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Commodities like wheat, natural gas, nickel, and palladium surged in various ETFs. Concerns over the global economy dropping the dollar highlighted by a Fed governor. China's increasing de-dollarization efforts and focus on gold are evident with the rise in silver and copper prices. Silver hits an 11-year high, while Shanghai silver and gold prices rise. China's silver futures rally to a new record high. Aluminum and silver prices surge in China. Copper hits all-time high, with China's gold reserves at record levels. Commodities rally continues with metals like copper, tin, and silver showing significant gains.
Silver has corrected after the release of today's hawkish Fed minutes. It's still above its $28 to $30 support zone, so Friday's breakout is still intact. This appears to be a re-test of the support for now. $SLV #silversqueeze https://t.co/8ZSNAsaZd4
Gold with the best setup in history. For the past year the $GLD ETF has seen daily outflows. Meanwhile central banks like China and India have been buying record amounts. So who got it right? BRICS or retail investors? Coinbase adding gold futures in June could bring retail back.
#Copper takes a tumble amid the realisation the rally had forgotten one key ingredient: fundamental support. While the direction from a longer term perspective is correct, the timing was awful given the current weakness in Chinese data. Still a buy on dip market imo https://t.co/sqy0SOhOv9