Daily Close | Forex, Metals, Oil, Agriculture February 03, 2021



Image Source: Unsplash There’s no sugar-coating the fact that the economy is still very weak but most economic reports surprised to the upside. In the overnight electronic session, the March corn is currently trading at 538 ¼ which is 4 ¾ cents lower.


Additionally, as CoinDesk notes, Scott Minerd, chief investment officer of the multi-billion dollar investment firm Guggenheim Partners, has revised his previous prediction for bitcoin’s long-term price potential. That‘s likely to be the case given that the dollar has stabilized and is peeking higher (before eventually moving to new lows, is still my call).


If they keep buying, undeterred or even spurred on by this price drop, then silver metal will become more scarce in the global market. 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. Gold and silver bullion dealers were nearly completely sold out within days. Silver jumped and almost reached its August 2020 high, while the GDX was unable to rally even to (let alone above) its mid-August high.
Silver stocks were ripping higher, and many were seeing their trading volumes explode anywhere from 6-10 times normal levels. I’ve seen this countless times, and in most cases, it was accompanied by multiple voices of people “feeling” that the silver market is about to explode. Having predictably given up the silver short squeeze boost, the search for the local bottom in largely sideways price action continues. The latter would likely trigger a temporary slide in gold – and silver.
Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools. That’s the message most hopeful physical silver buyers have been getting since the last days of January. In some cases, silver premiums reached historic highs, near 100% of spot prices. The premia on retail silver products were high on Tuesday, showing that retail buying persisted. Silver had gained almost 20% in just three trading days. It was enough to cause the Comex to raise silver margins by 18% after just two up days.
The Global X Silver Miners ETF NYSE: SIL) went from $40 to $49 in just three days. Here is a graph of Tuesday’s silver market action. Odds are bullion dealers going to have a tough time keeping any silver in stock. But silver’s story is still in its early days. less The price of silver is going up and down like a yoyo. Dramatically higher silver prices are still squarely ahead.


On the Crude Oil front, the new administrations go green dream is quickly becoming a nightmare for consumers at the pump and it is expected to get worse. Stocks have tumbled, but as oil prices rise, drillers, especially the small ones, may be tempted to put their equipment out to resume producing. Last night’s API numbers showed withdrawals across the board with crude oil -4.261M, Cushing –1.885M, gasoline -0.240M and distillates -1.622M. In the overnight electronic session, the March crude oil is currently trading at 5512 which is 36 points higher.

United States

less Investing.com Follow These days, investors have a lot of reasons to be excited by the payment processing giant PayPal Holdings (NASDAQ:PYPL). These days, investors have a lot of reasons to be excited by the payment processing giant PayPal Holdings (NASDAQ:PYPL). A handful of stocks are loved by Wall Street analysts, but hedge funds have built significant bets against them. “The zero interest rate policy the the Fed is pursuing is putting a real penalty on conservative savers and that’s the reality.
Share Wall Street is in an uproar over GameStop shares, after members of Reddit’s popular WallStreetBets forum encouraged bets on the video game retailer. 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. All eyes are on Big Tech today, with Wall Street poring over reports from Google parent Alphabet (GOOGL) and (AMZN).
He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. Today my focus is on the US stock market.


less The FTSE 100 suffered due to Brexit uncertainty for months but rallied around an agreement as it looked to make up lost ground.