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COMMODITIES OUTLOOK - Base Metals Continue Counter-Trend Rallies – Gold Resumes 4th Wave Upswing – Crude/Brent Oil Approaching Terminal Peak By Year-End

Commodities have undergone a period of counter-trend correction during the last month with gains in Base and Precious metals. This has been inextricably linked to the US$ dollar’s corresponding corrective decline that began from August’s high. Despite some shorter-term dollar upside rallies that began towards the end of September, the larger corrective decline is set to continue through October and into November. This results in comparable upside targets for Copper and the other base metals. This month’s report highlights those upside targets for Copper, Aluminium, Lead, Zinc, Nickel and Tin.

Gold is tracking higher after drifting lower during September but now that this is over, can kick higher through October. Silver’s long-awaited downside targets to $14.00+/- were reached last month so we now examine if a new period of outperformance can begin or alternatively if its benign apathy will continue but with significant consequences to its final stage in our decennial ‘Inflation-Pop’ scenario.

Gold mining stocks have now approached major downside targets forecast earlier this year, particularly those fib-price-ratio measurements in the GDX Gold Miners index. But in this month’s report, we also update specific miners, Agnico Eagle, Barrick Gold, AngloGold Ashanti, GoldCorp, Newmont Mining and a new entrant to our analysis, Randgold given the latest new that Randgold/Barrick are set to merge.

The Energy markets are heating up since President Donald Trump has undertaken his programme of ensuring oil consuming countries like China do not satisfy their purchasing requirements with sanction hit Iran. This has effectively withdrawn some supply so we take an updated look at the location of the current three-year advance that began from the Feb.’16 lows to see just what upside price-potential remains in this trend. It comes with some shocks, so be prepared!