A number of markets made a late push to new session highs (and some lows) shortly before the close Wednesday.
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Both gold and silver found increased buying interest as the day unfolded, most likely continued activity from central banks around the world.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. Corn led the Grains sector higher on what looked to be commercial buying interest throughout the session.
As I talked about in this space yesterday, the Wilhelmi Element[i] tells us the only price that matters is the close. Given this, when we see markets building strength heading down the day’s homestretch it gives the day’s move a much more bullish feel. I’ll dive into the Grains sector in a moment, but we see similar activity in Metals. Gold and Silver were solid throughout the day, then found another gear heading toward the close. As of this writing the December gold issue (GCZ25) was up $87 (2.1%) but paled in comparison to December silver (SIZ25) with a gain of $2.63 (5.2%). What can we read into this move? First and foremost, without knowing what the latest social media post from the US president might’ve been, Metals are telling us central banks from around the world are using the recent selloff to start buying again. Why? Because as hard as it is to believe, the political and economic uncertainty is getting stronger. We saw the other end of the spectrum in Energies where crude oil (CLZ25) was down $2.53 (4.2%) and near its session low late in the afternoon on solid commercial selling. How do we know this? The market’s backwardation weakened from the spot-month December through the February 2027 issue.
