Precious metals and commodities analysis covering gold, silver and oil
--- The spot price of West Texas Intermediate (WTI) crude sat at $78.40 per barrel on March 15, 2024. Yet the front-month futures contract expiring in two weeks was trading at $76.80. That $1.60 gap —
For three decades, macro traders have treated gold and US Treasury yields as a seesaw: when one rises, the other falls. The relationship is rooted in opportunity cost and the dollar's reserve status.
In March 2020, the front-month WTI crude oil futures contract briefly traded at negative $37.63 per barrel. For most market participants, this event was a catastrophe — brokerage firms issued margin c