Overnight, Precious Metals are higher after yesterday’s fake-out in the industrial complex.
After several strong days of gains, Platinum prices corrected 3.1% and ultimately dragged down Copper and Silver behind it. The Gold/Silver ratio continues to climb back up to resistance at 80 ounces of Silver to 1 ounce of Gold.
As today marks the last day of the quarter, many traders will reflect on the quarter and examine the scores on the board. The 3-month performance shows Silver up 15%, Platinum up 8.85%, Copper up 8.2%, and Gold up 4.61%. However, the monthly and weekly performances paint a more disappointing picture. For instance, Silver dropped 5% in June and Copper 8.75%.
Ironically, if you look at seasonal tendencies over the past 15 years, if you were to sell Silver on June 1 and cover it on July 2, the trade would have worked out 13 out of the past 16 years. If you enjoy seasonal trades, we have two that have worked 15 out of the past 15 years, and one of them begins today in the indices. Call me or email me for more information.
Today, we get a flurry of market-moving economic data. Core PCE, Personal income, and Personal Spending are due at 7:30 a.m. central, followed by Chicago PMI at 8:45 and the University of Michigan Consumer Sentiment and Inflation expectation at 9:00.
The consensus estimate is for the PCE price index to increase 2.6% year over year, while month over month is expected to decline one-tenth of a percentage point. The core PCE, which excludes food and energy, is expected to rise 2.6%, two-tenths of a percent less than previously. April’s 2.8% annual increase in core inflation was the lowest since March of 2021.
If you have no idea what I am talking about, simply put, at 7:30, data is coming out, and markets are going to move, so strap in and buckle up.
If you are trading SLV, Miners, or Physical, you will be unable to participate, but if you are in the futures, remember volatility equals opportunity. I firmly believe that in this day and age, every person who is serious about Precious Metals has all four elements covered, just like every toolbox has a hammer, strew driver, pliers, and a tape measure. If you are interested in opening an account, please reach out to the trade desk or give us a call 312-858-7303.
Futures offer a 10 oz gold, 1000 oz silver, 2500 pound copper and 50 oz platinum contracts.
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Performance Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
On the date of publication, Phillip Streible did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
