Goldman on Gold/ Copper Gold Silver/ Bitcoin History Lesson
Contents
Yesterday’s Activity
Today’s Prices
Today’s Data
Markets/Metals Commentary
What We’re Reading- TBD
Markets:
Commodities, Stocks, Precious Metals, Bonds, BTC, FX
Yesterday’s Activity:
US equities gained on Monday, led higher by tech shares after they sold off last week.
Technology (+2.75%) and consumer discretionary (+1.77%) outperformed the broader market indices, while energy (-1.16%) and materials (+0.41%) lagged. Salesforce (+3.88%) and Intel (+3.33%) led the Dowhigher; Boeing (-8.03%) and Chevron (-0.60%) were the index's worst performers.
CITI: Monday Mining Minutes - Copper-to-gold ratio continues to highlight near-term risk; recent spike is likely to fade MUSINGS – The copper-to-gold ratio indicator has remained c4x in recent months, highlighting near-term risks in the sector.
There has been marginal increase recently from 4x in Oct to 4.15x in Dec as copper price rose (driven by Fed shift, supply disruptions) while gold remaining broadly flat. Copper prices are likely to be under pressure in 2Q/3Q 2024 as developed market growth headwinds take hold while gold benefits from rate cuts.
