This will be terrifying for the public if it unfolds.
June 3 (King World News) – Graddhy out of Sweden: Big oil CEOs are now coming out saying next stop for oil is $150-$160.
The charts showed us that a long time ago.
And, that is a very important red breakout, for many reasons.
One reason being that it kicked off the 2nd inflationary wave.
Been saying for years that we will see at least $250–$300 oil during this commodities bull market.
And six months ago I raised that target to $369. Oil was then $58.40 (nailed the latest low). Now at $96.
KING WORLD NEWS NOTE: We May See Oil Skyrocket To $369 During This Inflationary Cycle
The 4.5 year red bullish falling wedge is probably a halfway pattern, with a price target of $369 (green lines measured move approximate route).
Since I called the commodities bear market low almost 6 years ago, I have been saying that this commodities bull market is the best opportunity you will ever have in life to get out of the rat race.
When that 2nd pink head & shoulders pattern broke down just before the Covid-crash, I understood that the huge blue head & shoulders pattern was probably going to play out too. And it very much did.
That is the kind of guidance that makes a difference. Following the right people is absolutely vital.
Check that breakout above red line; a huge gap up above it, then gapfill, then take off. That is stylish price action. And yes, if going to breakout, why not do it in style…
Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.
Gold
Peter Boockvar: Gold continues to gain as the preferred choice when it comes to the holdings of central banks. The Financial Times is reporting that “Gold replaces US Treasuries as world’s top reserve asset, ECB says.” The piece says “Bullion accounted for 27% of all global central bank reserve assets at the end of 2025, up from 20% a year earlier, according to a report published on Tuesday by the ECB. US Treasuries fell to 22% from 25% over the same period. The share of euro-denominated reserve assets was unchanged at 15%.” This said, “Dollar-denominated assets as a whole still make up the biggest chunk of reserves at 42%, the ECB data showed.” That though compares to about 60% 25 years ago and 50% just a few years ago.
Bottom line, there is a clear diversification of capital flows going on, which is coinciding with a major diversification taking place with regards to trade flows as countries and foreign companies expand the breadth of their trading partners globally.
The Bank of Japan might end up raising rates in a few weeks after all. Governor Ueda speaking today for the last time before that meeting said “I think the Bank will continue to raise the policy interest rate at an appropriate pace” and “Based on the data and anecdotal information available thus far, the upside risks to prices appear to be greater overall and are likely to emerge sooner.”
JGB yields are higher in response but the yen is little changed, likely sending the message that they will believe it when they see it.
More Inflationary Forces
Along with the rising cost of container shipping, along with dry bulk ship, I’ve highlighted multiple times the rising cost of truck transportation. In the May Logistics Managers Index released yesterday, they said this:
“Transportation Prices are up 1 pt to 96, which is the fastest rate of expansion ever recorded for any metric in the nearly ten year history of the index.
KING WORLD NEWS NOTE: More “Transitory” Inflation Underway As Shipping Costs Soar!
Transportation Capacity continues to contract quickly at 31.7, and Transportation Utilization expansion remains elevated at 69.5. The transportation market has been tight, with prices growing at an unprecedented rate since the closure of the Strait of Hormuz. The spike in fuel has led to increases for all three of our price and cost metrics, with aggregate logistics costs reading in at 250.9, which is the highest reading since March of 2022.”
Also, and including a point I keep hearing on stock piling, “US supply chains have largely continued operating despite the disruption of 20% of the globe’s oil exports. Upstream firms have pulled inventories forward to curtail future shortages and consolidate shipments, while Downstream firms have kept things leaner in an attempt to mitigate tariffs.”
China Paying Massive Premiums For Silver
To listen to James Turk discuss China paying massive premiums for physical silver as well as what surprises are happening in the gold and mining share markets CLICK HERE OR ON THE IMAGE BELOW.
JUST RELEASED!
To listen to Alasdair Macleod discuss the collapsing Open Interest and gold and silver being drained out of COMEX vaults CLICK HERE OR ON THE IMAGE BELOW.
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