U.S. Indexes were firmer on Monday, albeit off highs, with gains led by further upside in semiconductor names; SOXX +2%. Energy outperformed alongside higher crude prices, while Materials benefited from strength in metal prices. Oil prices rose after US President Trump rejected Iran’s response to the latest US proposal to end the war, calling it “totally unacceptable”. Geopolitical tensions remain elevated, with reports stating Trump is set to meet with his national security team to discuss next steps regarding Iran, including the potential resumption of military operations. Meanwhile, Iran warned it is prepared to respond to any aggression and remains open to “all options”. The upside in crude and elevated geopolitical risk premium weighed on Treasuries, pushing yields higher across the curve in a bear flattening move as front-end yields led the rise on firmer inflation expectations. Gold and Silver both rallied despite the rise in US yields, with Silver notably outperforming. In FX, G10 trade was mixed. Traditional havens such as the Japanese Yen and Swiss Franc lagged amid the rise in Treasury yields, while the Australian Dollar outperformed on stronger equities and metal prices. The Canadian Dollar was also supported by firmer crude prices. Sterling was little changed, although over 80 MPs are reportedly calling for PM Starmer’s resignation following Labour’s poor local election performance last week. Attention now turns to whether Trump decides to resume military action against Iran following the latest deadlock in negotiations, although some reports suggest any decision may wait until after his return from China later this week. Elsewhere, focus this week also falls on US CPI, PPI and Retail Sales, alongside the 10- and 30-year Treasury auctions. Elsewhere, Oil closed higher by 3% and Gold by 0.6%.
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For anyone following my Platinum Service it was flat yesterday and is still down 313 points for May having ended April with a gain of 1730 points, after ending March with a massive gain of 9002 points, having closed February with a strong gain of 5482 points after ending January with a gain of 4757 points, having closed December with a gain of 2599 points, after ending the month of November with a gain of 4542 points, after ending October with a nice gain of 5110 points after closing September with a gain of 3774 points while ending August with a gain of 3362 points after closing July with a gain of 3753 points after closing June with a gain of 3530 points, having closed May with a gain of 3606 points, after closing April with a gain of 7685 points after closing March with a gain of 2254 points while closing February with a gain of 4180 points. January ended with a gain of 2768 points while 1997 points were gained in December. October ended with a gain of 2179 points, after closing September with a gain of 4402 points, following a loss of 301 points in August. July gained 1908 points while June saw a gain of 2074 points. The Platinum Service made a record 9619 points in October 2022. Since I started this New Platinum Service in June 2015 it has averaged a monthly gain of over 2300 points. I have a YouTube Channel which contains recent interviews I have given This can be viewed by clicking HERE Please subscribe to this for new interview notification
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