absolutism
market vibes
June 6…)
“Everyone was violently busy on that crowded, dangerous shore. The pebbles were the size of apples and feet deep, and we stumbled up a road that a huge road-shovel was scooping out. We walked with the utmost care between the narrowly placed white tape lines that marked the mine-cleared path, and headed for a tent marked with a red cross … Everyone agreed that the beach was a stinker, and that it would be a great pleasure to get the hell out of here.”
Martha Gellhorn, war correspondant for Collier’s was the only woman to report on the D-Day landings from the ground. She snuck onto a hospital ship and, after hiding, waded ashore with the medics.
NFP… here we go
The BLS will release its employment report at 8:30 EDT.
In the news
Trump said Kyiv and Russia “might have to fight it out for a while.” A call is scheduled between Trump and Musk today. It is Day 1 of Platinum Week in Shanghai.
Bloomberg 06/06/2025 03:10:29 [BN]: The London Metal Exchange (LME) has compelled Mercuria Energy Group Ltd. to lend out its large position in aluminum to other traders to reduce risks to the market. Mercuria is long 40% of the open interest in the June aluminum contract—or more than 862,000 tons of aluminum. By Tuesday, the position had reduced to 30%-39% of the open interest, equivalent to between 600,000 and 800,000 tons, compared to total on-warrant inventories of just over 320,000 tons.
In the markets
The most relevant numbers in July silver this morning are the single print breakouts in this 15-day compression profile from $35.50 down to $35.20. The top of value, just below the void, is at $34.75. If a break lower occurs for any reason in today’s session, prices should hold there.
Recent exchange data implies a very narrow and unfrothy level of participation in this move to new 13-year highs. OI is up 3k, and the rally is rewarding an early entry of 12k lots ca $2.00/toz lower, but volume is very light. If NFP is hot, the dollar will rally. If it conforms to ADP (which it rarely ever does), the dollar should weaken. There is a very small SLV expiry this afternoon with about 3 million shares ITM as I write.
More details on silver and gold, straight ahead, plus a few notes on what to expect in stocks, oil and bitcoin post NFP and my take on absolutism in the vibe.
