Embridge has been tested and is now launched and is public. Four central banks in Asia decided they wanted to trade with each other, not using dollars, using gold and other assets as the traded collateral. Welcome to the Morning Markets and Metals with Vince Lancy, where each day he brings you the precious metals and financial news to get you ready for your day. And now, here’s Vince. Good morning, everyone. I’m Vince Lancy, and in today’s Market Rundown, we’re going to look back at D-Day for a second and look forward towards ECB Day, as well as cover the market moves yesterday.

First, let’s take a look at the markets themselves. The dollar is up four at $104.33. Ten-year yields are $430. Up almost three basis points. S&P $550.54, essentially unchanged. The VIX is $12.74. Up a little bit. Gold is $23.61. Up $4, almost $5. Silver is $30.32. Up $0.30. Those two metals moved at 9 p.m. Eastern time, and now have been giving back a little bit since then. Copper is $4.63. Up $3.5. WTI is $75.02. Up $0.50, $0.65. $65 basis points. Natural gas, $2.63. Up $0.05. Bitcoin, $71,000, almost perfectly unchanged. Ethereum, $30.50.

Down $16. Platinum and Palladium are stronger. Palladium is $9.39. Up $7 and change. Platinum is $1,002. Up over a little over $11. Grains are all stronger. Soybeans are up 10. Corn is up almost 7, and wheat is up almost 7. At $11.79, $4.38, and $6.62, approximately, all together. Okay, so D-Day. Today is D-Day. So your task, quoting General Eisenhower, will not be an easy one. Your enemy is well-trained, well-equipped, and battle-hardened. He will fight savagely. I have full confidence in your courage, devotion to duty, and skill in battle. We will accept nothing less than full victory.

Good luck, and let us all beseech the blessing of Almighty God upon this great and noble undertaking. General Eisenhower, D-Day. Okay, what do we have in store for today? Well, we have, we just discussed D-Day for a second there. We’ll touch on that again. We’re going to talk about ECB Day, which is coincidental parallel there. Let’s not try and make these things the same, but let’s just say that it’s about the interest rate decision in Europe, and we’ll touch on something that Michael Every said to that effect, and I have a little bit of an Enbridge update for you in premium as well.

Front page, precious metals primer, which we showed you yesterday, the Crestcat walkthrough, and we had a little technical levels for copper as well. Let’s get to it. D-Day in Europe, on the June 6, 1944, 150,000 soldiers from the U.S., U.K., and Canada invaded Nazi-occupied France to begin the liberation of Europe. Today, EU elections occurring in which ideological control is at stake in the wake of multiple assassination attempts against conservative politicians is also going on. We stated, Europe is in the process of having elections that will influence other policy in Europe at the EU parliamentary level, and I think there’s an ideological battle going on there.

Moving on, I have an interview with Tom Longo. We had a conversation yesterday. That’ll be out on the next day or two, I’m not sure, on these very topics, and I think it was very interesting. It was certainly a lot of fun. I’m just giving you a heads up. That’s going to be coming out. All right. Today is ECB decision day in which Europe will likely lower rates. Is that here? That’s here. Today is ECB decision day in which Europe will likely lower rates in pursuit of lessening its debt payments, kick-starting its economy, and hoping the U.S.

does the same very soon. Now, Michael Avery is the global strategist at Rabobank, and he puts out notes probably two a week on average, but he’s been busy this week, and I think ECB day has kept him busy. I’m going to quote him beginning of his letter. We have the rest of it at the bottom. Your task will not be an easy one. Your enemy is well trained and well equipped and battle hardened. Then he goes on to talk about the Bank of Canada. The Bank of Canada became the first G7 central bank to cut rates in this cycle yesterday, with a 25 basis point reduction from 5% to 4.75% alongside a clear signal more will come.

However, it is also aware that the fight against inflation may not yet have been won. Today, this is what Michael’s referring to the ECB day. It’s the turn of the ECB, where 25 basis point cut from four to 3.75 is the universal expectation. Some in Europe are lobbying for this to be followed up by a further move to 3.5% as soon as next month, but where after that is good question. He gets into the elaborate fiscal and monetary issues on that. It’s very good, and I think we need to give Europe its due because this is very important for the Fed now.

All right. Well, before we go to market news, let me just stay on this for a second. In my conversation with Tom, so this is kind of a preview. We discussed a couple of things, and one was that Europe is easing rates before the Fed does, and Europe, the ECB, and the US Fed are not on the same page anymore. They may be on the same they’re in the same book, but they’re not on the same page, and the ECB seems to be, in addition to probably actually needing it, the ECB is actually kind of front running the Fed with the hopes that the Fed will ease.

You can also see that in a chart that I don’t have available here. Tom has it. The ECB has been buying US bonds for the last year or so, and now it’s affecting the bond market. To put it even simpler terms, Europe needs rates lower more than we do, and they’re lowering rates in the hopes that the US also lowers rates because if we don’t, their lowering rates doesn’t really do much for them as long as the dollar is the dominant currency over there. There is an ideological battle. If you want to look at it on the home front, if you’re looking at monetary policy that way, you’ve got Yellen, and she wants easy money, and you’ve got Powell, who’s focused on inflation, at least right now.

