Precious Metals Rise as Yields Continue Higher
The precious metals market saw significant gains last Monday, with silver surging 3% and gold breaking higher. Copper also rose by 2.2%, while other industrial metals like uranium, coal, and nickel experienced varying levels of decline. The S&P 500 held its 0.618 Fibonacci retracement, keeping the bias pointed higher.
The 10-year Treasury yield briefly reached 5.04%, exceeding its 2023 spike intraday, which reinforces the view that yields could continue higher. Uranium spot prices sit at $89.75 versus $96.50 term contracts, with SRUUF trading near a 10% discount.
WTI oil dropped sharply by 4.5%, potentially setting up support near $82, while natural gas gained 3.1%. Coal's ETF plunged 7.4%, and platinum, palladium, and nickel presented contrasting technical setups for the next week.