Daily Close | Forex, Metals, Oil, Agriculture April 01, 2021



In fact, there’s a good chance Friday’s number will beat, which would reinforce the U.S. dollar’s dominance and inspire fresh gains in the currency. The S&P GSCI Precious Metals dropped again in March, following renewed strength in the U.S. dollar and continued market appetite for risk assets. The dollar-based net expansion rate was 107% on a constant currency basis.


There aren’t many major silver miners in the world, and only a handful are primary silver producers that derive over half their revenues from silver. Normally silver stocks do follow gold stocks, as gold’s fortunes are silver’s primary driver. The higher miners’ percentage of quarterly revenues derived from silver production, the more responsive their stock prices are to silver price action. It is mostly calculated by multiplying companies’ quarterly silver outputs by silver’s average price in Q4, then dividing those results by quarterly revenues.
Thus unlike gold stocks which have ground lower on balance since their last bull upleg peaked in early August, the silver stocks have been consolidating high. The major silver miners were following silver, which cratered a brutal 35.2% over a slightly longer span. But the silver miners have proven far more resilient since, well outperforming the gold miners. less The silver miners’ stocks have mostly consolidated high over the past half-year or so, mirroring resilient price action in the metal they produce.
The main reason was outsized silver strength in late January fueled by speculation Reddit’s famous wallstreetbets’ traders would attempt to force a silver short squeeze. Traders buy silver stocks because they want leveraged exposure to silver. Their silver output can be used to gauge relative silver purity. The United Kingdom requires half-year reporting instead of quarterly, although its silver miners usually still give supplemental quarterly updates.
A bit over a year ago, the silver stocks got sucked into the broader stock panic fueled by government lockdown fears. Thus silver stocks are usually slaved to gold. For 19 quarters in a row now, I’ve painstakingly analyzed the major silver miners’ latest quarterly results soon after they are reported. Next, each company’s quarterly silver and gold production in ounces is shown, followed by their year-over-year changes from Q4’19.
Some Canadian silver miners rather disrespectfully force their shareholders to wait three full months for Q4 results, after Q1 is nearly finished! Gold and gold miners have been pulling back since August 2020 and now look poised for a move higher at this time. Into early January with silver handily besting gold, SIL surged 26.2% in 1.4 months. These elite silver miners’ symbols are listed, some of which are from their primary foreign stock exchanges.


OPEC+ has reduced output by approximately 7 million barrels per day (bpd) to support prices and reduce the oversupply seen since the start of the COVID-19 pandemic. In some regions, demand concerns have re-emerged, and market participants will be eagerly awaiting the OPEC+ decision on April 1 regarding production.

United States

Open-source data integration software vendor Talend (Nasdaq: TLND) recently reported its fourth-quarter results that surpassed market expectations. Both revenue and net income were in line with Wall Street’s expectations—a solid performance given some challenges. As such, the tech-heavy Nasdaq Composite Index was the relative underperformer, gaining just 0.4% last month.