Precious metals and commodities analysis covering gold, silver and oil
"Price is the effect. The curve is the cause." On April 20, 2020, West Texas Intermediate (WTI) crude oil futures plunged to −$37.63 per barrel. For most traders, this was a once-in-a-lifetime catastr
--- "Interest rates rise. Gold falls. Interest rates fall. Gold rises." Every finance textbook teaches this relationship. Fewer traders can tell you why it breaks down at exact market inflection point
--- 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