3 Metallic Amigos… Au, Ag & Cu

The 3 metals that I think will most inform the coming macro are shown here on weekly futures charts (click the charts for a fuller, clearer view).

Silver took out resistance yesterday and now targets 18.67. More than that, it is time to watch the Silver/Gold ratio because folks, that’s a macro gauge to the coming inflation.

silver

Gold continues to press into the resistance zone that was the original NFTRH target all those months ago. It’s there, but the measurement of the 2013-2019 pattern is 1706. Does gold mean to take it all in one big gulp? Don’t ask me. I just twittle charts. But the longer the gold price dwells at resistance the better the chance that this cyclical bull market could do the big gulp. That’s not a comment on whether or not the larger secular bull will extend to new highs yet. For the sake of preparedness we’ve only been targeting a bullish cycle and it’s already in the books. But I think it has higher to go, ultimately.

gold

Copper is currently as bearish as gold is bullish. But if silver takes over for gold that would be a signal to begin fanning out into a more general inflation trade. My question for copper is will it or will it not break down into the air gap first? It sure is postured that way. Copper at 2.25 could be a significant buy on the global macro, on commodities, on an inflation trade itself.

copper

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