Metals surged in volatile trading on Friday, with silver and copper hitting fresh records, following a chaotic hours-long outage on CME Group’s Chicago Mercantile Exchange – the path of least resistance remains up. Silver jumped almost 6%, surpassing a peak set during a historic squeeze in the London market in October. The white metal has been supported by rising hopes of a Fed interest-rate cut in December, inflows into bullion-backed ETFs and ongoing supply tightness. The record-setting moves came amid low Black Friday trading volumes in the US following the CME disruptions. Spreads between what dealers and sellers would buy and sell gold for briefly surged earlier, signaling an illiquid market. Traders are also monitoring any potential tariffs on silver after the precious metal was added to the US Geological Survey list of critical minerals this month.
- We can see silver testing $US60 as it heads into pastures new, it feels too early to be discussing market “tops”.
Gold advanced 2% on Friday, languishing compared to silver an impressive move all the same. We’ve shown the MM roadmap for gold over recent months, if we are correct gold should make new highs, advancing another 4-6%.
- We are still looking for gold to make new highs over the coming months in line with our roadmap below.
