A Kyle Bass copycat is attempting to arbitrage the difference between the face value of a nickel and its underlying metal's value.... Read More
Gold euphoria is near an all-time high. Those who have tried to fade the rally due to overly bullish sentiment have paid the price.... Read More
Gold has had a stellar first half of 2025. Who owns all the physical gold and what do gold ETF flows look like? ... Read More
Copper imports are being pulled forward in an attempt to front-run potential tariffs. Could this have a similar impact on GDP as gold imports did earlier this year?... Read More
At the halfway point of natural gas refilling season, Europeans are on pace to spend more than last year to rebuild their stockpile.... Read More
China accounted for over two thirds of the world's rare earths production in 2024, a position which gives the country leverage in ongoing trade negotiations.... Read More
Traders who made a bet on natural gas in the futures market over the past year had to pay a hefty price to roll contracts each month.... Read More
Demand for physical gold is strong. Prices remain near the $3,000 level. What's going on with gold? ... Read More
The costs associated with filling natural gas storages in Europe this year are much closer to the years prior to Russia's invasion of Ukraine than the costs seen during the past couple years.... Read More
Rare-earth prices may be well off their highs, but top producer China is helping keep prices low.... Read More
Commodities, equities, and crypto have been rallying based on economic strength in the United States and inflation remaining sticky at 3%. Higher commodity prices indicate belief in the persistence of inflation above the Fed's target.... Read More
The shift to electric vehicles continues to accelerate. Demand for rare earth metals such as cobalt remains strong while demand for inputs to internal combustion engines like palladium declines. ... Read More
Speculators are net short palladium. The metal is a necessary component of combustible engines, but less so in electric cars.... Read More
Long-term commodity investors have profited from backwardation over the past year, adding to total returns to a degree rarely seen.... Read More
Continuing with our commentary on energy markets, gas prices at the pump exploded higher for US and global customers. Both crude oil and natural gas exhibited divergence in sentiment and positioning. Gasoline shows a similar trend to a lesser extent. ... Read More
Energy costs remain at historic levels. Last week, we discussed the divergence between sentiment and positioning for crude oil. While crude has seen lower prices in recent weeks, natural gas remains at extremes.... Read More
Crude prices have tumbled about 25% since early June, reflecting concerns of a global growth slowdown. Traders are betting against higher crude prices, but are reluctant to convey themselves as bearish.... Read More
Over the last several weeks dysfunctional commodities markets have left the large commodities trading houses scrambling to raise more capital and calling for central bank bailouts. This led to mass liquidation and a collapse in prices. As this dysfunction clears, commodities markets are left historically tight, suggesting supply is far short of meeting demand. This means the price uptrends should reassert themselves soon.... Read More
Given the massive short squeeze in the nickel market earlier this week, the metal value in a U.S. nickel is currently near its highest on record and almost worth double its fiat value.... Read More
Commodities markets are very tight. Inventories are low and traders are paying a hefty premium for immediate delivery.... Read More