In the past, the financial markets would have marched more or less to the same drumbeat as copper. We show you on a chart that this no longer holds true. Instead of crashing with copper, the financial markets soared to new highs.
Looking at the daily chart in gold it still looks somewhat range-bound, failing to take out the past highs in September and August, however the silver market has taken out both those highs and closed above them technically favorable for silver.
The Comex gold futures rose 1.70% last week when the Chinese Renminbi depreciated unexpectedly on Aug. 11. This week, the gold futures rose 0.38% and ended at $1,116.60 per ounce on Tuesday. In contrast, the Dollar Index dropped 1.07% to $96.52 and the crude oil futures plunged 3.12% to $42.50 per barrel last week.
Chicago-based R.J. O’Brien & Associates announced that its London-based affiliate R.J. O’Brien Limited has gone live on the London Metal Exchange following its July 23 approval as a Category 2 clearing member.
At these current low levels in silver prices I’m seeing a lot of first time buyers enter the market, and many of them are getting into the alternative asset class of silver. If you would like to go over why you should own silver at these relatively low levels, please refer to this article.
The U.S. Comex gold futures fell 0.48% last week and dropped a further 0.38% this week to $1,153.50 on Tuesday. The implied volatility of the gold futures has been falling from 21% in January to 11.5% currently in line with the decline in prices.