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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Starting later today, Bloomberg and Standard & Poor’s will begin the annual process of rebalancing their respective commodity indices. Such readjustments are a routine occurrence, but are likely to be more significant this year, reflecting the extreme price increases seen in precious metals in 2025. The new weightings for gold, silver, crude oil and other commodities will be adjusted in accordance with predetermined rules, potentially forcing larger institutional players into submitting sizeable trading orders over the next few days. The selloff in silver over the last couple of days is likely a pre-emptive defensive move ahead of such adjustments, which will last until mid-January. From highs of $82 per ounce just two days ago, silver explored lows of $73 yesterday before closing higher. The white metal appears equally indecisive today, as do precious metals in general, with the exception of gold, which is displaying admirable stability around $4,460 per ounce.
US stocks are patiently awaiting non-farm payrolls later today, which represents the last piece of the puzzle with regard to last year’s labour market. Wednesday’s ADP print came in close to expectations, provoking little reaction from financial markets, but today’s NFP drop could well swerve clear of analysts’ predictions. Another potential bump in the road is the Supreme Court’s decision on the legal status of the recent tariff measures imposed on the United States’ trading partners. The court is set to deliver its verdict later today, and while it does not have the ultimate say on the matter, the resulting legal wrangling could confuse and delay the implementation of import duties for months to come.
A combination of different events pushed crude oil prices higher yesterday, lifting the Brent Crude index over $62 a barrel and WTI up to $58. The US seized a number of Venezuelan tankers on Wednesday, as part of the effort to contain oil exports from the South American nation. In the Middle East, the Iraqi government recently approved plans to nationalise the West Qurna 2 oil field – one of the largest oil fields in the region. Meanwhile, across the border, sweeping protests in Iran have oil markets on edge because of Trump’s promise to intervene on behalf of peaceful protestors. Nothing concrete as of yet, but a direct intervention by the US military will obviously have far-reaching consequences for oil delivery in the region.
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