Precious Metals Pummeled In November As Stocks, Dollar Soar On Trade-Deal Hype

Despite what the market thinks…

Source: Bloomberg

…Jay Powell “is not the messiah”…

Chinese stocks were all lower this week, erasing the month’s gains, despite expectations for a China deal remaining high in the US markets…

Source: Bloomberg

European stocks were higher on the week and month led by UK’s FTSE…

Source: Bloomberg

US stocks soared this week (led by Small Caps) to cap another strong month (led by Nasdaq)…

Source: Bloomberg

Some selling today into month-end but US majors were all higher on the week

“Most Shorted” Stocks had their ‘best’ week since October (and best month since June) as the short-squeeze continues for a 3rd straight month…

Source: Bloomberg

Trade Deal hope was increasingly priced into stocks (3rd monthly rise in hope)…

Source: Bloomberg

Momo had another down month, Value was flat…

Source: Bloomberg

VIX ended lower for the 3rd month in a row, but today saw some weakness starting to creep back in…

Source: Bloomberg

Treasury yields are higher on the month (led by the belly of the curve) with the long-end outperforming…

Source: Bloomberg

On the week, yields are more mixed with the long-end lower and belly higher…

Source: Bloomberg

30Y Yields pushed up algorithmically today to tag unch for the week before fading fast…

Source: Bloomberg

The yield curve steepened for the 3rd month in a row (but only thanks to today’s bounce off unch)…

Source: Bloomberg

The dollar was higher for the 4th of last 5 months (best month since July)…

Source: Bloomberg

The dollar ended a strong week on a big down-note…

Source: Bloomberg

Cryptos had another ugly month, saved a little by recent buying rebound into month-end…

Source: Bloomberg

But higher on the week with Bitcoin and Bitcoin Cash leading the rebound…

Source: Bloomberg

Oil prices managed gains on the month despite collapsing today. Gold and Silver had a tough month…

Source: Bloomberg

Crude was clubbed like a baby seal today on Russia/Saudi headlines…

 

But remains the best month since June…

Gold was hit early in the month, breaking below $1500, and could not get back. This was gold’s second worst month in three years

This was silver’s second worst month since Nov 2016 (Trump’s election) dramatically underperforming gold…

Source: Bloomberg

Palladium was the only precious metal to manage gains on the month…

Source: Bloomberg

Additionally, NatGas prices have collapsed…

 

Finally, everything is awesome for everything this year…

Source: Bloomberg

Judging by the stock markets, China is seriously losing the trade war…

Source: Bloomberg

Because fun-durr-mentals don’t matter…

Source: Bloomberg