Gold (Cash Index): The cash index (GCY00) extended its major (long-term) uptrend to a new all-time high of $2,955.40 before closing February at $2,858.48, up $58.74 for the month. Given the current state of the US administration, Chaos is expected to continue to reign, supporting King Gold. Theoretical Positions: It’s possible investment traders bought near the October 2023 close of $1,983.91 as previous short positions were stopped out. There have been numerous buys, mostly on new 4-month highs, since the key bullish reversal completed during November 2022. Sell stops would be placed below the previous 4-month low of $2,541,42 (November 2024).
Silver (Cash Index): The cash index (SIY00) remains in a major uptrend, despite February’s lower monthly close. The Index finished the month at $31.1584, down $0.1635 for the month. Theoretical Positions: Traders might’ve gone long as a new 4-month high ($25.7691) was posted during April 2024. If still holding longs, the previous 4-month low is down at $28.7926 (December 2024).
Copper (Cash Index): The index closed January at $4.5180, up 26.85 cents for the month. Theoretical Positions: New longs might’ve been established as the index took out its previous 4-month high of $4.5930 (October 2024). Sell stops would be below the previous 4-month low at $3.9820 (December 2024).
