What‘s Not To Love About These Great Bull Runs?

Inflation Expectations

inflation expectations

A rare sight indeed – Treasury yields have run behind inflation expectations on Friday.

Gold, Silver, and Miners

gold, HUI and TLT

Gold and miners continue running higher together, and neither gold‘s upper knot nor miners reaching visually escape velocity compared to the yellow metal, is an issue because copper had a great day.

gold, silver and copper

Silver consolidated daily gains, lagging behind both gold and copper. No issues, the white metal has great days ahead still, and Friday‘s session proves that the precious metals upswing is nowhere near overheated.

Crude Oil

crude oil

Crude oil bulls defended Thursday‘s lows, and the bullish consolidation continues. Look for an upside breakout next as this isn‘t a double top. I‘m standing by my calls for at least $80 West Texas Intermediate before 2022 is over. Seasonality is still good for black gold, so enjoy the ride!

Summary

S&P 500 is at new highs, and its ascent is far from over – no signs of a major or even local top to be made. The index will have an easier time now that the short-term tech/Nasdaq outlook has flipped bullish as well.

Gold, silver, and miners continue to be well-positioned to reap further gains as the well-balanced rally continues. The copper and nominal yields combo balances each other out, so the factors speak for a bullish consolidation in the short term as a minimum.

Crude oil is getting ready to resume its upswing in a modest fashion, and I look for its early Mar top to be challenged this or next week.

Bitcoin upswing is very gradually reasserting itself, and the bulls would be well advised to pay attention as the 50-day moving average is likely to start sloping upwards perhaps as early as this Friday, thus supporting the prices above the late Apr base.

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