Now, there are arguments for both sides, and there are arguments that I don’t agree with for both sides, but here they are in our interest cost is really costing us a lot of money. Powell, we need to get inflation back to 2% because I screwed up before, and I don’t want to screw up again, and that’s it. There’s a lot of nuance in there, but that’s how it works. Plug over to the ECB. Look at the ECB as an extension of Yellen. They have the same mindset. Easy money cures all of our problems, and Powell doesn’t agree with that, and that’s where we are now.

If the ECB eases now, you’re going to have inflation in six months over there. But they’re easing now because they expect the Fed to ease. Will the Fed ease? Who knows? But that’s the key to that. Moving to market news, global investors are turning their backs on sustainably focused stock funds. Sustainably focused is the new way to describe ESG. They don’t want to admit what it is anymore. Nvidia is the second biggest company in the world now, which is, well, let’s read this. With the maker of prized artificial intelligence ships becoming the third company ever to reach the milestone, the total puts the company just above Apple and behind only Microsoft.

That’s great. The second biggest company in the world that makes computer chips got gamma squeezed yesterday. That’s not the sign of stability. I’m not telling you to get out of your lungs. I’m not telling you to get short. I’m telling you that if the whole market is on the back of Nvidia and Apple and Microsoft and other companies don’t participate, if this company falters, you’re going to have a big problem. Moving down to the data on deck, today’s jobless number and tomorrow is the unemployment number. We also have included at the bottom the rest of Michael Avery’s excellent write up for you all.

Now, just a touch base on Enbridge. Enbridge, we’ve been writing on Enbridge for two years and meaningfully, and there are a ton of reports on that, but let me just give you the nutshell. Enbridge has been tested and is now launched and is public. Four central banks in Asia decided they wanted to trade with each other, not using dollars, using gold and other assets as the traded collateral. They created a platform. That platform is called Enbridge. Those are the four spokes off of the center of the platform. They invited the Bank of International Settlements to coordinate it.

Now, why is the BIS invited? The BIS was invited because BIS has network connections. The BIS is at the hub of global money, and gold is global money, and the BIS is going to be involved. That also means that the West will be involved and Western banks will be involved, even if countries aren’t involved. Here’s some of the stories we wrote on it. There’s plenty out there on it. You can read this, but I think the paragraph that’s going to the MVP platform is unable to undertake real value transactions subject to jurisdictional preparedness and is also compatible with the Ethereum virtual machine.

This allows it to be a testbed for add-on technology solutions, new use cases, and interoperability with other platforms. Long story short, the hub of the bicycle wheel is solid. We’re inviting other countries to connect with their own spokes, and we have done trades on it with our four partners that will be goods for goods, using blockchain to verify, and real value like gold, guaranteeing it. You can best be sure that down the road, silver will be part of this. Anyway, looking at the charts, before we go, I want to touch on silver for a second here.

I’ve been cautious, but not bearish. I said, below here, we go to this line, and above here, we should go back up. Okay, so there you go. What I was hoping for was, and I didn’t say too much about it, was we have a nice little finish here, and then it rejects this hearing goes up. Well, it’s in the area. It went up. It’s away from $30, which is fantastic. It’s fantastic, but it’s retracing it. Now, am I concerned about the downside? Much less concerned about the downside now that we’re up here.

This week will probably finish as a normal week, a week of breathing. It looks good. Gold looks even better short term, but it has to catch up the silver now, if you want to look at it that way. The other thing about gold I want to mention, I’m getting suspicious of this, and this is a big deal if I’m right. It’s not a big deal if I’m wrong, ever. If you remember over the last month or so, I’ve been talking about this area here. This was a big buyer, a central bank or sovereign fund.

Every time Kim came down here, I saw the behavior that I needed to know that there was a buyer. It started here. It retested it, bought it, bought it, bought it, bought it, and then just threw in the towel. Well, I was looking for it to get back to here, but it didn’t. It stopped here, and this behavior, you can visually see what I’m talking about, is similar to this behavior, and also the data that I’m looking at showing me that as well. Therefore, I think it’s quite possible that this buyer is not finished and has actually raised his bid.

That would be amazing. The open interest in the market, in gold especially, has come off very aggressively, giving us a sign that this market may be close to being done on its sell-off, on the downside, on the daily, on the weekly. It may need to go lower, but I don’t see it. On the monthly, it’s still way overbought, but it’s still going up. The trend line is holding. Anyway, if you’re looking for that dip to buy, and as I’m sure all the bullion banks are looking for that dip to buy, you might not get it this time.

Anyway, I’m Vince. Have a great day. Who we encourage you to consider for your next gold or silver purchase or sale. Miles Franklin has pricing that’s among the best in the industry on most products, and Arcadia is proud to be a licensed Miles Franklin representative and happy to help whenever you have questions or want to place an order. Where this week’s Silver Special is 1oz silver Britannias for only $3.15 over spot. Silver Britannia is the sovereign coin from the Royal Mint in England and has the added advantage of being IRA eligible. Place an order, get more information, or speak with me directly.

Call us at 833-326-4653 and we’ll be happy to help you get whatever you need. So thanks for watching, and we look forward to hearing from you. Please note that this video is not intended as legal licensed financial trading advice and is to be used for informational purposes only. Please contact your financial advisor before making any decisions, and thanks for watching!
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