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COMMODITIES OUTLOOK - CRB-Cash Index Turns Bullish – Copper set for Additional Declines – Gold/Silver Bullion prepares One Final Decline – AU/AG Mining Stocks Bullish – Crude/Brent Oil Continue Lower

In This Edition: The last month has seen a stark contrast in performances across the commodity sector. The benchmark CRB-Cash Commodity index has pushed sharply higher by +2.75% per cent whilst this year’s outperforming commodities, Crude/Brent oil have declined by -10.5% per cent. The US$ dollar index has declined by only -1.38% per cent from its mid-August high, so why are these divergences unfolding as they are? The CRB-Cash index has been pulled higher because of surging price rises in two key components, Coffee and Sugar – Coffee is up +32% per cent from its September low whilst Sugar is higher by a massive +41% per cent. Now these gains have come following 10-year lows, so any price rise is going to look impressive as a percentage figure, but even so, these foodstuffs are changing the trend for the CRB-Cash index. This month’s report shows how the CRB’s upswing from August is following a specific Elliott Wave impulse pattern and what that means for several months ahead. The Base Metals are always a good proxy for the global economy with this year’s declines unfolding into a counter-trend correction. We update those trends and highlight the price levels and dates at which the bullish ‘Inflation-pop’ uptrend is set to continue higher for Copper, Aluminium and the others. Last month’s report completed some detailed analysis for the Gold and Silver mining stocks with the conclusion many have turned very bullish. Since then, Barrick Gold has traded up +25% per cent! This month’s report updates the progress of the broader outlook for the GDX and XAU mining indices along with some interesting insights to gold’s shorter-term cycle in an attempt to pinpoint the price lows prior to an ‘Inflation-pop’ upsurge. Crude/Brent oil are at late stages in their uptrend cycle which began from the grand ‘Re-Synchronisation’ lows of February ’16. But recent higher-highs traded last month are not the absolute top. This month’s report explains why prices are heading down for a while but forecast later to exceed last September’s price highs prior to a collapse lower.