Daily Close | Forex, Metals, Oil, Agriculture March 26, 2021



If the dollar continues to strengthen and global growth concerns persist, it could signal the end of the reflation trade. But in the absence of a reversal of the dollar or interest rates, the reflation trade could be over. The greenback traded higher against all of the major currencies, and these gains drove the Dollar Index to its strongest level in four months. We look forward to further gains in the dollar with USD/JPY aiming for 1.10 and EUR/USD headed for 1.17.
We look forward to further gains in the U.S. dollar, with USD/JPY aiming for 1.10 and EUR/USD headed for 1.17. However, with parts of Europe going back into lockdown and ultra-dovish monetary policy from central banks worldwide, the dollar is on the rise. Additionally, emerging markets have been hit hard in recent trading sessions due to the stronger dollar. The safe-haven dollar is a beneficiary. The Sterling continues to outperform the euro. Sterling continues to outperform the euro.


Mid-tier gold miners produce between 300k to 1m ounces of gold annually, more than smaller juniors but less than larger majors. It’s just cheaper than gold – and this is why it’s often called the poor man’s gold. After showing exceptional weakness relative to both gold and the stock market, miners have finally found some very short-term support that could trigger a small rebound. These great miners are thriving fundamentally with higher prevailing gold prices, as their latest quarterly results again prove.
For 19 quarters in a row now, I’ve painstakingly analyzed the mid-tier gold miners’ latest quarterly results right after they are reported. in Computer Science from Ben Gurion University less Many analysts expect silver to outperform gold this year. less The mid-tier gold miners’ stocks are in this sector’s sweet spot for upside potential. Therefore, given that the global economy is recovering from the deep recession caused by the coronavirus pandemic and the Great Lockdown, silver may outperform gold.
It has evolved to be dominated by mid-tiers, miners yielding quarterly gold output of 75k to 250k ounces. These gold miners’ symbols are listed, some of which are from their primary foreign stock exchanges. Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools. That’s about 3/8ths the size of its big brother GDX, which is mostly controlled by larger major gold miners. Next are the current weightings this week, which are highlighted in blue for the handful of true junior gold miners.
For months, if not years, some analysts claimed that silver is undervalued relative to gold. In other words, although both gold and silver could benefit from reflation during the recovery, . On the other hand, silver may indeed outperform gold. Ironically the leading mid-tier gold-stock benchmark and trading vehicle is the misleadingly-named GDXJ VanEck Vectors Junior Gold Miners ETF.
Their unique mix of sizable diversified gold production, material output-growth potential, and smaller market capitalizations is ideal for outsized gains. That blistering run left gold stocks extremely overbought, necessitating a health correction to rebalance excessively-greedy sentiment. Among these elite ranks are some of the best-performing gold miners.


Oil prices rose sharply on Friday as authorities try to resolve the blockage at the Suez canal, a passageway for 12% of all global trade. Oil prices rose sharply on Friday as authorities try to resolve the blockage at the Suez Canal, a passageway for 12% of all global trade. The disruption has led to a rise in shipping rates for oil product tankers, with freight nearly doubling and several vessel diversions. less The US market is not “cheap” by any means… “Davidson” submits: The Baker Hughes GE Rig Count reports 6 more oil rigs working vs the prior week.
He made that comment on Sunday, several days before strong winds battered the Ever Given container ship and caused the vessel to run aground in the Suez Canal.
Crude oil, a starting point for paint, drain pipe, roof shingles and flooring, has shot up more than 80% since October. WTI slipped from $66/BBL to $58/BBL last week in a bout of algorithmic hedging but sit closer to $61/BBL today. The April East-West 380 fuel oil differential gained $1.25 to $14.50/mt, while the May contract flat $0.00 to $13.25/mt. US energy markets remain in an undersupplied condition and WTI should rise with economic expansion.
Overall, it has been a volatile week for oil. US crude production remains 11mil BBL/Day level as it has roughly been since Jun 2020.

United States

The April 21 ULSD CIF NWE cargoes differential was flat from the previous close at $3.00/mt, while the May 21 differential was flat at $3.25/mt. The attack has resulted in an increased focus on deploying security capabilities, and enterprise cloud security provider Zscaler (Nasdaq: ZS) is benefiting from this trend. A potential increase in the tax bill is already dampening investors’ mood on Wall Street and the drop in equity prices results in a risk-off mood.
Wall Street loves fees and because they offer more analysis behind security selection, actively managed ETFs can justify charging higher fees. The April 21 ULSD CIF Med cargoes differential was up $0.50 from the previous close at $5.00/mt, while the May 21 differential was up $0.25 at $5.00/mt. The increase is one sign lenders have yet to fully embrace the Fed’s preferred replacement: the secured overnight financing rate, or SOFR. Crucially however, the Fed’s stress capital buffer regime doesn’t include a stressed leverage component.
This trend is likely to continue at least this year on the Fed’s easy money policy. The US has handed out record amounts of free money stimulus in response to Covid. Due to free money, personal income in the US rose during the pandemic. GDXJ’s top stocks trade in the US, South Africa, Australia, Canada, Peru, Indonesia, and Mexico making amassing this data somewhat challenging. Biden certainly is considering tax hikes reversing Trump’s cuts.
He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.


However, a slowdown in deliveries to the UK – by India and not only the EU – has been weighing on sterling. EU leaders are venting frustration at British-based AstraZeneca and the UK.