On the heels of the recent carnage in the commodity and metals markets, silver and copper are now seeing extreme readings. This should lead to a sharp rebound in prices.
Silver & Copper
May 23 (King World News) – The last time we saw sentiment this negative (now at “Excessive Pessimism”) in the silver market was on November 12, 2018. Silver then surged from $14 to over $16 in a little over 2 months (see chart below).
Silver Surged Over $2 In Less Than 2 Months
The Last Time Sentiment Was This Extreme
There has been a lot of talk about the plunge in the copper market…
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Taking a look at sentiment in copper, it has now reached “Extreme Pessimism.” (See chart below).
Sentiment In Copper Has Reached “Extreme Pessimism”
It is also worth noting that the commercial hedgers are now long the copper market (see chart below).
Commercials Are Now Long The Copper Market
Bottom Line
The bottom line is that we are seeing “excessive pessimism” readings in both the silver and copper markets. At the same time, we are seeing commercials long the copper market and very close to being long the silver market. So both of these metals should see much higher prices over the medium- to long-term.
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