Gold and silver prices continue record high runs

Gold (GC=F) and silver futures (SI=F) surged to record highs last week and continue to show signs of life as geopolitical uncertainty continues to raise concerns across global markets.

Yahoo Finance Senior Markets Reporter Jared Blikre joins Morning Brief to break down the movements in these metal commodities, along with crude oil prices (CL=F, BZ=F).

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Nicholas Jacobino

Video Transcript

As we have seen record setting moves here for the market as of late, you also got to take a look at what’s happening within the commodity market because gold right now hovering near its record high amid rising geopolitical tensions.

Let’s get to Yahoo Finance’s Jared Blicker with a closer look at the movement that we’ve seen.

Jared.

Guess what another record high in gold and copper.

Uh It’s given back some of those gains overnight.

You can see just barely above the unchanged, however, check out this year to date chart and I’m gonna compare some of these markets

Here’s what we, what we’ve seen year to date only recently broke to the upside there in gold futures.

But I want you to show, I want you to see what’s going on in the longer term.

This is a four year consolidation that goes back to the beginning of the pandemic.

We broke out this year.

Uh If you take a look at copper, that’s HG equals F, that’s a very similar story.

Although it was camping out at the bottom end of its range until very recently.

Uh But copper at another record high, if you take a lot of people follow the copper to gold ratio that’s approaching 4.5.

And so that’s an historically extended and stretched.

So we’ll have to see if uh copper futures can still maintain that rally with respect to gold.

But I’m also tracking silver.

Now, here is the five year on silver again, a four year consolidation only recently breaking to the upside.

So the point of this is to show that when you have a long consolidation period, the gains from that, the momentum that you have to the upside generally tends to last for a protracted period of time leading some to say that we are at the beginning of a new secular bowl in certain commodities also want to touch on crude before I go here is, let me just show you the year to date chart really crude hasn’t been doing much for the month of May.

It’s just been kind of quiet camping out below 80 but we’re going to be on alert for some OPEC headlines within the next week or two and see what they’re up to.