Metals Explode Again

Subscriber Update Nov10 2025

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The US cash bond markets are closed today but the futures and equity markets are open, we will post today’s data later tonight but we wanted to get all of yesterday’s data out there to you.

The specter of the government reopening and the masses hopes for a new round of stimulus checks was too much euphoria for the markets to handle. The levered crowd pushed risk assets higher and continue to play this cat and mouse game where economic forces aren’t jiving with over pricing of risk assets. This however doesn’t mean that nominal prices can’t be driven higher, and higher and higher, because as you know, fundamentals don’t matter until they do. Right now, nobody cares about the economy, they only care about all the money created which can be leveraged up.

Anyway, the Metals markets exploded once again today as the futures exploded higher, Gold has already exploded above our weekly levels as panic buying steps in as Gold jumps 2.9% or $115:

Silver futures were up huge +4.5% or $2.18, these are blowout panic style buying moves:

Copper was +2.8% and is trading above our bull level of 4.95:

Let’s look at the QQQ before we look at the Nasdaq and SP futures. The QQQ hit our weekly resistance right out of the gate:

The Nasdaq futures also traded right up to our weekly resistance. Tuesday’s set up is ripe for a continuation move higher, but would it shock us to see a down trade of course not, because markets are about running it as far as you can both ways to maximize the casino vig from the options markets.

As far as the SP500 well its a bit behind the Nasdaq in regards to its resistance areas of note, and it may be more indicative of the broader theme that has favored the tech index for the last year and a half:

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