Darrell Fletcher – Commodities Trading Outlook: Metals Surge, Energy Lags
In this KE Report Daily Editorial (Sept 29), I’m joined by Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, who oversees the firm’s commodities trading desk.
Darrell provides his monthly update on market positioning, trading flows, and price trends across precious metals, base metals, and energy.
Discussion highlights:
- Precious metals surge: Gold pushes toward $4,000 while silver breaks above $47, with broader investor flows extending beyond central banks.
- Copper strength: A steady climb toward $5/lb, boosted by the Freeport Grasberg disruption and tight long-term supply fundamentals.
- Sector rotation: Silver equities rally sharply, showing heightened volatility compared to gold.
- Energy weakness: Oil remains stuck in a range with bearish fundamentals; natural gas looks fairly valued heading into winter with ample storage.
- Big picture: Metals are pulling commodity indices higher even as energy drags, underscoring the sector’s shifting drivers.
Stocks mentioned (symbols): Freeport-McMoRan ($FCX)
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He was also among the many calling for something like $600 gold at the end of 2015 and then completely blew it with the miners in 2016.
In my limited experience with his writings, it seems he was much more accurate before he (made a deal and) was let out of jail. I agree with him about $4500 gold though. That level could bring a sharp pullback and possibly a protracted one.
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Gold futures at $3,896…. and looking like they could make a move on $3,900 this evening….
It’s going to be a banger of a monthly close in September tomorrow!
–> Consider how the margins for gold #producers looks at these prices…
–> Consider how the economics on gold #development projects look at these prices…
Gold futures got up to $3,899.15 and then retreated, but keep in mind that this is just how many dollars it takes to buy and ounce of gold, and the gold pet rock is not changing… (and hasn’t for millions of years)… it’s on the periodic table.
As we’ve discussed so many times, what is changing is that purchasing power is going down down down… just like the purchasing power of the Canadian dollar or the Australian dollar or the Yen or Pound or Euro. All the fiat currencies are in a race to the bottom and are eroding down people’s purchasing power until it is nearly gone…
When I think about the purchasing power of fiat currencies being nearly gone, it just made me think of this Southpark scene where Stan invests $100 to open an account at the bank, and within seconds, due to the bankster transferring it into losing financial assets he looks at him and says “It’s gone!” 🙂
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When You Put Money in the Bank annnddd It’s Gone – SOUTH PARK
Martin Armstrong’s computer Socrates says that there will be no crash this fall. Why, because Europe is bankrupt and they are headed for war so all the institutional money from Europe is flooding into The US. This is elevating The US stock market. Martin Armstrong is known for the accuracy of his forecasts.
He also says that the next level of resistance for Gold is $4500, also because of the fear trade from Europe and then $5000 because it is a psychological level. Then the chatter will be around $10,000 Gold. Interesting! He also predicts a much stronger US dollar. DT