Phil Carr
The Gold & Silver Club
The surge in commodity prices shows no signs of slowing down with everything from the metals, energy to agriculture markets, scaling multi-year highs.
Last week, Iron Ore broke $200 a ton for the first time ever. Palladium broke above $3,000 to hit a new record high and Copper prices soared more than 10% to surpass an all-time high.
The bullish momentum also split over into the precious metals with Gold posting its best week since November 2020, while Silver prices jumped 6% to record their biggest weekly gain in 3-months.
There are plenty of fundamental factors why commodities are on the move, but the key driver is a vaccine-led recovery fuelled by massive amounts of global stimulus into Green Energy and Infrastructure projects. This is against a backdrop of tightening supply across many high-in-demand commodities, which firmly suggests that a new supercycle is now underway.
Interestingly, this year many commodities have already exceeded the highs of the previous supercycle seen during the early 2000s – And this is just the beginning!
Looking ahead to this week, the key macro events that traders will be watching closely for clues on the markets next big move include; CPI and PPI data. Jobless claims, U.S. Retail Sales as well as comments from a host of Fed speakers.
Where are price heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as well as up. You should not speculate with capital that you cannot afford to lose. Ensure you fully understand the risks and seek independent advice if necessary.
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EUR/USD crosses over 1.0900 on Wednesday as Euro bulls gear up for ECB rate call
EUR/USD rallied into fresh 18-week highs on Wednesday as market sentiment tilts firmly into the risk-on side ahead of the European Central Bank’s latest rate call slated for Thursday. Broad-market risk appetite remains pinned into the ceiling as markets fully price in a rate cut from the Federal Reserve on September 18.
Gold price remains close to record high amid Fed rate cut expectations
Gold price oscillates in a range during the Asian session on Thursday and seems to have stalled a modest retracement slide from a fresh record high touched the previous day. The prevalent risk-on environment acts as a headwind for the XAU/USD. The near-near bias, however, remains tilted in favor of bulls.
Ethereum ETF issuers file updated drafts, ETH staking still a possibility
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Australian Unemployment Rate seen steady at 4% in June
With sentiment dominating financial markets, the Australian Bureau of Statistics will release the monthly employment report on Thursday at 1:30 GMT. The country is expected to have added 20K new positions in June, while the Unemployment Rate is foreseen to remain steady at 4%.