The big build tanked oil, but worse yet it is under $50 in the Permian, according to Twitter feed. So at what point to shale driller junk bond holders get nervous?
Don't know about platinum or silver but copper is tightly tied into the Chinese banking system, they are the driver for world prices just like they are the marginal user on crude oil.
Trades with cats wrote:Don't know about platinum or silver but copper is tightly tied into the Chinese banking system, they are the driver for world prices just like they are the marginal user on crude oil.
If institutional investors are selling (and they are), who is now buying and why? It will be interesting to see at what price Goldman Sachs starts putting their clients back into the metals.
2nd test of day low, now let's see whether bulls can make a double bottom.
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Volume profiles, b, P, b. Need some really good news overnight for a gap and go in my opinion. But with the Cental Bank induced world wide liquidity crisis starting to bite they are the only ones who can fix this. Pundits all saying Powell and the Fed can not cave in to the Orange Swan, have to wait for ugly data. Maybe the PBoC will blink? But they are being really tough letting enterprises and personal wealth vehicles actually go bankrupt. Guess it is all up to Tim, Mark and the guys at Goldman buyback desk.
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The "Commercial Hedgers" have not been this long gold since late 2015. Conversely, the "Large Traders" seem to have the other (short) side of this same trade (again).
Gosh, I wonder if this time it will be different?
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