Gold to copper: Metals look upward with potential peak greenback

Bloomberg Intelligence/Mike McGlone/12-3-2018

“Metals should be primary beneficiaries of an imminent greenback peak, with normalization in U.S. stock-market outperformance, Federal Reserve tightening near a finish and the trade-weighted broad dollar approaching multiyear highs. Though the dollar tops the list of this year’s best performing major assets, gold and copper show divergent strength. . . .Indications from precious metals, notably gold, offer a setup that’s similar to natural gas before its big rally.”

USAGOLD note:  McGlone’s argues a strong gold market in concert with a general rise in the commodities complex – rallying from a “compressed range.” (Please see below.)

Natural gas chart courtesy of TradingEconomics.com

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