Tesla Cybertruck Pre-Orders Unofficially Top 500,000

Tesla (TSLA) - Get Report was roundly criticized when it debuted the Cybertruck back in November thanks to the pickup truck's unconventional design and a failed durability test that left the demonstration vehicle with a cracked window.


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20 February 2020



Video commentary for February 19th 2020


Eoin Treacy's view

 A link to today's video commentary is posted in the Subscriber's Area. 

Some of the topics discussed include: Yen and Euro weakness fuel carry trades while the prospect of Chinese stimulus fuels speculative interest. Gold and precious metals breaking out, oil following through on the upside, Wall Street firm, high valuation companies surge, 



Chinese Companies Say They Can't Afford to Pay Workers Now

This article by Lulu Yilun Chen and Jinshan Hong for Bloomberg may be of interest to subscribers. Here is a section:

“A week of unpaid leave is very painful,” said Jason Lam, 32, who was furloughed from his job as a chef in a high-end restaurant in Hong Kong’s Tsim Sha Tsui neighborhood. “I don’t have enough income to cover my spending this month.”

Across China, companies are telling workers that there’s no money for them -- or that they shouldn’t have to pay full salaries to quarantined employees who don’t come to work. It’s too soon to say how many people have lost wages as a result of the outbreak, but in a survey of more than 9,500 workers by Chinese recruitment website Zhaopin, more than one-third said they were aware it was a possibility.

The salary freezes are further evidence of the economic hit to China’s volatile private sector -- the fastest growing part of the world’s second-biggest economy -- and among small firms especially. It also suggests the stress will extend beyond the health risks to the financial pain that comes with job cuts and salary instability. Unsurprisingly, hiring has all but ground to a halt: Zhaopin estimates the number of job resumes submitted in the first week after the January outbreak was down 83% from a year earlier.

“The coronavirus may hit Chinese consumption harder than SARS 17 years ago,” said Chang Shu, Chief Asia Economist for Bloomberg Intelligence. “And SARS walloped consumption.”


Eoin Treacy's view

The knock-on effect of meeting payroll when there is no money coming in is no laughing matter for the service sector; particularly when it is fuelling growth. The gravity of the threat means the range of policy options being explored is open-ended. Everything from direct payments to employees, tax holidays, relaxing regulations, cutting interest rates and boosting money supply are possible and probable.



Interview with Ronald Stoferle

Thanks to a subscriber for this interview from Claudio Grass’ website may be of interest. Here is a section:

The massive policy U-turn by the Fed certainly played a part, and so did the move by the ECB to resume its own easing policies and monthly asset buying spree. We have officially returned to loose monetary policies across the board, and not only did this provide a boost to precious metals until now, but I also think it will persist into 2020, along with balance sheet expansion. I think another important factor was the renewed interest in gold by institutional players, as demand from that side of the market also picked up significantly.

Nevertheless, let us not forget that what we’ve seen over the past few months is just a gold breakout in USD terms. It is, of course, very noteworthy, but it is important to remember that gold has already been in a bull market in other currencies for quite some time. This bull market has started much earlier, but went mostly unnoticed, because everybody is just staring at the USD price of gold. All the while, in EUR, AUD, CAD terms, gold has been trading at or near all-time highs.


Eoin Treacy's view

Gold does best when it is appreciating in all currencies. As a monetary metal, the times when it is rising in all currencies generally coincide with a loss of confidence in the purchasing power and integrity of fiat currencies. The efforts underway to support the Chinese economy and the knock-on effect for countries relying on exports to China suggests competitive currency devaluation is well underway.



Tesla Cybertruck Pre-Orders Unofficially Top 500,000

This article by Tony Owusu for TheStreet may be of interest to subscribers. Here is a section:

Tesla (TSLA) - Get Report was roundly criticized when it debuted the Cybertruck back in November thanks to the pickup truck's unconventional design and a failed durability test that left the demonstration vehicle with a cracked window.

But three months later, the company’s gamble on the vehicle could be paying off as the unofficial Cybertrucks Owners Club released numbers suggesting the vehicle has received 522,764 preorders in just three months.

The group also compared Cybertruck preorders to Model 3 preorders, saying the Model 3 only received around 518,000 total reservations between its unveiling in April 2016 and August 2017.


Eoin Treacy's view

This is probably an accurate representation of interest in the cybertruck not least because the deposit required was a $100 versus $1000 for the Model 3. That allowed a lot more people the opportunity to express interest with a relatively modest sum but it is a much bigger question whether they will translate into sales in the same way the Model 3 did.



Eoin's personal portfolio: commodity long initiated February 18th 2020


Eoin Treacy's view

One of the most commonly asked questions by subscribers is how to find details of my open traders. In an effort to make it easier I will simply repost the latest summary daily until there is a change. I'll change the title to the date of publication of new details so you will know when the information was provided.

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