another day in paradise

market vibes

June 12… )

“Let that sink in.” Anonymous, from the olde English "sincan," meaning to subside or go down. A precursor is often cited in the Gospel of Luke 9:44: "Let these sayings sink down into your ears."

Data this morning includes PPI and jobs

In the news

GS says a sustained breakout in platinum is unlikely. Prices will probably fall back to the $800-$1,150/oz range they have remained at for most of the last decade. I doubt that. We are in a completely new era of rising commodity demand and currency debasement. This is what you get when you mix the hubris of an Ivy League education with AI. Flabby thinking. However, XPT is notoriously thin and long..

This chart speaks for itself. The trend is your friend.

In oil news, the British Navy issued a warning to ships near the Straits of Hormuz to reroute. “[Tensions within the region] which could lead to an escalation of military activity are having a direct impact on mariners,” the advisory said.

In local news, Mike Bloomberg endorsed Andrew Cuomo for governor. The ex-governor was about to be prosecuted by Letitia James (another winner) for serially groping 11 underlings and stepped down in favor of Kathy Hochul, Lieutenant Governor. If he runs, New York may turn red as Texas turn blue. Time stamp it.

BBG opined in an AI op-ed this morning: “Sizzling Rally in US Stocks Leaves Them Pricey Compared to Bonds.” The phrase sizzling rally deserves a line or two of gratutitous mockery, especially from me. However the meat in the AI sandwich is pretty tastey, “The equity risk premium is hovering around its lowest point since 2002, suggesting stocks are more expensive relative to bonds than they have been for most of the last two decades.“ Let that sink in.

In the markets

The dollar index is making new lows for the month and year.

Moving along this morning… gold is feisty, silver too, good news bad action in Spoos, gasoline won’t hunt, bitcoin is aging at $100k.. plus it’s game on in the vibe… or not? You decide.