Phil Carr
The Gold & Silver Club
Commodity prices are surging across the board with everything from the metals, energy to agriculture markets, trading near multi-year highs as the supercycle gathers pace.
Last week, Iron Ore broke $200 a ton for the first time ever. Palladium broke above $3,000 to hit a new record high and Copper prices surpassed an all-time high.
The bullish momentum also split over into the precious metals with Gold prices rising for a second straight week in a row to settle at its highest since February. While Silver prices closed the week trading near 3-months highs.
There are plenty of reasons why commodities are on the move, but the key driver is rising inflation, which has spurred significant demand for assets with inflation-hedging capabilities.
U.S Inflation in April accelerated at its fastest pace in more than 12 years with CPI jumping a sizzling 4.2% from a year earlier. The increase in the annual headline CPI rate was the fastest since September 2008, while the monthly gain in core inflation was the largest since 1981.
Looking ahead to this week, the key macro events that traders will be watching closely for clues on the markets next big move include; the FOMC meeting minutes from April, Jobless claims, Flash PMI estimates as well as comments from a host of Fed speakers.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as well as up. You should not speculate with capital that you cannot afford to lose. Ensure you fully understand the risks and seek independent advice if necessary.
Latest Forex Analysis
Editors’ Picks
EUR/USD retains gains and trades around 1.1350
EUR/USD stays afloat in the positive territory near 1.1350 as the greenback struggles to gather strength on retreating US T-bond yields. Focus remains on mounting inflationary pressures and upcoming central banks’ announcements.
GBP/USD holds its ground in the positive territory above 1.3600
GBP/USD holds above 1.3600 in the second half of the day on Wednesday supported by the modest selling pressure surrounding the dollar. The benchmark 10-year US Treasury bond yield stays in the red in the early American session and the US Dollar Index edges lower toward 95.50.
Gold: Bullish breakout exposes November monthly high at 1,877.15
Spot gold trades above $1,840 a troy ounce, at levels last seen in November 2021. The bright metal soared through the American session amid persistent concerns about inflation and volatile US government bond yields.
Shiba Inu price has a good chance to surge to $0.000040
A brief technical and on-chain analysis on Shiba Inu price. FXStreet's analysts evaluate why SHIB could advance further.
Yields everywhere are rising too far, too fast: Could we expect them to settle down?
Today we get housing starts and permits, but expectations are running low because of Omicron and bad weather. It’s not exactly an inspiring bit of data, anyway. In fact, the juicy data is from Canada, CPI today and retail sales on Friday. There is still chatter about a BoC hike next week.