Metals On Steady Course to Higher Prices

This is the weekly chart for copper. Palladium, platinum, silver, and gold have somewhat similar charts.

Dollar Continues Plunge on Bad Jobs Report

Energy and precious metals prices continue to be well-supported, with crude oil prices slightly lower on concerns that demand will weaken, while agricultural commodities are showing universal weakness. The US Dollar has fallen to new all-time lows on news that jobs have declined even more than expected with downward revisions in the previous two months as well. Fed funds futures are pricing in a near certain probability of a 75 basis point cut by the Fed when it meets in mid-March. This jobs report almost certainly will turn GDP negative, lower corporate earnings, and make a recession a near certainty.