IN 5 MONTHS- PLATTS- de-dollarization continues
  • MORGAN STANLEY TURNS BEARISH ON COMMODITIES:SITES CHINA, BREXIT- oil rallies, so much for that thesis
  • ISTANBUL TERROR LEAVES 36 DEAD, 147 INJURED- CNN
  • MERKEL/ EU LEADERS PRESS UK FOR EXIT PLAN- BBERG
  • GBP/ EU RALLY VS USD AS BREXIT A DISTANT 5 DAY OLD MEMORY

 

MARKETS

 

   - courtesy KITCO.COM

 

Commodities

  • GOLD: 1322.5 +4.60
  • SILVER 18.32 +.043
  • BRENT OIL: 49.11 +0.53
  • WTI: 48.46+ 0.61
  • NG: 2..88 UNCH
  • CMX COPPER 216.95 -0.60
  • SOY: 1116.50 -3.75
  • CORN: 388.75 UNCH
  • WHEAT: 458.75 +1.50

SILVER TAKES CHARGE, RALLYING 2.31% OVERNIGHT

 

Stocks

  • ES: 1037 +0.43%
  • DOW mini: 17379 +.45%
  • FTSE :6271 +2.14%
  • DAX: 9580 +1.41%
  • NIKKEI15566 +1.59%

Currencies

  • GOLD vs GBP: +6.40
  • GBP: 1.3319 -0.19%
  • GOLD vs EU: +5.39
  • EU: 1.10 UNCH

THE FED LIKELY WON'T BE RAISING RATES UNTIL 2018- BBERG

 

The Day Ahead

  1. Global stock markets continue to shrug off the warning signs of Brexit
  2. Risk-on markets continue to put faith in the omniscience of central bankers
  3. Energy- Oil rallied on Big Draw, but Nat Gas was big winner yesterday up 20 cents
  4. Silver leading the way this morning. Be careful this could be sign of short term top ironically.
  5. Precious metals rally in the face of global stock pricies rising- a possible unintended consequence of perpetual easy money (see chart above)
  6. The EU plays tough with the UK trying to force its hand while individual countries carve out trade deals with the UK
  7. Three terrorists armed with bombs and guns killed at least 36 people at Istanbul Ataturk Airport in Turkey.

Good Luck Today

 

  - Soren K.

 

 

 

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