Get ready for the next leg up in the base and precious metals. In the case of base metals, there are none!!! The cupboard is bare as there has been none of the inventory buildup that would be implied by the correction in prices.
Looking at industrial stocks worldwide of copper, zinc, nickel, tin, lead are tiny and shrinking. The inventories are neither high and are barely rising in the case of copper and declining in tin, lead, and zinc.
Barclays I shares ETF for silver has filed to buy and move to the warehouses over 1 year’s production of silver. There are more buyers and users of silver than silver for sale. If the short sellers on the metals exchanges were forced to deliver there is not enough silver above ground the satisfy the obligations.
In the case of Gold, dollars just keep piling up around the world with no place to go.
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