Silver Hit $71.44 Overnight — It's All About the Payrolls Now!

The speaker analyzes the pullback in copper, gold, silver, and platinum, linking it to upcoming non-farm payrolls data. A strong NFP could keep the Fed hawkish, pressuring metals and lifting the dollar and yields. Long-term analyst outlooks are bullish (gold >$5000, silver >$90), but near-term investor participation is lacking. The speaker hopes for a weaker NFP to support metals.

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Blue Line Futures 7.5
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Phillip Streible 6.0

Silver Hit $71.44 Overnight — It's All About the Payrolls Now!

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The speaker states a strong NFP could give 'a little bit of a lift on that dollar index'. This implies a potential short-term upward move for the dollar if data is strong.

metals

The speaker discusses a pullback in metals (gold, silver, copper, platinum) and links near-term direction to the NFP outcome. A strong NFP would pressure metals, a weak one would support them. This implies short-term volatility around the data release.

yields

The speaker states a strong NFP could lift 'those 10-year treasury yields'. This implies a potential short-term upward move for yields if data is strong.

Phillip Streible

Copper is pulling back, gold down 2.2%, silver down 3.8%, Bitcoin down 15%. The trend ranking is copper, then gold, silver, platinum. Platinum found buying interest in the low 1800s.

The overnight session shows copper at about 650 on the September contract. The precious metals chart pack shows this ranking.
Phillip Streible

The key event is non-farm payrolls, estimated at 88,000 vs prior 115,000. A very strong number could keep the Fed hawkish, pressuring metals and lifting the dollar index and 10-year yields.

Unemployment rate expected at 4.3%. Fed external communications blackout starts Saturday.
Phillip Streible

ETF flows show gold holdings cut for the fifth straight day (93,000 troy ounces), silver cut 110,000 troy ounces. Year-to-date percentage change is down 8.6%.
Phillip Streible

Many analysts have a 12-month outlook significantly higher: gold north of $5,000, silver north of $90. But this requires investor participation and resolution of the current conflict.

Expectations for interest rate hikes need to come back down. The reaction after the NFP number will bring volatility.
Phillip Streible

A weaker NFP number would help support these markets.

Hope is not a strategy, but a weaker number is desired.

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