The Dollar buying stops overnight

• Currencies & metals get sold on Wednesday.

• The Dollar buying stops overnight.

Good Day... And a Tub Thumpin' Thursday to one and all! How about that? In typical fashion, my beloved Cardinals played to the level of their competition and won 2 of 3 from the Braves... And The Pfennig today, is the last one until July 15th... Yes, Chuck's annual traditional summer vacation comes earlier than usual this year, with my sojourn to Ireland... I got the blessing from my heart doc yesterday, that I'm good to go! So... I'm going! I'm starting to get all excited about this trip, and I'm a little wound up this morning, and the song that greets me this morning, helps in that fashion, as it's Alvin Lee and Ten Years After singing their song: Choo Choo Mama... 

Well, let's finish some unfinished business first thing this morning... On Tuesday, this week, I told you about a report that the Fed/ Cabal/ Cartel had been hacked... And then there were nothing but crickets.... Last night I read this: "The LockBit ransomware gang claimed it had breached the U.S. Federal Reserve, but it ultimately leaked data belonging to a single bank. On June 23, LockBit listed the U.S. Federal Reserve on its data leak site and claimed to have obtained roughly 33 TB of stolen data."

So, it was true, it's true I did see a putty tat! I wonder why no one besides me is reporting this? Could it be they've been hushed? And they don't care about me, I'm just some corny midwestern pundit that no one hears... I'm just saying...

So... The dollar continued to get bought yesterday, with the BBDXY gaining a total of 5 index points on the day... The euro remained below 1.07, and the rest of the currencies remained in their respective sick beds... Hold on, currencies, for Chuck will be away for 2 weeks, and whenever Chuck is away the currencies rally... So, you just have to hang in there two more days... Gold couldn't ever find a bid and the short paper traders were all over Gold & Silver yesterday, so Gold ended the day down $21 from Tuesday, and Silver ended the day down 8-cents... Gold closed the day at $2,299.60, and Silver at $28.82.

In the overnight markets last night... The dollar buying stopped, and the BBDXY has given back 2 index points to start the day today... The euro has responded positively, and has popped back above the 1.07 handle... There was one currency in the last 24 hours that has really out performed all others... I know this currency is not popular with the masses, so I try not to hype it too much, but when the Russian ruble performs like it has, it has to be noted. Remember, folks... It's an investment, not a statement... 

Gold starts today up $15 in the early trading, and Silver is up 7-cents... There was a recent poll recently commissioned and a survey of 525 North American professional investors – a mix of large institutions, consultants and financial advisors – the results from which confirmed a growing trend of gold ownership among this audience. A staggering 85% reported an allocation to some type of gold investment, up from 69% in 2018 and 76% in 2019.

At face value this may seem a surprisingly high percentage. And delving deeper into the data reveals that just over a quarter of respondents hold only very small (<1% AUM) gold allocations. But it was particularly interesting to see that more than half held at least 1% of AUM in gold, with 24% having an allocation of 3% or more. This is important for Gold, folks, because basically here in N. America there has been zero interest in owning Gold by investors, other than those that read the Pfennig!  

I keep my investments, stocks and bonds, with a wealth advisor, and she has never, mentioned Gold to me... Now that may be that she knows me well, and knows that I have Gold already... But I still think that it's just not a U.S. broker's call to talk about Gold, yet... 

The price of Oil bumped higher in the $81 handle overnight, and the 10-year added a bit more yield and trades this morning with a 4.33% yield... I guess the bond boys have finally given up their call that the Fed Heads will cut rates this summer... Talk about being thick-headed! I'll say no more on that... 

The poor Japanese yen has been currency traders whipping boy, and no amount of jawboning by the Bank of Japan (BOJ) can stop the yen's fall... Yen reached 160 two days ago, and the next stop is 170... According to traders who are taking the fight to the BOJ, and proving once again that the markets have deeper pockets than any Central Bank... 

Another currency getting taken to the woodshed these days is the Mexican peso... I read a report this morning about a huge hedge fund that made huge bets on the peso, but now is pulling those bets, giving up on the peso... That's a high-hurdle for the peso to have to jump at this point... I'm just saying...

It always seems to take a day or two for the Petrol Currencies to react to the price actions in Oil... But Oil's recent trading range of $80-81 doesn't really give one a warm and fuzzy that Black Gold, Texas tea was going to move higher any time soon... There are so many folks out there dissing Oil, these days... They have no inkling that Oil is what made this country... When will they ever admit that? They won't because that wouldn't make the story they're selling about how fossil fuels have ruined the climate... I'm going to stop there before I go down a rabbit hole I don't want to go down this morning. 

Yesterday, I quoted U.S. Treasury Sec. Janet Yellen, and refused to accept whatever it was that she had to say because of her history... And good friend, Dennis Miller of www.milleronthemoney.com sent me this: "Will I say there will never, ever be another financial crisis? No, probably that would be going too far. But I do think we’re much safer and I hope that it will not [happen] in our lifetimes and I don’t believe it will.”  --Former Fed Chairperson Janet Yellen

This came at the end of the Obama era as the reins were being turned over to Trump. No....she is not the least bit political... She is just a sweet grey haired con artist deluxe.

Chuck again... Janet, schmellent! That's what I say about our Treasury Sec. 

OK... The Reserve Bank of New Zealand sent out this communique last night: "The Reserve Bank of New Zealand – Te Pūtea Matua has released its SoI and SPE outlining what it intends to do to enable economic wellbeing and prosperity for all New Zealanders and how it will measure its performance.

