The Copper price is at the cyclical bull gateway
So the play has been cyclical for months now. Gold and silver have needed to take a break after the angst-ridden spring and early summer drove the masses in, and a healthy break they sure are getting.
But what about Doctor Copper? He of the advanced degree in Economics. Well, we have used daily, weekly and monthly charts each week in NFTRH to follow the situation. Here is the monthly, showing the good Doctor right at a similar bull market pivot point to the one gold overcame in 2019 and the one silver overcame in July of this year.
But “at” a bull market gateway does not “though” a bull market gateway. Here’s the live (as of 11:02 ET) daily chart view of copper this morning showing the cyclical metal pausing right at the gateway (3.32/lb). Surprised? Yeah, me neither.
I am wondering whether the gold and silver tank jobs will end in conjunction with a turn to negative in the happy cyclical stuff or whether gold and silver will eventually bottom and join the global inflationary party as they did in 2003-2008. It’s (IMO) a valid question and it’s one I will not pretend to have an answer to yet. But then again, I don’t need to have an answer because all will be revealed by the market itself and if we listen well enough we’ll stay on the right side of it.
For now, copper is intact but hesitating at a key point that it should hesitate at.
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