CPM Trade Signal - November 8, 2023
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Featuring views and opinions written by market professionals, not staff journalists.
Prices as of 12:23 p.m. EST 8 November 2023 $1959.60 (Basis the December 2023 Comex contract).
Recommendation: Sell, Stay Short
Initial Target Price / Range: $1,920
Initial Timeframe: 8 November 2023 to 22 November 2023
Gold prices have retreated in recent weeks after having reached an intraday high of $2,019.70 on 27 October. The war premium, based on the Israeli-Hamas conflict, in gold remains in place. This said, it would not be surprising for gold prices to drop toward $1,920 or $1,915 should support levels be firmly broken in the weeks ahead. Many of the macroeconomic factors that weighed on gold prices before the runup in prices in early October remain in place. The U.S. dollar has retreated some, but not much. The political friction about the U.S. debt ceiling remains in place, but may only provide some temporary support to price given this issue has always been able to be worked through somehow.
CPM has one-month, three-month ranges and eight-quarter quarterly price projections with greater discussion of the factors behind CPM’s analyses provided in CPM’s monthly subscription service, the Precious Metals Advisory.
While short-term trade recommendations provide high risk – high reward opportunities for investors, it is difficult to capture the complex web of factors affecting precious metals prices and the nuanced CPM analyses of these factors that goes into our firm’s price projections. In addition to these short-term outlooks, CPM Group provides clients enhanced trade recommendations that include one and three month price projections, as part of our Retail Investor Program. Contact CPM at email@example.com for details.
Initial Target Prices and Timeframes are just that: Initial. If CPM does not issue a new Recommendation during or after that time it indicates that CPM maintains the posture in the most recent Trade Recommendation. Position may be closed out once target price is reached, within the noted discretion or until CPM provides new trade recommendation. CPM may have reported to have closed out of prior trade recommendation at its discretion before publicly publishing new trade recommendation due to processing time.
Discretion should be allowed at +/- 0.20% of the price at the time each TR is issued from the target.
CPM’s preferred investment strategies use physical, futures, forwards, and options.
CPM Group wants to thank the following companies for helping us make these short Trade Signals available free of charge, and for their commitment to providing good information in opaque and asymmetrical commodities markets.
Stillwater Critical Minerals
Granite Creek Copper