Something very strange is happening with the price of gold and professionals are taking notice. The question is, with so much buying, who is selling gold?

Odd Pricing In The Gold Market
October 8 (King World News) – Lukas Ekwueme:  Gold ETF holdings are surging like gold is still trading at $5,400…

Meanwhile, gold itself is at just ~$4,100.

KING WORLD NEWS NOTE: Gold ETF Holdings Surging Like Gold Is $5,400 While Gold Is Only $4,100.
Who Is Selling Gold?

Central bank gold buying is accelerating.

Chinese gold imports are at record highs.

So [who] is selling gold?…

Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.

Oil
Ole Hansen, Head of Commodity Strategy at SaxoBank:  Brent crude oil gained further ground, trading near USD 103, while WTI is back above USD 90 amid concerns the Middle East conflict could flare up again ahead of the US midterms after the White House reportedly asked the Pentagon to draw up strike options. Meanwhile, a storm in the Gulf of Mexico has forced the shutdown of around 500 kb/d of US production. Combined with recent attacks on vessels in the Strait of Hormuz, these developments underline just how far the global oil market remains from normalisation. Crude continues to be shipped at exceptionally high cost, while curtailed fuel exports are keeping product markets tight. Gasoil – the key pricing benchmark for diesel, jet fuel, marine and heating fuels – has climbed back above USD 191 per barrel.

Gold
Gold trades back above USD 4,100 after briefly tumbling through support on Thursday as bond yields and the dollar climbed to fresh cycle highs. The price action highlights an ongoing battle between macro- and technically focused traders selling gold in response to higher funding costs and dollar strength, and investors seeking protection against the potential fiscal fallout from rising debt and borrowing costs. The latter remains evident in ETF demand, with total holdings reaching a fresh four-year high on Wednesday. Gains during today’s Asian session may also have been supported by the return of Chinese investors following the week-long Golden Week holiday. The gold-silver ratio trades near 70, a two-month high as ETF flows show investors currently favouring gold over silver.

Copper
Copper rose alongside other metals as Chinese traders returned from a week-long holiday, restoring liquidity to Asian markets. Prices are also being supported by a strike at a major mine in Chile. More broadly, copper in London and New York has spent the past couple of months consolidating near record highs, underpinned by expectations for robust demand and persistent challenges in expanding mine supply. The longer-term demand outlook remains supported by several structural themes, including electrification, renewable energy, electric vehicles, grid expansion, and rapidly growing power demand from data centres.

What Does This Portend?
The Great Martis:  My intention is not to alarm the uninitiated, but rather to issue a vital alert for those dedicated to the art of technical analysis..and the profound macro consequences that manifest when the market faithfully executes its playbook.

By absolute serendipity the very catalyst behind many of history’s grandest revelations ..I have detected a majestic yet complex inverted head and shoulders pattern carving its way through the charts of Brent Crude.

This elegant structure must not be ignored; it demands to be embraced for the precise warning it depicts and the severe market dislocations it threatens if a breakout materialises.

Rest calm for the time being, as the formidable neckline holds firm at $110. However, should this psychological ceiling breach, the pattern formally activates.

What does this portend?

It dictates that we must rigorously apply the measured-move rule of this consequential chart formation. By projecting the vertical height from the depth of the head upward from the point of breakout, we unlock a mathematical target of $150 per barrel.

KING WORLD NEWS NOTE: Crude Oil’s Next Stop Is $150

Make no mistake, fellow thespians of the tape.. this is a dramatic trajectory that global equities will deeply resent, and one that will send shockwaves directly through the bond market.

Menacing structural fissures are warning us from beneath the bonnet or the hood, for those inclined to read my premium subscription service. There, I pull back the veil on the distinguished patterns exposing these underlying macroeconomic faults.

Consider this a forewarning for the astute minds who peruse the markets with a willingness to master the monarchy of technical analysis.

Yours truly and who remains, as ever, your most humble and obedient technical and fundamental analyst.

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