Asian Metals Market Update for 8th July 2024

Only a big crash in US stock markets is needed for a sell in gold, silver, copper and base metals. If not then even a small price correction will be short-lived and met with short term investors.

Federal Reserve chairman's semi-annual testimony before the US Congress will be trend-changing only if something is said explicitly delaying the first interest rate cut beyond September.

Hung parliament in France elections on Sunday will increase investment demand for gold and silver from Europe. What happens in France will only impact the Eurozone and not the globe. I will prefer to ignore political developments in France unless the same is copied by other Eurozone nations going to election in the future.

THIS IS TWEET ON X/TWITTER by @Challaney. I follow this gentleman on X. Please Read and understand carefully.

The U.S. Deep State has a long record of concealing, with the help of the media, a sitting president's disability.

◉ In 1919, President Woodrow Wilson suffered a severe stroke, and his wife then ran the government for the remainder of his term without the public knowing about it.

◉ Franklin Roosevelt won the presidency by a landslide in 1932 with most Americans unaware that their president had to spend much of his time in a self-designed wheelchair. The press did not report that polio had mostly paralyzed Roosevelt earlier from the waist down.

◉ In one of the worst journalistic cover-ups in decades, mainstream media hid from the public Biden's increasing cognitive decline, which largely confined him to carefully scripted public appearances ever since he assumed the presidency. Without relying on teleprompters and pre-written scripts, Biden tended to stumble over words and speak incoherently.

Media outlets turned on Biden only when their cover-up became impossible to sustain. As if acting on cue, the entire mainstream media suddenly began calling on the president to step aside after his halting debate performance.

(Disclaimer: I do not know the real facts. This has been copied from X or Twitter. Please check at your end for factual correctness or reliability of the above tweet.)

However even if a small percentage is true, then the pace of gold will rise substantially. Silver will rise. A slide in the purchasing power of the US dollar will ensure that even base metals are in a long-term bullish zone. Disconnect between CME Futures, and LME prices versus local physical prices in your nation will only increase.

COMEX SILVER SEPTEMBER 2024 – (Current market price $3136.50)

• SHORT TERM VIEW: Silver September can rise to 3422.90 in the next two weeks as long as it trades over $3041.90.
• Crash or sell off will be there if silver September does not break and trade over $3266 in the next two weeks.

Disclaimer

• The investment ideas provided is purely independent view point and are solely for collective learning and for academic interests. There is no commercial benefit accruing or have deemed to accrue to me out of providing such investment ideas.
• The investment ideas shared here cannot be construed as investment advice or so. If any reader is acting on these advices, they are requested to apply their prudence and consult their financial advisor before acting on any of the recommendations made here. I am not responsible to anybody in the event of profits and losses (if any) upon acting on such advice.
• I hope that our reader is aware about this well aware of the risk involved in trading in commodity derivative trading.

Disclosure: I trade in India's MCX commodity exchange. I have open positions in India's MCX commodity future. I do not trade in CME future or OTC spot gold and spot silver.

NOTES TO THE ABOVE REPORT

1. ALL VIEWS ARE INTRADAY UNLESS OTHERWISE SPECIFIED
2. Follow us on Twitter @chintankarnani
3. PLEASE NOTE: HOLDS MEANS HOLDS ON DAILY CLOSING BASIS
4. PLEASE USE APPROPRIATE STOP LOSSES ON INTRA DAY TRADES TO LIMIT LOSSES.
5. THE TIME GIVEN IN THE REPORT IS THE TIME OF COMPLETION OF REPORT
6. ALL PRICES/QUOTES IN THIS REPORT ARE IN US DOLLAR UNLESS OTHERWISE SPECIFED.
7. ALL NEWS IS TAKEN  FROM REUTERS NEWSWIRES.
8. TECHNICAL ANALYSIS IS DONE FROM TRADINGVIEW SOFTWARE