I have a question for you to ponder.
Is copper now greatly overvalued or are the PMs undervalued/suppressed?
Take a look at this 12-hour March copper chart. Note the straight UP rally from last week to new highs.
Nw look at silver:
A week ago, you could have made the case that copper was "coming back to the field". Today, not so much. With copper extending to new highs, it is inevitable that silver rallies back toward $31 in short order. Gold will rally, too, back UP near the $1400 level.
A second question: why the disconnect?
OK, that's a rhetorical one. I think we all know the answer.
Onto today...we continue to slug it out with the EE. Gold just cannot seem to make any progress to the UPside. More importantly, however, it seems well-bought at $1325, too, so a move higher through that pesky $1350 level is certainly coming very soon.
Don't forget that Blythe loves to raid on Wednesday and Thursday as there won't be another CoT survey until next Tuesday which gives her plenty of time to square her books. We "documented" this back in December. Here's a reminder:
Have a great day. I'll update as needed. TF
p.s. The Turd is not an alias for James Turk, though it sure seems that we think alike: