From the Desk of Ian Culley @IanCulley

What goes up must come down.

It’s an old commodity market maxim that never fails to deliver. The cattle, sugar, and OJ markets embodied this truth last year. 

But as the calendar flips to 2024, it’s time to track those markets that failed to launch in 2023.

Here are three of my favorites…

Coffee

Unlike other softs such as cocoa and sugar, coffee failed to produce monster gains last year. 

But it’s now attempting to carve out a multi-year double bottom:

From the Desk of Ian Culley @IanCulley

The first day of trading is full of uncertainty and excitement. 

Aren’t they all!

Yet the new year brings one promise: events that have yet to come.

As corny as it sounds, it’s true.

Sure, precious metal bulls see new all-time highs for gold on the horizon.

I’m right there with them.

But let’s not get ahead of ourselves on day one.

Instead, let’s start the year with a long-term chart of gold…

From the Desk of Ian Culley @IanCulley

The first day of trading is full of uncertainty and excitement. 

Aren’t they all!

Yet the new year brings one promise: events that have yet to come.

As corny as it sounds, it’s true.

Sure, precious metal bulls see new all-time highs for gold on the horizon.

I’m right there with them.

But let’s not get ahead of ourselves on day one.

Instead, let’s start the year with a long-term chart of gold…

Here’s a monthly candlestick chart zoomed out roughly 30 years:

From the Desk of Ian Culley @IanCulley

The buzz around gold’s new all-time high is growing – and for good reason.

New all-time highs will likely become a regular occurrence in the coming quarters. 

But while gold makes headlines, my attention is on silver mining stocks…

From the Desk of Ian Culley @IanCulley

The buzz around gold’s new all-time high is growing – and for good reason.

New all-time highs will likely become a regular occurrence in the coming quarters. 

But while gold makes headlines, my attention is on silver mining stocks…

Check out the Silver Miners ETF $SIL carving out a potential double bottom:

SIL is printing fresh six-month highs as it trades back above its June peak.

From the Desk of Ian Culley @IanCulley

I’ve had palladium on my mind for a while – long before gold posted a new all-time high.

Why palladium?

It all started with an extreme Commitment of Traders (COT) profile…

From the Desk of Ian Culley @IanCulley

I’ve had palladium on my mind for a while – long before gold posted a new all-time high.

Why palladium?

It all started with an extreme Commitment of Traders (COT) profile…

Check out the longer-term chart of palladium futures with the COT in the lower pane:

Commercial hedgers posted a new record-long position back in April.

From the Desk of Ian Culley @IanCulley

Last week’s fresh all-time highs left many gold bugs empty-hearted. 

The market continues to torment precious metal bulls as they wonder what could have been.

But hopes and dreams aren’t a viable strategy.

The only “what if” that concerns me is whether the yellow metal flashed a failed breakout.

Or are we simply dealing with a a premature move?

Let’s dig in…

From the Desk of Ian Culley @IanCulley

Last week’s fresh all-time highs left many gold bugs empty-hearted. 

The market continues to torment precious metal bulls as they wonder what could have been.

But hopes and dreams aren’t a viable strategy.

The only “what if” that concerns me is whether the yellow metal flashed a failed breakout.

Or are we simply dealing with a a premature move?

Let’s dig in…

Check out the weekly chart of gold futures, highlighting the breakout in question:

From the Desk of Louis Sykes @haumicharts

We've been all over this one.

Two weeks ago, we couldn't help but discuss the impressive move out of the silver/gold ratio, pointing to risk appetite in the precious metals space.

Now, gold's crazy little cousin is pressing up against new 52-week highs.