Commodities – Roadmap
Copper and Transports
Copper now rolling over on the weekly, below the 30 week EMA. Transports also signaling a major drop ahead.
I am expecting copper to head down towards $3 by the Autumn, when the recession becomes “official”. Although it is already here, and baked in the cake. SPX should bottom out circa 3000 by the Autumn.
Copper leads, and should take the other metals and the equities down with it.
See the transports chart. This also leads, and signaling bears now taking over.
Gold and silver paper market will also be sold, as liquidity will be needed to cover portfolio breakdown, and of course margin calls.
Keep some powder dry for the Autumn, when the next money printing cycle will start in earnest, to stop the system imploding.
By the end of 2024 we should see $45 silver, $7 copper, $3000 gold and 6000 on the SPX. And a tanking bond market. Timing is everything. And this will be the last hurrah as we head into a greater depression for at least 3 years, as 10 year yields start hitting 10%+ in 2025.
2025 is when the system finally unravels into a cliff dive, as sovereigns default on unserviceable debts.