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The Latest Breaking News from Comex

Market prices often gravitate around significant levels. Since technical resistance in silver had been around the $30 per ounce level before the recent rally, that price could become a considerable pivot point as the technical resistance has become more of a support level in June 2024.

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Copper: Is the Correction the End of the Rally?

Nearby copper futures rose to nearly $5.20 per pound on May 20, a new record high. The red nonferrous metal ran out of upside steam, declining below the $4.80 level, leaving many market participants wondering if the spike higher was the end of the nearly two-decade-long bull market.

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Can Platinum and Palladium Recover?

Gold reached a new high in April 2024, and silver rose to nearly $30 per ounce, the highest price since early 2021. Meanwhile, platinum and palladium prices remain under pressure, lagging their precious cousins in 2024.

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Is Copper Heading for a New Record High?

Copper prices were up over 2% in 2023. In Q1, COMEX copper futures gained 2.99% while the LME forwards moved 3.60% higher. Copper has been off to the races on the upside in early Q2, and it may not be long before the red metal challenges the March 2022 record…

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Is Silver Going to Break Out on the Upside?

Silver approached a test of the $30 per ounce level, the highest price since February 2021. If silver can eventually power through $30, it could be on a path to challenge the 2011 and 1980 highs.

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Where are Base Metals Prices Heading in Q2?

The commodity asset class’s base metals sector posted a marginal 0.27% gain in Q1 2023, with tin and copper leading the way on the upside. Three of the six base metals posted gains, while four moved lower, with zinc posting the most significant percentage decline.

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Where are Precious Metals Prices Heading in Q2?

Gold and silver prices rallied in Q1 2024, while platinum and palladium declined. Prices are increasing as the precious metals sector heads into the second quarter, with silver reaching a new 2024 peak and gold making new all-time highs.

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What is the Silver-Gold Ratio Saying About the Metal Prices?

Gold prices reached another new all-time high on April 1, 2024, at nearly $2,265 per ounce, but silver remains at half the record 1980 peak. The silver-gold ratio is sitting at over the 89:1 level, above the long-term average of the metric that measures the relative value of silver as…

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Is Silver a Sleeping Giant?

Silver prices have gone nowhere fast in 2024. After a marginal 2023 gain, the metal’s price sits in a narrow range. Like a rubber band pulled in opposite directions, the quiet market action could lead to a violent move.

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Gold: Is $2,000 a Bottom?

Gold reached a new record high in 2023 and was the only precious metal with a significant gain last year. While the $2,000 level was a technical resistance level over the past years, it has become technical support in 2024.

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Can Palladium Recover?

After reaching a record high in March 2022, palladium prices plunged. Palladium is an industrial and precious metal that is the least liquid precious metal traded on the CME’s NYMEX or COMEX division. Palladium prices have declined to a level that could offer significant value over the coming months and…

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Gold: Will 2024 Be Another Golden Year?

Gold is entering its twenty-fifth year of bullish price action. The prospects for the yellow metal remain optimistic for 2024 as gold reached another record high in 2023, leading the precious metals sector higher.

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Which Commodities are Undervalued Going into 2024?

As we move into 2024, more than a handful of commodities posted significant losses in 2023. The worst performers during one period tend to be the best during subsequent periods in the volatile raw materials asset class.

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What is in Store for Copper Prices in 2024?

Copper prices have traded on either side of $4 in 2023. Over the past year, copper has poked its head over the $4 level in seven months and was below it for five months. At just below the $3.90 per pound level on December 19, nearby copper futures could be…

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Silver: Did a Technical Pattern Stop The Ascent?

Silver volatility is higher than gold’s, but it tends to follow the yellow metal higher and lower. Gold took off to a new record high on December 4, and silver followed on the upside. However, silver only reached a price around half the 1980 and 2011 peaks. The price action…

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Silver- Did a Technical Pattern Stop Silver’s Ascent?

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Will the Rally in Gold Continue?

The price of gold today (GCZ23 ) soared to an all-time high of $2,130.2 an ounce on the COMEX exchange before falling back. Gold prices have climbed more than +16% over the past month from a 9-month low on growing speculation that the Federal Reserve and European Central Bank are...

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Gold- Is $2,000 a Launchpad for Precious Metals?

Gold is sitting around the $2,000 level which has become the leading precious metal’s pivot point. The dollar index has declined, and the bonds have stabilized, which is good news for the metal that is a commodity and international currency.

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Why Now Might be a Good Time to Buy Copper

Copper prices have increased over the past month but are not running away on the upside. Copper is a bellwether metal that many market participants monitor for clues about the health and well-being of the global economy.

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Gold Prices: Are All-Time Highs On the Horizon?

Gold reached a bottom on October 6. Over the past weeks, the price rose from below $1,825 to over $2,000 per ounce. Gold told the market the odds favored higher prices before the terrorist attack in Israel lit a bullish fuse under the precious metal.

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What's the Better Safe Haven, Gold or Crude Oil?

With violence in the Middle East escalating this past week, invsestors have been moving money to the safe haven commodity markets of gold and crude oil.

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Copper- Why Is Copper Under Pressure?

I have been bullish on copper, but the price action remains bearish. Copper is the leading base metal on the London Metals Exchange. Aluminum, nickel, lead, zinc, and tin prices often follow copper higher or lower. In October 2023, copper remains in a bearish trend, but bullish and bearish factors…

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Does the Selloff in Gold Mark the End of the Bull Market for the Precious Metal?

Gold made an ominous bearish technical pattern when it made a double-top, reaching $2,072 per ounce in March 2022 and May 2023. Since the latest peak, the price action turned bearish, with the precious metal making lower highs and lower lows.

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Is Now a Good Time to Buy Copper?

Copper is one of the leading commodities that can provide clues about the path of least resistance of the asset class. Many market participants look to Doctor Copper as a barometer of the health and well-being of the global economy. Moreover, as China is the leading consumer, copper is a…

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Is a BRICS Currency Explosive for Gold?

Gold is the world’s oldest currency. Central banks, governments, monetary authorities, and supranational institutions own gold as a foreign currency reserve asset. Over the past years, they have increased holdings, even though gold prices have been rising since the turn of this century. The potential for a new currency that…

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