January was the peak of a year, not necessarily the peak of a market. A trading head can say that. A payrolls print can still tax the next session. ...Read More
Approaches is the bank's word for a level that has not printed. Spot is still closer to $4,430. The FOMC is next week. Those three facts do not add up to a ticket. ...Read More
Famous names on a term sheet are a funding event. They are not a substitute for ounces, permits or a going-concern note. Read the unit, not the adjective. ...Read More
Three hundred dollars is a headline. A warehouse door is a market. The committee and the tariff calendar open both. ...Read More
Fifty basis points of tightening is a near-term tax on the metal. Twenty-two months of Chinese official buying is the other ledger. UBS is telling clients not to confuse the two. ...Read More
The high is real. The missing tonnes are not all missing. Some of them are in America, waiting on a tariff. That distinction is the whole market. ...Read More
Scott Bessent told yen shorts they can bet against him. Marc Faber told a September 3 interview that this style of intervention is how a major shock gets built. Those are not the same trade. They rhyme. ...Read More
An 86-tonne truck is a custody decision. A 20-tonne PBOC add is a reserve decision. Neither is a Monopoly board. Both belong on a mining desk's map. ...Read More
A country can still be rich in rock and poor in options. The individual answer is not a party. It is a craft that can travel. ...Read More
Three ledgers, one week. TTF already prices stress. London copper already prices a squeeze. Fed funds futures still price a world that may not survive the next CPI. ...Read More
A Guinness bar is a marketing event with a custodian. A market is millions of ounces. Do not confuse the two because both use the word silver. ...Read More
$70 is a December handle on a bank's sheet. $80 is a September 2027 destination. $64.74 was Friday afternoon. Those are different clocks. ...Read More
London made a new high. America made a warehouse. Chile made a cut. Those three facts are the rally. They are not a purchase order. ...Read More
Twenty point two tonnes is a month, not a regime. Twenty-two months is the regime. Spot is still a CPI week. Official ounces do not cancel an 8:30 print. ...Read More
Storage is the lowest seasonal starting point in years. Hormuz has already done what a cold snap used to do alone. Canadian miners should read the TTF chart before they read another PMI. ...Read More
Industry Minister Joly said the package was designed to apply political pressure on specific U.S. states. That is on the record. What is also on the record is inflation at home, doubled steel and aluminum duties, and a trade war Canada cannot win on volume. ...Read More
Coking coal is tight. Rebar has a pulse. Blast furnaces are not. A triple-digit print answers a two-week question. It does not answer the property question. ...Read More
Mine supply is slipping for the first time since 2017. America is vacuuming metal ahead of a possible duty. London is the residual. That is not a junior-mining slogan. It is a physical ledger. ...Read More
The research book still points to $4,900. The trading desk calls $4,000 a place to scale. Spot is $4,430 after payrolls. CPI is this week. None of that is an order. ...Read More
Best is a mandate word. An ETF is a fund unit. An EGR is a receipt on a vaulted bar. A coin in a safe is a coin. Pick the job first. Then pick the wrapper. ...Read More