Exploring the fluctuating trends in gold and platinum, alongside potential investment opportunities in silver, copper, and Bitcoin amid global economic uncertainties and Fed policy impacts.
Phillip Streible, Chief Market Strategist
[TRANSCRIPT]
Good morning. It’s Tuesday, February 13th at 6 a.m. Central Time. All right. The precious metals are higher after yesterday’s mixed session. You have April gold up $8 at 2041 March, silver up $0.17 to 94, March, Copper up one at 3.74, an April platinum up six at 904. You do also have palladium pushing up. Recapturing that premium over the platinum market.
So yesterday we saw kind of a wild action in the overnight session into the morning. We saw silver jump back over $23. And then as we were approaching that opening session, it really bled off, went unchanged on the day before, firing back up to the upside. So that gold silver ratio is at one of the lowest levels since January, trading right around about 88 ounces to every one ounce of gold.
So gold did slide down to about two and a half week lows. Kind of was a little bit strange. Gotten to those mid 2020s on up to about 2030. Now overnight, we’re pressing back higher at 20 $41. Now, the crude oil market that was down on the day, about a dollar 20 yesterday and then reversed up close, up near the high of the day and extended its gains here today.
We’re hearing about some escalation in the conflict here that’s going on in Gaza overnight. So that could spark some more of those Red Sea type missiles, things like that. A little bit of geopolitical risk coming in to the market. Now, we did see Bitcoin futures go over 50,000 for the first time here since about 2021st December 2021. For those of you that have exposure to it, we did trim off some of those positions if you did have additional contracts.
Now, we did have some comments coming out from the Fed. It was Fed Chairman Bob Bowman who said it was still too early to cut on any kind of rate. So we’re going to have to continue to monitor as the week goes on. We will have some more Fed governors coming out. I didn’t see any here today. Today is going to be dominated by CPI data, six month over month consensus of 0.2%.
Even the large banks are saying the exact same thing. You go to the core CPI, a little bit of an up tick on the the expectations out of bank .0.3 8% consensus is 0.3. So we might see a little bit of uptick there. Same thing year over year, little bit higher. They’re expecting 2.9% consensus. We might see about 3.03 is what some of these large banks are saying.
It’s because they say there’s a lot of volatile data that comes out in this January report. Yet everything from like prescription drugs, car insurance, tobacco, medical services and all these things were kind of ratcheted higher as that New Year started. Now, looking at the chart pattern on gold, we come back down to the kind of the support level in these high 2020s, low 2030s.
That’s where your 200 day moving average is. You’re trying to reversal point. You go up to about 2056. That’s where your 50 day moving average is. And then you’ve got to get above 2069 in order to start a new upward trend. Now, the silver market, it looks like it forged a higher low on the charts. But we’ve got to break through not only into the 50 day, but also the trend reversal point sitting right around about that 2318 level.
So that’s going to be a critical resistance point to look at platinum recapturing 900 like it’s just a walk in the park here. So we’ll see. Really, it’s like 935 is your breakout point to the upside there. So other markets, your dollar index under some pressure. We will look at reestablishing some positions in that Bitcoin market. Many of you also have exposure to Etherium that’s actually starting to move out real nicely.
Looks like it could approach those 3000, 4040 500 levels as all time highs, especially as Bitcoin continues to gain some momentum and to the upside. So your U.S. equity markets under a bit of pressure coming into this CPI report. So we’re going to want to continue to monitor what’s going on over there. And then Asia, they do have a holiday this week.
Singapore is back in action, but several of the Asian countries have been on holiday for this new lunar year. So we’re not seeing much pressure on that copper market at the moment. So we’re getting a bit of a relief rally. But if the relief rally continues to gain steam, you know what? Every rally is begun, begins out of a short covering rally, and they’re extensively short on the copper market.
So we’ll keep an eye on that. Yeti questions. Give me a call. 312858733. Be sure to check out that CPI report coming out. It’s going to be pretty volatile. And then if you’re in the Las Vegas area next week, we’re going to be there for most of the week for the Money show. So it’s a big, big ordeal over there.
So all the major advisors, their commodity advisors, things like that. So getting questions, give me a call 312858733. Remember, futures option trading does involve risk loss may not be suitable to investors. Good luck to trading.