here we are
market vibes
March 5…
"Always make the audience suffer as much as possible" Alfred Hitchcock
In the news
Oil trader Pierre Andurand erased all his gains from last year in the first two months of 2025. He made 50% last year, but lost it all in January and February 2025. Pierre Andurand was wiped out and liquidated in 2018, 2020, 2022, and 2023, losing 54% of AUM. One might wonder what he was actually selling if not profits… and if the MM industry, notoriously a feeble performer, is actually trading money or doing laundry.
Germany is going to spend, announcing 500 billion for defense. If they’re not going to export durables, they will need to fund consumption of them internally. France, of course, will, too. Good for gold and silver. Very good, in my opinion.
Italy and Poland sent a message to the UK and France yesterday. Good luck to your boys and girls fighting Russia in Ukraine. We’re out.
In the markets:
Copper shot up in Asia with a strong rally at 9 PM EST. My sense is the sum of good news finally added up to a spike.
China is mandating cuts in steel production, Germany juicing its defense spending, AI and various unintended inward assessments changing the meaning of global inventory. Not so much what it is, but where it is.
Food for thought about gold and silver in NY. If gold is money and money goes where it’s well treated, gold won’t stay in NY for long.
Next up this morning: Some details and updates on gold, technical development on oil as it goes lower, stocks look bad, but maybe not bad enough to rally… yet. “Fifty yards to a Yen rally” by Willie Makit. And Bitcoin plants a flag. Here we go…
