Introduces Phil Streel. Notes market volatility, precious metals up on geopolitical risk, crude oil up, crypto under pressure while some equity markets are coming back.
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Phil Streel
Confirms crypto pitch is taking on water. People are rotating into hard assets like precious metals. Notes Bitcoin and dollar are positively correlated, so a selling dollar hurts Bitcoin, unlike gold which is inverse.
Asks if traders should buy the dip in crypto.
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Phil Streel
Advises against buying crypto dips. Says it's a wake-up call; the product isn't keeping up. Traders are lightening up on Bitcoin rallies to rotate into copper, gold, silver, and the Russell 2000.
Shifts to strong metals, noting silver's move and Phil's accurate prior call.
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Phil Streel
Describes silver's technical breakout pattern. Notes physical demand shift: Hong Kong buyers wary of high gold prices are buying silver and even copper bars as alternatives.
Notes big move in copper (+6%) and contradictory ETF flows: gold ETF holdings up for 6 days while silver ETF holdings are being cut.
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Phil Streel
Interprets silver ETF outflows as investors trimming due to high volatility to beta-adjust position size, not a lack of conviction.
Asks if the view is still to buy dips in silver, given flows might need to catch up.
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Phil Streel
Says futures trading is challenging due to contract size/margin, but a new 100-oz contract could bring participants back. The market needs stability after high volatility.
Asks about gold's resilience if yields rip higher.
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Phil Streel
Expects yield curve steepening (long-end up on fiscal concerns, short-end down on Fed). Sees continued gold demand from central banks and safe-haven buyers due to geopolitical tensions (Venezuela, Russia, Iran).
Asks for best setup for next week.
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Phil Streel
Prefers weakness in precious metals for new entries. Copper is a best bet/reliable; a dip below $6 would be fantastic value. Likes Russell 2000 to the upside due to strong aggregate earnings growth (23.2%).