The Doctor called and he has good news for reflation-minded casino patrons. The important $3/lb. level has been taken out (daily chart) by this asset
Note: I’ll be out much of the day (I think). Meanwhile, here’s a look at one of the key asset markets for the reflating macro.
This morning the copper price has ticked a new recovery high after successfully testing the 50 day moving average. It has tentatively poked through the
Here’s the chart of a still concerning indicator for the global reflation trades. The major trend is and has been down in the Copper/Gold ratio.
The TSX-V index made a new recovery high yesterday, yet the Copper/Gold ratio is breaking down. Here’s the view as of this morning’s pre-market. While
The reflation is failing says this “metallic credit spread” as the copper price appears to be breaking down vs. the gold price. All of this
And here comes the volatility as gold firms and has likely made a bottom vs. silver. In NFTRH 613 we showed the Silver/Gold ratio at
Not only have gold and silver touched the target zones, they’ve smashed into and exceeded them. Gold hit 1974 (target: 1940) and silver hit 26.27
Doctor Copper’s daily chart situation got pretty hysterical, all the way up to the round number resistance at $3/lb. As you can see on the
An update to provide a view of the cyclical, pro-reflation metal (copper) vs. the counter-cyclical risk ‘off’ metal (gold), and also the Silver/Gold ratio, which
Note: A reminder that I will be on the road today and tomorrow. So communication will be light at best. I’ll be checking email occasionally.
It appears that the downward market reversal on Monday was another sentiment resetting micro twitch after all. As noted, these happened fairly regularly in 2019.
Interesting charts this morning, pre-US open. Let’s start with the metal that has been the star lately. That would be the good Doctor Copper. Daily
Gateway or termination. Copper… Copper/Gold… JX/TSX… An end of summer 2020 price increase is coming. Subscribe to the value-priced NFTRH now to lock in the