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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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