This commodities rally’s got legs
“Iron ore’s glory days seem to be back. Singapore-traded rust climbed to its highest level since 2014 as it hit $93.83 a metric ton Friday, while port inventories in China suffered their sharpest weekly decline since 2015 – a typically bullish sign.”
USAGOLD note: Fickling, who focuses on the commodities markets, believes that China is experiencing a new building boom that will be good for commodities – a story that is quietly evolving while trade negotiations dominate the headlines. The Goldman Sachs Commodities Index (shown below) has risen 19% thus far in 2019. Gold demand in China remains strong as well.
Chart courtesy of TradingEconomics.com