The Statement of Intent (SoI) covers the period 2024 to 2028 and the Statement of Performance Expectations (SPE) covers 2024/2025.

We will report every six months to our monitoring agency."

Chuck again... Hmmm... Wouldn't it be nice (Beach Boys) if any Central Bank in the world would just say, "we've decided to stop meddling in the economy, for we have no idea how it really works, because we've never been a part of the economy" Man, in an ideal world we would hear every Central Bank say that, but in the real world, that's not happening! 

And in another case of proving that inflation isn't going away, and that it's sticky... Consumer prices rose 4% in May compared to a year earlier, according to the Australian Bureau of Statistics (ABS), surpassing the 3.6% rate recorded in April and most importantly, surpassing economists' expectations of 3.8%...  C'mon you Aussie's you really didn't believe that inflation was going away and that the Reserve Bank of Australia (RBA) was preparing to cut interest rates?  

On a sidebar this morning, I don't know why I was thinking about this memory, but it's there in my mind, and like I said the other day, I can't get it out of my head (ELO)... The memory was a time in Vancouver at the Agora Wealth Symposium, attended by more 500 people, and there I was on the main stage telling people that the markets were saying that the the dollar was sweet spot... I then said that the dollar reminded me of the old Trini Lopez song... Lemon Tree... I then said, "you all know that song, so let's sing it" And then 500 people began singing: Lemon tree very pretty, the lemon flower is sweet, but the fruit of the poor lemon is impossible to eat! I had actually done it! I had gotten 500 wealthy people to sing out loud!  

Back to today... The dollar reminds me of the Lemon Tree song once again... And again, I just don't see what the dollar bugs are seeing as they buy dollars... But maybe, just maybe because you never know (Joaquin Andujar) when I get back in two weeks, things will be changed... 

The U.S. Data Cupboard yesterday had the New House Sales in May, and the plunged from April's 698,000 to May's 619,000... But, as I said yesterday, this is not a market moving piece of data, so we'll move on from here...

The Data Cupboard today has the usual Thursday fare of Weekly Initial Jobless Claims, which have been above 220,000 for a few weeks now. May Durable Goods Orders will print today, and I expect them to be negative... And finally, the 2nd revision of 1st QTR GDP will print, expect another downward revision, in my opinion... 

To recap... The dollar continued to get bought yesterday with the BBDXY gaining 5 index points, but only 1 of those index points during the U.S. session, so has the buying begun to peter out? Just asking...  The Fed/ Cabal/ Cartel did indeed get hacked yesterday. Does that worry you any? It does me... Friend, Dennis Miller supplies us with another famous quote of Janet Yellen's this morning... And the dollar finally stopped getting bought in the overnight markets last night. 

Here's your snippet: "he Federal Bureau of Investigation has issued a warning over a particular type of financial crime that’s linked to Mexican cartels.

In an announcement, the agency said it has seen a rise in scams targeting timeshare owners. The primary victims are older Americans, particularly wealthy ones looking to recoup some of the money spent on their real estate investment. In the last five years, upwards of 6,000 victims have reported more than $300 million in losses to the agencies, the agency said.

“Timeshare fraudsters aim to suck their victims dry, with devastating consequences to victims’ financial futures, relationships, and physical and emotional health,” Assistant Special Agent in Charge Paul Roberts, who leads FBI New York’s Complex Financial Crimes Branch, said in a blog post.

Roberts said the scams have caught the FBI’s attention because its illicit proceeds are increasingly used to fund violent cartels in Mexico.

“Timeshare fraud has low overhead costs and minimal reinvestment, needing only a rental of small space, telecom setup, and English-speaking employees with access to resort databases,” Roberts said. “There is lower perceived risk of prosecution and extradition for timeshare fraud but easy cash flow that goes directly into the Mexican banking system and obfuscates funds to facilitate money laundering activities.”

Chuck Again... The article goes on to explain how the fraud schemes work... I read it, thinking that I was amazed at how intricate these frauds were... 

Market prices 6/27/2024: American Style: A$ .6661, kiwi .6102, C$ .7306, euro 1.0702, sterling 1.2653, Swiss $1.1147, European Style: rand 18.3474, krone 10.6487, SEK 10.5889, forint 371.22, zloty 4.0273, koruna 23.3138, RUB 85.98, yen 160.54, sing 1.3565, HKD 7.8084, INR 83.30, China 7.2686, peso 18.30, BRL 5.5210, Oil $81.21, 10-year 4.33%, Silver $28.89, Platinum $1,004.00, Palladium $922.00, Copper $4.36, and Gold... $2,314.77

That's it for today, and the next two weeks! Like I said earlier this week, if you miss me, and I know you will, you can get a Chuck fix by going to www.dailypfennig.com and read all the archives your little heart desires! Tomorrow is my little buddy's birthday... Yes, Alex will be 29 tomorrow (how'd that happen?) It just seems like yesterday that we celebrated his 21st birthday! And not that long ago it seems, he sat on my lap while I wrote the Pfennig and would add his own *&^%4569(&% he used to love to be able to add to the Pfennig! Alex is a Physical Therapist with a doctorate now, and will be tying the knot on Dec. 6th this year... Life cycles... I'm going out, and he's coming on...  So, an early Happy Birthday, Alex! And with that, I'm outta here! The Who takes us to the finish line today with their song: Won't Get Fooled Again... I hope you have a Tub Thumpin' Thursday today, and please Be Good To Yourself, today, tomorrow, and the next two weeks!