There is wild trading in the gold and silver markets. This is what is happening today.
January 29 (King World News) – Peter Boockvar: The Investors Intelligence survey is now flashing red with the Bulls back above 60 for the first time in more than a year at 61.5. With Bears at just 15.4, the spread at 46.1 is well above the 40 threshold that I considered stretched. In today’s AAII, Bulls were 44.4, up 1.2 pts w/o/w vs Bears at 30.8, down 1.9 pts. That is not an extreme spread so it’s really II that I’m highlighting today. This is only relevant for the short term but something to take note of.
This move in industrial and precious metals continues on and the pace of gains is astonishing to see. The CRB raw industrials index closed yesterday at a fresh 3 ½ yr high, helped by copper.
Quietly too, the price of WTI crude oil is rising to the highest level since late September. I continue to believe that a barrel of oil is one of the cheapest assets in the world and it will join the commodity bull market in metals. We remain long.
If I’m right, the upcoming new Fed Chair is going to have a real dilemma on his hands. The 5 yr inflation breakeven at 2.55% matches the highest since last April.
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