From the Desk of Ian Culley @IanCulley

Metals bulls are waking up following last week’s selling pressure.

Copper, silver, platinum: It didn’t matter. Base and precious metals took a hit.

It was ugly but not a complete disaster.

Call me a gold bug if you like (I won’t take offense), but don’t overlook the key takeaway from last week’s session: gold’s resilience.

From the Desk of Ian Culley @IanCulley

Metals bulls are waking up following last week’s selling pressure.

Copper, Silver, Platinum: It didn’t matter. Base and precious metals took a hit.

It was ugly but not a complete disaster.

Call me a gold bug if you like (I won’t take offense), but don’t overlook the key takeaway from last week’s session: Gold’s resilience.

From the Desk of Ian Culley @IanCulley

Copper Springs into Action… Buyers Dig Copper… Copper, F%$# Yeah!

Those are a few titles I spitballed last night. But the markets wouldn’t have it.

This morning, the overall theme of the metals space turned on its head, trashing my bullish bias.

To be clear, I still have a favorable outlook for base and precious metals over longer time frames…

Yet we’re all forced to navigate the near-term selling pressure. 

From the Desk of Ian Culley @IanCulley

This week, I’m cutting straight to our trade ideas.

I’ve made a table of more than 30 setups, the majority of them trending toward our targets.

And I’ll also update a few trade ideas with new entry levels and additional upside objectives.

Let’s dive in!

From the Desk of Ian Culley @IanCulley

This week, I’m cutting straight to our trade ideas.

I’ve made a table of over thirty setups (the majority trending toward our targets).

And I’ll also update a few trade ideas with new entry levels and additional upside objectives.

Let’s dive in!

From the Desk of Ian Culley @IanCulley

Metal and mining stocks are hanging tough.

Sure, miners aren’t flashing an overwhelming number of new highs, but they’re also not registering an alarming number of new lows.

That’s impressive, especially considering Copper’s epic false start.

While many precious and base metal stocks consolidate, let’s review the next group of mining names before they rip…

Check out the Junior Uranium Miners ETF $URNJ versus the Uranium Miners ETF $URNM:

Despite the significant overlap between these two ETFs, I view a breakout in the URNJ-to-URNM ratio as a clear risk-on signal (much like the relative strength displayed by junior gold miners). 

The top four URNJ holdings – accounting for approximately 60% of the ETF – also belong to URNM. In comparison, those same four stocks combine for just 28% of URNM.

URNM also includes the $24B uranium bellwether Cameco Corp. $CCJ (a 17% weighting) and the Sprott Physical Uranium Trust (...

From the Desk of Ian Culley @IanCulley

I’ve heard JC say it many times: “You guys are the smart money.”

After spending a week with clients at our Portfolio Accelerator and fielding countless reader emails, I completely agree!  

Since gold and silver prices are getting a bit wild, I decided to dive straight into the Gold Rush mailbag today to start a healthy discussion about what might happen next…

From the Desk of Ian Culley @IanCulley

I’ve heard JC say it many times… 

“You guys are the smart money.”

After spending a week with clients at our Portfolio Accelerator and fielding countless reader emails, I completely agree!  

Since gold and silver prices are getting a bit wild, I decided to dive straight into the Gold Rush mailbag today to start a healthy discussion about what might happen next…

• What happened to gold/silver? Is the rally over?

-Parry

No, the rally isn't over. 

Gold is consolidating below a critical extension level following a breakout to new all-time highs. And Silver is trading just off fresh decade-highs.

In many ways, it’s just getting started.

I can’t hold a bearish or neutral bias for precious metals while Silver trades above the 2020 highs of roughly 30.

The precious metals correction wasn’t pretty last week. But I’m happy to roll with the punches as long as silver futures hold their breakout.

• Does the severity of the moves in gold really change anything as long as...

From the Desk of Ian Culley @IanCulley

Don’t let a few days of selling pressure fool you.

Despite intense gold, copper, and crude oil pullbacks, many commodity-related assets are flashing buy signals.

For instance…

The Global Carbon ETF $KRBN:

KRBN holds a basket of European and U.S. carbon allowance futures – also known as carbon credits. Companies use these credits to offset the costs of releasing greenhouse gases.

Interestingly, the similarities between the carbon allowances, copper versus gold, and silver versus gold charts are uncanny. All three are violating multi-year downtrend lines, suggesting bullish trend reversals and a risk-on market environment.

We like KRBN long above 35, targeting 56.

That’s it for today. We’ll be back with more next week.

Thanks for reading.

Premium members, be sure to check out the Commodity Trade of the Week below.

Trade of the Week

Today, we’re outlining Nutrien $NTR, a $30B Canadian agricultural inputs company:

Nutrien recently broke a multi-year downtrend line at a crucial polarity level going back to the IPO. 

We’...

From the Desk of Ian Culley @IanCulley

Silver futures are rising to the occasion.

The silver-to-gold ratio went from posting fresh six-month highs last Monday to hitting 16-month highs by Friday’s close.

Silver is ripping on absolute and relative terms, and this can mean only one thing: 

Risk-on!

From the Desk of Ian Culley @IanCulley

Silver futures are rising to the occasion.

The silver-to-gold ratio went from posting fresh six-month highs last Monday to hitting sixteen-month highs by Friday’s close.

Silver is ripping on absolute and relative terms, and this can mean only one thing: 

Risk-on!

Check out Silver driving home an explosive resolution following a successful pullback:

The pullback is another name for a retest – a common feature following a significant breakout. (Some use the term “throwback” to distinguish the action following an upside resolution from a “pullback” that displaces a downside resolution. But they’re all pullbacks to me.)

Interestingly, top-flight international soccer uses the same term for a particular goal-scoring tactic—a player takes the ball to the touchline and then passes to a teammate at the top of the box, who waits to direct the ball into the back of the net. 

Premier League Champions Manchester City and Runners-up Arsenal successfully applied the pullback in a match last week. (One can only hope Liverpool’s incoming manager, Arne Slot, is taking...

From the Desk of Ian Culley @IanCulley

Mining stocks are sticking their breakouts as our list of trending tickers grows. 

The Junior Gold Miners ETF $GDXJ is breaking out, platinum futures are completing a year-long base, and the silver-to-gold ratio is posting new highs.

With risk-seeking behavior creeping back into precious metals, it’s time to turn up the heat…