Market Rundown | Energy Risks, Gold Potential
Bloomberg Excerpt
Market Rundown:
Good Morning. The dollar is down 9 points. Bonds are uniformly weaker. Stocks are down 40-65 bps. Gold futures are down $2. Silver Fu. down 25c. Crude is up 37 cents. Nat Gas is down 15 cents. BTC/ETH are down 50/65 bps. Grains are very strong with Wheat up 2.25%
DATA:
9:45 am Chicago PMI Dec. 44.9actual 40.5forecast 
Excerpt: BBG January Commodity Outlook
Commodities 2023: What Beats Gold?
Crude oil may have put in an enduring high and gold a low in 2022. The repercussions from the most aggressive, coordinated central bank tightening ever may be in early days at the start of 2023, but by year-end, key themes could transition to how much easing will be needed to buoy economies.
That gold made new highs in 2022 in terms of the euro and yen may portend similar for the dollardenominated metal. Gold breaching $2,000 an ounce resistance and never looking back may be a matter of time, when the Fed eventually pivots.
That copper made a new high in 2022 and crude oil didn't may exemplify the enduring outperformance potential of the metal in a world of accelerating decarbonization and electrification. We see copper revisiting support around $7,000 a ton before resuming a more enduring upward trajectory. (12/22/22)
Happy New Year