Alongside other risk assets, metal commodities have likewise had a rough go of it in August. As we noted in Friday’s Bespoke Report, the single worst-performing asset month to date has been silver. As shown below, front-month silver futures have quickly pulled back to the bottom of the uptrend channel that has been in place for the last year or so.

As for gold, this spring saw another unsuccessful retest of the 2020 highs, with a “triple top” now formed.

Turning to the industrial metal copper, once again, performance this month has been lackluster. This month’s drop in copper is putting to the test the uptrend off of the COVID Crash lows.

With weakness in both copper and precious metals, the relative strength line of copper versus gold has been fairly stable. As indicated by a falling and negative line in the chart below, copper has underperformed gold over the past five years, albeit more recently the line has not made any major shifts in trend.

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