CITI's Gold Report Calls for $3000 in Wildcard Scenario

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Housekeeping: Good Morning.

Yesterday on GoldFix an overview of The new CITI report on Gold (more on that at bottom) was given for 2024. It was also discussed in yesterday’s exclusive interview with Chris Marcus on Arcadia in context of BRICS Gold monetization plans.

This morning CNBC is running a story based on that report after we broke the item. Later this morning we will be sending our detailed analysis of that report including charts, commmentary, and several report excerpts coming up.

Look for the complete breakdown and analysis later this morning.

All else equal, we think the next $200/oz move for gold is likely to be higher as opposed to lower from current spot. Though a low probability outcome, in various wildcard scenarios we could even see gold try to test $3,000/oz in the next 18m.

-CITI Analysis

Contents

* Current Prices

* Yesterday’s Activity

* Data Due

* News

* Markets/Metals Commentary

* Attached: CNBC coverage, select slides

Yesterday’s Activity:

China reopens but US closed

* Precious Metals- China buys gold, US doesnt buy Silver

* Oil- narrow range

* US equities- slightly higher

* Bonds- closed for the holiday

* DX- slightly weaker

* Crypto- sideways and sold

Week’s Data:

* MONDAY, FEB. 19 None scheduled, President's Day holiday

* TUESDAY, FEB. 20 10:00 am U.S. leading economic indicators Jan. -0.1%

* WEDNESDAY, FEB. 21 2:00 pm Minutes of Fed's January FOMC meeting

* THURSDAY, FEB. 22 Jobless claims, PMI Feb.

* FRIDAY, FEB. 23 None scheduled

Full calendar

News:

News Links

NOTABLE HEADLINES

* Gold at $3,000 and oil at $100 by 2025? Citi analysts don’t rule it out

* Capital One (COF) is to acquire Discover Financial Services (DFS) in all stock transaction valued at USD 35.3bln in which Discover shareholders will receive 1.0192 Capital One shares for each Discover share.

* China lowers mortgage rate

GEOPOLITICS

* Yemen’s Houthis said they attacked two US ships in the Gulf of Aden, while they also confirmed that they attacked a UK ship over the weekend which resulted in its sinking.

* IAEA Chief said Iran continues to enrich uranium just short of weapons-grade level, according to Reuters.

OTHER

* Ukrainian President Zelensky said the front-line situation is extremely difficult where Russian troops are concentrated and that Russia is exploiting delays in aid

* China’s military said it organised front-line naval and air forces to closely monitor the Philippines' 'joint air patrol' with foreign countries in the South China Sea on Monday,

* More here

Some headlines via NewSquawk

Markets/Metals Commentary (Charts):

* Gold-

* Silver- the cycle may restart

* Oil

* Stocks

* BTC/ETH

* Bonds

Premium Attached: