Base metals pulled back a bit last week, raising the question of whether we are nearing the end of the run, or just pausing for a breather. Given the strength of the advance since January, it would be foolish to bet against the trend. Precious metals are a different story, as silver, gold, and platinum all peaked in July and have been trending lower since then.
Energy on the other hand, has crude oil poking through resistance to close the week at $51.68 representing an 18 month high with $60 now coming into sight. Likewise, natural gas is not far from a two year high, in what appears to be an inverted head and shoulders formation, suggesting higher prices ahead.
Given the profound changes going on all around us in commodity and equity markets, as well as on the global economic and political stage, it may be time to fasten our safety belts, as we seem to be entering a new world order.
Need more insight into metals pricing? Contact John at [email protected] / 631-824-6486 / www.jegross.com
