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Silver Report Uncut
May 9, 2021
Copper prices surged to an all-time high this morning as Chinese investors unleashed fresh demand following a five-day holiday. strategist Mike McGlone said that “the reaction of copper to $10,000-a-ton resistance may set the inflation vs. deflation tone for years”
As Mining.com reports, the reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a tonne for the first time since 2011 also on Thursday.
Copper has gained 28.1% since the end of last year and is up 114.9% from its 2020 low.
The dollar plunged on the terrible jobs data, to its weakest since February. This was the 4th down week of the last 5 for the dollar and the biggest weekly drop since early November.
Spot Commodity Index is up a stunning 65% YoY – a record spike and Gold rallied to its best week since Nov 2020, ending at $1840, its highest in 3 months. Silver has been running strong and judging by the shape of the economy it’s likely silver could begin to run again. With the price of everything rising so fast, it seems unlikely that silver won’t rise.
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