Gold/Silver: Oil & Precious Metals Drop Overnight! - Phil Streible
Phil Stearible, a seasoned investor, discusses the impact of geopolitical tensions and economic data on the precious metals market.
In a recent market commentary, seasoned commodities analyst Phil Streible of Blue Line Features LLC shared his insights on the overnight price action in the oil and precious metals markets.
"The big mover and shaker in the overnight session here was the crude oil market," Streible noted. "It seemingly gapped lower over $3, sold off from there, and then kind of rolled over." As a result, crude oil futures were down 6%, or $4.30, trading at $67.48 per barrel.
Despite the sharp decline, Streible believes crude oil prices may have found a floor in this area. "I think that crud all prices can find some kind of floor in this area and we could start to rise from here," he said. The analyst plans to look at calculated risk call options going out to March, as well as the $100 per barrel contract, to layer into the steady decline and dollar-cost average.
The precious metals market also saw significant overnight pressure. December gold futures were down $10.90, currently trading at $2,743, after reaching a high of $2,756.60. Silver futures also declined, dropping 18 cents to $33.60, after hitting a high of $33.88 in the overnight session.
Streible noted that traders are "scaling back some of their larger bets" in gold futures as they wait to see how upcoming economic data will unfold. "With 30% of the S&P 500 reporting earnings in this barrage of economic data, you could see another breakdown in prices here," he warned.
Turning to the challenges facing gold mining companies, Streible highlighted the recent struggles of Newmont Mining, the world's largest gold miner. "We saw that you know these gold mining companies are really struggling to isolate themselves from rising inflation costs and what I'm specifically talking about is Newmont mining," he said. Newmont's shares posted their biggest daily drop since 1997, falling 15% on Thursday and an additional 3% on Friday.
Streible cautioned investors against solely focusing on mining stocks, suggesting a more diversified approach to precious metals exposure. "If you want exposure to one of these Metals why not just buy the mod itself and why not utilize the Futures contracts where you can control the leverage and things like that," he advised.
The analyst also provided key technical levels to watch, identifying $2,730 as the first line of support for gold, followed by $2,714. For silver, he noted $33.24 as the first level of support, with $32.59 below that.
As the global markets navigate this period of heightened volatility, investors would be wise to heed Streible's experienced perspective on navigating the oil and precious metals landscape.
Augusta Precious Metals(Full Review) $0 (10 Years) $50,000 "Best Overall" by Money Magazine, Award-Winning for 6 Years, Thousands of 5-Star Rankings Goldco (Full Review) Vary $25,000 Industry leader with over $2 Billion in gold and silver. Top rated precious metals company with buy back guarantee American Hartford Gold (Full Review) Vary $10,000 American Hartford Gold, ranked #1 Gold Company on Inc. 5000, boasts thousands of A+ BBB ratings and 5-star reviews, endorsed by Bill O'Reilly and Rick Harrison..Expand Details
Renowned for its exceptional customer service and commitment to transparency, Augusta Precious Metals has garnered numerous accolades, including "Best Overall" from Money magazine and "Most Transparent" from Investopedia. The company's dedication to educating and supporting its clients has earned it top ratings from organizations such as A+ from BBB and AAA from BCA.Expand Details
From precious metals iras to direct purchases of gold and silver, goldco have helped thousands of americans place over $2 billion in gold and silver. Top-rated precious metals company rated A+ by the better business bureau rated triple a by business consumer alliance earned over 6,000+ 5-star customer ratings Money.Com 2024 best customer service 2024 inc. 5000 regionals: pacific ranked #17 2024 gold stevie award, fastest growing company inc. 5000 award recipient, 8+ yearsExpand Details
With over $2 billion in precious metals sold, American Hartford Gold helps individuals and families diversify and protect their wealth. Their expert team provides investors with the latest market insights and a historical perspective, ensuring informed decisions. Trusted by public figures and praised for exceptional customer service, the company offers competitive pricing on top-tier gold and silver coins, backed by a 100% customer satisfaction guarantee
Jerusalem Post Store
`; document.getElementById("linkPremium").innerHTML = cont; var divWithLink = document.getElementById("premium-link"); if (divWithLink !== null && divWithLink !== 'undefined') { divWithLink.style.border = "solid 1px #cb0f3e"; divWithLink.style.textAlign = "center"; divWithLink.style.marginBottom = "15px"; divWithLink.style.marginTop = "15px"; divWithLink.style.width = "100%"; divWithLink.style.backgroundColor = "#122952"; divWithLink.style.color = "#ffffff"; divWithLink.style.lineHeight = "1.5"; } } (function (v, i) { });