It is no surprise that precious metals were weak as we saw a very large position of shorts in the commercials. The large commercials have now started covering their shorts in gold and silver, so a reversal is near after about two weeks.
GLD physical stock has been very strong though. The stock level hasn't come down. So we have support here.
U.S. mint sales are having a strong start in 2015.
Copper contango is now exactly at zero, so we are at an inflection point now. Copper is starting to bottom out in a few weeks.
WTI crude oil contango is flattening out and edging back to backwardation with a higher oil price coming.
All in all, things are starting to look positive again for the commodities.
GLD physical stock has been very strong though. The stock level hasn't come down. So we have support here.
U.S. mint sales are having a strong start in 2015.
Copper contango is now exactly at zero, so we are at an inflection point now. Copper is starting to bottom out in a few weeks.
WTI crude oil contango is flattening out and edging back to backwardation with a higher oil price coming.
All in all, things are starting to look positive again for the commodities.
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