Miners are currently seeing the strongest margins in the history of the data.
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The shiny metal broke above the short-term downtrend line and also pushed out of a dynamic wedge-like formation. The key for a more sustained squeeze is a close above the $4800 area, right where the 50-day moving average comes in. More on gold. Source: TME
Silver and gold are up +4.5% and +1.0% on Thursday, on track for the 3rd consecutive day of gains. Silver is now up +10% and gold is up +4.0% over the last 2 trading sessions. Following the recent pullback, investors are returning to gold and silver, with many viewing this dip as a buying opportunity. Furthermore, global growth concerns, central bank demand, and a macro environment increasingly favoring hard assets continue to support prices, reinforcing the broader bullish backdrop. At the same time, decades of underinvestment and constrained supply growth have created a structurally higher price environment for precious metals. Is another leg of the precious metals bull run now unfolding? Source: Global Markets Investor
The American Farm Bureau Federation reported 315 Chapter 12 bankruptcy filings in 2025, up from 216 in 2024 and the third consecutive annual increase. The Midwest got hit hardest with 121 filings, a +70% jump. The Southeast followed with 105, up +69%. Together, those two regions accounted for more than two-thirds of every farm bankruptcy in the country. Fertilizer prices are pouring gasoline on the fire. Urea, the most widely used nitrogen fertilizer on the planet, has ripped +87% year-to-date and trades near $720 a tonne. For corn growers who depend on nitrogen, this is a dire situation. Many farmers are reporting they will cut the amount of fertilizer they use, shift from corn toward less nitrogen-dependent soybeans, or just take the yield loss. Farms are under pressure. Source: Hedgeye

