Gold is closing in on a record, but take a look at this.
Gold Closes In On Record High
July 9 (King World News) – Peter Boockvar: Gold has been a focus with it just $80 from a record high in dollar terms but have you seen the action in other industrial commodities? And much of the gains are not due to notable jumps in demand but with problems on the supply side and years of under investment.
Copper is within a whisker of the highest level since April 2019.
Copper Has Surged Close To January High
More of a lift on the demand side because of the strength in housing, lumber prices are at the highest level since July 2018 as of yesterday’s close.
Price Of Lumber Has Surged Above Pre-COVID Level
Iron ore is at a one year high.
1-Year High For Iron Ore
Nickel closed at the highest level since January.
Nickel Highest Since January
Zinc is at a 5 month high.
5 Month High For Zinc
Inflation Is Coming
I highlight these moves because of the inflation I expect to come later this year or in 2021 mostly because of supply side issues…
Listen to the greatest Egon von Greyerz audio interview ever
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But, imagine the demand side rush if there is an effective vaccine, we’ll see inflation too. The commodity space has been bombed out and I believe there is opportunity here, particularly copper along with the precious metals. Ag too.
Bullish For Gold & Silver
King World News note – The coming inflation will be yet another bullish catalyst for the gold and silver markets. Remember that in the stagflation of the 1970s, gold surged 25.5 times in price and silver soared 38 times higher.
Gold Breakout And Silver Rocket Launch
***Also Released: GOLD BREAKOUT: More Significant Than $1,920 High, Plus A Rocket Launch For Silver CLICK HERE.
***To listen to one of the most important interview of 2020 click here or on the image below.
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