June 26… )
“It's a real pleasure to earn the trust of your customers slowly over time by doing what's right.” Charlie Munger
In the news
The Shanghai Gold Exchange listed two new physical gold contracts and opened a bullion vault in Hong Kong to service offshore metal. These contracts will be settled in CNH (sources: Yahoo, BBG, and various).
I can’t help but wonder if this will shift dominance in the relic from the LBMA to China. Hong Kong Exchanges and Clearing Limited (HKEX) bought the LME in December 2012, and henceforth, Comex copper has dwindled to a whisper in influence.
In finance, Trump publicly pilloried Powell (great alliteration!) with brutal castigations at the NATO summit: “He’s a stupid man; he’s costing us $900 billion a year.” Replacement candidates are being discussed in the press (WSJ).
Powell’s term runs for another 11 months, and he will not resign, but members of the FOMC are already jockeying for his job. The next vote to cut could be a majority.
In politics, a young Islamic candidate in NY has reaffirmed the sanctity of the vote. And “who’s your Daddy” returns to the Oval. The army marches on.
In the markets
DXY is accelerating down, making new 3-year lows in all fractal samples vs. Yen, EUR, CAD, CHF, and GBP. CNH made a new low for 2025 this morning but recovered.
Platinum made an 11 year high this morning as China keeps buying and inventories continue to fall. (Chart below weekly data)
Updates on silver, gold, stocks and oil and a bit of dive into palladium today. Plus the summer of 2020 in the vibe…
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