Metals Continue to Rise

GFBP Liquidates Silver Gold Spread

As we noted earlier in our subscriber note today, the Global Futures Benchmark Program Positions Tracker was set to liquidate and take profit on the Silver/Gold spread we had on. Silver is running into our Fib resistance on both our spread charts as well as outright chart as it traded up to $27.25. So with all that the program liquidated those positions. Furthermore it liquidated out of the Nat Gas long that it had, but will look to reset that position on any decent pull back as we have climate readings that seem to favor long Nat Gas.

First up let’s look at the settlements for Wednesday August 5th 2020:

The metals stood out again today, but the FX sector had a good run as well. We continue to be patient there and will look to fade the US Dollar on any back up in FX. The Treasury Sector lost out today due to the refunding and perhaps a little bit of a consolidation until the next push higher in price lower in rates. However as we pointed out the 48/50bp level in the US Govt 10-yr is de…