Copper Seen Near Bottom by Antofagasta as China Takes Supply (Bloomberg, 10/15/2015)
Copper Mine Spending Seen Sinking Below Financial-Crisis Levels (Bloomberg, 10/13/2015)
Blasts from the Past
Today is mostly down for this report's tracking stocks (click on chart for larger image):
Kitco News Gold Survey
Still running with the gold bulls. My vote is up. Target $1,190 per ounce.
With the headwinds of a fed rate decision becalmed until possibly next year, gold continues its run to the upside. Although trading presently at $1,183.5 per ounce, Thursday's 3.5 month high at $1,191.7 together with substantial gains against both euro and yen are impressive. Silver has even more shine besting gold's run when compared to August averages (note 1). On both Wednesday and Thursday, the white metal challenged $16.195 per ounce, presently trading at $16.130.
The gold-to-copper ratio (GCR) has also risen in gold's favor. More importantly, the GCR is demonstrating markedly improved stability (note 2) - a good omen for the metals complex in general.
Overall a net bullish development.
This week's scorecard (click on chart for larger image):
(1) an August comparison is relevant given the market collapse 8/24 & 8/25
(2) stability defined as the ratio day-to-day variability over a one month period
Cheers - Colonel