Financial Analyst/Content Writer, RADEX MARKETS
Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS.
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Silver is rallying once again this morning, touching $66 per ounce early in the Asian session. The white metal is not alone. Platinum has pushed aggressively higher over the past four sessions and judging by this morning’s performance, today will likely be the fifth. Platinum is currently challenging $1,900 at the time of writing and if it rises much higher will match prices not seen since 2008. The metal still has a long way to go before notching a new record high, which stands near $2,300 per ounce, but given the surge in silver so far this year, traders will understandably be entertaining such a possibility. Palladium is also looking at its fifth consecutive day in the green, and is now reaching over $1,650 per ounce. Despite a minor loss yesterday, gold still managed to close above $4,300 per ounce, and remains comfortable above that threshold as of this morning, but attentions are focused elsewhere for the time being.
Crude oil prices fell to fresh multi-year lows on Tuesday. Futures for the Brent Crude benchmark were briefly pushed below $59 per barrel yesterday, while West Texas Intermediate futures were trading under $55 at one point. Such prices have not been seen since 2021 and reflect a global supply glut that has been building for much of the year. Since April, OPEC+ has continued to ramp up production, rapidly unwinding years of output cuts that had previously buoyed crude oil prices. The simple fact of the matter is that supply is outpacing consumption and this dynamic is unlikely to change in the near future. No one wants to reduce production, because no one wants to cede market share to their competitors. As peace talks between Russia and Ukraine continue to see progress, the probability of Russian oil re-entering the market increases – something that OPEC is painfully aware of. Should the sanctions against Russia be lifted in earnest, the additional player in worldwide oil markets could force prices down even further as different parties attempt to wrestle market share from one another.
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