Gold (Cash Index): Gold’s Cash Index extended its major (long-term) downtrend to a low of $3,945.52 before settling June at $4,007.59, down $532.74 (11.7%) for the month. The Index confirmed a major (long-term) downtrend with a bearish outside monthly range at the end of March, before consolidating during April and again during May. While investment traders continue to sell, central banks from around the world continue to buy, providing support to the cash market. Theoretical Positions: Investors would’ve shorted the market at the March close of $4,677.07 based on the completion of a bearish outside month. Additional short positions could’ve been established as the index took out its previous 4-month low of $4,100.32, putting the average short near $4,388.69.
Silver (Cash Index): Similar to gold, the Cash Silver Index confirmed a major downtrend at the end of March before posting a new 4-month low during June. Theoretical Positions: Investors might’ve sold the market near the March settlement of $75.13 based on the completion of a bearish outside month with additional shorts established at the new 4-month low of $61.03, putting the average short position at roughly $68.08. The Index closed June near $58.59.
Copper (Cash Index): The copper Index extended its major uptrend to a high of $6.634 during June before settling at $6.1955, down 16.35 cents (2.6%) for the month. This completed a bearish spike reversal confirming a move to a new major downtrend. Theoretical Positions: Investors may have established long positions a number of times over the past few years. These positions would be liquidated near the June settlement of $6.1955 with new short positions established.
Palladium (Spot futures): The spot-month contract closed the month at $1,200.00, down $161 (12%) for the month. Theoretical Positions: Investors may have established long positions a number of times since the May 2024 low monthly close of $899.20.
Platinum (Spot futures): The market looks to be in a major downtrend. Theoretical Positions: Investors may have established long positions a number of times since the June 2025 breakout monthly close of $1,334.00. These positions might’ve been stopped out and gone short at the May settlement of $1,911.10. The spot-month futures contract closed June at $1,550.20.
