Commodities, the silent bull market that almost nobody cares about...
Source: Ronnie Stoeferle, MUFG
The 5D commodity bull market according to Goldman Sachs
Source: Goldman Sachs Global Investment Research
As highlighted by Tavi Costa ->
Silver production in Peru continues to fall severely, now down 43% from peak levels. Together with China, Peru is projected to be the second-largest producer of silver globally. Limited new supply paired with structurally higher demand is the perfect recipe for major price surges in any commodity. Source: Tavi Costa, Crescat Capital, Bloomberg
Commodities today...
Source: Markets & Mayhem
The breadth in commodity price spikes is the highest in two years
Source: Bloomberg
Copper just had its worst 2-day decline in 13 years.
A much-needed shake out to reset the sentiment. Source: Bloomberg, Tavi Costa, Crescat Capital
Aluminum appears to be the next metal getting sent as price surges to highest level since June 2022
Source: barchart
JUST IN: The Biden administration announces it is releasing 1 million barrels of gasoline from a Northeast reserve.
These reserves were established to supplement in times of a natural disaster. However, the Biden Administration said this is a move to lower gas prices ahead of the summer. The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time. Energy Department officials said this should help create lower gas prices by July 4th. Energy inflation is still a major issue. Source: The Kobeissi Letter
