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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The rally in precious metals appeared to have some juice left in the tank early this week. The gaps from Monday’s open have yet to be closed, and gold is now challenging $4,500 per ounce for the second time. The developments in Venezuela caught markets off guard, but the safe-haven flows are by no means contained to gold. Silver is once again outpacing its golden counterpart, pumping over 10% already since Monday, comfortably closing yesterday’s session north of $80 an ounce. Supply and demand dynamics are playing at least some part in the rise in metals, as platinum and palladium are matching the gains in silver move for move, while copper futures hit an all-time high yesterday of $6 per pound. Increased industrial demand, coupled with the potential for tariffs and export restrictions alike, may continue to put pressure on metals for a while longer. In the immediate term, volatility remains high and the next direction of travel is as mysterious as ever. An interesting start to the year.
In stark contrast, oil markets are facing no shortages whatsoever. Crude prices have largely shrugged off the weekend’s events in Venezuela and the Brent Crude index is already back down to $60 per barrel. Adding to oversupply fears, President Trump has announced that “Venezuela will be turning over between 30 and 50 million” barrels of oil to the United States. Not that anyone is in any great need of it – the West Texas Intermediate is also facing near-record lows of $56 per barrel. All fun and games for traders in Chevron (CVX) however, which pumped 5% on Monday, only to retrace the entire move the following day.
Markets will be granted a glimpse into the health of the US economy later today, thanks to the December ADP employment change and ISM services PMI. US stock markets are still in a jovial mood, with the Dow Jones hitting back-to-back record highs over the past couple of days and closing above 49,000 points for the first time yesterday. The S&P 500 also notched a fresh record on Tuesday, while the Nasdaq remains a little off the boil. Memory giants Sanisk (SNDK) and Micron (MU) were the outliers, gaining 28% and 10% respectively.
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