• Gold: 1,521.11 -3.42
  • Silver: 18.58 -0.12
  • Euro: 1.100 0.000
  • USDX: 98.609 -0.021
  • Oil: 58.08 -0.34

Commodities On Fire

Ranting Andy
|
Tuesday, July 3rd

SilverSeek.com Comment Wire 

 

Commodities markets ON FIRE this morning, led by oil, up another 4.5%.  All base metals up 3%-4%, as well as silver, up 3.1% at 11:30 AM EST.  Gold capped as usual at just a 1.5% gain, but pushing toward the top of its multi-month trading range of $1,550-$1,650, and on the verge of making a run toward its ALL-TIME HIGH in Euros.   I’m not a big fan of short-term charts, but the long-term, ELEVEN MONTH, bullish “pennant” formation in Euro gold is a site to see, with MASSIVE upside potential when broken to the upside.

 

 

In today’s thinly traded pre-holiday markets, commodities are leading all markets, in my view signaling the hyperinflationary expectations of the combined “Euro bailout,” Thursday’s likely ECB rate cut, and the inevitability of QE3 after Friday’s likely terrible U.S. NFP report.

 

Andrew C. ("Ranting Andy") Hoffman, CFA

Marketing Director

Miles Franklin Ltd.

 

ahoffman@milesfranklin.com

www.milesfranklin.com

 

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