Weekly Wrap - 02/05/2025 - Gold + Silver down, energy disruption in Iberia, Brent Crude down nearly 7%

Palladium + Uranium futures UP. Platinum down. Nat Gas soars! US Indices rebounding nicely and much more.

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Summary of the markets this week

• Gold = DOWN 2.35% ($78.15)

• Silver = DOWN 3.24% ($1.07)

• Platinum = DOWN 1.10% ($10.70)

• Palladium = UP 1.13% ($10.60)

• Uranium U308 Futures = UP 4.50% ($3.00)

• Brent Crude = DOWN 6.93% ($4.63)

• Dow Jones = UP 1,200.4 points (2.99%)

• Nasdaq = UP 649.15 points (3.34%)

• S & P 500 = UP 160.88 points (2.91%)

Housekeeping note = The US Major Indices will still get a mention in the Weekly Wrap, yet the charts will be shown (along with DAX, FTSE, Hang Seng & Nikkei) in the Weekly Open newsletter moving forwards.

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Podcasts & Platinum

A massive thank you to

Callum Thomas

of

Topdown Charts

for the excellent deep dives into the S&P 500 and other contributing macroeconomic factors that are swirling around at the moment.

A massive a thank you to

John Carter

for taking the time out to record a very wide-ranging conversation about all things Canada.

The first Monthly Wrap with Chris Stadele of

LiveSquawk Commodity Corner

went really well and can be found using the link below. We discussed a range of elements including gold, silver, platinum, uranium, cobalt, rhodium and much more.

2 element deep dives were also released this week.

Uranium

Platinum

There is also a deep dive about Palladium and you can read that here.

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Canada

Canada is very likely to continue to regress. How or why the wonderful population of Canada decided for ‘more of the same’ is beyond. Mark Carney (former head of the Bank of England amongst other roles) is now officially the new Canadian Prime Minister.

How long until they become the 51st State of the USA? NB - See John Carter podcast above.

Spain, Portugal and misguided energy policies

Previous podcast guests

Doomberg

and

Erik Townsend

have been very consistent about their views on renewable energy. This brings us nicely onto the Iberian Peninsula, where they have had an electrifying week (pun intentional). Although a cyber-attack has been ruled out, it is not surprising to see the BBC playing ‘dumb’ with their headline about what could have caused the massive blackouts that were witnessed.

Source

This should serve as a humbling reminder that if the lights do go out then you will want to have a Plan B in place i.e. backup food, cash in hand, metals for bartering etc.

Talking of energy, I am currently writing a deep dive into Thorium. That will be released in the next couple of weeks.

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BRENT CRUDE

Back to the markets and what is Oil telling us? Brent Crude finished the week down 6.92%. Daily and Weekly charts below.

Jobs data released today was ‘good’ but……

Source

Brent Crude seems to have broken out of a bear flag and to the downside. Has there been some sort of ‘deal behind the scenes’ between the USA & Saudi Arabia? Or is it just a simple case of oil screaming that all is not well under the surface?

COPPER

Copper finished the week down $6.90 per tonne. The reason for the chart looking suspicious is that copper gapped down last weekend from its close at $9,387.

The fact that Copper looks like it could be turning down is also a warning sign!

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Now onto Gold, Silver, Gold Silver Ratio, Platinum Gold Ratio and other commodities charts….