Silver is finished while copper and gold lead
The speakers argued that the rally in silver has ended, whereas copper and gold remain in much stronger structural positions.
The argument
The guest noted that silver's bounce has been tepid and failed to retrace even 50% of its decline, suggesting investors have been 'vaporized' in the trade. In contrast, copper and gold are showing far healthier price action, with copper making new highs.
The thesis, stress-tested
✓ What validates it
- ✓Silver failing to break key overhead resistance levels on subsequent bounces
- ✓Copper continuing to print new highs alongside Freeport-McMoRan
▸ Risks discussed
- ▸A broader commodities sell-off could drag copper down despite its relative strength
- ▸A sudden short squeeze in silver could invalidate the bearish technical outlook
Hear it yourself
"Is that kind of that structural shift shift in employment that gets the new wash fed to cut a 100 pips when everyone thinks they're only gonna do 25 or 50. That, I think, is the big question."
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