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



Friday’s deal followed other U.S. sales to China totaling 3.74 million tons, creating the largest corn export sales on record. In the overnight electronic session, the march corn is currently trading at 555 which is 8 cents higher.


I want to stress here that this is NOT just about the U.S. dollar getting weaker. This tells us that this is NOT just about the U.S. dollar losing value.


When silver outperforms gold, this line rises and when silver underperforms gold, this line rises falls. Many silver stocks such as First Majestic Silver Corp (AG), Pan American Silver Corp (PAAS), and others are catching a strong bid this morning. less In an attempt to boost consumer demand and to keep a check on smuggled imports, Finance Minister Nirmala Sitharaman announced rationalisation of import duty on gold and silver. Silver rallied on Friday (Jan. 29), gold reversed its direction before the end of the day and so did miners, with the latter slightly underperforming gold.
It is not unusual for silver to rise or fall 5% in a single day, and silver miners can move double digits in hours. Having been at the financial markets when the Great Recession arrived, she experienced many bull and bear markets – be it in stocks, bonds, gold and silver. less Near the end of 2020, we identified trends, pullbacks, and overall upward/downward trends in US major markets as well as those for Gold and Silver.
Many people actually own silver and gold as the central banks around the world print infinite amounts of money. The spot price of gold on the Multi Commodity Exchange (MCX) appreciated by 24 per cent and 28 per cent in CY2019 and CY2020, respectively. During major bull runs in precious metals, silver typically outperforms gold. Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools.
After all, gold and silver have been viewed as real money since biblical times. Japan and Korea will not sell steel to India at $680 a tonne but add 7.5 per cent import duty to their quoted price. With that in mind, I like to use the silver to gold ratio as a means of measuring this. You can revisit our original publication entitled What To Expect in 2021 Part II – Gold, Silver, and SPY. As I write this Monday morning, silver is up 10% while gold is barely up 1%. The silver to gold ratio has broken out of a 10-year downtrend.
This is a true bull market in which silver as an asset class has begun to rise globally. Temporary revocation of Anti-Dumping and Countervailing Duty is expected to open floodgates for imports of stainless steel flat products from China and Indonesia and could hurt domestic manufacturing. Silver also has many industrial uses.


On the Crude Oil front, Reddit was quoted that volatility in the stock market may spillover to crude oil prices. Combined, Exxon and Chevron would satisfy about 4.3% of global oil demand—only a percentage point higher than ExxonMobil’s share a year after their merger. Exxon Mobil and Chevron , the two largest descendants of Rockefeller’s Standard Oil monopoly, discussed a potential merger last year, The Wall Street Journal reported on Sunday. In Brazil, low liquidity in the spot market and Petrobras gasoline price increases have sent hydrous ethanol to a record high price.
In the overnight electronic session, the March crude oil is currently trading at 5259 which is 39 points higher. The same for oil, which I called back in October as likely to surprise on the upside (XLE ETF, specifically). Now oil investors are experiencing their own déjà vu. Both Covid and Asia’s crisis knocked about a third off the average Brent price in 2020 and 1998, respectively.
OPEC and OPEC+ members are continuing various cuts month-to-month production through April 30th, 2022 with the next meeting scheduled March 4th 2021 in Vienna.

United States

The Fed is still activist, and not really willing to discuss tapering – not that it would be on the table anyway, but even to talk its contours. Meanwhile, the tech-heavy Nasdaq Composite Index recorded a gain of 1.4% for the month buoyed by extended and stricter lockdowns that continued to drive demand for e-commerce in everything. The US$, Recession columns, Trucking Tonnage Index(TTI), Intermodal Rail(IR), and Temporary Help Services(THS) provide insight to the correlation between other important and reliable indicators.
It was the second-biggest daily U.S. sale on record, eclipsing only by a deal for 3.72 million tons to the U.S.S.R. in 1991. Research from our team of in-house analysts has been quoted by The Wall Street Journal, Bloomberg, MarketWatch, USA Today, Kitco, Reuters, US News & World Report, CNBC, and more. Kelsey is the author of two books: INFLATION, WHAT IT IS, WHAT IT ISN’T, AND WHO’S RESPONSIBLE FOR IT and ALL HAIL THE FED!
By this measure, the US exited recession April-May 2020.


The ECB has not been particularly aggressive in its bond purchases lately, and seems happy about the current levels of bond yields and spreads. Due to its long maturity, the new bond will not be eligible for the ECB’s purchase programmes initially, but will become eligible around mid-April.