In this daily editorial, we are joined by Craig Hemke, Founder and Editor of the TF Metals Report, to dissect one of the most volatile periods in recent precious metals history. Following a series of dramatic price swings, Craig shares his perspective on the structural “washout” in the paper markets and why the current setup may be a strong signal that a sustainable bottom is in place.
Key discussion points:
- COT Report Insights: Craig analyzes the massive liquidations shown in the Commitment of Traders (COT) survey, noting that open interest across Comex Gold has fallen to its lowest levels since late 2018.
- Physical vs. Derivative Markets: A look at the growing tug-of-war between strong physical buying in Shanghai and London versus the aggressive derivative trading and “bot” activity on the New York Comex.
- Mining Stock Leverage: Why producers like Barrick Gold (GOLD) continue to see a valuation gap despite record-breaking revenue growth and significantly higher average selling prices compared to previous quarters.
- Macro Drivers: Evaluation of the “Trump-Warsh” trade, currency debasement, and how sideways movement in metals can actually be a bullish catalyst for retail interest in the mining sector.
Click here to visit Craig’s website – TF Metals Report – https://www.tfmetalsreport.com/
For more market commentary & interview summaries, subscribe to our Substacks:
- The KE Report: https://kereport.substack.com/
- Shad’s resource market commentary: https://excelsiorprosperity.substack.com/
Investment disclaimer: This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security or investment product. Investing in equities, commodities, really everything involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests and hosts may own shares in companies mentioned.