Markets: Why 2024 is Year of The Gold

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Housekeeping: Good Morning.

Today:

* Open Interest versus Price

* What Happened in March of 2020

* Why 2024 is the Year of the Gold

Contents

* Current Prices

* Yesterday’s Activity

* Data Due

* News

* Markets/Metals Commentary:

* Premium:

Yesterday’s Activity:

Comment: US equities retreated on Wednesday ahead of the Federal Reserve's favored inflation reading PCE

* Precious Metals-

* Oil/NG-

* US equities-

* Bonds-

* DX-

* BTC/ETH-

Week’s Data:

* MONDAY, FEB. 26 New home sales

* TUESDAY, FEB. 27 Durable-goods orders

* WEDNESDAY, FEB. 28 GDP (first revision)

* THURSDAY, FEB. 29 PCE index consensus= 0.4%MoM

* FRIDAY, MAR 1 S&P U.S. manufacturing PMI

Full calendar

News:

Top MSM News Links Here

NOTABLE HEADLINES

* Top congressional leaders unveiled a deal Wednesday to keep the federal government fully operating beyond Friday, when funding is scheduled to lapse for some agencies. Leaders said they will hold a vote on a stopgap bill this week to avoid any lapse in government funding, followed by votes next month on full-year spending bills."

* “We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe.”

-Coinbase during the spike higher.

* Revenge of the ICE- You can get $40,000 off a 2023 Toyota Mirai, a fuel-cell vehicle that retails for $52,000. When you factor in the $15,000 in free hydrogen over six years and the available 0% interest loan, Toyota is essentially paying people $3,000 to take the car off its hands. Toyota’s discount comes on the heels of Shell’s announcement three weeks ago that it’s closing its hydrogen filling stations in California."

* More

GEOPOLITICS

* Italy's Finance Minister discussed with US Treasury Secretary Yellen a path to use frozen Russian assets to compensate Ukraine for war damage

* Japan's top currency diplomat Kanda said using frozen Russian assets for Ukraine must be based on international law and he thinks EU's proposal is along those lines

* Feet Held to the Fire: Eight EU countries called for new sanctions on Russia over Navalny's death.- signed by Czech Republic, Estonia, Finland, Lithuania Latvia, Poland, Sweden and Romania.

* More

Some headlines via NewSquawk or DataTrek

Markets/Metals Commentary (Charts):

Comment: This is where the market changed

* Gold- sideways is bullish for CTA flows

* Silver- max shorts

* Oil- sideways is bearish

* Stocks-

* BTC/ETH- no topside yet

* Bonds-

Zen Moment:

*** Holding Place***

Premium Attached:

* ***Bank Trading Desk: Immigration & inflation are bigger electoral problems

* MUFG Commodity weekly