Monday Monitor

Where Are All The Gold Bugs?

Some highlights from this weekend’s Event Driven Monitor

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The Event of the Week

XAU – ‘Ain’t she a beauty…??

We don’t know exactly why it happened on Friday, but after weeks of data showing that inflation was accelerating, on Friday, the markets finally started to care…

Gold has had a few false breakouts now. Maybe this is yet another one. However, we cannot think of a breakout that is this un-loved, this un-followed, this under invested. If retail comes back (GLD is retail), then we think there could be some fireworks.

Let’s just say that we’re bulls on gold and we’re looking for Beta plays on it. For that matter, even with an uptick on Friday, look at how cheap GLD volatility is. With the upside skew, there’s plenty of opportunities here as well…

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Kuppy’s Tweet of the Week

“I love the smell of Project Zimbabwe in the morning”

Chart and Kliff Note of the Week

Office Depot ($ODP), number 8 on our Buyback Leaderboard, took in $298m in 2023 and tee’d up another $1B on a $1.95B current market cap. Since 2022 they’ve bought back ~20% of the shares outstanding.

Want to see who else is on top of our Buyback Leaderboard???

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Friends of KEDM

  • If you’ve been looking for the bottom in value like we have this podcast with David Einhorn and Barry Ritholtz declaring that markets are broken and value is dead is probably exactly what you wanted to see. All jokes aside we agree with a lot of what Einhorn has to say here but can’t help be hopeful this means the bottom is near.
  • Our friend Le Shrub published a few solid updates recently on The Shrubstack but if podcasts are more your style check out this recent podcast with Jack Farley.

Kuppy’s Event Driven Monitor scans over 20 corporate events for market moving information and distills them into our propietary “Kliff Notes.”  One profitable trade should more than cover an annual subscription and access to the Event Driven chatroom!

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You’ll get the KEDM Event of the Week, KEDM’s Kliff Note and Chart of the Week, and our selection of the week’s best research, commentary and more from others in our Friends of KEDM section.